Artemis raises funds to hunt for gold/copper
PERTH (miningweekly.com) – Junior Artemis Resources has completed a A$7-million capital raise to fund exploration at its copper/gold projects in Western Australia.
Artemis on Thursday said that it had received binding commitments from institutional and sophisticated investors for the placement of 116.7-million shares, at a price of 6c each.
The share placement will be conducted under Artemis’ existing placement capacity, and will not require shareholder approval.
“The company is delighted with the strong support for the placement, and we are pleased to welcome a number of prominent new institutions to the Artemis register,” said executive director Alastair Clayton.
With the placement funds, Artemis now has some A$10-million in cash to fund an 8 000 m diamond drilling campaign at the Paterson Central gold/copper project, adjacent to gold miner Newcrest’s Havieron discovery.
“With Paterson Central, I cannot think of another gold/copper exploration play in Australia that can provide the amount of potential leverage to success for its shareholders. Artemis’ 100%-owned Paterson Central project surrounds on three sides and is interpreted by company geologists to be regionally along strike from the world-class discovery at Havieron that is now under development,” said Clayton.
He noted that there were a significant number of drill-ready targets at Paterson Central, with the company planning to drill for the remainder of 2021.
Exploration has also begun at the Carlow Castle project.
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