The original raising, also organised with Taylor Collison, was priced at 10c, a 4% premium to the-then trading price, whereas the latest placement is priced at 6c, a negligible discount to recent trading.

 

The placement, which Artemis said still managed to secure strong support from European and Australian institutional investors, will fund work at Carlow Castle and the Paterson Central projects in Western Australia.

 

With $10 million in cash after the placement, it will drill an 8000m diamond drilling program in the Paterson Province, targeting gold-copper prospects surrounding Newcrest Mining and Greatland Gold's world-class Havieron discovery.

 

Drilling will begin once ground-based heritage clearances have been secured over the Apollo, Atlas, Juno, Voyager and Enterprise prospects.

 

Artemis says a single intercept could be a company-maker.

 

Other funds will be directed toward further exploration drilling at Carlow Castle and surrounding gold-copper targets, with the aim of rehabilitating that project's reputation.

 

A resource downgrade is expected later this month. 

 

Resources at the Carlow Castle were previously stated at 418,000 ounces at 1.6 grams per tonne gold, 48,000t tonnes at 0.6% copper, and 7000t at 0.08% cobalt using a 0.3% copper cut-off, and modelled in a pit shell using a $2000 per ounce gold price, $9000/t copper price and $48,000/t cobalt price.

 

Its 2021 estimate is being prepared using higher metal prices, and is expected to reduce grade and contained gold.

 

Carlow Castle remains open in several directions.

 

Artemis shares, which almost halved earlier this week, closed up 17% at 7c yesterday, capitalising it at $75 million.