Artemis Resources has begun its soon-to-be record-breaking 3,300-meter diamond drill hole descent in the Pilbara Basin in Western Australia.
The drill hole is located in Artemis’ Blacktop tenement collection, where the company received approval to drill in March. The area is located about 50 kilometers south of the Radio Hill nickel–copper–cobalt mine in Western Australia’s Karratha region.
“We are pleased to get these 599km2 of tenements granted so quickly and work is now underway to get the Programme of Works approvals in place to drill this exciting super-deep diamond drill hole, designed to test for base metals, cobalt, gold and diamonds and also drill deep into the Pilbara Basin,” Artemis Executive Chairman David Lenigas said in a statement regarding the Blacktop tenement acquisition.
Artemis says that in the 1980s CRA Exploration completed a 2,269.95-meter diamond drill hole that intersected 0.5 meters grading 10.67 g/t gold from 1,756 meters. Artemis has inspected the core from this drill hole, which is located 11 kilometers from its planned drill hole, and feels it needs to be deeper.
Collaborating with Artemis on the drill hole is the Commonwealth Scientific and Industrial Research Organization (CSIRO), which will focus on characterizing the drill core gathered from the deep hole.
Research will be conducted at the organization’s drill core lab facility in Perth, where it will provide stratigraphy of the drill core by way of X-ray fluorescence-based chemistry.
Total costs for the drill hole are estimated at AU$1.4 million, with some of the cost being covered by initiatives like the Exploration Incentive Scheme, run by the West Australian government, which co-funded AU$200,000 towards the endeavor.
An additional AU$50,000 will be provided to CSIRO from the Australian federal government through its Innovation Connections Facilitation Scheme.
It is unknown how long the drilling process will take in total, but the company plans to provide continuous updates on its progress every Monday morning.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.