Artemis Resources (ASX:ARV) has announced it found three new zones with antimony-lead mineralization with grades of up to 5% antimony from rock chip samples. Earlier this year, the company has announced a guidance of 410,000-1.25M tonnes at 1.5-1.9% Sb and 2.1-2.7% Pb for a maiden resource estimate. This would mean the in situ value would be at least $80M based on a $10,000/t antimony price and a lead price of $0.90/lbs. If we would apply the upper range of the guidance, the in situ value might be north of $300M.
This guidance will very likely be updated shortly, as the three new lead-antimony zones have increased the strike length from just 800 meters to 3,600 meters, which would obviously increase the tonnage potential.
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Disclosure: The author holds no position in Artemis Resources. Please see our disclaimer for current positions.
