Update on ASD-1: Artemis Resources Ltd (ASX: ARV) stock traded flat on July 03, 2018 after the company gave an update on ASD-1, which is the West Pilbara super-deep diamond drill hole. This hole is planned for a vertical depth of more than 3,300m and is designed to test the many rock sequences in the Pilbara Basin. The company has now commenced diamond drilling operations. Moreover, ARV has analysed all the rock chip samples within the region by De Beers for numerous elements including Cobalt, Copper, Silver, Nickel and Gold. Cobalt within the new tenement areas have been found and collation of all data is underway. Further, the Blacktop Kimberlite discoveries, which were assessed by the DeBeers/Tawana Resources NL JV, had conducted a bulk sampling programme of approximately 6,000 tonnes in 2006/7. The company has recovered a total of 2,320 diamonds, weighing 163.89 carats from the trial mining. The diamonds were valued at US$52.56 per carat. Meanwhile, ARV stock has risen 6.06% in three months as on July 02, 2018 and is trading at a P/E of 12.24x.
Diamond Drill Hole – ASD-1 Super Deep Hole (Source: Company Reports)
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