Give it a couple of weeks
ARTEMIS RESOURCES LIMITED (ASX:ARV $0.08 (MC~$80m CASH~$12m cash and liquid investments)) – Strong institutional support for $5.6m placement ahead of July/August Paterson’s Central 6-8 hole drill program. The next big discovery??? Artemis Resources has been live on a capital raise this week which we suspect is due to the institutional interest in the upcoming drilling campaign in the Paterson’s range. The Company is raising A$4.2m at $0.07 per share and due to the strong demand we expect the company to accept overs of another $1.4m for a total A$5.6m raise, with GTT a co-lead Manager. Naturally as ARV’s market cap grows it should start to institutionalise the register and with the likes of Metal Tiger, Ruffer, Ausbil and Regal taking part in this placement, the drilling program is on the right radars. Paterson Central (ARV 100%) surrounds Greatland Golds Havieron discovery where Newcrest Mining are onto stage 3 of the $95M farm in agreement and continue to update the market on their drilling progress. Recent satellite images suggest Newcrest are drilling very close to the northern ARV border and assays are eagerly awaited. ASX MARKET IDEAS: Friday 17th July 4 Artemis shareholders should expect drilling results from their Munni Munni platinum, palladium resource and also results from the Greater Carlow Gold, copper resource with assays expected from both shortly. Additionally, ARV owns 1.64m Novo Resources shares which has a market value of close to A$7m, these shares become tradeable
on the 24th of this month and will assist the company if obtaining fully funding status as they embark on a very busy period. We expect the institutions who took park in the raise to look to add to their positions on market and with drilling success, major farm in partners would not be too far away. We understand Artemis has appointed well recognised drilling partner DDH1 who has 9 rigs next door at Havieron and knows the ground well, saving on mobilisation costs. The Patterson’s central drilling program remains on track to start late July – Early August on what will be arguably the most exciting program on the ASX this year… Watch this space !!
(20min delay)