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Artemis Resources secures $5.4 million, commences airborne survey

The exploration funding means investors can expect continued news flow from the company.

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An airborne survey on its Armada Project has commenced

Artemis Resources Ltd (ASX:ARV) has secured around $5.4 million in funding from UK-based institutional group Riverfort Global Capital Limited.

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.

The Armada Project surrounds Greatland Gold PLC’s (LON:GGP) Haverion Project on three sides, where drilling this year discovered 121 metres at 2.93 g/t gold and 0.23% copper.

READ: Artemis Resources to commence magnetic survey in emerging Patersons Range region

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.”

READ: Artemis Resources first pass met work supports low cost processing

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.

Quick facts: Artemis Resources Ltd

Price: 0.028 AUD

ASX:ARV
Market: ASX
Market Cap: $26.15 m
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