According to Artemis, surface sampling picked up rocks grading up to 1.12% cobalt, with there being “strong correlation between gold, copper and cobalt mineralisation”.
Carlow Castle featured mining in the period 1880-1910, and has an inferred resource of 418,000 tonnes grading 3 grams per tonne gold and 0.6% copper.
Artemis is aiming to become a gold producer and has an option to buy the nearby Radio Hill nickel project.
The company has been rejuvenated since the appointment late last year of resources sector entrepreneur David Lenigas as company chairman.
A new fund raising has seen Artemis bank $A1.47 million from the issuing of new shares priced at 7.5c.
Artemis shares were up 9% to 12c in early trade, capitalising the company at $31 million.
At that price the stock has doubled since early February.
