Artemis Resources Ltd (ASX:ARV, AIM:ARV, OTCQB:ARTTF) has secured firm commitments to raise A$4 million in a capital raising at A$0.007 per share, attracting institutional and sophisticated investors.
The funding will go to drilling and exploration activities at the Karratha Gold Project early in 2025, with an eye to investigating the Carlow, Marillion, Lulu Creek, Titan, Europa and Thorpe prospects.
Artemis says the heavily oversubscribed offer was strongly supported by existing shareholders and new investors.
Strongly supported capital raise
“We are pleased to have received strong support from shareholders and new investors,” Artemis executive director George Ventouras said.
“This raise will enable the drilling of high-priority exploration targets which were refined following extensive groundwork in 2024.
“This important work provided the platform to commence drilling, which we intend to start in late January 2025.
“The targets that the company intends to drill in this program cover only a small percentage of the tenement package, providing further opportunity and potential upside for the exploration over the greater tenement areas.
“We look forward to updating our shareholders on progress in the new year.”
Read: Artemis Resources unearths rock chips up to 45.8 g/t gold and 10.3% copper at Thorpe prospect, Karratha Project
Suite of drill targets
The funding will specifically (but not exclusively) go to:
- Carlow – drill-testing extensions to the known high-grade mineralisation. Reviewing open pit potential and testing previous underground high-grade gold assay results.
- Marillion – drill testing a highly conductive electromagnetic (EM) anomaly which is approximately 500 metres x 350 metres in size and is only 350 metres to the east of the Carlow deposit.
- Lulu Creek – following up exploration based on the drill assay results which are pending. A five hole, 1,450-metre reverse circulation (RC) drill program was conducted previously which was completed with the assistance of an Exploration Incentive Scheme (EIS) grant. Assay results will direct the next phase of exploration.
- Titan – obtaining heritage clearances (already in process) and other regulatory requirements to enable drilling of high-grade surface gold to test depth extensions.
- Europa – obtaining heritage clearances and other regulatory requirements to enable drill testing of a magnetic/gravity anomaly. Europa has a similar structural setting and gravity signature to Carlow and may represent a buried mineralised system.
- Thorpe – drill-testing surface gold occurrences and following up previous exploration activity inclusive of surface sampling and drilling.
Any remaining funding will go to additional exploration programs and for working capital purposes.