RCS - Artemis Resources Ld - Update on placing settlement and use of proceeds

Artemis ResourcesAnnouncement

02/01/2025 08:45

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RNS Number : 8986R  Artemis Resources Limited  02 January 2025

This is a Reach (i.e. non-regulatory) announcement and the information
contained is not considered to be material or to have a significant impact on
management's expectations of the Company's performance

 

2 January 2025

 

Tranche One share issue completed and funds received
KARRATHA GOLD PROJECT drilling TO COMMENCE IN EARLY 2025

Highlights

§ Tranche One of the recently announced oversubscribed placement of $4
million has been completed, with $2.09 million received

 

§ Extraordinary General Meeting (EGM) to be held to approve Tranche Two, with
the majority of funds already received and held in trust

 

§ Majority of funds to be used for drilling targets beginning in early 2025

 

Artemis Resources Limited ("Artemis" or "the Company") (ASX/AIM:ARV) is
pleased to advise that it has issued Tranche One shares from the placement
announced on 16 December 2024.

Artemis issued 287 million shares on 20 December 2024 being Tranche One of the
recently announced capital raise, with funds totalling $2.09 million having
been received. This raise, which was oversubscribed, provides a platform for
the exploration team to deliver on its Karratha Gold Project drilling program.

The balance of the raise will be completed once shareholder approval has been
received at an EGM which is scheduled to be held on or about 6 February 2025.
Additionally, shareholder approval will be sought at the EGM for incoming
director Julian Hanna to participate in the capital raise, to the extent of
$20,000, or approximately 2.85 million shares.

 

 

Karratha Gold Project Drilling Program

The proceeds of the capital raise will be focussed on drilling at the Karratha
Gold Project with a number of priority targets having previously been
identified.

These targets (1. to 6. numbered in Figure 1), include drilling the large
Marillion electro-magnetic (EM) anomaly, testing for potential high grade
extensions to the Carlow resource and initial drilling at the Titan gold
prospect. Additionally, and post review of results from the recently completed
Lulu Creek drilling program, the program may be expanded for further
exploration at Lulu Creek and surrounding tenure.

Figure 1. Priority targets 1. To 6. at the Karratha Gold Project

 

1.   Carlow open pit resource - review possible development options

2.   Carlow underground resource - drill potential for high grade extensions

3.   Marillion - drill large, highly conductive electro-magnetic (EM)
anomaly

4.   Europa - drill a 2.5km long geophysical and structural target

5.   Titan - drill test source of high-grade gold/silver results at surface
(subject to heritage clearance)

6.   Thorpe - follow up of high grade gold/copper results at surface

7.   Sing Six - drill test source of gold results in veins at surface

8.   Lulu Creek (west of Figure 1) - follow on from previous drilling
pending results.

Tranche One

The Company has issued 287,000,000 ordinary shares (ASX:ARV) to professional
and sophisticated investors, under Tranche One of the capital raised on 16
December 2024, under ASX listing rule 7.1.

The issue of Tranche Two is subject to shareholder approval at a general
meeting to be held on or around 6 February 2025. The notice of meeting will be
lodged with the ASX and forwarded to shareholders on or around 6 January 2025.

For more information, please visit www.artemisresources.com.au
(http://www.artemisresources.com.au/)

 

This announcement was approved for release by the Board.

 

For further information contact:

George Ventouras

Executive Director

info@artemisresources.com.au

 

ASX announcements referred to in this release;

Artemis Resources, ASX Announcement, Artemis Completes Placement to Raise $4m,
16 December 2024

Artemis Resources, ASX Announcement, Artemis to commence drilling Lulu Creek
gold prospect, 23 October 2024

 

 

About Artemis Resources

Artemis Resources (ASX/AIM:ARV) is a gold, copper and lithium focused
resources company with projects in the West Pilbara region of Western
Australia. The Company's main projects include;

·     Karratha Gold Project including the Carlow Castle gold/copper
project

·     Karratha Lithium Project including the high-grade Mt Marie Lithium
Prospect and the Osborne Lithium JV (Artemis 49%; GreenTech Metals (ASX:GRE
51%)

·     Paterson Central Gold/Copper project in the Paterson Province
(located adjacent to Greatland Gold's gold-copper discovery at Havieron and
only ~42km from the Telfer gold mine)

·     Artemis also owns the Radio Hill processing plant, located only
35km from Karratha

 

 

Artemis is focused on discovering multiple gold prospects within its +200km(2)
tenement package that can build upon the initial Mineral Resource at Carlow.
The majority of the tenement package has been lightly explored and is now the
subject of methodical exploration programs with a view to identify all gold
zones, veins, structures and faults.

 

The Company will also continue to progress the Karratha Lithium project
including the high-grade Mt Marie prospect and will look to advance this
exciting project through further field work which will lead to drilling the
most advanced targets in due course.

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