Artemis Resources (ASX: ARV) has successfully completed the second tranche of its $4 million capital raise, issuing approximately 284 million shares on February 14, 2025. This follows the placement announcement made in December 2024, with the funds raised totaling $1.99 million, before costs.
The capital raise proceeds are being directed towards advancing drilling at the Karratha Gold Project, including the Marillion target, where a diamond drilling program is planned to test the large electro-magnetic (EM) anomaly, among other priority targets.
These funds will also support drilling to explore potential high-grade extensions to the Carlow deposit, as well as an initial program of reverse circulation drilling at the Titan gold prospect. Drilling at the Marillion target, located 500 meters east of the Carlow deposit, was temporarily halted due to the impact of Cyclone Zelia on the Pilbara region. However, the company expects drilling to resume around February 18, 2025.
Looking ahead, Artemis has outlined several key exploration priorities. These include reviewing previous drill data to assess the potential for an open pit at Carlow, exploring underground extensions of high-grade gold, and drilling the large, highly conductive Marillion EM anomaly. Other targets for drilling include Europa, a 2.5-kilometer geophysical and structural target west of Carlow, as well as Titan and Thorpe, which both have potential for high-grade gold and silver, and gold and copper, respectively, at surface levels.
The completion of this capital raise is a significant step forward for Artemis, as it continues to advance its exploration program at the Karratha Gold Project, which remains a key focus for the company’s growth in 2025.
