RNS Number : 4524V
Artemis Resources Limited
31 January 2025
 

31 January 2025

 

Quarterly Activities Report

For the period ended 31 December 2024

_______________________________________________________________________________

 

Highlights:

Karratha Gold Project - ARV 100%

·    Detailed geological mapping, a new geophysical and structural interpretation and additional rock chip sampling completed during the quarter across the Carlow Tenement have improved the understanding of the gold potential and identified several high priority targets for drilling commencing in early February 2025.

 

·      Drilling will initially test three targets along a 4km zone centred around the 374Koz Carlow gold resource. The first diamond hole will test the large Marillion Electromagnetic ("EM") conductor 500m east of Carlow, followed by drilling to test for extensions to Carlow down plunge from high-grade gold intersections.

 

·      Reverse Circulation ("RC") drilling is planned to test below surface gold occurrences in mineralised veins and chert outcrops at the Titan Prospect 2km northwest of Carlow and a gravity-low feature potentially associated with the surface gold at Titan.

 

·    Additional rock chip results from selected surface samples at Titan, announced during the quarter include:

o 553,754 g/t Au & 1,305 g/t Ag (24AR19-075)

o 223,056 g/t Au & 1,195 g/t Ag (24AR19-068)

o 33,389 g/t Au & 233 g/t Ag (24AR19-061)

 

·    Rock chip results from selected surface samples at the Thorpe prospect, 2km south of Carlow, announced during the quarter include:

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

 

Corporate

·    Firm commitments received for A$4 million placement with Tranche One completed and $2.09 million received.  An Extraordinary General Meeting to be held 10 February 2025 to approve Tranche Two

 

·    In December 2024, highly experienced geologist and mining executive Julian Hanna was appointed Technical Director of Artemis, then Managing Director on 24 January 2025, post period-end.

 

Commenting on the activities during the quarter, recently appointed Managing Director Julian Hanna said:

"The December quarter was an important and productive period for Artemis, as it built the foundation for an exciting drilling campaign which will initially focus on the Carlow tenement and get underway soon.

During the quarter, the Carlow tenement continued to yield further high-grade gold results from selected surface samples of vein and chert outcrops not only at Titan, but also at the Thorpe prospect, 2km south of Carlow. While we don't expect that the high gold grades seen in many of the surface samples will be indicative of grades that may be intersected in drilling below these samples, I think the results are very encouraging:

Firstly, they demonstrate that potential still exists for significant gold discoveries within 2-3kms of our already substantial Carlow gold and copper deposit. Secondly, when combined with recent detailed geological mapping and structural interpretations, our geologists have been able to build a much clearer understanding of the geology and potential of this well mineralised area. The next step is to test several of the high priority targets with RC and diamond drilling commencing in early February. The three targets to be drilled in the initial phase have never been effectively tested.

As a result of the capital raising in late December, Artemis is now well funded for the planned drilling around Carlow and progressing other promising targets at the Karratha Gold Project. I am fortunate to be able to work with a very experienced and committed technical and corporate team focused on deploying these funds towards making discoveries, building the assets and driving value for shareholders."

 

Artemis Resources Limited ('Artemis' or the 'Company') (ASX/AIM: ARV) is pleased to provide an activities report for the quarter ended 31 December 2024. During this period the Company reported further high grade surface gold results, completed mapping and a re-interpretation of the Carlow Tenement, finalised a capital raising for drilling and other exploration activities and appointed a new Managing Director.

 

Karratha Gold Project - ARV 100%

On 10 October 2024, Artemis reported surface sampling results from its Titan Prospect (Figure 1) which identified high grade gold and silver assays[1]. Results from the second surface sampling program were completed at Titan and included a number of samples from the initial campaign which previously delivered over-limit assays.

[1] Refer to ASX Announcement dated: 10 October 2024

Figure 1.  Karratha Gold Project tenements showing current known prospects

The second sampling program at Titan consisted of 97 samples selected from outcropping veins, subsurface veins and three float samples. Significant rock chip assay results (>0.5g/t Au) are included in Table 1.

 

 

505863

7699466

553.754

0.023

1,305

37.3

0.01

505860

7699470

223.056

0.022

1,195

70.3

0.012

505855

7699471

33.389

0.015

233

76.2

0.008

504980

7699364

7.48

0.007

0.37

16

0.009

505019

7699515

5.72

0.003

3.2

3.4

0.001

505004

7699346

1.97

0.016

0.54

27.3

0.019

504902

7699708

1.19

0.008

0.66

46.7

0.034

505029

7699502

0.85

0.004

0.54

3.8

0.004

505305

7699616

0.55

0.005

0.46

6.9

0.012

507728

7699313

0.54

0.005

0.51

1.1

0.001

 

Table 1. Significant rock chip assay results from recent sampling

 

* Assay results for Au from FA with gravimetric finish, reported as the average of triplicates.

 

Results from the initial Titan surface sampling program were reported on 15 and 16 August 2024. Due to the high gold content of some samples, the analytical laboratory was unable to quantify actual gold values. These over-limit assays have now been quantified and returned assay results which are included in Table 2.

 

Sample_No

Easting

Northing

kg0.02

GRAV_Assay 1_Au%*

GRAV_Assay 2_Au%*

GRAV_Assay 3_Au%*

Average Au %*

Au g/t

Ag g/t

**24AR11-005

505860.00

7699470.00

0.17

68.90

70.74

68.13

69.26

692,579.50

3,000

24AR19-075

505863.00

7699466.00

0.27

55.43

54.92

55.77

55.38

553,754.90

1,305

**24AR11-008

505863.00

7699466.00

0.15

49.95

44.98

46.65

47.19

471,937.80

1,775

24AR19-068

505860.00

7699470.00

0.30

22.41

22.00

22.50

22.31

223,056.70

1,195

**24AR11-004

505855.00

7699471.00

0.32

4.48

4.49

4.56

4.51

45,103.70

344

24AR19-061

505855.00

7699471.00

0.27

3.10

3.15

3.77

3.34

33,389.90

233

**24AR11-002

505852.00

7699473.00

0.37

0.74

0.74

0.75

0.74

7,440.00

212

24AR19-032

504980.00

7699364.00

0.89

-

-

-

-

7.50

0.37

24AR19-047

505019.00

7699515.00

1.32

-

-

-

-

5.70

3.20

24AR19-030

505004.00

7699346.00

0.76

-

-

-

-

2.00

0.54

24AR19-040

504902.00

7699708.00

1.96

-

-

-

-

1.20

0.66

24AR19-005

505029.00

7699502.00

0.77

-

-

-

-

0.90

0.54

24AR19-007

505305.00

7699616.00

0.57

-

-

-

-

0.60

0.46

***24AR19-069

507728.00

7699313.00

2.13

-

-

-

-

0.50

0.51

 

Table 2. Significant (>0.5g/t Au) gold results from rock chip samples collected at the Titan prospect and include results previously reported as over limit (i.e., >10,000g/t Au - refer ASX announcement 16th August 2024).

 

In November 2024, Artemis reported further encouraging surface sample results from Thorpe prospect, 2km south of the Carlow deposit[2]. 52 samples were sent for analysis for gold and other elements.  Assay results >0.5g/t gold are included in Table 3. 

[2] Refer to ASX Announcement dated: 28 November 2024

 

Sample_No

Easting

Northing

Au_GPT

Cu_%

Agppm

Coppm

Znppm

24AR22-020

508407.0

7696627.0

45.8

3.7

38.6

469.0

47.0

24AR22-014

507735.0

7696860.0

12.0

1.1

3.7

201.0

1225.0

24AR22-006

508061.0

7696621.0

5.9

1.0

17.8

95.0

11.0

24AR22-031

507556.0

7696843.0

3.4

2.5

4.2

177.5

708.0

24AR22-026

508499.0

7696639.0

3.0

2.1

24.4

606.0

58.0

24AR22-045

508426.0

7696359.0

2.9

0.0

0.1

10.6

292.0

24AR22-025

508509.0

7696631.0

2.1

0.8

10.6

292.0

174.0

24AR22-009

507790.0

7696939.0

1.6

6.1

13.5

225.0

1400.0

24AR22-004

508034.0

7696620.0

1.4

0.8

21.0

169.0

13.0

24AR22-048

507808.0

7696923.0

1.2

2.8

2.2

133.0

971.0

24AR22-003

508030.0

7696618.0

1.1

1.6

200.0

98.5

6.0

24AR22-008

508459.0

7696615.0

0.9

0.4

8.6

8.5

210.0

24AR22-023

508296.0

7696622.0

0.8

0.7

22.6

55.0

62.0

24AR22-027

508448.0

7696645.0

0.8

0.2

6.2

69.3

35.0

24AR22-016

507818.0

7696912.0

0.8

6.2

5.6

317.0

2080.0

24AR22-022

508400.0

7696621.0

0.7

0.5

10.4

45.1

57.0

24AR22-015

507720.0

7696863.0

0.5

1.8

21.9

45.5

280.0

24AR22-021

508406.0

7696629.0

0.5

0.4

8.7

43.8

40.0

24AR22-011

507608.0

7696862.0

0.5

2.6

7.1

240.0

1370.0

24AR22-013

507574.0

7696875.0

0.4

10.3

69.4

135.0

110.0

 

Table 3 - Thorpe assay results >0.5 g/t Au and >1% Cu

 

High-grade gold, copper and silver assay results from the Thorpe prospect are from selected samples of outcropping veins sampled along three interpreted structures, each trending SW-NE and East-West for approximately 2km strike length.

Figure 2. Carlow Tenement - gravity image showing selected gold assays from surface rock chip samples and Titan gravity-low feature (blue).  Shows Carlow resource and Marillion EM target within interpreted 4km long northwest trending prospective zone, in red dash outline.

 

As a result of encouraging surface gold results within the Carlow tenement (Figure 2), combined with detailed geological mapping and the recent geophysical and structural interpretation several high priority targets have been identified for drilling.  These occur within a wide prospective zone centred around the Carlow deposit.

Post period-end, Artemis announced an initial phase of diamond and RC drilling to test three high priority targets with drilling expected to commence in early February 2025[3]. Despite proximity to Carlow, these three targets are previously untested.

[3] Refer to ASX Announcement dated: 28 January 2025

Summary of planned drilling on Carlow tenement - March quarter3 

·      The first diamond hole will test the Marillion Target, a large EM conductor 500m east of Carlow resource and near the base of the Andover Intrusion

·      Diamond drilling will then test the potential for significant extensions to the Carlow resource, down plunge from previous high-grade gold intersections

·      RC drilling is then planned across the Titan Prospect 2km northwest of Carlow, as an initial test of widespread high-grade gold occurrences at surface

 

Corporate

In December Artemis Resources announced the Company had received firm commitments for a capital raising of A$4 million (before costs). The raise received strong support from sophisticated and institutional investors[4].

The first tranche of the raising has been completed, with Artemis issuing 287 million shares on 20 December 2024, with funds totalling $2.09m[5].

The second tranche to raise $1,991,000 will see the Company issue 284,428,571 shares at $0.007 under Listing Rule 7.1 and is subject to shareholder approval of additional capacity at an Extraordinary General Meeting (EGM).

Post period-end, a notice of meeting has been lodged and the EGM is scheduled for 11am on the 10 February 2025 at Level 2, 10 Ord Street, West Perth WA 6005[6].

The Company will also issue approximately 67,321,429 broker options with an exercise price of $0.015 and expiry date of 2 years after issue.

Funds from the raising will be applied to drilling and further exploration at the Company's Karratha Gold Project.

Post period-end, Artemis Resources announced the appointment of highly experienced geologist and mining executive Julian Hanna as Managing Director[7].

This appointment follows his role as Senior Technical Advisor, where he was pivotal in developing the Company's exploration strategy. Mr Hanna brings decades of experience, having led successful exploration and mining companies including Western Areas Ltd for 12 years and MOD Resources Ltd for 7 years, which resulted in significant discoveries and long life mining operations.

[4] Refer to ASX Announcement dated: 16 December 2024

[5] Refer to ASX Announcement dated: 31 December 2024

[6] Refer to ASX Announcement dated: 9 January 2025

[7] Refer to ASX Announcement dated: 8 January 2025

 

This announcement was approved for release by the Board.

 

For further information contact Julian Hanna / Managing Director

Julian.hanna@artemisresources.com.au

 

Artemis Resources Ltd

Guy Robertson, Chairman

Julian Hanna, Managing Director


Zeus (Nomad & Broker)

Antonio Bossi / James Bavister /

Gabriella Zwarts


info@artemisresources.com.au

 

 

 

Tel:  +44 20 3829 5000

 

 

Appendix 1

 

Schedule of tenement holdings at end of Q2 FY2025. All are in Western Australia  

 

A table with a list of companies Description automatically generated

 

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.

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.

 

 

About Artemis Resources

Artemis Resources (ASX/AIM:ARV) is a gold, copper and lithium focused resources company with projects in the West Pilbara region of Western Australia.

 

The Company's main projects include;

·    Karratha Gold Project including the Carlow Castle gold/copper project

·    Karratha Lithium Project including the high-grade Mt Marie Lithium Prospect and the Osborne Lithium JV (Artemis 49%; GreenTech Metals (ASX:GRE 51%)

·    Paterson Central Gold/Copper project in the Paterson Province (located adjacent to Greatland Gold's gold-copper discovery at Havieron and 42km from the Telfer gold mine)

·    Artemis owns the Radio Hill processing plant, located only 35km from Karratha

·    In December 2024, Artemis applied for a 340km2 exploration licence to cover a large, interpreted intrusion ("Cassowary Intrusion8") 440km east of Kalgoorlie.  The intrusion is undrilled and target is potential IOCG-type Cu/Au mineralisation

 

8 Refer to ASX Announcement dated: 28 January 2025

 

A map of a large area Description automatically generated                                                   


Appendix 2 JORC Table

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria

JORC Code explanation

Commentary

Sampling techniques

·    Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

·    Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

·    Aspects of the determination of mineralisation that are Material to the Public Report.

·    In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

·    Samples referred to in this report are obtained from selected rock chip samples collected by Artemis during field reconnaissance . Samples are mainly collected from quartz iron oxide veins and chert outcrops. 

·    Samples are collected from outcrops, subcrop and float and from around historical mullock heaps and workings. 

·    Rock chip sample weight is approximately 0.2kg to 5.3kg 

·    The rock chip samples of the veins are irregularly spaced which is considered appropriate for "regional-scale" reconnaissance-level gold exploration.

·    Rock chips samples are subject to bias and often unrepresentative for the typical widths and assay grades required for economic consideration. They are by nature difficult to duplicate with any acceptable form of precision or accuracy.

 

·    Samples were dispatched to ALS Global Laboratories in Perth for analysis.

·    Analysis included:

-       Au-AA26 - Au 50g FA AA finish

-       Au-PA01 - Determination of Gold by Photon Assay from the crushed reject.

-       Au-PA01p - Determination of Gold by Photon Assay on 500g Pulverised Sample

-       Au-PA21p - Determination of Ultra High-Grade Gold by Photon Assay from the pulverized material.

-       ME-MS61 - 48 elements Ultra-Trace Four-Acid Digestion with ICP MS and ICP-AES

-       ME-OG62- default overlimit method triggered for Ag, Co, Cu, Zn - Ore Grade Elements by Four Acid Digestion Using Conventional ICP-AES Analysis; 

Drilling techniques

·    Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

·    Not applicable, as no drilling was undertaken.

·   

Drill sample recovery

·    Method of recording and assessing core and chip sample recoveries and results assessed.

·    Measures taken to maximise sample recovery and ensure representative nature of the samples.

·    Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

·    Not applicable as no drilling has been undertaken.

 

Logging

·    Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

·    Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

·    The total length and percentage of the relevant intersections logged.

·    Logging of rock chips are collected using Fulcrum App which has been set up for project geology requirements. Data recorded includes GPS location, lithology, mineralisation, alteration, structure.  All data is captured using field note pad - Samsung Active-3. The level of logging detail is sufficient for exploration reconnaissance purposes.

·    Alteration interpretation is preliminary and determined by field observation and correlated using QGIS workflows.  Further validation is determined using multi-element analysis in IOGAS workflows

·    Structural interpretation is preliminary based on limited field structural recordings integrated with airborne magnetic and gravity interpretations.  This work remains ongoing.

 

Sub-sampling techniques and sample preparation

·    If core, whether cut or sawn and whether quarter, half or all core taken.

·    If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

·    For all sample types, the nature, quality and appropriateness of the sample preparation technique.

·    Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

·    Measures taken to ensure that the sampling is representative of the insitu material collected, including for instance results for field duplicate/second-half sampling.

·    Whether sample sizes are appropriate to the grain size of the material being sampled.

·    No sub sampling of rock chip samples has been undertaken as part of this program.

·   

Quality of assay data and laboratory tests

·    The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

·    For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

·    Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

·    Rock chip samples were dispatched to ALS Global Laboratories in Perth for analysis using their fire assay Au-AA26 or Photon Assay Au-PA01/PA01p (on crush or  pulverised material) & ME_MS61L (48 elements) for 49 elements in total.  The Laboratory was informed about samples containing visible gold. A quartz wash was utilised during coarse crushing and pulverisation preparation, and Photon analysis was initiated for these samples.

·    The laboratory reported the use of standards and blanks as part of the analyses for QA/QC.

·    No standards or blanks were submitted by the company.

 

Verification of sampling and assaying

·    The verification of significant intersections by either independent or alternative company personnel.

·    The use of twinned holes.

·    Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

·    Discuss any adjustment to assay data.

·    Rock chip sample and geological information is recorded in the field with co-ordinates saved from in built tough book GPS and handheld GPS used in the field.

·    All rock chip samples were inspected and described by Artemis geologists in the field.

·    Field data is entered into Fulcrum App before being loaded into a database.

·    All data has been maintained, validated, and managed by administrative geologist.

·    Analytical results received from the lab have been loaded directly into the database with no manual transcription of these results undertaken,

·    Original lab certificates have been stored electronically. Below detection limit data presented as 1/2 of the lower detection limit of the method and over the detection limit results presented as the upper detection limit of the method

Location of data points

·    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

·    Specification of the grid system used.

·    Quality and adequacy of topographic control.

·    Sample points were determined by in built tough book GPS and hand held GPS which is considered appropriate for the reconnaissance nature of the sampling.

·    GPS error is approximately 1-5m for Easting & Northing and up to 10m for elevation (m)

·    All sample location coordinates are provided in the Geocentric Datum of Australia (GDA94 Zone 50).

 

Data spacing and distribution

·    Data spacing for reporting of Exploration Results.

·    Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

·    Whether sample compositing has been applied.

·    Not applicable due to the reconnaissance nature of the sampling.

·    No attempt has been made to demonstrate geological or grade continuity between sample points.

·    No sample compositing is applied to samples.

 

Orientation of data in relation to geological structure

·    Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

·    If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

·    Samples were collected from predominantly outcropping in situ, & lessor subcrop and vein float material around historical workings and mullock heaps.

 

Sample security

·    The measures taken to ensure sample security.

·    Sample security is by way of chain of custody.

 

Audits or reviews

·    The results of any audits or reviews of sampling techniques and data.

·    No review of the sampling techniques has been undertaken.

 

 

Section 2 Reporting of Exploration Results - revised

(Criteria listed in the preceding section also apply to this section.)

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

·    Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

·    The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

·    The  project tenement covers an area of 126km2 and comprises granted tenement: E47/1746

·    All Artemis Project tenures are 100% owned by Artemis Resources subsidiary company KML No 2 Pty Ltd E47/1746 & E47/1797 with the exception of E47/3719 which is subject to a GreenTech Metals/Artemis Resources 51%/49% Joint Venture

·    The tenement is in good standing with DEMIRS and there are no known impediments for exploration on these tenements.

Exploration done by other parties

·    Acknowledgment and appraisal of exploration by other parties.

·    Previous explorers in the region include but not limited to are Westfield Minerals, Consolidated Gold Areas, Open Pit Mining and Exploration, Legend Mining, Agip Exploration, Titan Resources and Fox Resources.

Geology

·    Deposit type, geological setting and style of mineralisation.

·    Surface mineralisation is consistent with structural controlled shear zone lodes in Archean low grade metamorphic and accretionary terrains.  Implications for intrusion related mineralised systems is also being considered.

Drill hole Information

·    A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

o easting and northing of the drill hole collar

o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

o dip and azimuth of the hole

o down hole length and interception depth

o hole length.

·    If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

·    Not applicable as no drilling has been undertaken

Data aggregation methods

·    In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

·    Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

·    The assumptions used for any reporting of metal equivalent values should be clearly stated.

·    Not applicable as no data aggregation has been used.

Relationship between mineralisation widths and intercept lengths

·    These relationships are particularly important in the reporting of Exploration Results.

·    If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

·    If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

·    Not applicable as surface sampling is reconnaissance in nature.

Diagrams

·    Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

·    All the appropriate maps are provided in the body of this announcement.

Balanced reporting

·    Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

·    This announcement discusses the findings of recent reconnaissance sampling and field mapping observations. 

Other substantive exploration data

·    Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

·    Previous Drilling completed by Artemis Resources, Legend Mining and Open Pit Mining

 

Chapman

·      Total of 19 drill holes completed at Chapman prospect for a

total 4,847.3m including 18 RC (4,673m) and 1 Diamond

drill hole (174.3m) - best intercept included 10m @ 3.4%

Cu & 1.75g/t Au & 24.65g/t Ag from 116m (GLC007). Results are

encouraging however considered preliminary in nature

Thorpe

·      Total of 8 RC drill holes completed at Thorpe Prospect for a

total of 2,017m - best intercept included 6m @ 0.85% Cu

from 20m including 3.6% Cu & 2.33g/t Au from 23m

(LFC007). (Refer to ASX announcement 06 December

2021) Results are encouraging however considered

preliminary in nature

·      Historic drill assay records have been located from Legend Mining drilling including total 9 holes for a total of 304m

·      Best intercepts included:

o  2m @ 3.6 g/t Au from 27m (CC14)

·      Artemis Resources completed total of 4 RC drill holes completed for a total of 506m. 

·      Best intercepts included:

o  9m @ 2.7% Cu, 16.3 g/t Ag, from 67m in LFRC002

o  3m @ 2.16% Cu, 1.22 g/t Au, 16.1 g/t Ag, from 160m in LFRC001

o  1m @ 4.6% Cu, 2.2 g/t Au, 27 g/t Ag, from 33m in LFRC003

o  1m @ 3.4 g/t Au from 32m in LFRC004

(refer to Artemis ASX announcement 11th February 2016)

·    Sing Well - Sing Six Prospects • Total of 14 RC drill holes completed for a total of 376m. Best intercept included 2m @ 0.97g/t Au from 9m (SSRC007) (refer to ASX announcement 18th September 2020)

·    Geochemical sampling and geological mapping were completed by Artemis Resources and reported to the ASX on 5th November 2018.

·      Validation & compilation of historic data is ongoing.

 

Further work

·    The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

·    Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

·    Artemis Resources plans to conduct further ground reconnaissance and sampling to outline the size of the potential gold associated mineralised envelop.   This work will contribute to undertaking more advance assessments and eventual drill target ranking  

 

 

 


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