Purchase consideration of $820,000 in cash and 1.64 million Novo shares has been received and the joint venture agreement with Novo has been terminated.
Funds received from the transaction will be used to further develop the company’s core projects, namely Carlow Castle and Paterson Central.
Sale provides “strengthened treasury”
Non-executive chairman Mark Potter said: “The successful completion of the sale of tenements to Novo Resources has provided a substantially strengthened treasury which places Artemis in a much stronger position during these challenging market conditions.
“Drilling is continuing apace at Carlow Castle and we keenly await the results of these RC drilling and DHEM programmes.
“We now have work at Paterson Central firmly in our sights and look forward to progressing that as soon as practicable.”
Maximising in-ground spend on exploration
Potter continued: “In addition, the company instigated a significant review and optimisation of its cost base back in January well before recent global events became acute.
“Through mutual agreement with stakeholders, suppliers and consultants, we have successfully reduced the fixed operating cost base of the company in order to maximise in-ground spend on exploration projects.
“To this end Alastair Clayton, Executive Director appointed in January has to date deferred all payments since joining the company and other directors have already part-deferred and or waived payments.
“Conserving cash for deployment to value added exploration activities is our top priority.
"Additional non-core asset disposals are currently being progressed which are expected to further strengthen the treasury and reduce operating costs.
“We hope to conclude these transactions in the coming weeks.”
Looking east to the Paterson Central Project
Drilling underway, assays pending
The 4,000-metre Carlow Castle reverse circulation (RC) drilling program continues uninterrupted.
To date 27 holes have been completed across fence-lines to the west and south of the existing Carlow Castle resource area, and currently the rig is operating on the Eastern side of the Carlow Castle resource area.
A geophysical crew is due on site on March 25 to undertake downhole geophysics on a select number of cased holes along the strike of the existing inferred resource which will assist in the identification of new drill targets.
The first batch of samples have already been dispatched to the laboratory for assay and the overall programme remains on track to be completed by the end of March.
Artemis recently completed a site visit to the Paterson Central Project in advance of its proposed geochemical programme.
This included observations of the work currently underway at the nearby Havieron Gold-Copper Project where the Newcrest Mining - Greatland Gold JV currently has a reported 8 rigs in operation.