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Artemis Resources completes capital raising, activates exploration programs

Funds will go towards sampling and drilling programs at the companies Patersons and Carlow Castle projects respectively in Western Australia.

Artemis Resources Ltd - Artemis Resources completes capital raising, activates exploration programs
Artemis owns 100% of the Radio Hill processing facility nearby to Carlow Castle

Artemis Resources Ltd (ASX:ARV) has raised $2.12 million through a share placement priced at 2.5 cents to institutional and professional investors.

The funds will be used for defining drill targets at the Patersons Central Gold-Copper Project and for increasing the gold and copper resources at Carlow Castle.

A geochemical program to generate drill targets has been planned at Patersons Central, which notably surrounds the Havieron discovery.

The Havieron discovery is owned by Greatland Gold (LON:GGP) and is being drilled by Newcrest Mining Ltd (ASX:NCM).

Resource expansion drilling planned at Carlow Castle

At Carlow Castle, a drilling plan has been finalised that will focus on increasing the JORC resource with down-dip and along-strike drilling.

Carlow Castle’s inferred JORC resource is  418,000 ounces gold grading 1.6 g/t, 48,000 tonnes copper grading 0.51% and 7,000 tonnes cobalt grading 0.08%.

Artemis aims to establish JORC resources that can support a profitable mining operation utilising its 100% owned Radio Hill processing facility.

Quick facts: Artemis Resources Ltd

Price: 0.085 AUD

ASX:ARV
Market: ASX
Market Cap: $94.93 m
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