ASX listed multi-commodity explorer Artemis Resources has secured a $5.4m funding package from a UK-based institutional group to underpin development activities at its Carlow Castle project near Karratha and initial exploration in the emerging Paterson Range area to the east.
The company has already commenced a detailed airborne geophysical survey program over its new Armada prospect in the Paterson Range of the eastern Pilbara, which sits adjacent to Greatland Gold’s amazing new gold-copper discovery at its Havieron project.
Artemis holds 600 square kilometres of prospective looking ground at Armada, which is located only 40km east of the giant Telfer gold mine that has produced over 27 million ounces of gold and 1 million tonnes of copper to date.
The company’s target at Armada is a large iron oxide-copper-gold or “IOCG” mineralised ore system, similar to what Greatland has reputedly drilled at the nearby Havieron project.
At the Carlow Castle gold-copper-cobalt project, the funding will be used to finalise resource development activities and preliminary metallurgical test work studies to support a resource upgrade at that deposit, which is due later this quarter.
Artemis Executive Chairman David Lenigas said: “Armada is a new and exciting opportunity, especially on the back of recent drilling success by Greatland Gold on its Havieron gold-copper project. Artemis has an exploration licence application over 600 square kilometre strategically located alongside Havieron, with interest in this area significant at present.”
“This new funding allows Artemis to start exploration at Armada and finalise the next resource upgrade and preliminary metallurgical results from our Carlow Castle Au-Cu-Co project near Karratha, whilst we await key approvals from the WA Government for our Radio Hill tailings facility.”
The funding agreement will be achieved through the issue of convertible securities at a fixed conversion price of 21c per fully paid ordinary share to Riverfort Global Capital Limited.
That Artemis is now well funded for its initial exploration foray in the Paterson Range was well received, with shares in the company ticking up more than 10% to close at 15.5c today and its market cap sitting just under $100m at week’s end.
By Matt Birney
