The Artemis Resources Ltd (ASX: ARV) share price has rocketed more than 14% today after a quarterly update from the Aussie gold miner.
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Why is the Artermis share price rocketing higher?
Artemis reported that further batches of assays from its 42-hole, multi-rig Q4 2020 drilling at the Carlow Castle Gold Copper Project were received in the March quarter. Those results highlighted the success seen in the December quarter drilling program.
That includes a New Northern Discovery Zone with shallow reconnaissance RC holes ~250 metres north of the main Carlow Castle resource area. That contains 5 metres at 4.36 grams per tonne of gold (g/t), 1 metre at 3.03 g/t gold and 2 metres at 2.28 g/t.
The Main Carlow Castle zone also returned positive results with the deep hole drilling. The solid result includes hitting economic grade intersections ~630 metres below surface and 400 metres below the Main Eastern Zone.
Artemis said its knowledge of the structural, alteration and mineralogical controls at Carlow Castle has “increased immensely”. The Artemis share price has rocketed higher today on the back of the positive update.
The results are returning high-grade gold, copper and cobalt assays on the main shoots. As a result, Artemis has started a new Mineral Resource Estimate (MRE). The company has engaged CSA Global who calculated the previous MRE in November 2019. Those updated estimates should be completed in May 2021.
The Artemis share price has been on fire throughout the day’s trade as investors pile into the Aussie mining stock.
Artemis reported net operating cash outflows of $653,000 for the quarter. Total net cash used during the period across all activities totalled $3.37 million.
Today’s gain of 14.3% has pushed the Artemis share price to $0.12 with a $133.7 million market capitalisation. It means the Aussie gold and copper miner’s value has quadrupled in the last 12 months thanks to strong drilling results at the flagship Carlow Castle site.
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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.