The Artemis (ASX:ARV) share price has soared 8% today

The Artemis Resources Ltd (ASX: ARV) share price is soaring higher today following an update on the company's Carlow Castle and Paterson Central projects.

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The Artemis Resources Ltd (ASX: ARV) share price is soaring higher today following an update on the miner's key projects. At the time of writing, the Artemis share price is up 8.7% to 12.5 cents.

What did Artemis announce?

The Artemis share price is on the rise today following news of the company's progress on its Carlow Castle and Paterson's Central Projects.

Carlow Castle Project

Artemis advised that its teams have gathered to commence a 10,000m reverse circulation (RC) drilling at the Carlow Castle gold, copper and cobalt project. The current 1.2km strike length is expected to grow as the company focuses on mineralisation to the main zone of the site.

In addition, a 1,000m diamond drilling at the eastern resource portion of the project will take place. This is expected to provide clarity on a mineralisation models, which will be completed by CSA Global.

Both locations are due to start drilling operations on Wednesday this week.

The company will conduct extensive induced polarization surveys — an exploration method used in mine operations — as it hopes to find new discoveries throughout the resource area.

Paterson's Central Project

Across to the other project, Artemis noted it is waiting on the first batches of assays from its selected in-field drill core at the Nimitz Target area. An assay is a chemical test performed on a sample of ores or minerals to determine the amount of valuable metals contained within the sample.

The company also advised it has initiated detailed planning for a multi-rig drill programme to cover 7 priority holes with a depth of about 800m. Follow-up drilling is also expected to begin at Nimitz South as well as a focus on the Apollo and Atlas targets for drilling.

The company is seeking to build an access route for its vehicles to the drilling holes, as well as an exploration camp and other supporting infrastructure. All construction, however, is pending environmental and heritage consent.

Management commentary

Artemis executive director Mr Alastair Clayton commented:

We have hit the ground running in 2021 in what we expect to be a seminal year for the Company. The Carlow Castle project is now in a full growth mode with new discovery zones identified in 2020 being followed up and the existing resource footprint growing in multiple directions. We are expecting additional assay results from the recently completed summer 2020 RC and diamond programmes soon in addition to the 11,000m of additional drilling that commences Wednesday.

He added:

At our Paterson's Central Project, where we await our first assays from selected core samples from our 2020 Nimitz drilling, we are already in the detailed planning phase of a far-reaching multi-rig 2021 drill programme. This involves establishing approved vehicular access to all of our 7 priority target areas and planning for a substantial permanent exploration camp and logistics base to support our long-term ambitions in the area.

About the Artemis share price

The Artemis share price has risen 400% in the course of the past 12 months. While the spot price of gold has surged, the company has taken advantage by ramping up its exploration activities.

The Artemis share price hit a 52-week low of 1.5 cents in March when COVID-19 sent investors fleeing for the hills. In the months that followed, the company's shares went on to reach a multi-year high of 17.5 cents.

Motley Fool contributor Aaron Teboneras 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.

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