Artemis Resources Ltd (ASX:ARV) sold four million Novo Resources Corp (CVE:NVO) shares for C$20 million in the June quarter leaving it with a cash balance of $27.04 million at the end of June.
The June quarter and the period up to July 28 has been an active technical and commercially fruitful period for Artemis with advancements made across many of the company’s key assets in the Pilbara.
READ: Artemis Resources drills some of Australia's highest grade cobalt
Exploration has delivered significant results across its base and battery metal portfolio at Carlow Castle, Ruth Well, Radio Hill and Whundo.
Artemis is also working closely with the key West Australian government agencies to achieve the approvals needed to install a new Gekko gold circuit at the 100% owned Radio Hill processing facility.
This new circuit once installed and commissioned will give the Radio Hill facility the ability to treat gold ores with a high gravity recoverable component.
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Artemis’s CEO Wayne Bramwell said: “The company has a very strong cash position for the first time in many years, with cash at bank at the end of June of $27 million.
“Artemis remains totally focused on bringing the Radio Hill plant back into production as soon as possible, however we await the critical government approvals to complete the new gold circuit installation and additional plant upgrade works.
“Excellent drilling results from our Carlow Castle, Whundo, Radio Hill and Ruth Well deposits should see growth in our base metal and battery resource inventory and we are very excited about what the remainder of this year will bring as Novo increases its exploration efforts at Purdy’s Reward.”
Artemis and Novo joint venture commits to $5.4 million budget
Artemis is up to date on all Novo joint venture (JV) expenditure commitments and JV partners have agreed to a $5.4 million exploration and work program budget for the new financial year.
In the first four months of this financial year, the JV will focus on bulk sampling, diamond drilling and costeaning activities, primarily at Purdy’s Reward.
Large bulk samples will be collected and treated to provide necessary gold grade data for a mineralisation report, an important step toward converting the current exploration license to a mining lease.