Artemis Resources Ltd (ASX:ARV) (OTCMKTS:ARTTF) has strengthened its board with operational expertise by appointing industry veteran Boyd Timler as an independent non-executive director with immediate effect.
Timler has more than 38 years of experience in the resources industry, including working as a senior executive and operator level in open pit and underground gold and base metals mines.
He was most recently chief operating officer of Panoramic Resources Ltd (ASX:PAN), and before that held the roles of CEO and managing director of Medusa Mining Limited (ASX:MML) and COO for Beadell Resources.
“Wealth of experience”
Artemis chairman Mark Potter said: “I am delighted that Boyd will be joining the board of Artemis.
“Boyd brings a wealth of experience with an impressive 20-plus-year track record of building and operating gold and base metals mining operations, in addition to 10 years of experience as a geologist.
“Boyd will add tremendous value to Artemis as we advance our Carlow Castle and Paterson projects.”
Development experience
A Bachelor of Science in Geology, Timler has considerable involvement with the evaluation and development of numerous resource projects throughout the world.
Between 2005 and 2013, Timler held senior operations management roles with Barrick Gold Corp (NYSE:GOLD) in Australia and Africa and before that he held senior roles with Placer Dome Limited, Kinross Gold Corporation and TVX Gold Inc.
Pilbara gold projects
Artemis is mainly focusing on advancing the Carlow Castle and Paterson Central gold projects in the Pilbara, Western Australia.
The Carlow Castle inferred mineral resource estimate was upgraded in late 2019 to 418,000 ounces of gold, 48,000 tonnes of copper and 7,000 tonnes of cobalt within 8 million tonnes at 0.51% copper, 1.6 g/t gold and 0.08% cobalt.
In early 2020 the company launched Project One Million, an exploration program aimed at further increasing the scale and size of the Carlow Castle resource.
Paterson project
Artemis’ 100%-owned Paterson Central project covers 605 square kilometres and is around 40 kilometres east of Newcrest Mining Limited’s (ASX:NCM) multi-million-ounce Telfer Gold-Copper Mine and is contiguous to the recent Havieron gold and copper discovery by Greatland Gold PLC (LON:GGP), subject to a farm-in by Newcrest.
After an extensive review, Artemis has identified seven key target zones each to be drill tested.
Five southern drill targets sit within the same geological and structural domain as the Havieron discovery, are within four kilometres of Havieron and are in the same favourable structural corridor.
Disposal of non-core assets
With two significant projects, Artemis’ board resolved to dispose of non-core assets.
The company’s joint venture interests in the Purdy’s Reward and 47K Patch gold projects were sold to Novo Resources Corp (CVE:NVO) for a total of $6.6 million including cash and shares consideration.
Earlier Artemis sold its 80% interest in Mt Clement to its joint venture partner Northern Star Resources Ltd (ASX:NST) for $319,000 in cash and a 1% royalty.
Artemis continues to assess opportunities to dispose of other non-core assets as appropriate.
Fundraising initiatives
The company raised $8 million during the year, which includes $5.9 million and $2.1 million in placement and a share purchase plan of $2.7 million that was well supported by shareholders.
In July 2020, the company raised a further $5.6 million in a well-oversubscribed share placement with participation from existing shareholders and new institutional investors.
The company is well funded to enable it to execute its project strategy in the year ahead.
