The share price of Artemis Resources surged 20% on the ASX on Thursday, as the company announced the discovery of an “exceptionally” high-grade gold vein discovery at the Titan prospect, part of the Karratha project in the Pilbara.

The company has extracted multiple hard rock gold samples from the quartz-iron veining with the largest being an estimated 10 cm by 4 cm.

Artemis noted that these gold samples are not analogous to the conglomerate-hosted mineralisation, Witwatersrand style of watermelon seed gold nuggets as per the Purdy’s Reward and other previously reported discoveries. Instead, these gold occurrences originate from a hard rock source which indicates a potentially large gold structure.

Sampling work was conducted around the Titan prospect with about 300 kg of material removed. This material was sorted, crushed, separated, gold extracted and a gold bar weighing 10.4 oz was subsequently produced.

Rock chip samples were analysed in the ALS laboratory in Perth and included grades of as high as 10 000 g/t, 6 520 g/t and 10.2 g/t.

Copper assay results also returned high values, including 23.8% and 14.55% copper.

The Titan mineralised trend has been tracked for about 700 m and appears to remain open under shallow cover.  Furthermore, recent field observations suggest it also occurs on a much larger and strike extensive structural zone.  

“We remain excited by the gold prospectivity that our tenements continue to deliver. The re-focus of exploration efforts and strategy on a tenement-wide scale is continuing to deliver evidence of multiple new zones for gold mineralisation, which we believe could contain the potential for large-scale deposits. The next steps will allow us to refine these zones, delineate bona-fide prospects and work towards more targeted exploration efforts,” commented executive director George Ventouras.

Titan is located within the Carlow tenement and about 2 km from the Carlow project, which has a mineral resource of 374 000 oz, or a mineral resource of 704 000 gold-equivalent ounces.

Artemis' stock rose to A$0.012 a share on Thursday.