Artemis Plans Drilling on 4km Zone After $4M Capital Raise
Artemis Resources has secured $4 million in funding to advance drilling at its Karratha Gold Project, following promising high-grade surface sampling and a strategic leadership appointment.
- A$4 million capital raise underway with $2.09 million received in first tranche
- High-grade gold and silver surface samples at Titan and Thorpe prospects
- Drilling campaign to commence February 2025 targeting three high-priority zones
- Julian Hanna appointed Managing Director post-quarter, bringing extensive mining experience
- Enhanced geological and structural understanding of Carlow tenement guides exploration
Strong Capital Position Fuels Exploration Ambitions
Artemis Resources (ASX: ARV) has fortified its financial footing with a firm commitment capital raise of A$4 million, of which $2.09 million has already been received. The funds are earmarked to support an imminent drilling campaign at the company’s flagship Karratha Gold Project in Western Australia. This capital injection comes at a pivotal time as Artemis prepares to test several high-priority gold targets identified through recent surface sampling and geological reinterpretation.
High-Grade Surface Sampling Highlights Potential
During the December 2024 quarter, Artemis reported exceptional rock chip assay results from its Titan and Thorpe prospects, located within a few kilometers of the established Carlow gold resource. Notably, samples from Titan returned gold grades exceeding 500 g/t and silver assays above 1,000 g/t, while Thorpe samples showed significant gold and copper mineralization. Although the company cautions that surface grades may not directly translate to drilling results, these findings underscore the prospectivity of the region and justify the planned exploration push.
Targeted Drilling to Commence in Early February
Building on enhanced geological mapping and new geophysical interpretations, Artemis has delineated a 4-kilometer prospective zone centered on the Carlow deposit. The upcoming drilling program will initially focus on three untested targets within this zone. The first diamond drill hole will probe the Marillion electromagnetic conductor, situated 500 meters east of Carlow, followed by tests for down-plunge extensions of the Carlow resource. Reverse Circulation drilling is also planned at Titan to investigate subsurface gold occurrences associated with structural and gravity anomalies.
Leadership Bolsters Technical and Corporate Strategy
Post-quarter, Artemis appointed Julian Hanna as Managing Director, a seasoned geologist and mining executive with a track record of leading successful exploration and mining ventures. Hanna’s expertise is expected to sharpen Artemis’s exploration strategy and operational execution as the company advances its Karratha assets. His leadership coincides with the company’s strengthened balance sheet and ambitious exploration timetable.
Outlook and Strategic Implications
Artemis’s combination of robust funding, high-grade surface results, and focused drilling plans positions it well to unlock further value from the Karratha Gold Project. The upcoming drilling results will be critical in validating the geological models and potentially expanding the known resource base. Investors will be watching closely as Artemis seeks to convert surface anomalies into tangible mineral resources, while leveraging Hanna’s leadership to navigate the next phase of growth.
Bottom Line?
With drilling imminent and a strengthened leadership team, Artemis is poised to turn promising surface results into substantial resource growth.
Questions in the middle?
- Will the upcoming drilling confirm extensions to the Carlow gold resource?
- How representative will the high-grade surface samples be of subsurface mineralization?
- What impact will Julian Hanna’s leadership have on Artemis’s exploration success and shareholder value?
