Artemis Resources Limited — Capital/Financing Update 2013

Oct 20, 2013

ASX Announcement 21 October 2013

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HIGH GRADE (10%) ANTIMONY HIT, COINCIDENT WITH HIGH Pb-Ag-Au

Drilling doubles depth of mineralised zone

EASTERN HILLS ANTIMONY-LEAD (Sb-Pb) DEPOSIT

• Highest antimony-lead-silver-gold results from Artemis drilling enhance expectations for Taipan Zone

• Substantial mineralisation now seen in all nine holes reported of 15 hole drill programme

• Drilling doubles mineralised zone by up to 110m down dip (AREHRC008) with increased antimony grades

• Significant intersections from latest assay results received include:

  • 8m @ 2.0% Sb & 2.6% Pb from 212m (AREHRC008)

  • 3m @ 2.1% Sb & 2.5% Pb from 159m (AREHRC009)

• 4m @ 5.3% Sb, 13.8% Pb, 1.66 g/t Au and 109g/t Ag from 156m (AREHRC010)

   - **Including 1m @10.0% Sb, 30.7% Pb, 3.90 g/t Au and 185g/t Ag from 159m**
  

• 3m @ 3.6% Sb & 6.6% Pb from 83m (AREHRC011)

• Artemis objective is to upgrade exploration target[1] to a maiden JORC compliant resource

Artemis Resources Limited (ASX: ARV) is pleased to provide further drill results from the latest four holes from the 15 hole, reverse circulation (RC) drilling programme at the Eastern Hills antimony–lead deposit, located in the Ashburton region of Western Australia (Figure 1). Drilling has now been completed for a total of 2,470 metres, with laboratory assays from the first nine holes confirming the existence of significant antimony–lead-silver-gold mineralisation. Results for the remaining six holes will be reported in November as they are received.

The current results are from the central portion of the Taipan Zone (previously known as the Main Zone) with the primary aim of extending mineralisation down dip below historic drilling (Figure 2). Significantly, the results from hole AREHRC008 have nearly doubled the interpreted depth of the mineralisation by approximately 100m below historical drill intercepts (Figure 3). Results from drill holes AREHRC009 and AREHRC010 have also successfully extended the mineralisation down dip, in line with our technical team’s modelling.

An increase in antimony grades down dip from the historic mineralisation has been observed, particularly in hole AREHRC010 which intersected the following. All new significant intersections are reported on page 4 (Table 1).

Drillhole		From	To	Downhole	Sb (%)	Pb (%)	Au (g/t)	Ag (g/t)
AERHRC010		156m	160m	4m	5.3	13.8	1.66	109
	incl.	159m	160m	1m	10.0	30.7	3.90	185

Artemis General Manager-Exploration, Trevor Woolfe, commented: “Following earlier results, we are encouraged by new high grade antimony (up to 10%), lead, silver and gold results at depth in the central area of the Taipan Zone, as well as a 35% uplift in grades in our latest twin hole. The mineralisation displays excellent continuity and our results continue to extend the depth potential of the deposit, which remains open down dip and along strike.”

1 Exploration target reported in ASX Announcements dated 16 and 18 January 2013

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Artemis Resources Limited ABN: 80 107 051 749 Telephone: +61 2 9078 7670 | Facsimile: +61 2 9078 7661 | Email: info@artemisresources.com.au Level 9, 50 Margaret Street, SYDNEY NSW 2000 | PO Box R933 Royal Exchange, NSW 1225 Australia

www.artemisresources.com.au

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EASTERN HILLS Sb-Pb DEPOSIT – BACKGROUND

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The Eastern Hills antimony-lead deposit is located approximately 30km south-southwest of the Paulsens Gold Mine (Figure 1), operated by Northern Star Resources Limited.

At Eastern Hills, Artemis has previously estimated and released an exploration target for antimony-lead mineralisation covering the recently re-named Taipan Zone1. This exploration target was defined over a 600 metre strike length in what is now thought to be, based on an EM conductor (the Southern Conductor) and the current drill programme, a mineralised system of at least 1 kilometre in strike length (Figure 2) and which is considered to be open at depth, as well as along strike.

An RC drilling program was designed to test the Eastern Hills geology with the objective of obtaining a maiden JORC compliant resource estimate.

Figure 1 Eastern Hills Sb-Pb and Mt Clement Gold Projects - Location map

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Figure 2 Eastern Hills – Drill hole plan (latest assays received – yellow)

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The current drilling programme is restricted to the Taipan Zone (Figure 2) and does not include three recently identified additional antimony-lead zones (Dugite, Gwardar and Tiger) directly north and northeast of the Taipan Zone[2] . These three new zones have a combined mapped strike length of approximately 2.8 kilometres , and show similar alteration and mineralisation styles to the Taipan Zone.

TAIPAN ZONE – DRILL PROGRAMME

The 15 hole RC drill programme focussing on the Taipan Zone (previously known as the Main Zone) at Eastern Hills was completed in early October – a total of 2,470 metres were drilled – and details are shown in Table 3.

Laboratory assay results from the first nine holes drilled have now been received and confirm (and in most cases surpass) the antimony-lead levels initially indicated by the on site hand held XRF equipment. Cross sections displaying interpretations of the mineralisation and significant grades which are the subject of this most recent announcement are shown in Figures 3-5, while significant intersections are also shown below in Table 1. All intersection lengths are down hole lengths as the interpretations, and hence true widths, are yet to be finalised. Latest results from the following four drill holes described below, reflect increasing grades towards the central portion of the Taipan Zone.

AREHRC008 – Extends mineralisation 110m down dip, open at depth

Significantly, drill hole AREHRC008 extends the Taipan mineralised zone for a further 110m down dip below the historical drill hole EHRC005, to a vertical depth of 220m below surface. This almost doubling of the depth of the Taipan Zone mineralisation is further enhanced by the improved grade and width of mineralisation, with a zone of 8m @ 2.0% Sb and 2.6% Pb intersected (Figure 3). A lower grade (<1% Sb) mineralised antimony zone defined by a 0.1% Sb lower cutoff in the hanging wall in holes EHRC004 and EHRC005 is also interpreted to continue down dip into the hanging wall zone of AREHRC008 (Figure 3). Mineralisation is still open at depth.

AREHRC009 – Extends Taipan Zone mineralisation 60m down dip, open at depth

As per hole AREHRC008, drill hole AREHRC009 was designed to test the down dip extension of the known mineralisation encountered in historical holes EHRC016 and EHRC017 (Figure 4). The intercept of 3m at 2.1% Sb and 2.5% Pb from 159m down hole (Table 1) confirms the continuity and antimony grades indicated from the two historical holes, and extends the mineralisation 60m down dip . Encouragingly, another mineralised zone (<1% Sb) was intersected in the hanging wall immediately above the Taipan Zone (Figure 4). This may represent another antimony zone developing at depth and correlate with the lower grade zone on the adjacent section (Figure 3). Mineralisation is still open at depth.

AREHRC010 – Hits high grade Sb-Pb-Ag-Au zone and extends mineralisation 65m down dip, open at depth

This hole was designed to test the down dip potential for mineralisation below historical hole EHRC013 (Figure 5). A substantial increase in the antimony grade down dip from the historic mineralisation was observed in this hole which intersected 4m @ 5.3% Sb, 13.8% Pb, 1.66g/t Au and 109g/t Ag from 156m, including 1m @ 10.0% Sb, 30.7% Pb, 3.90g/t Au and 185g/t Ag from 159m. These are the highest grade results for antimony, lead, gold and silver intersected in the Artemis drilling to date. This zone is interpreted to extend the Taipan Zone of mineralisation 65 metres down dip from the historic hole EHRC013 (Figure 5). Mineralisation is still open at depth.

AREHRC011 – Successful twin of historical drill hole, grades improved by over 35%

For quality assurance purposes Artemis drilled hole AREHRC011 to twin historical hole EHRC013. The Artemis hole successfully confirmed the mineralised zone initially encountered in EHRC013. However, the current assay results of 3m @ 3.6% Sb and 6.6% Pb from 83m, including 1m @ 6.9% Sb and 8.9% Pb from 83m (Figure 5), show a significant increase (38% for Sb and 35% for Pb) in grade over the previous historical assays from hole EHRC013 which intersected 3m @ 2.6% Sb and 4.9% Pb from 84m.

2 As per ASX announcement dated 26 September 2013 “New Antimony Zones Identified at Eastern Hills”

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The latest assay results confirm that the model for the antimony-lead mineralisation identified at Eastern Hills, as vein hosted massive sulphides bounded by a broader zone of disseminated sulphides, has been validated and confirms Artemis’ objective of extending the Eastern Hills antimony-lead mineralisation both along strike[3] and down dip from the current phase of drilling. Assay results from the remaining 6 holes from this current drilling programme are anticipated over the coming 3-4 weeks (Table 2) with the objective of completing a maiden JORC compliant resource by year end.

Drillhole No.		From (m)	To (m)	Intersection width (m)	Sb grade (%)	Pb grade (%)	Au grade (g/t)	Ag grade (g/t)
AREHRC008		212	220	8	2.0	2.6	0.52	6
	incl.	212	215	3	2.8	4.0	0.99	6
	incl.	213	214	1	4.1	5.7	0.83	9
	and	216	217	1	3.5	4.4	0.59	16
AERHRC009		159	162	3	2.1	2.5	0.09	9
AERHRC010		156	160	4	5.3	13.8	1.66	109
	incl.	159	160	1	10.0	30.7	3.90	185
AREHRC011		83	86	3	3.6	6.6	0.71	49
	incl.	83	84	1	6.9	8.9	0.49	52

Table 1 Eastern Hills Significant Drillhole Intersections[4] (Full list in Table 4)

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Table 2 Proposed activities and progress for Eastern Hills Project

3 As per ASX announcement dated 14 October 2013 “Significant Antimony Mineralisation Intersected by Artemis”

4 Significant intersections were selected based on a lower cut-off grade of 1.0% Sb with a maximum of 1 metre internal dilution. Down hole lengths reported – true width currently not confirmed.

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Figure 3 Eastern Hills - Drill hole AREHRC008 results

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Figure 4 Eastern Hills - Drill hole AREHRC009 results

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Figure 5 Eastern Hills - Drill hole AREHRC010 and AREHRC011 results

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	East (m)	North (m)	RL (m)			Azimuth Type	Depth Total m)
Hole ID				Dip	Azimuth			Hole Target
AREHRC001	410283	7474418	198	-60°	340°	Magnetic	102	Twin of historical hole EHRC019
AREHRC002	410285	7474368	192	-60°	340°	Magnetic	180	Test depth extension
AREHRC003	410267	7474511	190	-57.5°	135°	Magnetic	120	Test Northern EM conductor
AREHRC004	410371	7474448	188	-60°	345°	Magnetic	150	Test NE strike extensions
AREHRC005	410248	7474340	188	-60°	342°	Magnetic	210	Test depth extension
AREHRC006*	409977	7474234	192	-55°	325°	Magnetic	162	Confirm continuity between sections
AREHRC007*	410133	7474479	192	-55°	150°	Magnetic	102	Test northern modelled EM conductor
AREHRC008	410154	7474240	181	-60°	340°	Magnetic	246	Test depth extension
AREHRC009	410078	7474273	188	-60°	340°	Magnetic	192	Test depth extension
AREHRC010	410016	7474254	181	-60°	340°	Magnetic	192	Test depth extension
AREHRC011*	409993	7474303	184	-60°	340°	Magnetic	132	Twin of historical hole EHRC013
AREHRC012*	409663	7474162	195	-55°	340°	Magnetic	160	Test for southwestern strike extension
AREHRC013*	409763	7474171	179	-60°	340°	Magnetic	222	Test depth extension
AREHRC014*	410191	7474321	201	-60°	340°	Magnetic	138	Infill between sections
AREHRC015*	409610	7474149	180	-55°	325°	Magnetic	162	Test SW strike extension
						TOTAL	2,470

• Assay results pending. Coordinate system: MGA94 (Zone 50)

Table 3 Eastern Hills Completed Drill Hole Details

Drillhole No.		From (m)	To (m)	Intersection width (m)	Sb grade (%)	Pb grade (%)	Au grade (g/t)	Ag grade (g/t)
AREHRC001		57	59	2	1.8	2.6	0.09	4
	incl.	57	58	1	2.4	3.6	0.12	5
		61	62	1	1.2	1.5	0.05	3
		81	82	1	1.7	2.0	0.03	15
AREHRC002		101	102	1	1.9	2.2	0.01	7
		111	112	1	1.3	1.6	0.01	6
		143	144	1	1.5	1.8	0.04	13
		164	168	4	2.1	2.5	0.06	38
	incl.	164	165	1	3.3	3.9	0.06	7
		170	171	1	1.6	1.9	0.02	19
AREHRC003		113	114	1	1.7	2.0	NSI	NSI
AREHRC004		106	107	1	2.4	3.0	0.02	18
AREHRC005		66	67	1	2.5	3.1	1.99	54
		171	173	1	1.4	1.6	0.15	5
AREHRC008		212	220	8	2.0	2.6	0.52	6
	incl.	212	215	3	2.8	4.0	0.99	6
	incl.	213	214	1	4.1	5.7	0.83	9
	and	216	217	1	3.5	4.4	0.59	16
AERHRC009		159	162	3	2.1	2.5	0.09	9
AERHRC010		156	160	4	5.3	13.8	1.66	109
	incl.	159	160	1	10.0	30.7	3.90	185
AREHRC011		83	86	3	3.6	6.6	0.71	49
	incl.	83	84	1	6.9	8.9	0.49	52

Table 4 Eastern Hills Completed Drill Holes - Significant Drillhole Intersections[4]

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ABOUT ARTEMIS RESOURCES

Artemis Resources Limited is a resources exploration company with a focus on its prospective Mount Clement (gold), Eastern Hills (antimony), Yandal (gold) and West Pilbara (gold and base metals) projects in Western Australia. These projects have significant exploration potential and close proximity to existing important deposits or producing mines. Artemis aims to develop a significant gold inventory through exploration and acquisitions which have the potential to become mines and create shareholder value.

For further information, please contact:

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Guy Robertson Executive Director Phone: +61 2 9078 7670 Email: info@artemisresources.com.au Web Site: www.artemisresources.com.au

James Moses Mandate Corporate Mob: 0420 991 574 Email: james@mandatecorporate.com.au

Tony Dawe Professional Public Relations +61 8 9388 0944 Email: tony.dawe@ppr.com.au

Competent Person Statements

The information in this document that relates to Exploration Results and Exploration Targets is based on information compiled or reviewed by Mr Trevor Woolfe, who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Woolfe is a consultant to the Company, and is employed by Alexander Cable Pty Ltd. Mr Woolfe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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 Woolfe consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

This report contains forecasts, projections and forward looking information. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of Artemis’ control. Actual results and developments will almost certainly differ materially from those expressed or implied. Artemis has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. To the maximum extent permitted by applicable laws, Artemis makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for (1) the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this report and (2) without prejudice to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this report.

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

Section 1	Sampling Techniques and Data	Sampling Techniques and Data
(Criteriainthis	sectionapply to allsucceeding sections.)
Criteria	JORC Code explanation		Commentary
Sampling		Nature and quality of sampling (eg cut channels,		Reverse circulation drilling was used to obtain 1m
techniques		random chips, or specific specialised industry		drill chip samples from which a 2-4kg sample was
		standard measurement tools appropriate to the		collected for submission to the laboratory for ICP
		minerals under investigation, such as down hole		and XRF analysis. Mineralised zones were
		gamma sondes, or handheld XRF instruments,		identified visually and supported by Sb-Pb
		etc). These examples should not be taken as		readings from a hand-held X-ray Fluorescence
		limiting the broad meaning of sampling.		(XRF) tool.
		Include reference to measures taken to ensure		Samples from each metre were collected in a
		sample representivity and the appropriate		cyclone and split using a 3 level riffle splitter.
		calibration of any measurement tools or systems		Artemis used a hand-held XRF to obtain an instant
		used.		qualitative geochemical analysis of each sample
		Aspects of the determination of mineralisation that are Material to the Public Report.		during the drilling. The hand-held XRF was calibrated against standards after every 20 readings. Current QAQC protocols include
		In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1		analysis of field duplicates. Based on statistical analysis of these results, there is no evidence to suggest the samples are not representative.
		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		As the hand-held XRF tool provides only a preliminary qualitative, rather than quantitative, indication of Sb presence, only final laboratory assay results will be reported publicly.
		mineralisation types (eg submarine nodules)		In the ‘twinned hole’ AREHRC011 in this report,
		may warrant disclosure of detailed information.		the majority of samples collected were 1m
				intervals but where required 4m composite
				samples were collected by the re-splitting of the
				bulk drill reject to match previous historical
				sampling intervals from hole EHRC013.
Drilling		Drill type (eg core, reverse circulation, open-hole		Reverse Circulation drilling utilising a nominal 4 ½
techniques		hammer, rotary air blast, auger, Bangka, sonic,		inch diameter face-sampling hammer
		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).
Drill sample		Method of recording and assessing core and		Recoveries are recorded by the geologist in the
recovery		chip sample recoveries and results assessed.		field at the time of drilling/logging.
		Measures taken to maximise sample recovery		If poor sample recovery is encountered during
		and ensure representative nature of the		drilling, the geologist and driller have endeavored
		samples.		to rectify the problem to ensure maximum sample
		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.		recovery. Visual assessment is made for moisture and contamination. A cyclone and splitter were used to ensure representative samples and were routinely cleaned.
				Sample recoveries to date have generally been
				high, and moisture in samples minimal. Insufficient
				data is available at present to determine if a
				relationship exists between recovery and grade.
				This will be assessed once a statistically valid
				amount of data is available to make a
				determination.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Logging		Whether core and chip samples have been		All drill chip samples are geologically logged at 1m
		geologically and geotechnically logged to a level		intervals from surface to the bottom of each
		of detail to support appropriate Mineral		individual hole to a level that will support
		Resource estimation, mining studies and		appropriate future Mineral Resource studies.
		metallurgical studies.		Logging is considered to be semi-quantitative
		Whether logging is qualitative or quantitative in		given the nature of reverse circulation drill chips
		nature. Core (or costean, channel, etc)		and the inability to obtain detailed geological
		photography.		information.
		The total length and percentage of the relevant		All RC drill holes in the current program are
		intersections logged.		logged in full.
Sub-		If core, whether cut or sawn and whether		The RC drilling rig was equipped with an in-built
sampling		quarter, half or all core taken.		cyclone and triple tier riffle splitting system, which
techniques and sample preparation	 	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.		provided one bulk sample of approximately 20kg, and a sub-sample of 2-4kg per metre drilled. All samples were split using the system described above to maximise and maintain consistent representivity. The majority of samples were dry. For wet samplesthecleanliness of the cyclone
		Quality control procedures adopted for all sub- sampling stages to maximise representivity of		and splitter was constantly monitored by the geologist and maintained to avoid contamination.
		samples.		Bulk samples were placed in green plastic bags,
		Measures taken to ensure that the sampling is representative of the in situ material collected,		with the sub-samples collected placed in calico sample bags.
		including for instance results for field duplicate/second-half sampling.		Field duplicates were collected by re-splitting the bulk samples from large plastic bags. These
		Whether sample sizes are appropriate to the grain size of the material being sampled.		duplicates were designed for lab checks as well as lab umpire analysis.
				A sample size of 2-4kg was collected and
				considered appropriate and representative for the
				grain size and style of mineralisation
Quality of		The nature, quality and appropriateness of the		ALS Laboratory (Perth & Brisbane) was used for
assay data		assaying and laboratory procedures used and		all analysis work carried out on the 1m and 4m
and		whether the technique is considered partial or		composite drill chip samples. The laboratory
laboratory		total.		techniques below are for all samples submitted to
tests		For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument		ALS and are considered appropriate for the style of mineralisation defined at the Eastern Hills Antimony-Lead Project:
		make and model, reading times, calibrations		o PUL-32 & CRU-21 (Sample
		factors applied and their derivation, etc.		Preparation Codes)
		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.		o ME-ICP61 Ag-As-S-Pb-Zn (4 Acid Digest; AES Finish) Sb by ME- ICP61 for twinned drillholes only. o OG62 over-range Ag-Pb o Au-AA23 Au (Fire Assay Gold) o ME-XRF05 Sb (Pressed Pellet
				XRF)
				o ME-XRF15b for Sb >10,000 ppm;
				Sb Only (Fusion XRF)
				Hand held XRF was used in field for qualitative
				assessment only and results are not to be
				reported publicly.
				Blindfield duplicateswere collected at arate of 1

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				duplicate for every 20 samples that are to be
				submitted for ALS laboratory analysis. Field
				duplicates were split using an external splitter
				once the sample intervals were determined by the
				geologist in the field.
				Additional field duplicates were also collected at a
				rate of 1 in 40. These samples are to be submitted
				to SGS Laboratory (Perth) as umpire samples.
				Results from umpire laboratory testing are not yet
				available. The laboratory techniques detailed
				below are for all samples submitted to SGS and
				are considered appropriate for the style of
				mineralisation defined at the Eastern Hills
				Antimony-Lead Project.
				 The following sample methods are to be
				requested for all samples sent to SGS:
				o PRP86 (Sample Preparation)
				o ICP40Q Ag-As-S-Pb-Zn (4 Acid
				Digest; OES Finish)
				o FAA505 Au (Fire Assay Gold)
				o XRF75V Sb (Pressed Pellet XRF)
				o ASH01/XRF78S Sb Where XRF75V
				> 4000 ppm Sb Only (Fusion XRF)
Verification		The verification of significant intersections by		At least two company personnel verify all
of sampling		either independent or alternative company		significant intersections.
and assaying		personnel.		AREHRC011 in this report is considered a
		The use of twinned holes.		‘twinned hole’, of previous Taipan Resources NL
		Documentation of primary data, data entry		hole EHRC013.
		procedures, data verification, data storage		All geological logging and sampling information is
		(physical and electronic) protocols.		completed firstly on to paper logs before being
		Discuss any adjustment to assay data.		transferred to Microsoft Excel spreadsheets. All electronic field data is then transferred into a
				Microsoft Access database for validation and
				compilation. Physical logs and sampling data are
				returned to the Artemis head office for scanning
				and storage. Electronic copies of all information
				are backed up daily.
				No adjustments of assay data are considered
				necessary.
Location of		Accuracy and quality of surveys used to locate		A Garmin GPSMap62 hand-held GPS is used to
data points		drill holes (collar and down-hole surveys),		define the location of the drill hole collars.
		trenches, mine workings and other locations		Standard practice is for the GPS to be left at the
		used in Mineral Resource estimation.		site of the collar for a period of 10 minutes to
		Specification of the grid system used.		obtain a steady reading. Collar locations are considered to be accurate to within 5m. Collars
		Quality and adequacy of topographic control.		will be picked up by DGPS in the future. Down hole surveys are conducted by the drill contractors
				using a Reflex electronic multi-shot camera with
				readings for dip and magnetic azimuth taken every
				30m down hole. The instrument is positioned
				within a stainless steel drill rod so as not to affect
				the magnetic azimuth.
				Grid system used is MGA 94 (Zone 50)
				Topographic control is obtainedfromsurface

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				profiles created by close spaced historical
				aeromagnetic survey data and calibrated with
				GPS surface measurements. It will be necessary
				to undertake more detailed topographic controls
				later in the program.
Data spacing		Data spacing for reporting of Exploration		Data spacing (drillhole spacing) is variable and
and distribution		Results.		appropriate to the geology and historical drilling.
		Whether the data spacing and distribution is
		sufficient to establish the degree of geological		A drillhole section spacing of 60-100m is used
		and grade continuity appropriate for the Mineral		while hole spacings are variable, further details
		Resource and Ore Reserve estimation procedure(s) and classifications applied.		are provided in the collar co-ordinate table contained elsewhere in this report.
		Whether sample compositing has been applied.
				No sample compositing is used in this report, all
				results detailed are the product of 1m down hole
				sample intervals. 4m compositing in the upper
				levels of the twinned hole did not return significant
				results and as such they are not discussed further
				in this report.
Orientation		Whether the orientation of sampling achieves		Most drill holes are planned to intersect the
of data in		unbiased sampling of possible structures and		interpreted mineralised structures/lodes as near to
relation to		the extent to which this is known, considering		a perpendicular angle as possible (subject to
geological		the deposit type.		access to the preferred collar position).
structure
		If the relationship between the drilling orientation		The Northern Conductor is a feature interpreted
		and the orientation of key mineralised structures		from EM geophysics to be dipping NNW. Two
		is considered to have introduced a sampling		holes were drilled to test this feature however the
		bias, this should be assessed and reported if		interpreted NNW dip is not yet confirmed. No
		material.		sampling bias has been identified.
Sample		The measures taken to ensure sample security.		The chain of custody is managed by the project
security				geologist who places calico sample bags in
				polyweave sacks. Up to 10 calico sample bags are
				placed in each sack. Each sack is clearly labelled
				with:
				 Artemis Resources Ltd
				 Address of laboratory
				 Sample range
				Samples were delivered by Artemis personnel to
				the Paulsens mine site freight dispatch area in
				order to be loaded on the next available truck of a
				reputable freight provider. The freight provider
				delivers the samples directly to the laboratory.
				Detailed records are kept of all samples that are
				dispatched, including details of chain of custody.
Audits or		The results of any audits or reviews of sampling		No audit of sampling data has been completed to
reviews		techniques and data.		date but a review will be conducted once all data
				from ALS Laboratory (Perth and Brisbane) has
				been compared with umpire laboratory results.
				Data is validated when loading into the database
				and will be validated again prior to any Resource
				estimation studies.

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Section 2 Reporting of Exploration Results

Section 2 Reporting of Exploration Results	Section 2 Reporting of Exploration Results	Section 2 Reporting of Exploration Results
(Criteria listed in theprecedingsection also applyto this section.)
Criteria	JORC Code explanation		Commentary
Mineral		Type, reference name/number, location and		M08/193 – 100% held by Artemis Resources
tenement and		ownership including agreements or material		Ltd
land tenure status		issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national		 Gold rights – Artemis 80%, joint venture with Northern Star Resources Ltd 20%
		park and environmental settings.		E08/1841 – held by Artemis Resources Ltd
		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 tenements are in good standing and no known impediments exist (see map elsewhere in this report for locations).
Exploration		Acknowledgment and appraisal of exploration		Previous exploration of the Eastern Hills
done by other		by other parties.		Antimony-Lead Project was conducted in 1996-
parties				97 by Taipan Resources NL. This exploration
				comprised geological mapping, rock and soil
				sampling plus two programmes of RC drilling.
				All exploration and analysis techniques
				conducted by Taipan Resources are considered
				to have been appropriate given the limited
				knowledge of the area and available techniques
				at the time.
Geology		Deposit type, geological setting and style of		The Eastern Hills antimony-lead deposit is a
		mineralisation.		fault/vein hosted subvertical structure and
				outcropping over a strike length of at least
				800m. Historical drilling identified mineralisation
				to at least 120m vertical depth. The deposit
				remains open along strike and at depth.
				Mineralisation occurs as massive sulphides
				bounded by a broader zone of disseminated
				sulphides. Sulphide mineralogy consists of
				pyrite, boulangerite – a lead-antimony sulphide
				– and arsenopyrite with minor pyrrhotite,
				chalcopyrite and galena.
Drill hole		A summary of all information material to the		Refer to details of drilling in table in the body of
Information		understanding of the exploration results		this report.
		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.
Data		In reporting Exploration Results, weighting		All intervals reported are composed of 1m down
aggregation		averaging techniques, maximum and/or		holeintervals and as sucharelength weighted.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
methods		minimum grade truncations (eg cutting of high		A lower cut-off grade of 1% Sb has been used
		grades) and cut-off grades are usually Material		for assessing significant intercepts, and no
		and should be stated.		upper cut-off grade was applied.
		Where aggregate intercepts incorporate short		Maximum internal dilution of 1m was
		lengths of high grade results and longer lengths		incorporated in reported significant intercepts.
		of low grade results, the procedure used for such aggregation should be stated and some		No metal equivalents are used for reporting.
		typical examples of such aggregations should
		be shown in detail.
		The assumptions used for any reporting of
		metal equivalent values should be clearly
		stated.
Relationship		These relationships are particularly important in		True widths for mineralisation have not been
between		the reporting of Exploration Results.		calculated and as such only down hole lengths
mineralisation widths and		If the geometry of the mineralisation with		have been reported.
intercept lengths		respect to the drill hole angle is known, its nature should be reported.		While interpretation of the results is still in the early stages, a better understanding of the
		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’).		geometry of the deposit will be achieved, and true widths reported, later in the programme. It is expected that true widths will be less than down hole widths, due to the apparent steep nature of the mineralisation.
Diagrams		Appropriate maps and sections (with scales)		Appropriate maps and sections are available in
		and tabulations of intercepts should be included		the body of this ASX announcement.
		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.
Balanced		Where comprehensive reporting of all		Reporting of results in this report is considered
reporting		Exploration Results is not practicable,		balanced.
		representative reporting of both low and high
		grades and/or widths should be practiced to
		avoid misleading reporting of Exploration
		Results.
Other		Other exploration data, if meaningful and		No other significant exploration work has been
substantive		material, should be reported including (but not		done by Artemis.
exploration data		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.
Further work		The nature and scale of planned further work		Insufficient results from Artemis drilling have
		(eg tests for lateral extensions, depth		been received to date and as such there is
		extensions or large-scale step-out drilling).		currently insufficient data to confirm a plan for
		Diagrams clearly highlighting the areas of		follow-up work.
		possible extensions, including the main
		geological interpretations and future drilling
		areas, provided this information is not
		commercially sensitive.

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