Artemis Resources - Quarterly Activities Report - 30 June 2024
ARTEMIS RESOURCES LIMITED (ARV) Share Update July 2024 Tuesday 30th
Artemis Resources Reports Promising Lithium and Gold Exploration Results
Artemis Resources Limited (ASX: ARV) has released its quarterly activities report for the period ending 30 June 2024, highlighting significant progress in its lithium and gold projects.
Instant Summary:
- High-grade lithium rock chip assays from the Karratha Lithium Project.
- Extended mineralization at the Osborne Lithium Project.
- Multiple high-grade gold targets identified in the Karratha Gold Precinct.
- Successful capital raise of A$2.87 million.
- Appointment of Elizabeth Henson as non-executive director.
Karratha Lithium Project
Artemis Resources has reported further high-grade rock chip assays from its 100% owned Karratha Lithium Project. Significant results from the Mt Marie Prospect include assays of 4.63% Li2O, 4.52% Li2O, 4.28% Li2O, 3.63% Li2O, and 3.45% Li2O. These results confirm the high-grade strike at Mt Marie, prompting further exploration to uncover the extent of the mineralization.
At the Osborne East Prospect, additional sampling returned multiple rock chip assays greater than 0.5% Li2O, extending the strike length of the prospect to 500m x 350m.
Osborne Lithium Project
The Osborne Lithium Project, in which Artemis holds a 49% interest, saw further soil sampling over southern zones. The assays highlighted extended mineralization with a large anomalous lithium soil footprint, indicating potential for further discoveries.
Karratha Gold Precinct
In the Karratha Gold Precinct, a gold review identified multiple targets. The Orpheus zone delivered a high-grade gold assay of 6.93 g/t Au and a peak copper assay of 10.85% Cu from rock chips. A heritage survey over the Lulu Creek gold prospect is also in process.
Corporate Developments
Artemis Resources successfully raised A$2.87 million through an oversubscribed capital raise, strongly supported by sophisticated and institutional investors. The company also appointed Elizabeth Henson as a non-executive director, bringing over 35 years of global experience in corporate governance and business services.
As of 30 June 2024, the company had $0.5 million in cash, supplemented by a further $1.6 million received post-quarter end from the second tranche of the capital raise. Liquid investments stood at approximately $1 million.
The high-grade lithium and gold assay results are likely to positively impact Artemis Resources' stock price as investors react to the promising exploration outcomes. The successful capital raise and appointment of an experienced non-executive director further strengthen the company's position, potentially boosting investor confidence.
Investor Reaction:
Analysts have noted the high-grade lithium and gold assay results as a positive development for Artemis Resources. Investor reaction is expected to be favorable, with increased interest in the company's exploration projects and potential for future growth.
Conclusion:
Investors should keep an eye on further exploration results and corporate developments at Artemis Resources. The company's strategic focus on high-grade lithium and gold projects positions it well for future success. Subscribe to our newsletter for regular updates and in-depth analysis.