The funding will be applied to exploration activities at the Armada Project and the next resource upgrade and preliminary metallurgical work from the Carlow Castle Project.
Artemis’s 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 kilometres strategically located alongside Havieron, with interest in this area significant at present.
Funding comes at a valuable time
“This new funding allows Artemis to start exploration at Armada and finalise the next resource upgrade and preliminary metallurgical results from our Carlow Castle Gold-Copper-Cobalt Project near Karratha, whilst we await key approvals from the WA Government for our Radio Hill tailings facility.”
“We believe this funding package is important to the company, as it keeps us well-funded at a time we want to be advancing our projects on multiple fronts and don’t want to be slowed by global markets not generally favourable to junior resources companies.”
Earlier this week, Artemis received initial results from its metallurgical program underway at the Carlow Castle Gold-Copper-Cobalt Project in Western Australia.
Importantly, the first pass metallurgical program indicated that Carlow Castle is amenable to low cost gravity gold recovery and base metal flotation processes.