Sharon Dam JV Raises Stakes: Can Artemis Deliver on High-Risk Copper Frontier?

Strategic Expansion in a Frontier Copper Province

Artemis Resources Limited has taken a significant step to broaden its copper exploration portfolio by entering into an earn-in and joint venture agreement with Red Metal Limited. The deal grants Artemis the right to earn a 60% interest in the Sharon Dam IOCG (Iron Oxide Copper-Gold) target, located about 50 kilometres south of its existing Cassowary Intrusion project in Western Australia’s Madura Copper Exploration Belt.

This JV agreement requires Artemis to spend a minimum of $5 million over three years, including an initial $400,000 drilling commitment. Notably, this initial drilling phase benefits from a $220,000 co-funding grant from the Western Australian Government’s Exploration Incentive Scheme, effectively reducing Artemis’ net cash outlay and underscoring the project’s strategic importance.

A Rare and Compelling IOCG Target

The Sharon Dam target stands out as a large, previously undrilled IOCG prospect defined by strong coincident magnetic and gravity anomalies. These geophysical signatures suggest the presence of iron-rich intrusions at relatively shallow depths of around 500 to 600 metres, offering a cost-effective exploration environment compared to deeper IOCG systems elsewhere in Australia.

Artemis’ technical team highlights the intact nature of the intrusion and its location within a >30km-wide rift zone along the Madura Crustal Boundary; a major structural corridor that has seen limited exploration but is increasingly attracting attention from major players like BHP, Teck, and WA1 Resources. The JV thus consolidates Artemis’ position in a potentially emerging copper-gold province with district-scale potential.

Clear Pathway to Drilling and Exploration

With granted tenements, established access routes, and existing heritage agreements in place, Artemis is targeting to commence drilling in March–April 2026, subject to heritage clearance. The initial drill program will employ reverse circulation drilling through the cover sequence and diamond drilling into the basement rocks, aiming to test the source of the geophysical anomalies and assess mineralisation potential.

The earn-in structure also provides Artemis with flexibility, after fulfilling the initial $400,000 drilling commitment within 12 months, the company may choose to continue earning its interest or withdraw without further obligation, limiting upfront risk while maintaining exposure to a high-impact discovery opportunity.

Implications for Artemis and the Region

By expanding its footprint 50 kilometres south of Cassowary, Artemis is strategically consolidating a belt of interpreted intrusions along the Madura Crustal Boundary, positioning itself as a leading explorer in this underexplored copper frontier. The involvement of government co-funding and interest from other major explorers signals growing recognition of the region’s potential.

While the Sharon Dam target remains conceptual with no historic drilling or confirmed mineralisation, the upcoming drilling campaign represents a critical test. Success here could validate Artemis’ geological model and catalyse further exploration activity, potentially reshaping the company’s growth trajectory and investor sentiment.