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PERTH - Artemis Resources Limited (ASX/AIM:ARV) reported significant gold exploration progress at its Carlow project in Western Australia, according to its annual report released Monday.
The gold, copper and lithium focused company completed a diamond drilling program in early 2025 that successfully intersected high-grade gold in two areas - 600 meters east of the Carlow resource and at the Titan prospect, located 2 kilometers west of Carlow.
"FY2025 saw significant on-field exploration as we expanded the footprint of the Carlow mineralisation," said Guy Robertson, Executive Chairman of Artemis. "Surface sampling at Titan and Thorpe prospects yielded exceptional gold and copper assays."
The drilling program also led to a revised geological interpretation of the Carlow area, which the company says has opened potential for additional gold mineralization along strike and below previous drilling depths.
Artemis plans to undertake diamond drilling in Q2 FY2026 to explore potential extensions to the Carlow Mineral Resource, which currently contains 374,000 ounces of gold and 64,000 tonnes of copper.
The company also applied for a 340 square kilometer exploration license covering the Cassowary Intrusion, 450 kilometers east of Kalgoorlie. This license was granted in August 2025, and Artemis has since expanded its holdings to over 1,000 square kilometers.
For the financial year ended June 30, 2025, Artemis reported a loss of $6.33 million, compared to a $16.59 million loss in the previous year. The company had cash reserves of $1.15 million at year-end and subsequently completed two capital raisings totaling $4.93 million.
Based on the press release statement, Artemis is seeking to sell or joint venture its Paterson project, which surrounds the Haverion 8 million ounce gold deposit.
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