Artemis Resources Secures $4M, Drilling to Restart at Karratha Gold Project
Artemis Resources has completed the second tranche of a $4 million capital raise, enabling the resumption of drilling at its Karratha Gold Project after cyclone-related delays.
- Completion of $4 million oversubscribed capital raise
- Tranche Two raised $1.99 million before costs
- Drilling paused due to cyclone Zelia, set to resume February 18
- Focus on Marillion EM anomaly and Carlow gold/copper deposit extensions
- Multiple priority targets identified within Karratha Gold Project
Capital Raise Completion Bolsters Exploration
Artemis Resources Limited (ASX/AIM: ARV) has successfully completed the second tranche of its oversubscribed $4 million capital raise, receiving $1.99 million before costs. This follows the initial tranche issued in December 2024, bringing the total funds raised to support ongoing exploration activities at the Karratha Gold Project in Western Australia.
The capital injection is timely, providing Artemis with the financial flexibility to advance drilling programs targeting multiple high-potential zones within its extensive tenement holdings. The funds are earmarked primarily for drilling at priority targets including the Marillion electro-magnetic (EM) anomaly and potential high-grade extensions to the Carlow gold/copper deposit.
Drilling Resumes After Cyclone Disruption
Drilling operations at the Marillion target, located approximately 500 meters east of the Carlow deposit, were temporarily halted due to cyclone Zelia impacting the Pilbara region. Artemis has announced that drilling is expected to recommence around February 18, 2025, signaling a return to momentum after weather-related delays.
The Marillion anomaly represents a significant geophysical target, characterized by a large, highly conductive EM signature that Artemis is keen to test through diamond drilling. Alongside Marillion, the company plans to explore other promising targets such as Europa, Titan, and Thorpe, which have shown encouraging surface gold and copper results.
Strategic Focus on Karratha’s Untapped Potential
Artemis’s strategy revolves around methodical surface exploration and targeted drilling to unlock the potential of its +200 km² tenement package. The Carlow Castle deposit, with an existing resource base, serves as a cornerstone for further discoveries. The company is reviewing previous drill data to assess open pit and underground mining opportunities, aiming to delineate high-grade zones that could enhance project economics.
In addition to gold and copper, Artemis is advancing its lithium interests within the region, notably the Mt Marie Lithium Prospect and the Osborne Lithium Joint Venture, underscoring a diversified resource portfolio. However, the immediate focus remains on gold exploration at Karratha, where minimal historic drilling has left considerable upside potential.
Investor Confidence and Next Steps
The successful capital raise and shareholder approval for the second tranche issuance reflect strong investor confidence in Artemis’s exploration strategy and project pipeline. Managing Director Julian Hanna emphasized the company’s commitment to disciplined exploration and value creation through systematic drilling campaigns.
Looking ahead, market participants will be closely watching the results from the resumed drilling at Marillion and other priority targets. Positive assay results could significantly enhance Artemis’s resource base and attract further investment interest.
Bottom Line?
With fresh capital secured and drilling set to resume, Artemis is poised to unlock new value at Karratha—investors await the next assay results closely.
Questions in the middle?
- What initial assay results will the resumed Marillion drilling yield?
- How will cyclone Zelia’s disruption affect the overall drilling timeline and costs?
- Could Artemis’s exploration success at Karratha trigger strategic partnerships or joint ventures?
