28 November 2024

Artemis Resources Limited

("Artemis" or the "Company")

HIGH-GRADE gold & Copper assays AT THORPE PROSPECT

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Highlights:

·    rock chip sampling ASSAYS return grades of up to 45.8 g/t gold and 10.3% Copper AT THORPE PROSPECT

·    SURFACE GOLD footprint of carlow tenement continues to increase

·    Rock chip sampling of veins within two structures at Thorpe delivers high-grade gold, copper AND SILVER assay RESULTS, including:

                                      Rock Chip Assay Results                                   (Sample No)

o 45.8 g/t Au, 3.7% Cu & 38.6 g/t Ag              (24AR22-020)

o 12 g/t Au, 1.1% Cu & 3.7 g/t Ag                    (24AR22-014)

o 5.9 g/t Au, 1.0% Cu & 17.8 g/t Ag                 (24AR22-006)

o 3.4 g/t Au, 2.5% Cu & 4.2 g/t Ag                   (24AR22-031)

o 3.0 g/t Au, 2.1% Cu & 24 g/t Ag                    (24AR22-026)

o 6.2% Cu, 0.8 g/t Au & 5.6 g/t Ag                   (24AR22-016)

o 6.1% Cu, 1.6 g/t Au & 13.5 g/t Ag                 (24AR22-009)

o 10.3% Cu, 0.4g/t Au & 69.4 g/t Ag                (24AR22-013)

·    PLANS FOR DRILL TESTING PRIORITY TARGETS WHICH INCLUDE AREAS OF HIGH GRADE GOLD, COPPER AND SILVER VEINS AT SURFACE, IS ADVANCED

Artemis Resources Limited ('Artemis' or the 'Company') (ASX/AIM: ARV) is pleased to provide an update on further exploration undertaken on the 100% owned Karratha Gold Project in the West Pilbara region of Western Australia.

The Company has undertaken further ground reconnaissance and rock chip sampling across the Carlow tenement, with the goal to map all outcropping mineralised veins and structures and define additional priority targets for drilling.

The current exploration strategy is to use industry best techniques including geochemical and geophysical surveys combined with structural interpretations to identify targets within what Artemis considers is a wide, highly prospective and underexplored structural corridor with potential to host substantial gold deposits.

Executive Director George Ventouras commented: "We are very excited that prospects located on the Carlow tenement continue to deliver further high-grade gold, copper and silver results from extensive veins at surface.  

While several of these prospects have had minor drilling programs, the exploration team continues to compile data to identify the source of the widespread gold discovered at surface. Combined with the Titan prospect and other targets in the immediate Carlow area, the future looks very bright for the Karratha  Gold Project."

Figure 1. Artemis West Pilbara tenements with current known prospects named

Thorpe Prospect

The Thorpe Prospect is located in the southeast part of the Carlow tenement, E47/1797. The recent ground reconnaissance program involved collecting additional rock chip samples at Thorpe to define the extent of the gold bearing veins and other structures. A small number of samples were also taken close to the Carlow deposit.

In total, 52 samples were sent to the laboratory for assaying for gold and other elements. Results included the following high-grade assays from the Thorpe Prospect;

o 45.8 g/t Au, 3.7% Cu & 38.6 g/t Ag              (24AR22-020)

o 12 g/t Au, 1.1% Cu & 3.7 g/t Ag                    (24AR22-014)

o 5.9 g/t Au, 1.0% Cu & 17.8 g/t Ag                 (24AR22-006)

o 3.4 g/t Au, 2.5% Cu & 4.2 g/t Ag                   (24AR22-031)

o 3.0 g/t Au, 2.1% Cu & 24 g/t Ag                    (24AR22-026)

o 6.2% Cu, 0.8 g/t Au & 5.6 g/t Ag                   (24AR22-016)

o 6.1% Cu, 1.6 g/t Au & 13.5 g/t Ag                 (24AR22-009)

o 10.3% Cu, 0.4g/t Au & 69.4 g/t Ag                (24AR22-013)

The high-grade gold, copper and silver assay results are from veins sampled along three interpreted structures, each trending SW-NE and East-West for approximately 2km strike length (refer to Figure 2).  High-grade gold/copper zones have been defined along two of these structures over around 500m strike length.  Mineralisation is associated with stockwork quartz-iron oxide veining within shear and fault structures ranging in width from centimetres up to approximately 12m.  The associated country rock is predominantly altered basalt & dolerite.

Figure 2. Rock Chip sample locations of recent ground program

Table 1. Thorpe rock chip assay results >0.5 g/t Au and >1% Cu

Prior to the recent rock chip sampling program, Artemis conducted an initial sampling program on Thorpe in August 2024, with high grade results including;

·    6.1 g/t Au and 3.37% Cu (24AR07-192)

·    3.4 g/t Au and 3.88% Cu (24AR07-185)

·    2.2 g/t Au and 14.55% Cu (24AR07-183)

·    23.8% Cu and 0.5 g/t Au (24AR07-184)

A limited drilling program was conducted by Artemis in 2021 which produced some encouraging early results.  A summary of the best intercepts are as follows:

·    1m @ 3.4 g/t Au from 32m (LFRC004)

·    3m @ 1% Cu and 6 g/t Ag from 79m (LFRC004)

·    1m @ 4.6% Cu and 2.2 g/t Au and 27 g/t Ag from 33m (LFRC003)

·    9m @ 2.7% Cu and 16.3 g/t Ag from 67m (LFRC002)

·    3m @ 2.16% Cu and 1.22 g/t Au from 160m (LFRC001)

As a result of the reconnaissance sampling programs on the Carlow tenement, widespread surface gold mineralised veins have been identified within a wide structural corridor centred around the district-scale Regal Thrust.  Individual prospects and deposits including Carlow Castle, Titan, Europa, Marillion, Chapman, and Thorpe are interpreted to be related to this structural corridor and remain a strong focus. 

Figure 3. Satellite image showing Interpreted alteration zones and rock chip samples >0.5 g/t Au extending 10km along the interpreted structural corridor from Sing Six Prospect to Carlow-Titan-Marillion-Thorpe target area

Figure 4. Thorpe Prospect - 3m wide quartz/iron oxide vein returning 45.8g/t Au & 3.7% Cu (sample22AR22-020)

Figure 5. Thorpe Prospect - 5m wide quartz & quartz/iron oxide veining returning 5.9g/t Au & 1% Cu (Sample 24AR22-014)

Figure 6. Thorpe Prospect - 1m wide quartz/iron oxide (with malachite) vein returning 12.0 g/t Au & 1.1% Cu (Sample 24AR22-014)

Next Steps

Artemis plans to commence drilling of key targets within the Carlow tenement starting early 2025, subject to heritage clearance and other regulatory requirements. The Company has commenced the process for surveys of areas not already cleared.

This announcement was approved for release by the Board.

Competent Person Statement

The information in this report that relates to Exploration Results was prepared/compiled by Mr Adrian Hell BSc (Hons), a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Hell is a technical consultant to Artemis Resources Ltd. Mr Hell has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Hell consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

No New Information

To the extent that this announcement contains references to prior exploration results and Mineral Resource Estimates for the Carlow Gold/Copper Project which have been cross referenced to previous market announcements made by the Company, unless explicitly stated, no new information is contained. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

ASX announcements referred to in this release;

Artemis Resources, Titan Prospect Results - Clarification Statement, 17 September 2024

Artemis Resources, High Grade Gold Vein Discovery at Titan Prospect Amended, 16 August 2024