Artemis Resources (ASX: ARV) shares up 16% on lithium confirmation - still early days here
The stock of Artemis Resources (LON: ARV) (ASX: ARV) (OTCQB: ARTTF) has surged by 16% in Australia today. The increase in ARV shares is due to the confirmation of the presence of lithium in their recently discovered resource. It is important to note that this is just the initial phase in validating the feasibility of extracting valuable minerals from the site. Nonetheless, this development represents a positive advancement towards that objective.
1.8% at other locations across the site. In simpler terms, a rock sample containing lithium was sent to ALS Global Laboratories for analysis. The results showed that the lithium content ranged from 1% to 1.8% at Kobe and even higher at other parts of the site.
analysis and returned with a lithium oxide content of 3.6% at the nearby Osborne Joint Venture (JV). The sample with a higher concentration was sent for examination and came back with a lithium oxide composition of 3.6%.
the minerals can be characterized using X-ray diffraction. The analysis of XRD shows
Spodumene reigns as the primary mineral containing lithium in this sample. It boasts a remarkable and substantial lithium concentration. However, it's important to note that this rock chip was deliberately selected, making it inappropriate to infer that the entire field or deposit is at the same level.
Artemis Resources' stock value as per information provided by Google Finance.
In the past, we have discussed Artemis Resources, and it is important to note that this project is still in its early stages. While the appropriate rocks (pegmatites) have been discovered and there are promising lithium values within them, this doesn't guarantee the presence of a valuable lithium deposit that is economically viable to mine. Therefore, the response to this news has been relatively restrained. Additionally, it is worth mentioning that our opinion, rather than the general market sentiment, is that the increasing number of lithium discoveries diminishes the significance of each new find.
We have now progressed to the subsequent level of evidence. Previously, we were aware of the existence of pegmatites in that area. Then we were informed that there is spodumene present there. And now, we have reached the next phase - at least some of the spodumene contains lithium. It is important to keep in mind that not all spodumene contains lithium, and not all pegmatites contain spodumene. Thus, we are gradually making progress along the path of confirmation. The subsequent step involves continuing to drill and accomplishing two objectives. Firstly, demonstrating that the lithium mineralization is widespread, and secondly, determining its quantity. Once we have precise information on the exact amount, we can then perform the necessary calculations to assess whether mining it is economically viable or not.