Artemis Resources Limited — Capital/Financing Update 2017

Feb 26, 2017

ASX / Media Announcement 27 February 2017

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Artemis Resources Limited ARBN: 80 107 051 749

Level 3, IBM Building, 1060 Hay Street, West Perth, WA Australia, 6006

PO Box R933 Royal Exchange NSW Australia, 1225

COBALT UP TO 1.12% NEW AREA IDENTIFIED AT CARLOW CASTLE PROJECT - KARRATHA, WESTERN AUSTRALIA.

• High grade Cobalt grades up to 1.12% returned from surface sampling programme at Carlow Castle Copper/Gold Project.

• Initial 3,000 metre RC drilling programme has been fast tracked and is scheduled to commence by the end of this week.

• Best samples include:

• 1.12% Cobalt, 6.79 g/t Au and 2.63% Copper – New Area

Phone: +61 2 9078 7670 Facsimile: +61 2 9078 7661 Email: info@artemisresources.com.au Website: artemisresources.com.au

• 0.97% Co, 5.71 g/t Au and 2.17% Cu – Quod Est Area

• 0.94% Co, 35.3 g/t Au and 3.21% Cu – Quad Est Area

• Strong correlation between gold, copper and cobalt mineralisation.

• New high grade area identified 400 metres east of known Quod Est cobalt, gold, copper mineralisation

• The Radio Hill sulphide processing facility is 20km by public roads.

• The Carlow Castle resource remains open in all directions.

Directors:

Executive Chairman David Lenigas

Executive Directors Ed Mead Alex Duncan-Kemp

Non-Executive Directors George Frangeskides Campbell Baird

Company Secretary: Guy Robertson

Corporate Information ASX Code: ARV

David Lenigas, Artemis’s Chairman, commented;

“The Carlow Castle area holds significant potential for primary Cobalt mineralisation associated with high grades of Copper and Gold and a fast tracked RC drilling programme has been commissioned and is expected to commence within the week. This recent surface sampling programme around the many old shafts covering an area of about 3.5 km[2] returned individual grades up to 1.12% Cobalt, 8.2% Copper and 35.3 g/t Gold and clearly shows the cobalt potential in the area. We have a large 100% owned land package at Carlow Castle and the area remains relative unexplored for Cobalt, Copper and Gold. Cobalt is a key component in the growing EV and energy storage market. The Cobalt metal demand continues to remain strong at new recent highs of US$47,000 per tonne in recent days.”

Figure 1: Siliceous Gossan- Cobalt, Copper, Gold Mineralised Rocks from Carlow Castle Project:

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Artemis Resources Limited (“ Artemis ” or “ the Company ”) ( ASX: ARVDA ) is pleased to report the assay results from the recently completed sampling programme over a small percentage of the surface mine shaft dumps, covering an area of about 3.5 km[2] , which has returned excellent cobalt, copper, gold grades along the numerous Carlow Castle mineralised trends near Karratha in Western Australia (Figure 4), with the best sample returning 1.12% Cobalt, 2.63% Copper and 6.79 grams/tonne Gold .

All surface samples from this recent programme are shown in Table 1. The location of these sample results is shown in Figure 2.

Importantly, this recent surface sampling programme has not only confirmed the presence of high grade cobalt, gold, copper mineralisation previously identified at the Quod Est mining area, but has found a new high priority exploration target some 300 metres east of Quod Est.

A first phase 3,000 metre Reverse Circulation (RC) drilling programme has been fast tracked and the drill rig is expected to arrive on site within the week.

This drilling programme is designed to test for the extensions of known cobalt mineralisation where previous drilling intersected rich sulphidic interval assaying 4 metres @ 33.6 g/t gold and 1.12% cobalt from 36 metres downhole in GC04; Drill hole DDH4 intersected 3.2 metres at 2.1% copper and 0.54% cobalt from 78m downhole (Figure 1); and drill hole CC04 intersected 6 metres at 0.53 g/t gold, 1.25% copper and 0.28% cobalt from 31 metres downhole depth (Figure 3).

Figure 2: High Grade Cobalt, Copper, Gold locations and grades – Carlow Castle Gold Project:

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Table 1: Carlow Castle Project - Assay Results of Surface Samples

Sample ID	Easting MGA94	Northing MGA94	**Aug/t **	Co %	Cu %
AC0521	507257	7698966	0.89	0.08	3.08
AC0522	507206	7698966	17.30	0.30	5.21
AC0523	507209	7698958	6.79	1.12	2.63
AC0524	507189	7698999	1.54	0.04	1.26
AC0525	507094	7698945	14.60	0.01	4.01
AC0526	507080	7698926	29.10	0.03	7.59
AC0527	506912	7698922	5.71	0.97	2.17
AC0528	506904	7698940	35.30	0.94	3.21
AC0529	506905	7698956	3.71	0.80	6.77
AC0530	506912	7698947	17.10	0.58	8.20
AC0532	506901	7698828	5.07	0.17	3.86
AC0533	506889	7698833	2.00	0.08	1.88
AC0534	506891	7698827	0.58	0.02	2.61
AC0535	506891	7698862	3.05	0.12	4.62
AC0536	506899	7698859	0.09	0.02	0.20
AC0537	506666	7698727	0.31	0.01	2.29
AC0538	506848	7698668	9.86	0.05	0.30
AC0539	506888	7698648	0.24	0.02	0.15
AC0540	506942	7698623	0.05	0.01	0.07
AC0541	506945	7698629	0.46	0.01	0.20
AC0542	506858	7698708	9.24	0.02	3.28
AC0543	506929	7698719	17.90	0.01	5.72
AC0544	506952	7698762	1.84	0.02	1.45

The Carlow Castle Project is located only 10km South east of Roebourne in the Pilbara Region of Western Australia (Figure 3), and the tenor of mineralisation and large 32 km[2] 100% owned tenement makes the Carlow Castle Project a valuable asset for Artemis. Artemis also owns the surrounding tenements.

The cobalt mineralisation at Carlow Castle has been previously ignored as companies focused on the gold and/or copper mineralisation as single commodities. The review by Artemis shows that an integrated approach to mineralisation and an expansion of exploration is required to better define the Carlow Castle Project. Work to date highlights a potentially material asset that has remained under explored. The project has previously been the focus of gold and copper mining with production between 1880 and 1910. In more recent times drilling has identified a JORC (2012) Inferred Mineral Resource (Figure 3) of 418,000 tonnes at 3.0 g/t Au and 0.6% Cu , for total contained metal of 40,000 ounces of Au and 2,500 tonnes of Cu[1] .

The current gold copper resource also contains cobalt mineralisation, which has not been included in the resource estimation.

1 As per ASX announcement dated 30 June 2014

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Figure 3: Carlow Castle Project area with location of the Quod Est Cobalt mine and Carlow Castle gold/copper resource.

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Figure 4: Fox Resources and Artemis Resources Projects

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Table 2: Drillhole Collar Information – GC4, DDH4 and CC04

Hole ID	**Type **	Total Depth	Dip	Azimuth	East MGA94	North MGA94
GC04	RC	60	-60	280	506936	7698925
CC04	RC	72	-60	278	506921	7698901
DDH4	DD	91.7	-60	280	506946	7698874

BACKGROUND INFORMATION ON ARTEMIS RESOURCES

Artemis Resources Limited is a resources exploration and development company with a focus on its prospective West Pilbara (gold, base metals, platinum and platinum group elements) and Mt Clement-Paulsens (gold) project (Figure 1) in Western Australia. On 16 December 2016, Artemis announced the signing of a binding conditional agreement (“Agreement”) with Fox Resources Limited (“Fox”) for a 3 month exclusive option to buy their fully permitted AGIP 425,000tpa Radio Hill nickel and copper operations, processing plant and associated mining and exploration tenements with significant existing JORC 2004 and 2012 compliant resources of Nickel, Copper and Zinc situated within a 15 km radius of the Radio Hill plant, for a total consideration of $3.5 million. The Radio Hill Plant is located 35 km south of Karratha in the Pilbara Region of Western Australia.

CONTACTS

For further information on this update or the Company generally, please visit our website at www.artemisresources.co.au or contact:

	Investors / Shareholders Edward Mead Executive Director Telephone: +61 407 445 351 Email:emgeocorp@gmail.com	Media David Tasker Professional Public Relations Telephone: +61 433 112 936 Email:David.tasker@ppr.com.au

COMPETENT PERSONS STATEMENT

The information in this document that relates to Exploration Results and Exploration Targets is based on information compiled or reviewed by Edward Mead, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Mead is a Director of Artemis Resources Limited and is a consultant to the Company, and is employed by Doraleda Pty Ltd. Mr Mead 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 Mead 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 AND IMPORTANT NOTICE

This report contains forecasts, projections and forward looking information. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions it can give no assurance that these will be achieved. Expectations, estimates and projections and information provided by the Company 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.

Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company’s securities.

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling		Nature and quality of sampling (eg cut		Grab sampling completed by Artemis
techniques		channels, random chips, or specific		Resources Limited was completed over historic
		specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples		workings and geological features and as such is thought to be representative of the mineralisation style at Carlow Castle. Historic drilling results reported are based on
		should not be taken as limiting the		work completed Consolidated Gold Mining
		broad meaning of sampling.		Areas (1969), Open Pit Mining (1985-1987),
	 	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		and Legend Mining (1995-2008). Compilation of this data has been completed based on Annual Exploration Reports available through WAMEX. The completed historic drilling was designed to target a number of shear systems in the Carlow
		Public Report.		Castle area.
		In cases where ‘industry standard’ work		Sampling of diamond drillholes completed by
		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		Consolidated Gold Mining Areas was based on geological boundaries. Sampling of RC drilling completed by Open Pit Mining and Legend Mining was generally on a 1m basis, with some
		cases more explanation may be		composite samples being collected. Although
		required, such as where there is coarse		limited information is available regarding
		gold that has inherent sampling		procedures implemented during this period,
		problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.		work completed by Artemis to date at Carlow Castle has validated much of this historic data. It is considered that the historic work was
				completed professionally, and that certain
				assumptions can reasonably be based on
				results reported throughout this period.
				Historic geochemical results relate to soil
				sampling completed by Legend Mining between
				1995 and 2008. This soil sampling was
				completed on a 25 x 25m grid, with samples
				collected from a depth of approximately 20cm,
				and sieved to between -5 and +2mm.
				Approximately 1.5 kilograms of sample was
				collected for analysis.
Drilling		Drill type (eg core, reverse circulation,		No detailed specifications regarding the historic
techniques		open-hole hammer, rotary air blast,		RC or diamond drilling drilling have been
		auger, Bangka, sonic, etc) and details		identified in historic Legend or Open Pit reports.
		(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		No information regarding recoveries has been
recovery		and chip sample recoveries and results		identified in the historic reports.
		assessed.
		Measures taken to maximise sample
		recovery and ensure representative
		nature of the samples.
		Whether a relationship exists between
		sample recovery andgrade and

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		whether sample bias may have
		occurred due to preferential loss/gain of
		fine/coarse material.
Logging		Whether core and chip samples have		All grab samples were geologically logged by
		been geologically and geotechnically		the geologist in the field.
		logged to a level of detail to support		It is not considered that these samples will be
		appropriate Mineral Resource		used to support appropriate Mineral Resource
		estimation, mining studies and		estimation, mining studies, or metallurgical
		metallurgical studies.		studies.
		Whether logging is qualitative or		Historic geological logs are provided in historic
		quantitative in nature. Core (or costean,		exploration reports for a majority of the Open Pit
		channel, etc) photography.		and Legend drillholes. Analysis of this available
		The total length and percentage of the		data is consistent with the geological sequence
		relevant intersections logged.		identified in recent drilling completed by Artemis
				at Carlow Castle, and is considered to be of an
				adequatequality.
Sub-		If core, whether cut or sawn and		The random sampling of grab samples is
sampling		whether quarter, half or all core taken.		considered representative of the mineralization
techniques		If non-core, whether riffled, tube		identified at Carlow Castle.
and sample		sampled, rotary split, etc and whether		No field duplicates were collected for analysis.
preparation		sampled wet or dry.		Reference standards were inserted at a rate of
		For all sample types, the nature, quality		1 in 20 samples.
		and appropriateness of the sample		A sample size of 1-2 kilograms was collected
		preparation technique.		and is considered appropriate and
		Quality control procedures adopted for		representative for the grain size and style of
		all sub-sampling stages to maximise		mineralisation.
		representivity of samples.		No details regarding sampling procedures
		Measures taken to ensure that the		implemented during historic drilling have been
		sampling is representative of the in situ		identified.
		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.
Quality of		The nature, quality and appropriateness		Grab samples collected by Artemis Resources
assay data		of the assaying and laboratory		Ltd were submitted to ALS Perth for analysis.
and		procedures used and whether the		The methods utilized are considered
laboratory		technique is considered partial or total.		appropriate for the style os mineralization at
tests		For geophysical tools, spectrometers,		Carlow Castle:
		handheld XRF instruments, etc, the		- PUL-32 & CRU-21 (Sample prepearation
		parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.		codes) - ME-ICP61a Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W, Zn
		Nature of quality control procedures		- AA26 Au Fire Assay Au - Ore Grade
		adopted (eg standards, blanks,		No details regarding laboratory or assay
		duplicates, external laboratory checks)		methods have been located for the historic
		and whether acceptable levels of		Consolidated Gold Mining Areas sampling, with
		accuracy (ie lack of bias) and precision		only results reported in the corresponding
		have been established.		WAMEX report.
				RC Samples submitted by Open Pit Mining
				Limited were assayed for Au, with a smaller
				subset of samples being analysed for Co, by
				Classic Laboratories Pty Ltd, using method
				EPAS. No further information is available on the
				Open Pit assay methodology, and original
				laboratory certificates are not provided with the
				historic reports.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				RC and soil samples submitted by Legend
				Mining NL were analysed by Genalysis
				Laboratory Services Pty Ltd. These methods
				are considered appropriate for style of
				mineralisation defined within the Carlow Castle
				Project area:
				o No information on sample
				preparation procedures is
				available
				o B/AAS Au-Ag-Co-Cu-Fe-Mg-Ni-
				Zn (Aqua Regia Digest; Flame
				AAS Finish).
				No details regarding standards, blanks,
				duplicates, or external laboratory checks have
				been identified from the historic Open Pit or
				Legend work.
Verification		The verification of significant		All significant intersections and sample results
of sampling		intersections by either independent or		are verified by at least two company personnel.
and assaying		alternative company personnel.		Historic drilling and geochemical data has been
		The use of twinned holes.		compiled into a Microsoft Access database
		Documentation of primary data, data		based on information provided in open-file
		entry procedures, data verification, data		reports available through WAMEX. Where
		storage (physical and electronic)		possible this data has been checked against
		protocols.		laboratory certificates provided in the historic
		Discuss any adjustment to assay data.		reports.
Location of		Accuracy and quality of surveys used to		A hand held GPS unit is used to define the
data points		locate drill holes (collar and down-hole		location of all Artemis Resources Ltd grab
		surveys), trenches, mine workings and		samples. Sample locations are considered
		other locations used in Mineral		accurate to +/- 5 metres.
		Resource estimation.		Historic Legend Mining NL collar locations were
		Specification of the grid system used.		reported on the AMG66 coordinate system.
		Quality and adequacy of topographic		Artemis has converted these locations to
		control.		MGA94 using GIS software (Mapinfo
				Coordinate Converter) before validating the
				data against recent GPS pick-ups of historic
				collar locations and historic drill plans. Legend
				drillhole locations are considered to be accurate
				to within +/- 5m.
				Consolidated Gold Mining Areas and Open Pit
				Mining Limited collar locations were reported
				using local grid co-ordinates. These local grid
				co-ordinates were converted to MGA94 through
				registration of drill plans provided in historic
				reports, within GIS software (MapInfo). A limited
				number of these collar locations have been
				validated by recent GPS pick-ups of remnant
				historic collars on site. This validation has
				indicated that the registered collar locations are
				accurate to within +/- 5m.
				No information regarding downhole surveys has
				been identified for the Open Pit or Legend
				drilling.
				Location data for the Legend soil sampling was
				reported in the AMG84 coordinate system, and
				has been converted to MGA94 by Artemis using
				Mapinfo GIS software.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Data spacing		Data spacing for reporting of		Grab sampling has been completed on specific
and		Exploration Results.		geological targets. Data from the grab samples
distribution		Whether the data spacing and		will not be used in Resource and Reserve
		distribution is sufficient to establish the		estimation. No sample compositing has been
		degree of geological and grade		used or the grab samples collected.
		continuity appropriate for the Mineral		The completed historic drilling was non-
		Resource and Ore Reserve estimation		systematic, and at a variable spacing. Drillholes
		procedure(s) and classifications		were located along known mineralised zones,
		applied.		and often targeted below historic workings.
		Whether sample compositing has been		Open Pit Mining reported all results as 2 metre
		applied.		composites. No details of the methodology
				used for this compositing is available.
				Legend Mining reported all assay results as
				single metre down-hole intervals.
				Sampling of diamond drilling by Consolidated
				Gold Mining Areas was based on geological
				boundaries.
				Soil sampling completed by Legend is in
				general at a 25 x 25m spacing, widening to 50
				x 50m away from areas of known
				mineralization. This spacing is considered
				appropriate for the targeted mineralization.
Orientation		Whether the orientation of sampling		Grab samples have been collected along strike
of data in		achieves unbiased sampling of possible		of various mineralised structures and lode
relation to		structures and the extent to which this is		zones.
geological		known, considering the deposit type.		Historic drilling is generally located to intersect
structure		If the relationship between the drilling		the target structures perpendicular to strike
		orientation and the orientation of key		direction.
		mineralised structures is considered to		Legend soil sampling was completed on a
		have introduced a sampling bias, this		regular grid pattern, and is considered
		should be assessed and reported if		appropriate for identifying broad soil anomalism
		material.		for the targeted mineralization.
Sample		The measures taken to ensure sample		The chain of custody for Artemis samples is
security		security.		managed by the field geologist who organizes
				freight to Perth using a reputable freight carrier
				with consignment and tracking notes provided.
				No information regarding sample security has
				been identified in the historic reports.
Audits or		The results of any audits or reviews of		Data is validated upon up-loading into the
reviews		sampling techniques and data.		master database. Any validation issues
				identified are investigated prior to reporting of
				results.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral		Type, reference name/number,		All information within this announcement pertains
tenement and		location and ownership including		to E47/1797 – 100% owned by Artemis
land tenure		agreements or material issues with		Resources Ltd. This tenement forms a part of a
status		third parties such as joint ventures,		broader tenement package that comprises the
		partnerships, overriding royalties,		West Pilbara Project.
		native title interests, historical sites,		This tenement is in good standing and no known
		wilderness or national park and		impediments exist (see map provided in this
		environmental settings.		report for location).

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		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.
Exploration		Acknowledgment and appraisal of		The most significant work to have been
done by other		exploration by other parties.		completed historically in the Carlow Castle area
parties				was completed by Open Pit Mining Limited
				between 1985 and 1987, and subsequently
				Legend Mining NL between 1995 and 2008.
				Work completed by Open Pit consisted of
				geological mapping, geophysical surveying (IP),
				and RC drilling and sampling.
				Work completed by Legend Mining Ltd consisted
				of geological mapping and further RC drilling.
				Legend also completed an airborne ATEM
				survey over the project area, with follow up
				ground-based FLTEM surveying. Re-processing
				of this data was completed by Artemis, and was
				critical in developing drill targets for the
				completed RC drilling.
				Compilation and assessment of historic drilling
				and mapping data completed by both Open Pit
				and Legend has indicated that this data is
				compares well with data collected to date by
				Artemis. Validation and compilation of historic
				data is ongoing.
				All exploration and analysis techniques
				conducted by both Open Pit and Legend are
				considered to have been appropriate for the style
				of deposit.
Geology		Deposit type, geological setting and		The Quod Est and Carlow South prospects are
		style of mineralisation.		both shear-hosted gold and base metal deposits,
				located on the northern margin of the Andover
				Intrusive Complex. Mineralisation is exposed in
				numerous workings at surface along numerous
				quartz rich shear zones. Both oxide and sulphide
				mineralisation is evident at surface associated
				with these shear zones.
Drill hole		A summary of all information material		Collar information for the reported drillholes is
Information		to the understanding of the		provided in the body of the report.
		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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		explain why this is the case.
Data		In reporting Exploration Results,		No data aggregation methods have been applied
aggregation		weighting averaging techniques,		to the grab samples included in this report.
methods		maximum and/or minimum grade		All drillhole intervals reported are composed of
		truncations (eg cutting of high grades)		either 2 metre down hole composite intervals, or
		and cut-off grades are usually Material		1m sample intervals. All intervals reported are
		and should be stated.		length weighted.
		Where aggregate intercepts		A lower cutoff grade of 500ppm Co has been
		incorporate short lengths of high		used.
		grade results and longer lengths of		No metal equivalent calculations are used in this
		low grade results, the procedure used		report.
		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.
Relationship		These relationships are particularly		True widths of mineralisation have not been
between		important in the reporting of		calculated for this report, and as such all
mineralisatio		Exploration Results.		intersections reported are down-hole
n widths and		If the geometry of the mineralisation		thicknesses.
intercept		with respect to the drill hole angle is		A better understanding of the deposit geometry
lengths		known, its nature should be reported.		will be achieved on thorough interpretation of the
		If it is not known and only the down		data. True thicknesses may be reported at a later
		hole lengths are reported, there		date if warranted. Due to the moderately to
		should be a clear statement to this		steeply dipping nature of the mineralised zones,
		effect (eg ‘down hole length, true		it is expected that true thicknesses will be less
		_width not known’). _		than the reported down-hole thicknesses.
Diagrams		Appropriate maps and sections (with		Appropriate maps are available in the body of
		scales) and tabulations of intercepts		this announcement.
		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.
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		No other substantive exploration data is relevant
substantive		and material, should be reported		at this time.
exploration		including (but not limited to):
data		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 is required to verify the historic
		further work (eg tests for lateral		cobalt results identified. This work may include
		extensions, depth extensions or large-		geophysical surveying, and further drilling,
		scale step-out drilling).		including twinning historic drillholes to verify the
		Diagrams clearly highlighting the		historic intersections.
		areas ofpossible extensions,

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Criteria	JORC Code explanation	Commentary
	including the main geological
	interpretations and future drilling
	areas, provided this information is not
	commercially sensitive.

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