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Artemis Resources (ASX: ARV) has wrapped up its Phase 1 drilling program at the Carlow Tenement in WA’s Pilbara region, with promising early indications but no definitive gold assay results just yet. The program targeted three high-priority zones—Titan, Marillion, and potential extensions of the Carlow deposit—delivering 1,790m of diamond drilling across five holes.

Drilling Highlights

• Titan prospect: All three holes drilled here encountered a broad zone of hydrothermal alteration and veining within an ultramafic sequence, located down-dip from a previously identified surface gold occurrence.

• Marillion target: An electromagnetic (EM) anomaly 800m east of Carlow returned promising intersections of stringer and semi-massive sulphides.

• Carlow extensions: A single drill hole tested down-plunge extensions of known mineralisation, intersecting zones of pyrrhotite and chalcopyrite, which require lab confirmation.

Early Geochemical Signs at Titan

While definitive gold assays are pending, portable X-ray fluorescence (pXRF) analysis identified highly elevated arsenic levels (up to 3,460ppm) across the Titan prospect. Given that arsenic often associates with gold mineralisation in the Pilbara, this could indicate a much larger system in play.

“The presence of arsenic anomalies at Titan could be a game-changer,” said Artemis Managing Director Julian Hanna. “If lab assays confirm gold alongside these arsenic readings, it opens up significant upside beyond our initial drilling.”

Marillion and Carlow: The Sulphide Story

The single hole at Marillion and another testing Carlow’s eastern extensions both intersected vein-hosted and stringer sulphide mineralisation. Visual observations identified pyrrhotite and chalcopyrite, key indicators of potential copper and gold mineralisation, though assays will confirm their true economic significance.

Next Steps

Artemis has sent numerous core samples for laboratory testing, with results expected in the coming weeks. These will determine whether the early visual and geochemical indicators translate into high-grade gold or copper mineralisation.

While Artemis investors will need to wait for assays before popping the champagne, the drill program has already expanded geological understanding of Carlow and Titan, reinforcing the tenement’s potential in WA’s gold-rich Pilbara region.

The global economy may be edging back to stability, but the investment road ahead remains riddled with potholes, according to Canaccord Genuity’s Chief Investment Strategist, Tony Brennan. Delivering the keynote address at the RIU Explorers Conference in Fremantle, Brennan dissected the forces shaping capital markets, commodity prices, and investor sentiment in 2025.

                                                                                        Tony Brennan presenting at RIU Explorers Conference 

Inflation eases, but new risks emerge

While inflation is trending towards central bank targets and interest rates are starting to ease, Brennan warned that the next round of challenges is already forming on the horizon.

“Inflation is moderating, interest rates are beginning to ease, and economic growth has been relatively steady,” Brennan told the packed audience of investors and resource executives. “However, we’re now facing a fresh set of challenges, including shifting US policies, uncertainty around global monetary direction, and the risk of stretched equity valuations.”

He pointed to policy shifts in the US, particularly post-election, which could stoke inflationary pressures again. Despite market optimism following the election, uncertainty remains high—especially in Europe and emerging markets, where economic fragility persists.

The US stock market: a double-edged sword

The dominance of the US stock market has been a defining trend of the past decade. Brennan highlighted that the US now accounts for two-thirds of the global equity market, with the top ten S&P 500 stocks comprising over a third of the index.

While this has been a boon for investors who have ridden the tech-driven bull market, Brennan cautioned that such concentration raises significant risks.

“The US stock market has been the clear outperformer over the last decade, but current valuations—particularly for mega-cap stocks—suggest that investors should be cautious,” he said.

Commodity markets: steady but watch for shocks

For resource investors, commodity markets remain a mixed bag. Prices have largely moved sideways, reflecting a delicate balance of supply and demand. Brennan noted that while global economic growth is holding firm—thanks in large part to resilience in services offsetting weaker manufacturing activity—any major policy shift or geopolitical event could tip the scales.

Capital flowing to select sectors

Brennan urged investors to stay focused on where capital is moving. With mining exploration and development projects still needing strong financing support, understanding macroeconomic trends is critical.

“For resource investors, the focus should be on where capital is flowing and how macroeconomic trends impact commodities and exploration financing,” he advised.

The road ahead: volatility and opportunity

Brennan’s message to the 2,000-plus delegates at the RIU Explorers Conference was clear: while optimism has returned to some corners of the market, volatility is far from over.

The conference continues over the next two days, with ASX-listed resource companies taking the stage to showcase their exploration and development strategies. For investors, the challenge remains navigating a world where inflation, policy shifts, and shifting capital flows dictate market movements.

One thing is certain—2025 won’t be dull.

Galileo Mining (ASX: GAL) has identified a number of targets through new assay results from recent aircore drilling at the company’s 100% owned Norseman project in Western Australia.

“Initial assays from the aircore drill campaign at our Mission Sill prospect showed widespread palladium and platinum mineralisation. Follow up assays of one metre samples using higher quality assaying techniques has now confirmed these findings and provided additional confidence in drill targeting at the prospect," Managing Director, Brad Underwood, said.

"Assay results have also verified the presence of rhodium, a precious metal related to palladium and platinum, which may be used as a vector to basement mineralisation.

"Follow up aircore drilling is scheduled to begin at the Mission Sill prospect next week with infill drilling of the current results and new drilling within the 12km of prospective strike at the prospect.

"Galileo is an active exploration company undertaking multiple drill campaigns each year with the aim of discovering new resources from our extensive tenement package. We look forward to the upcoming drill program and a successful year of exploration in 2025.”

Approximately 5,300m of aircore drilling in 157 drill holes was undertaken in the November 2024 drill campaign. This programme targeted prospective contact zones within just three kilometres of strike at the Mission Sill prospect. Two prospective zones at the Mission Sill are of particular interest – the basal contact unit of the sill complex and the upper contact zone between ultramafic and gabbroic intrusive rock units.

33 drill holes returned anomalous results based on four metre composite samples which were reported on the 24th of December 2024. Additional sampling was then undertaken using one metre sampling through selected anomalous zones. These new assays have further defined the geochemical peaks within anomalous zones and will assist with deeper drill targeting and the search for the source of the near surface regolith results.

The maximum average rhodium assay through the anomalous zones was 41ppb. Rhodium occurs with palladium and platinum at the Callisto deposit and rhodium analysis will be utilised as a potential vector towards basement mineralisation at the Mission Sill.

Follow up drilling is scheduled to commence next week with infill drilling between the two southern anomalous lines which are 600 metres apart on a north-south basis. Further drilling to test the upper and lower contact positions within the 12-kilometre strike length of the Mission Sill is also planned.

Artemis Resources (ASX: ARV) has successfully completed the second tranche of its $4 million capital raise, issuing approximately 284 million shares on February 14, 2025. This follows the placement announcement made in December 2024, with the funds raised totaling $1.99 million, before costs.

The capital raise proceeds are being directed towards advancing drilling at the Karratha Gold Project, including the Marillion target, where a diamond drilling program is planned to test the large electro-magnetic (EM) anomaly, among other priority targets.

These funds will also support drilling to explore potential high-grade extensions to the Carlow deposit, as well as an initial program of reverse circulation drilling at the Titan gold prospect. Drilling at the Marillion target, located 500 meters east of the Carlow deposit, was temporarily halted due to the impact of Cyclone Zelia on the Pilbara region. However, the company expects drilling to resume around February 18, 2025.

Looking ahead, Artemis has outlined several key exploration priorities. These include reviewing previous drill data to assess the potential for an open pit at Carlow, exploring underground extensions of high-grade gold, and drilling the large, highly conductive Marillion EM anomaly. Other targets for drilling include Europa, a 2.5-kilometer geophysical and structural target west of Carlow, as well as Titan and Thorpe, which both have potential for high-grade gold and silver, and gold and copper, respectively, at surface levels.

The completion of this capital raise is a significant step forward for Artemis, as it continues to advance its exploration program at the Karratha Gold Project, which remains a key focus for the company’s growth in 2025.

For a newly minted ASX explorer, Golden Horse Minerals (ASX: GHM) is wasting no time proving its worth. The company has delivered exceptional first-pass drilling results at its flagship Hopes Hill gold project in Western Australia’s Southern Cross region, and the numbers suggest it could be sitting on something special.

Leading the charge is drill hole GHHHRC0001, which returned a whopping 61 metres at 2.5 grams per tonne (g/t) gold from 91 metres, with juicy high-grade sections including:

• 8m at 9.2 g/t Au from 144m
• 3m at 9.1 g/t Au from 105m
• 3m at 7.8 g/t Au from 91m

Another hole, GHHHRC0004, also pulled a strong 29m at 1.3 g/t Au from 113m, featuring 1m at 4.5 g/t Au and other solid hits.

Given that Golden Horse only listed on the ASX in December 2024, this is a cracking start.

A Flying Start for the Newcomer

When Golden Horse picked up Hopes Hill from Emerald Resources (ASX: EMR) late last year, it was clear the company had high expectations. These drill results now validate that punt, with the mineralisation looking every bit as promising as the historical drilling suggested.

Golden Horse Managing Director Nicholas Anderson is understandably chuffed.

“These extraordinary assay results from our maiden drill program at Hopes Hill build on the recent success at Hakes Find. Considering we only listed in December, it’s exciting to have already identified multiple high-priority targets with strong results.”

Anderson has every reason to be pleased. The 22-hole, 4,500-metre drill program, which kicked off in late January, is designed to confirm historical drill results and test deeper mineralisation beneath the old Hopes Hill pit—a 1,300-metre-long, 90-metre-deep operation that’s been gathering dust for years.

                                                     Nicholas Anderson 

Adding further weight to the story, historical drilling in the same area delivered encouraging hits, including:

• 24m at 1.9 g/t Au from 68m, including 7m at 5.0 g/t Au
• 14m at 2.8 g/t Au from 65m, including 3m at 7.6 g/t Au

Clearly, Hopes Hill isn’t just a one-hit wonder.

More to Come?

Golden Horse isn’t done yet. Assays for the remaining 54 metres of GHHHRC0004 are still pending, meaning more positive news could be around the corner.

The Phase 1 drilling program will continue for another 3–4 weeks, with the company focused on pinning down the structural controls of the mineralisation and testing for down-plunge extensions of the high-grade zones.

And let’s not forget—Hopes Hill is just one part of the company’s 1,900km¬≤ landholding in a gold-rich district. There’s plenty of ground to explore.

The Bigger Picture

For a junior gold explorer, early drill results like these are the equivalent of kicking a goal from outside 50. They don’t guarantee success, but they certainly put Golden Horse on the radar.

The market will now be watching closely for the next round of assays and any hints of a potential resource estimate.

With the drills still spinning and the gold grades stacking up, this horse might just be worth backing