Investors are hoping Artemis Resources has found a priceless antique in its cellar after dusting off historic maps and drilling data for its Mt Clement gold project.
Shares in the gold explorer skyrocketed this morning after the company announced an inventory review had uncovered potential for a significant antimony/lead deposit at Eastern Hills, less than 1km southeast of the Mt Clement gold deposit.
Mt Clement, which is a joint venture with Northern Star Resources (20 per cent), hosts an inferred resource of 1.13 million tonnes for 64,000 ounces of gold and 618,000 ounces of silver.
But Artemis believes past drilling by BHP Billiton and Taipan Resources at nearby Eastern Hills "suggests that there is potential for an initial exploration target of 830,000 tonnes at a grade of 1.7 per cent antimony and 2.4 per cent lead".
"The Eastern Hills exploration target also contains precious metal credits of around 0.22g/t gold and 26g/t silver," the company said in a statement.
However the company cautioned that the potential quantity and grade was conceptual in nature and that there had so far been insufficient exploration to define a mineral resource in compliance with the JORC Code.
"It is uncertain if further exploration will result in the determination of a mineral resource as defined by the JORC Code," the company warned.
Artemis said it had not considered the Eastern Hills deposit relevant until now because of the company's focus on gold and historically weak prices for lead and antimony.
"However substantial commodity price increases over recent years have led to a re-evaluation of this prospect's potential," the company said.
Artemis said it planned to restart exploration activities at Eastern Hills this year culminating in a drilling campaign to confirm previous drilling and extend the mineralisation at depth and along strike with a view to establishing a JORC-compliant resource.
Antimony is used as a fire retardant agent, a hardening agent for alloys, in lead batteries and ammunition, as a catalyst in plastics and in ceramics.
Artemis said global antimony output has been dominated by China for many years but with lower output since 2009, new sources of antimony were required.
It said antimony was trading about $US12,000 per tonne, a six-fold increase since the Eastern Hills deposit was first reported in 1997.
The Mt Clement gold project is a joint venture between Artemis (80 per cent) and Northern Star Resources (20 per cent).
Artemis shares shot up 1.1 cents, or 157.14 per cent, to 1.8 cents by 9.35am after hitting an earlier peak of 2.4 cents.More than 48 million shares had changed hands worth just over $800,000.