Pilbara-focused Artemis Resources will accelerate exploration work at its Armada prospect in the Paterson Range, WA, and preliminary metallurgical results from Carlow Castle Au-Cu-Co Project after locking in A$5.4 million in institutional funds.
The $5.4 million funding agreement is with London Institutional group Riverfort Global Capital Limited.
The Armada Prospect, wholly-owned by Artemis, is an Exploration Licence Application E45/5276 (“ELA”) of around 600 square kilometres.
Importantly, the project surrounds the Havieron gold-copper discovery owned by London-listed Greatland Gold Plc to north, east and south.
Havieron recently delivered a ‘stunning’ gold-copper intercept of 275 metres at 4.77 grams per tonne gold and 0.61% copper.
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’s Executive Chairman David Lenigas said.
“Artemis has an exploration licence application over 600km2 strategically located alongside Havieron, with interest in this area significant at present.
“This new funding allows Artemis to start exploration at Armada and finalise the next resource upgrade and preliminary metallurgical results from our Carlow Castle Au-Cu-Co 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.”
No Mining Act objections were lodged at Armada while Mining Act compliance has been assessed and the tenement was recommended for grant on 30 August 2018 (subject to completion of Native Title). E45/5276 has been referred to Native Title and is progressing through the approvals process.
Today’s news comes after positive initial metallurgical results from Carlow Castle.
Shares in Artemis were trading 1c higher at 15c.