Sudden overclock instability.

Disaster has struck, my HD7970 is unstable at any clock speed (including stock).

I bought it about three months ago, tested it, strapped a water-block to it and overclocked it then to a speed of 1200Mhz on the core, 1575Mhz on the memory at a voltage of ~1175Mv. It has been running fine since, until about 20min ago.

Quite randomly, I started to get memory artifacts in the game I was playing, then it crashed soon after.
I attempted to run a 3D Mark 11 benchmark run, which is what I use for a stability test, which crashed a few second into the first bench. I bumped down the memory frequency by 25Mhz, upped the voltage to 1200Mv and tried again, it crashed.
Turned off the machine, rebooted and it seemed to be fine. However any tests I ran afterward (3DMark or games) just failed.

At this point I just decided to start over again, I put the Core and Memory back to stock settings (925 and 1375Mhz respectively, voltage was left at 1175Mv) and tried a 3DMark run, didn't crash but rather pretty heavy artifacting and still crashes games.
Still the same behavior after a reboot, works first time and then fails in any subsequent test.

Has anyone had any similar experience? Any guess as to what could be the cause of this issue? I think it could be a problem with the memory as the artifacts I'm seeing typically are memory based (random texture popping in and spazzing).

Relevant specs.
HIS HD7970 H797F32G2M.
3570k clocked to 4.3Ghz.
Silverstone Strider Plus 750W.
Custom Water-cooling that keeps everything well within acceptable temps.
Sapphire TRIXX software for overclocking.
 
Since I made the thread I have managed to get a stable overclock of 1175/1450 at 1.2v, which has held up a to multiple 3DMark11 runs and the Heaven benchmark.
I have also noticed that if I push the card too far and it crashes, I can roll back the overclock as far as I like it will continue to fail until I reboot the system.

@DjDafi
I do have another PCI-E 8x slot I can move the card too, but water-cooling makes that a very time-consuming process to do. Anything that requires physically manipulating the card I would prefer to do as a last resort.

@Coozie7
The artifact it describes as the "Unexpected Spike" is what I am seeing in games before they crash (a hand texture pops in out of nowhere then spiked wildly is what happened when the instability first happened), while if its unstable in 3D Mark 11 it manifests as Colour Shifts.

Memory voltage I haven't touched and is at 1.6v, which from what I am seeing of 7970 overclocking guides is pretty typical of what it is at stock settings.