Artemis hits reverse on Pilbara gold statements and resumes trading

Artemis Resources is back trading on the ASX after retracting statements it made in three announcements released to the market earlier in March.

The ASX suspended the Pilbara gold explorer (ASX:ARV) on Tuesday while it looked into the announcements — creating a buzz among shareholders because of an initial lack of explanation.

Stockhead flagged on Tuesday that the ASX was querying certain announcements and that it had suspended Artemis to “prevent any disorderly or uninformed trading”.

The bourse queried resources that Artemis outlined for the Weerianna and Carlow Castle deposits.

Artemis told investors it was advised by the ASX that the information “may be considered to be production targets in accordance with ASX Listing Rule 19.12”.

“The company does not consider, at this stage, that it has a reasonable basis to disclose production targets as interpreted under ASX listing rule 19.12 in relation to either the Weerianna or Carlow Castle projects, and accordingly, retracts the information,” the company explained.

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Artemis has been working to optimise its Weerianna and Carlow Castle resources to supply feed to its Radio Hill plant.

The company is aiming to process 50,000 tonnes per month starting in June.

The Pilbara region has been undergoing something of a gold nugget rush since last July when Artemis and Canadian partner Novo Resources made a now-legendary announcement regarding a gold nugget find at their Purdy’s Reward site south of Karratha, WA.