Assaying of some of the drilling saw a headline assay of 6.54% cobalt reported, and the company suggesting “we are now seeing very good cobalt, copper and gold grades over good widths, strike length and depth”.

The company has halted drilling one-third of the way through a previously flagged 100-hole campaign as it awaits further assays, with the company suggesting it wants to prioritise its drill targeting depending on the assay results.

Artemis’ focus on Carlow Castle’s cobalt comes as the price of the commodity has strongly increased over the past year on the back of its use in batteries in the renewable energy storage business.

The junior also has gold, copper and nickel interests in the region, and is in the process of acquiring the shuttered Radio Hill nickel-copper processing plant by the end of the month.

Artemis raised A$1.42 million in February for the drilling at Carlow Castle by issuing new shares at 7.5c.

The stock has risen more than 500% over the past six months.

Artemis shares were up 44% to 10.5c in midday trade, capitalising the company at $29.4 million.