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Artemis Resources Limited Capital/Financing Update 2018

Dec 18, 2018

10429_rns_2018-12-18_37231db1-ffc1-46dd-a57a-0bc99dad067e.pdf

Capital/Financing Update

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ASX / MEDIA ANNOUNCEMENT

19 December 2018

ASX : ARV FRANKFURT : ATY U.S. OTCQB : ARTTF

GOLD, COBALT AND COPPER IN THE WEST PILBARA

ARTEMIS RESOURCES LIMITED IS AN AUSTRALIAN MINERAL DEVELOPER ADVANCING ITS WEST PILBARA BASE, BATTERY AND PRECIOUS METALS ASSETS TOWARDS PRODUCTION.

ARTEMIS HAS CONSOLIDATED A MAJOR LAND HOLDING IN THE WEST PILBARA AND IS THE 100% OWNER OF THE RADIO HILL OPERATIONS AND PROCESSING INFRASTRUCTURE, STRATEGICALLY LOCATED 30 KM FROM THE CITY OF KARRATHA, THE POWERHOUSE OF THE PILBARA.

WANT TO KNOW MORE ABOUT ARTEMIS?

Please Contact:

Edward Mead – Executive Director E: [email protected]

Wayne Bramwell – Chief Executive Officer E: [email protected]

David Tasker – Media Advisor E: [email protected] P : +61 433 112 936

Or visit the Artemis Website or follow us on Twitter

ARTEMIS RESOURCES LIMITED

Suite 1, 11 Ventnor Ave West Perth WA Australia, 6005

WEERIANNA GOLD PROJECT RESOURCE UPDATE

Inferred, Shallow Resource of 975Kt @ 2.0 g/t Au

for 62,739 contained Oz Au

Artemis Resources Limited (“Artemis” or “the Company”) (ASX:ARV, Frankfurt, US OTC:ARTTF) is pleased to announce the latest resource estimate for the company’s 80% owned Weeriana Gold Project in the West Pilbara region of Western Australia.

The October 2018 resource estimate is classified as Inferred (JORC 2012 Code for reporting Mineral Resources).

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Figure 1: Shallow Trenching at Weeriana

Artemis’ Chief Executive Officer Wayne Bramwell commented:

“Artemis has drilled 37,000m across eight of its projects in the last 12 months to best determine which sites warrant more exploration expenditure.

“Weeriana has only been drilled to an average depth of 69m and as a shallow, quartz vein style gold resource may have the potential to increase in scale with deeper drilling.”

P : +61 8 6319 0000 E : [email protected] www.artemisresources.com.au Twitter - @Artemis_ARV

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WEERIANNA GOLD PROJECT RESOURCE UPDATE

Artemis undertook a reverse circulation (RC) drilling program in 2018 comprising 19 drillholes for a total of 1,644m. Drilling tested for extensions to previously interpreted locations for mineralisation and to provide confirmation of previous results. This announcement provides an updated resource estimate incorporating both the Company’s recent drilling data and drilling data collected during exploration previously undertaken by other companies.

The Weerianna Gold Project (‘Weerianna” or the Project) is located in the West Pilbara region of Western Australia, approximately 25km east of Karratha and 5km west of Roebourne ( Figure 2 ) and is adjacent to the North West Coastal Highway. Weerianna is situated on granted mining lease M47/223 (granted until 27 December 2031). M47/223 is 100% held by Western Metals Pty Ltd, an entity in which Artemis has an 80% interest (via its wholly owned subsidiary, Karratha Metals Pty Ltd). The deposit is 35km by road to the Radio Hill plant where a new gravity gold circuit has recently been installed.

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Figure 2: Weerianna Gold Project Location Map

RESOURCE MODELLING AND CLASSIFICATION

The October 2018 Weerianna resource estimate was performed by Mrs Fleur Muller, Director of Geostat Services Pty Ltd (“Geostat”), using Surpac software, utilising historic data and data from the recent RC drilling program completed by Artemis. Mrs Muller has over 22 years of experience in geostatistical resource estimation and meets the requirements for a Competent Person as defined by JORC guidelines.

A classified mineral resource for the Weerianna deposit was calculated by Geostat (as of 27[th] October 2018) to be 975,700 tonnes at 2 g/t Au for 62,700 ounces (above a cut-off of 1 g/t Au).

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Tonnages were applied on a wet basis, as the resource density was derived from gamma density values measured downhole. Diamond density holes will allow the application of a dry tonnage to be applied, resulting in a slight reduction in the total tonnage. Classification of the resource involved several criteria, including drill hole spacing, sampling density, sampling locations, lode geometry, QAQC, bulk density and confidence in grade continuity.

Lodes were classified as Inferred on the basis of the above criteria. A wet density of 2.39t/m[3] (oxide), 2.44t/m[3] (transitional) and 2.87t/m[3] (primary) was used to estimate resource block tonnage for all lodes.

No mining and metallurgical modifying factors have been applied. It is considered that the Mineral Resource may be practically mined by selective open cut mining methods using conventional mining techniques and equipment. It is expected that the various upgrades planned or in progress at the Radio Hill plant allow for processing the Weerianna material. However, no processing test work has been undertaken as yet. The reporting cut-off grade of 1.0g/t Au takes into account these conditions.

The classified Mineral Resource is tabulated in Table 1 as at 27[th] October 2018 and is reported beneath the topography surface using a 1g/t Au cut-off. Tonnage has dropped by approximately 3% from the previous reported estimate (refer ASX 26 June 2014) as the transitional density of 2.39 for the 2018 resource is lower than that of 2.6 used for the 2009 resource, and this material carries the bulk of the resource tonnage. Another contributing factor is that the recent WERC holes have generally reported lower grades.

Table 1 Inferred Mineral Resource Estimate – Weerianna Gold Project (October 2018 -above a 1.0 g/t Au cut off)

Material Type Volume Tonnage1 Gold Grade Au Metal (oz)
(cubic metres) (tonnes) (g/t Au)
Oxide 52,891 126,409 2.15 8,738
Transition 265,125 649,556 2.03 42,394
Fresh 69,594 199,734 1.82 11,687
Total 387,609 975,699 2.00 62,739

1 NOTE tonnage is calculated on a wet tonnage basis,.

DATA INFORMING THE ESTIMATE

Project Geology

The project area mainly comprises rock types belonging to the Roebourne Group of greenstones. Two formations can be distinguished: the basal Ruth Well Formation consisting of ultramafic and mafic volcanic rocks including metabasalt, serpentinised peridotitic komatiite, talc-chlorite schist, grey- and white-banded chert and black chert. Conformably overlying is the dominantly sedimentary unit, the Nickol River Formation. Major rock types include grey- and white-banded chert, ferruginous chert, BIF (Banded Iron Formation), fine-grained clastic sedimentary rocks, quartzite, felsic volcanic rocks, carbonate-rich sediments and also conglomerates ( Figure 3 ).

The rock types present at Weerianna mainly consists of poorly outcropping ultramafic chlorite-serpentinite schists showing variable amounts of silicification and carbonate alteration. Moderately thick to narrow cherty intercalations representing interflow sedimentary rocks are frequently found within the ultramafic schist sequence.

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Other lithologies present include BIF and a substantial amount of mainly white quartz veins varying in thickness between 1cm and several metres.

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Figure 3: Project Geology and Tenement Plan

Drill holes intersected ultramafic rock types in excess of 80m thick and in several of these holes, wide zones of distinctly spinifex textured ultramafics were found. These schists are found mainly north of a prominent ridge of banded chert which forms the backbone of impressive ridges between Weerianna and Carlow Castle, 7km to the SW. However, ultramafics intercalations are also present within this main chert sequence but these are very poorly outcropping as they are often covered by thick chert scree shedding off the ridges.

Recent investigations by the GSWA found these cherts to be much brecciated and totally silicified mafic cataclastic rocks. These outcrops are associated with shearing and mylonitization along the Regal Thrust. At Weerianna this chert is an almost black, cherty microbreccia that is net-veined by quartz with local gossanous lenses.

The 500m wide zone of ultramafic schists and cherts lies between two relatively competent basaltic terrains. The northern basalt is poorly outcropping but the southern forms substantial hills comprising dark coloured basaltic rock types. These basalts are intruded by gabbroic rocks belonging to the Andover Intrusive Complex which is the largest differentiated Intrusive Complex in the West Pilbara.

Relatively late fresh undeformed micro dolerite intrusions have been intersected in several holes.

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The chert-ultramafic sequence at Weerianna represents portions of both the Ruth Well and Nickol River Formation of the Roebourne Group of greenstones. The southern basalt forms part of the Ruth Well Formation. The identity of the northern basalts is not certain, but these are likely to belong to the Regal Formation.

At Weerianna, the dominant structural and lithological trend is north-easterly with a generally moderate to steep south-easterly dip. The schistosity is parallel to the bedding and controls the quartz veining. At places the schistosity and quartz veins are folded.

The depth of weathering as found during drilling varies but is generally around 50 to 60 m in mineralised areas.

Mineralisation

Epigenetic gold (with or without copper) within the West Pilbara is almost invariably associated with shearing and faulting in a variety of geological settings. Favourable settings including sheared units are associated with the Regal Thrust (including Weerianna), splay faulting associated with the Sholl Shear Zone and also around the edges of several mafic/ultramafic intrusions.

At the Weerianna Mining Centre gold mineralisation is associated with quartz veining within chlorite-serpentine schists which have undergone variable degrees of silicification and carbonate alteration. Sulphides including pyrite, arsenopyrite and chalcopyrite are sometimes present in substantial amounts.

The gold deposits are hosted by strongly sheared schists of the Roebourne Group within or immediately beneath the Regal Thrust. The quartz veins generally strike between N and E-NE and the main ore zone dips 70° to the south east.

Other nearby gold prospects within a similar geological setting are found at Carlow Castle, Sing Well, Camper Day and No. Six Well. They are all close to the brecciated chert horizon (Regal Thrust) and are either hosted by schists or are found as small discontinuous quartz veins in basalts. This “gold belt” can be traced for more than 20km.

Drilling

Artemis recently completed an RC drilling program at Weerianna of 19 RC drillholes, totalling 1,644m. Artemis drilling combined with exploration drilling done by previous companies totals 163 RC holes, 3 percussion holes and 5 diamond drillholes for 11,827m. Drill hole depths vary from 30m to 180m, averaging 69m.The hole collar listing for all holes and downhole surveys for Artemis holes can be found in Appendix 1 and Appendix 2.

Sampling and Assay

The majority of samples are derived from RC drilling where 1m downhole samples were collected via a cyclone and passed through either a riffle splitter (historic drilling) or cone splitter (Artemis) to yield a subsample of 2-4kg for assay.

Several assay procedures have been employed with the historic drillholes, which in summary include aqua regia digest followed by AAS of Au followed by fire assay with AAS finish if the gold values were above a defined threshold e.g. 0.5g/t. In addition, when the fire assay exceeded 5g/t another fire assay was done on a split from the original coarse residue.

Samples from Artemis drillholes were assayed for gold by 50g fire assay with AAS finish. Additionally, multi element (33) analyses by 4 acid ICP AES was performed on samples taken by Artemis.

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QAQC procedures included, insertion of blanks and reference materials, field duplicate sampling and analysis of historical coarse residue resplits and lab pulp repeats. Geostat’s assessment of 2018 QAQC results for standards was fair, with several values reporting outside the 3SD threshold. The results for blanks indicate the laboratory had acceptable processes in place to minimise sample to sample contamination. Field duplicate results show a fair correlation with a slight bias at higher grades.

Geostat notes that no firm conclusions could be made with respect to historical field duplicates due to differing sample preparation methods. Similarly, for coarse residue analyses the absence of using the same standards and blanks at all three laboratories makes it impossible to draw definite conclusions.

Geological Model

The Weerianna deposit is located within a chert-ultramafic schist sequence, on the overturned eastern limb of an ENE trending syncline. Mineralisation at Weerianna is associated with quartz veins, which are controlled by the schistosity present.

Four distinct mineralisation zones comprise the deposit, with an overall east-west trend and steep dip of approximately -80° towards grid south. 18 wireframes were delineated from sectional outlines to represent all mineralisation within these zones. A combination of assays and lithology were used to define these wireframe envelopes, with a cut-off of approximately 0.5 g/t Au to separate mineralisation from waste.

The wireframed lodes extend over a distance of 600m along-strike, with a maximum down-dip extent of 120m.

Statistics

Log histograms and probability plots of all elements exhibit mixing of populations, likely caused by the presence of both structural and vein related mineralisation. Top-cuts of either 10g/t Au or 20g/t Au were applied to selected lodes in order to constrain extreme values and reduce their impact on estimated grades. Upper inflexion points in probability distribution plots and a high coefficient of variation were used as a guide to determining top-cuts for these wireframes.

Variography

Variography analysis using lognormal variograms was completed on combined composites to supply variogram parameters for grade interpolation. A strike of 090° was interpreted, with a dip of -80° towards 180°. No plunge was detected with the current data levels. A moderate nugget effect is inherent, with 30% of the total variability. Maximum spatial continuity ranges indicate a range of continuity of up to 200m along-strike and 22m down-dip. Downhole variograms are of reasonable quality and indicate a downhole lode width of up to 5m. Quality of downdip variograms are poor and illustrate the need for infill drilling in this direction.

Block model

A block model of parent cell size 4m (N) x 12.5m (E) x 5m (RL) sub celled to 1m x 6.25m x 2.5m was constructed for the Weerianna deposit. The resource was estimated using ordinary kriging interpolation for all lodes. A minimum of 4 composites and a maximum of 25 composites were used in interpolation of grades into blocks. Search ellipses for initial interpolation of grades comprised 75m x 25m x 10m.

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A second subsequent interpolation pass was employed with expanded search ellipses in order to fill blocks in areas of sparse drill density within the lodes. Lodes were classified as Inferred on the basis of drill hole spacing, sampling, lode geometry, bulk density and confidence in grade continuity.

The JORC Code, 2012, Table 1 Sections 1, 2 and 3 are appended at the end of this announcement.

LOOKING FORWARD

Further exploration at Weeriana will be ranked, reviewed and prioritised in 2019.

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

Edward Mead Executive Director Telephone: +61 407 445 351 Wayne Bramwell Chief Executive Officer Telephone: +61 417 953 073 David Tasker Advisor – Chapter One Telephone : +61 433 112 936

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COMPETENT PERSONS STATEMENT

The information in this announcement that relates to the Weerianna Project Mineral Resource is based on on information compiled or reviewed by Mrs Fleur Muller, who is a Member of The Australian Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists. Mrs Muller is a consultant working for Geostat Services Pty Ltd who was engaged by Artemis Resources to prepare the report and undertake the resource estimation for the Weerianna Project for the period ending 27 October 2018. Mrs Muller has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she 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’.

Mrs Muller consents to the inclusion in the announcement of the matters based on her information in the form and context in which it appears.

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BACKGROUND INFORMATION ON ARTEMIS RESOURCES

Artemis Resources Limited is an exploration and development company focussed on its large (~2,400 km[2] ) and prospective base, battery and precious metals assets in the Pilbara region of Western Australia. Artemis owns 100% of the 500,000 tpa Radio Hill processing plant and infrastructure, located approximately 35 km south of the city of Karratha.

The Company is evaluating 2004 and 2012 JORC Code compliant resources of gold, nickel, copper-cobalt, PGE’s and zinc, all situated within a 40 km radius of the Radio Hill plant.

Artemis have signed Definitive Agreements with Novo Resources Corp. (“Novo”), which is listed on Canada’s TSX Venture Exchange (TSXV:NVO), and pursuant to the Definitive Agreements, Novo has satisfied its expenditure commitment, and earned 50% of gold (and other minerals necessarily mined with gold) in conglomerate and/or paleoplacer style mineralization in Artemis’ tenements within 100 km of the City of Karratha, including at Purdy’s Reward (“the Gold Rights”). The Gold Rights do not include:

  • (i) gold disclosed in Artemis’ existing (at 18 May 2017) JORC Code Compliant Resources and Reserves; or

  • (ii) gold which is not within conglomerate and/or paleoplacer style mineralization; or

  • (iii) minerals other than gold.

Artemis’ Mt Oscar tenement is excluded from the Definitive Agreements. The Definitive Agreements cover 36 tenements / tenement applications that are 100% owned by Artemis.

Pursuant to Novo’s successful earn-in, two 50:50 joint ventures have been formed between Novo’s subsidiary, Karratha Gold Pty Ltd (“Karratha Gold”) and two subsidiaries of Artemis (KML No 2 Pty Ltd and Fox Radio Hill Pty Ltd). The joint ventures are managed as one by Karratha Gold with Artemis and Novo contributing to further exploration and any mining of the Gold Rights on a 50:50 basis.

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 announcement. 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 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 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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APPENDIX 1

WEERIANNA DEPOSIT DRILLHOLE LISTING

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ASX / MEDIA ANNOUNCEMENT

HOLE-ID X Y Z DEPTH AZIMUTH DIP
WDH001
WDH002
WDH032
WDH103
WDH106
WERC001
WERC002
WERC003
WERC004
WERC005
WERC006
WERC007
WERC008
WERC009
WERC010
WERC011
WERC012
WERC013
WERC014
WERC015
WERC016
WERC017
WERC018
WERC019
WPH1
WPH2
WPH3
WRC001
WRC002
WRC003
WRC004
WRC005
WRC006
WRC007
WRC008
WRC009
WRC010
WRC011
WRC012
WRC013
WRC014
WRC015
WRC016
WRC017
WRC018
WRC019
WRC020
WRC021
WRC022
WRC023
WRC024
WRC025
WRC026
WRC027
WRC028
WRC029
WRC030
WRC031
WRC033
WRC034		 10916.06
10787.35
10895.00
10850.00
10949.60
10897.45
10846.25
10848.54
10698.15
10700.73
10700.87
10674.72
10675.14
10646.13
10646.55
10597.79
10599.30
10548.82
10549.86
10549.93
10524.36
10524.60
10495.68
10496.09
10750.00
10900.00
10960.00
9798.80
9999.50
10001.80
10200.10
10199.20
10300.10
10300.20
10300.10
10305.60
10301.20
10505.00
10710.30
10700.30
10799.70
10800.40
10800.00
10799.00
10897.00
10899.80
10899.80
10899.80
10893.70
10599.70
11500.20
11000.00
10999.90
11000.00
10999.90
10940.00
10939.70
10954.90
10849.70
10849.90		 9950.42
10015.53
10080.40
10121.90
10069.80
10004.12
10083.32
10016.38
10083.40
10016.24
10000.13
10082.45
10059.69
10065.35
10049.48
10097.15
10057.91
10108.22
10080.01
10064.61
10108.40
10089.20
10079.46
10060.20
10040.00
9970.00
10000.00
10164.00
10194.40
10017.00
10025.50
10155.00
10099.80
10059.10
10019.90
9874.60
9849.40
10079.40
10049.80
9935.20
9975.90
10211.20
10050.70
10010.90
10059.80
10030.30
10000.30
9970.30
9940.10
10035.80
10165.20
9979.30
9999.10
10019.10
10039.10
10005.30
10019.90
10039.70
9980.90
10000.80		 32.60
29.49
27.16
25.82
26.07
29.96
26.93
28.89
27.40
29.78
30.86
27.67
28.46
28.67
29.12
27.03
28.34
26.58
27.03
27.48
26.44
26.90
26.93
27.26
30.00
30.00
30.00
25.50
25.14
28.18
29.33
25.73
27.26
27.99
29.75
32.63
33.45
26.94
28.45
34.50
31.19
23.71
28.04
29.60
27.33
28.56
29.78
31.50
33.04
29.13
19.54
27.86
27.03
26.73
26.26
28.84
28.11
27.03
30.45
29.37		 108.00
78.00
135.00
180.00
141.00
78.00
138.00
84.00
96.00
72.00
108.00
60.00
78.00
60.00
60.00
78.00
90.00
96.00
90.00
114.00
120.00
84.00
60.00
78.00
61.00
70.00
79.00
75.00
33.00
78.00
72.00
75.00
66.00
48.00
48.00
48.00
48.00
48.00
48.00
54.00
65.00
48.00
72.00
78.00
78.00
60.00
60.00
60.00
30.00
42.00
77.00
66.00
60.00
60.00
54.00
66.00
54.00
60.00
60.00
60.00		 180.00
180.00
180.00
180.00
180.00
2.10
182.10
1.22
183.30
4.20
359.60
3.10
3.50
0.80
359.70
182.40
2.80
181.30
4.60
0.60
182.00
181.00
3.80
2.50
351.00
108.00
153.00
183.00
179.00
358.00
181.00
181.00
180.00
181.00
182.00
179.00
181.00
181.00
1.00
3.00
1.00
1.00
2.00
1.00
181.00
181.00
182.00
182.00
181.00
181.00
58.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00		 -60.00
-60.00
-60.00
-60.00
-60.00
-60.50
-61.10
-60.80
-61.20
-61.30
-61.30
-61.20
-60.30
-60.00
-60.80
-60.00
-60.60
-60.70
-60.50
-75.10
-61.40
-61.90
-60.90
-60.60
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00

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ASX / MEDIA ANNOUNCEMENT

HOLE-ID X Y Z DEPTH AZIMUTH DIP
WRC035
WRC036
WRC037
WRC038
WRC039
WRC040
WRC041
WRC042
WRC043
WRC044
WRC045
WRC046
WRC047
WRC048
WRC049
WRC050
WRC051
WRC052
WRC053
WRC054
WRC055
WRC056
WRC057
WRC058
WRC059
WRC060
WRC061
WRC062
WRC063
WRC064
WRC065
WRC066
WRC067
WRC068
WRC069
WRC070
WRC071
WRC072
WRC073
WRC074
WRC075
WRC076
WRC077
WRC078
WRC079
WRC080
WRC081
WRC082
WRC083
WRC084
WRC085
WRC086
WRC087
WRC088
WRC089
WRC090
WRC091
WRC092
WRC093
WRC094		 10850.00
10850.10
10850.30
10794.80
10794.80
10794.80
10795.00
10750.00
10750.40
10750.50
10750.80
10794.60
10800.40
11049.50
11049.70
11052.70
11052.10
10925.50
10875.10
10875.30
10825.00
10825.20
10825.30
10825.50
10825.50
10780.10
10777.30
10775.90
10776.20
10725.00
10725.10
10725.10
10698.60
10675.30
10675.30
10675.10
10624.10
10624.60
10198.90
10198.70
10198.60
10399.40
10399.40
10399.20
10399.20
10494.70
10495.10
10495.30
10496.00
10496.20
10699.60
10700.20
10499.20
10502.00
10502.00
10494.20
10548.40
10564.20
10599.40
10599.50		 10020.70
10040.80
10060.90
10001.60
10020.80
10041.40
10061.30
10001.10
10021.40
10041.70
10061.70
9980.80
10031.20
9979.70
9999.80
10019.90
10039.60
10030.80
10040.20
10060.20
9991.10
10010.80
10031.10
10051.10
10070.80
9991.10
10010.80
10031.20
10050.90
9990.70
10010.50
10026.20
10030.50
10070.90
10050.60
10030.70
10070.80
10050.50
10059.30
10079.00
10099.10
10039.80
10059.70
10079.40
10099.70
10020.30
10039.90
10059.90
10100.40
10120.00
10010.20
9990.40
10049.50
10139.80
10119.30
9982.20
9960.00
9994.00
9899.20
9919.60		 28.59
28.01
27.51
30.13
29.14
28.40
27.77
29.84
29.47
28.79
28.14
30.95
28.61
25.67
25.06
24.77
24.94
27.90
28.26
27.59
30.40
29.66
28.69
27.90
27.18
30.53
29.72
29.00
28.23
30.88
29.99
29.48
29.15
28.11
28.78
29.52
28.15
28.79
28.11
28.10
27.45
28.11
27.63
27.43
27.26
28.11
27.70
27.21
26.56
26.29
29.97
31.39
27.59
25.96
26.35
28.48
30.28
29.55
34.32
33.37		 66.00
46.00
60.00
60.00
39.00
60.00
54.00
66.00
44.00
60.00
62.00
60.00
37.00
69.00
60.00
60.00
60.00
57.00
49.00
62.00
60.00
63.00
60.00
60.00
60.00
60.00
60.00
60.00
60.00
60.00
66.00
60.00
60.00
60.00
60.00
60.00
60.00
60.00
59.00
63.00
44.00
44.00
70.00
64.00
58.00
60.00
60.00
60.00
60.00
55.00
60.00
60.00
64.00
48.00
48.00
65.00
50.00
60.00
65.00
60.00		 180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
360.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
360.00
360.00
180.00
180.00
360.00
360.00
360.00
360.00
360.00
360.00
360.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
360.00
360.00
360.00
360.00
360.00
360.00
360.00
360.00		 -60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00

11 | P a g e

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ASX / MEDIA ANNOUNCEMENT

HOLE-ID X Y Z DEPTH AZIMUTH DIP
WRC095 10148.80 10120.00 26.09 60.00 180.00 -60.00
WRC096
WRC097
WRC098
WRC099
WRC100
WRC101
WRC102
WRC104
WRC105
WRC107
WRC108
WRC109
WRC110
WRC111
WRC112
WRC113
WRC114
WRC115
WRC116
WRC117
WRC118
WRC119
WRC120
WRC121
WRC122
WRC123
WRC124
WRC125
WRC126
WRC127
WRC128
WRC129
WRC130
WRC131
WRC132
WRC133
WRC134
WRC135
WRC136
WRC137
WRC138
WRC139
WRC140
WRC141
WRC142
WRC143
WRC144
WRC145
WRC146
WRC147		 10198.90
10249.40
10249.70
10299.20
10326.60
10278.00
10800.30
10899.80
10925.30
10899.70
10852.30
10951.70
10951.90
10975.70
10978.10
10850.40
10475.00
10475.20
10523.20
10525.60
10399.80
10356.80
10356.60
10302.50
10198.80
10197.50
10197.00
11540.30
11729.50
11538.60
9754.10
10540.10
10256.20
10154.50
10249.70
10850.00
10550.00
10800.00
10800.00
10752.00
10750.00
10700.00
10700.00
10555.00
10550.00
10500.00
10500.00
10500.00
10502.00
10600.00		 10120.00
10119.80
10099.60
10119.90
10097.90
10037.50
10091.70
10111.00
10100.20
9935.80
9922.00
9963.10
9982.90
9969.40
9949.60
9941.60
10070.10
10049.80
10069.20
10049.40
9870.30
9880.70
9900.60
9861.70
9849.30
9889.90
9907.50
10137.70
10240.40
10177.50
9625.80
9905.50
9904.00
9891.80
10073.70
10060.00
9930.00
9940.00
9980.00
9940.00
9980.00
9940.00
9980.00
9860.00
10062.00
9860.00
9900.00
9940.00
10020.00
9940.00		 26.53
26.79
27.19
26.93
27.05
28.96
26.82
25.72
26.00
34.05
34.84
30.56
29.26
29.35
30.61
33.46
27.07
27.56
27.21
27.60
31.41
31.86
30.87
32.81
34.16
33.17
33.24
19.71
18.16
19.60
39.38
30.73
32.07
32.16
27.74
29.00
30.50
32.50
31.00
29.50
29.50
34.50
31.50
31.50
27.50
29.50
29.50
29.00
28.00
29.00		 65.00
65.00
65.00
50.00
65.00
65.00
60.00
60.00
64.00
60.00
60.00
65.00
60.00
65.00
65.00
60.00
65.00
60.00
60.00
65.00
60.00
60.00
60.00
60.00
60.00
60.00
60.00
60.00
60.00
60.00
60.00
60.00
60.00
60.00
56.00
119.00
120.00
120.00
120.00
119.00
120.00
120.00
120.00
144.00
80.00
101.00
80.00
80.00
120.00
120.00		 180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
360.00
360.00
360.00
360.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
353.00
360.00
360.00
360.00
360.00
180.00
180.00
180.00
180.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.00
358.00
358.00
358.00
0.00
0.00		 -60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00
-60.00

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APPENDIX 2

WEERIANNA DEPOSIT DOWNHOLE SURVEYS

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HOLE DISTANCE GRID AZIMUTH DIP METHOD
WERC001
WERC001
WERC001
WERC001
WERC002
WERC002
WERC002
WERC002
WERC002
WERC002
WERC003
WERC003
WERC003
WERC003
WERC004		 0
30
60
72
0
30
60
90
120
132
0
30
60
78
0		 2.1
2.2
2.9
4
182.1
181.2
182.4
183.5
184.6
184.9
1.22
2.19
0.45
2.43
183.3		 -60.5
-59.5
-57.9
-57.1
-61.1
-60.8
-60.9
-61.1
-62.4
-62.1
-60.8
-60.5
-59.3
-57.6
-61.2		 Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
WERC004
WERC004
WERC004
WERC005
WERC005
WERC005
WERC006
WERC006
WERC006
WERC006
WERC006
WERC007
WERC007
WERC007
WERC008
WERC008
WERC008
WERC008
WERC009
WERC009
WERC009
WERC010
WERC010
WERC010
WERC011
WERC011
WERC011
WERC011
WERC012
WERC012
WERC012
WERC012
WERC013
WERC013
WERC013
WERC013
WERC014
WERC014
WERC014
WERC014
WERC015
WERC015
WERC015
WERC015		 30
60
90
0
30
60
0
30
60
90
102
0
30
54
0
30
60
72
0
30
54
0
30
54
0
30
60
72
0
30
60
90
0
30
60
90
0
30
60
90
0
30
60
90		 185.1
184.8
185.1
4.2
3.1
2.3
359.6
1.4
359.7
3
1.7
3.1
2.5
5
3.5
4.3
4.8
4.8
0.8
0.8
0.5
359.7
0.8
359.7
182.4
182.7
183
184.4
2.8
3.1
2.9
3
181.3
181.7
182.1
184.1
4.6
3.8
4.6
5.5
0.6
1.3
1.5
5.9		 -61.3
-62.8
-62.8
-61.3
-61.2
-62
-61.3
-61
-61.4
-61.3
-61.7
-61.2
-60.4
-59.3
-60.3
-58.9
-57.4
-56.7
-60
-58.5
-57.5
-60.8
-69.5
-57.7
-60
-58.9
-57.6
-56.4
-60.6
-59.4
-59.5
-57.2
-60.7
-59.8
-60.3
-60.4
-60.5
-59.4
-58.9
-58.5
-75.1
-74.5
-73.7
-73.4		 Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope

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HOLE DISTANCE GRID AZIMUTH DIP METHOD
WERC015
WERC016
WERC016
WERC016
WERC016
WERC016
WERC017
WERC017
WERC017
WERC018
WERC018
WERC018
WERC019
WERC019
WERC019
WERC019		 108
0
30
60
90
120
0
30
60
0
30
60
0
30
60
78		 7.4
182
182.1
184.5
185
188
181
182
183.4
3.8
4.2
4.6
2.5
3.3
3.4
3		 -73.5
-61.4
-60.8
-60.7
-60.4
-60
-61.9
-61.3
-61.9
-60.9
-60.5
-59.9
-60.6
-60.1
-59.5
-58.6		 Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope
Gyroscope

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APPENDIX 3

WEERIANNA DEPOSIT JORC TABLE 1

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APPENDIX

JORC Code, 2012 Edition – Table 1: Weerianna

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 (e.g. cut • Reverse circulation drilling was used to
techniques channels, random chips, or specific obtain 1m drill chip samples from which a
specialised industry standard sample was collected for submission to
measurement tools appropriate to the the laboratory for analysis. Diamond
minerals under investigation, such as down drillholes were sampled at 1m intervals
hole gamma sondes, or handheld XRF and half core splits sent to the laboratory.
instruments, etc). These examples should • Samples from each RC interval were
not be taken as limiting the broad meaning collected in a cyclone and split using a 3-
of sampling. level riffle splitter. Wet samples were
• Include reference to measures taken to grab sampled for assay and the residual
ensure sample representivity and the sample left to dry for later resampling if
appropriate calibration of any gold values were returned in the initial
measurement tools or systems used. grab sample.
• Aspects of the determination of • For 2018 RC drilling, (drillholes
mineralisation that are Material to the WERC001- WERC019) 1m samples
Public Report. were collected for each metre drilled via a
• In cases where ‘industry standard’ work rig mounted cyclone/cone splitter
has been done this would be relatively combination.
simple (e.g. ‘reverse circulation drilling was
•		 Several drill campaigns were conducted
used to obtain 1 m samples from which 3 and samples submitted under different
kg was pulverised to produce a 30 g conditions:
charge for fire assay’). In other cases, •
WRC001-WRC024: Composite
more explanation may be required, such as samples over 4m were submitted
where there is coarse gold that has for Au (20gm AAS) at SGS
inherent sampling problems. Unusual Laboratories, Perth. Anomalous 4m
commodities or mineralisation types (e.g. composite samples were then re-
submarine nodules) may warrant run by fire assay of the individual
disclosure of detailed information. 1m samples.
•
WRC025-WRC046 had 1m samples
sent to SGS Labs for analysis by
AAS determination on 20gm
samples after aqua regia digestion.
Samples > 0.5 g/t Au were repeated
by fire assay using a 50gm sample.
•
WRC047-WRC086 were subject to
a similar laboratory analysis as
above, with initial AAS
determination after aqua regia
digestion, followed by fire assay
analysis on samples >0.5 g/t Au.
Samples returning >5 g/t Au were
re-checked by fire assay using a re-
split from the original coarse
residue.
•
WRC087-WRC132 had 1m samples
sent to AAL for analysis by 50gm
fire assay.
•
Analysis procedure for WRC133-
WRC147 is not detailed in technical
reports, however, it is believed that
1m samples were submitted for
50gm fire assay.
•
WERC001-WERC019 had 1m
samples sent to ALS Perth
laboratory for analysis by ICP and
fire assay:
o
33 element ICP AES, 4
acid digest,method code

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
ME-ICP61, various lower
detection limits
o
Ore grade elements ICP
AES, 4 acid digest method
code ME-OG62, various
lower detection limits
o
Ore grade As , ICP AES
four acid digest method
code As-OG62, 0.01%
lower detection limit
o
Ore grade Au, 50g fire
assay with AAS finish,
method code Au-AA26,
0.01ppm lower detection
limit.
Drilling • Drill type (e.g. core, reverse circulation, • According to historical annual reports, RC
techniques open-hole hammer, rotary air blast, auger, drilling utilised a nominal 4½ inch
Bangka, sonic, etc) and details (e.g. core diameter face-sampling hammer.
diameter, triple or standard tube, depth of • For the drilling campaign conducted in
diamond tails, face-sampling bit or other 2018, RC drilling utilised a 5.25-inch
type, whether core is oriented and if so, by diameter drill bit for down-the-hole
what method, etc). hammer drilling.
• Diamond drillholes were drilled using the
HQ triple tubemethod.
Drill sample
•		 Method of recording and assessing core • Recoveries for diamond holes (DDH)
recovery and chip sample recoveries and results were recorded by the geologist in the
assessed. field at the time of drilling/logging.
• Measures taken to maximise sample • Recoveries for diamond holes are
recovery & ensure representative nature of variable but generally poor.
the samples. • As only 5 diamond holes were drilled,
• Whether a relationship exists between analysis was not conducted to determine
sample recovery and grade and whether any relationships between sample
sample bias may have occurred due to recovery and grade.
preferential loss/gain of fine/coarse
material.
Logging • Whether core and chip samples have been
•		 Systematic logging describes the drill
geologically and geotechnically logged to a hole lithology and quartz veining to a
level of detail to support appropriate level of detail to support appropriate
Mineral Resource estimation, mining Mineral Resource estimation.
studies and metallurgical studies. • Qualitative logging of samples included
• Whether logging is qualitative or (but was not limited to) lithology,
quantitative in nature. Core (or costean, mineralogy, veining and weathering.
channel, etc) photography. • Geological logging is qualitative in nature,
• The total length and percentage of the quantitative logging is not available.
relevant intersections logged. • Every metre (100%) of RC and DD
drilling was geologically logged and
sampled.
Sub- • If core, whether cut or sawn and whether • Details of core sampling have not yet
sampling quarter, half or all core taken. been found in historical
techniques • If non-core, whether riffled, tube sampled, • All pre-2018 RC samples were collected
and sample rotary split, etc and whether sampled wet in a cyclone and split using a 3-level riffle
preparation or dry. splitter to maximise and maintain a
• For all sample types, the nature, quality consistent and representative sample.
and appropriateness of the sample The majority of samples were dry. Wet
preparation technique. RC samples were grab sampled.
• Quality control procedures adopted for all • 2018 RC sampling 1m samples were
sub-sampling stages to maximise collected from a cone splitter attached to
representivity of samples. a cyclone yielding a sample of 2-4kg,
• Measures taken to ensure that the • RC sampling methods were to industry
sampling is representative of the in-situ standard and appear appropriate for the
material collected, including for instance style of mineralisation.
results for field duplicate/second-half • Limited field duplicates and coarse
sampling. residue resplits were collected and
• Whether sample sizes are appropriate to analysed.
the grain size of the material being • A sample size of 2-4kg was collected and
sampled. considered appropriate and
representativeforthe grainsize and style

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
of mineralisation
Quality of • The nature, quality and appropriateness of • Samples dried, jaw and roll crushed,
assay data the assaying and laboratory procedures split and pulverised in a steel mill.
and used and whether the technique is Assays from earlier RC holes analysed
laboratory considered partial or total. by AAS determination on 20gm sample
tests • For geophysical tools, spectrometers, after aqua regia digestion. Samples
handheld XRF instruments, etc, the >0.5g/t Au repeated by fire assay on 50g
parameters used in determining the charge. Assays from later RC holes
analysis including instrument make and were determined by 50g fire assay.
model, reading times, calibrations factors • Assay and lab techniques were industry
applied and their derivation, etc. standard at the time of collection and
• Nature of quality control procedures appropriate for the style of
adopted (e.g. standards, blanks, mineralisation.
duplicates, external laboratory checks) and • No geophysical or hand-held tools were
whether acceptable levels of accuracy (i.e. reported as being utilised for the drilling
lack of bias) and precision have been programs in question.
established. • Limited historical field duplicates and
coarse residue resplits were collected
and analysed.
• For the 2018 drilling campaign,
reference standards and blanks were
inserted by Artemis at a rate of 1 in 20
samples and submitted to ALS Perth
laboratory. Assay results of these
standards and blanks give confidence in
the accuracy and precision of assay data
returned from ALS Perth laboratory.
• For the 2018 drilling program, field
duplicates were also collected every 20th
sample and submitted to ALS Perth
laboratory. Results are within
acceptable limits. Field duplicates were
collected directly from the cone splitter
fitted to the drill rig
Verification • The verification of significant intersections • A very small number of coarse residue
of sampling by either independent or alternative samples (40) were submitted to an
and company personnel. umpire laboratory for independent
assaying • The use of twinned holes. analysis. The dataset was considered
• Documentation of primary data, data entry too small for meaningful conclusions to
procedures, data verification, data storage be derived.
(physical and electronic) protocols. • No twinning of holes has been conducted
• Discuss any adjustment to assay data. to date, according to historical reports.
• Limited verification was performed by
Geostat Services at the time of resource
estimation in 2009.
• No adjustments of assay data have yet
beendiscoveredin historical reports.
Location of • Accuracy and quality of surveys used to • Historical drilling was performed prior to
data points locate drill holes (collar and down-hole 2000 and as such, hole locations were
surveys), trenches, mine workings and surveyed by local contract surveyors, and
other locations used in Mineral Resource assumed to be accurate.
estimation. • Downhole surveys using camera in rods
• Specification of the grid system used. for RC holes WRC133-146. Downhole
• Quality and adequacy of topographic surveys using Eastman camera for 4
control. diamond holes WDH002, 032, 103, 106.
• Downhole surveys using a gyroscopic
instrument (tool #EG0150 supplied by
Topdrill, operated by ARV personnel) for
holes WERC001-WERC019. A north-
seeking gyroscope was used, eliminating
the risk of magnetic interference.
• Grid system used is MGA 94 (Zone 50),
with conversion of coordinates to a local
grid for resource estimation and planning.
• Topography surface generated from
surveyed drill collars.

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Data • Data spacing for reporting of Exploration • Holes drilled on a total of 18 drill sections
spacing and Results. with an average 25m spacing along-strike
distribution • Whether the data spacing and distribution and 20m across-strike.
is sufficient to establish the degree of • Data spacing is considered sufficient for
geological and grade continuity appropriate the establishment and classification of an
for the Mineral Resource and Ore Reserve Inferred resource with respect to this
estimation procedure(s) and classifications style of mineralisation.
applied. • WRC001-WRC024: Composite 4m
• Whether sample compositing has been samples were submitted for analysis.
applied. Anomalous 4m composite samples were
then re-run by fire assay of the individual
1m samples. All later RC holes were not
composited and were sampled at 1m
intervals.
Orientation • Whether the orientation of sampling • Most drill holes are planned to intersect
of data in achieves unbiased sampling of possible the interpreted mineralised
relation to structures and the extent to which this is structures/lodes as close to a
geological known, considering the deposit type. perpendicular angle as possible (subject
structure • If the relationship between the drilling to physical access).
orientation and the orientation of key • Drilling orientation and subsequent
mineralised structures is considered to sampling is unbiased in its representation
have introduced a sampling bias, this of reported material.
should be assessed and reported if
material.
Sample • The measures taken to ensure sample • As the historical drilling was undertaken
security security. from 1986-1996, detailed documentation
of chain of custody was not widespread
industry standard at that time.
• For 2018 drilling, calico sample bags were
placed in polyweave sacks, up to 5 bags
per sack. Sacks from individual holes were
placed into bulk bags, with each bulk bag
labelled with:
o
Artemis Resources Ltd
o
Address of laboratory
o
Sample range
• Samples were delivered on pallets by
Artemis personnel to the transport
company in Karratha.
• The transport company then delivered
the samples directly to ALS Perth
Laboratory.
Audits or • The results of any audits or reviews of • Comparisons were made between aqua
reviews sampling techniques and data. regia and fire assay (repeat) methods on
WRC025 to WRC086 to assess reliability.
It was considered that fire assays are
reliable and should replace aqua regia
assays for resource modelling and other
applications.
• Comparison of 628 repeats with original
samples show a close and acceptable
reconciliation.
• It is acknowledged that there could be
variability imposed by the use of three
different laboratories over the various
programs and minor variations in
sampling, preparation and analysis
methods.

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Section 2 Reporting of Exploration Results

(Criterialistedinthe (Criterialistedinthe (Criterialistedinthe preceding sectionalso apply to this section.)
Criteria JORC Code explanation Commentary
Mineral • Type, reference name/number, location and
•		 M47/223 is 100% held by Western Metals
tenement ownership including agreements or material Pty Ltd, an entity in which Artemis has an
and land issues with third parties such as joint 80% interest (via its wholly owned
tenure ventures, partnerships, overriding royalties, subsidiary, Karratha Metals Pty Ltd).
status native title interests, historical sites,
wilderness or national park and • The tenement is in good standing and
environmental settings. no known impediments exist (see map
• The security of the tenure held at the time elsewhere in this report for location).
of reporting along with any known
impediments to obtaining a licence to
_operate inthe area. _
Exploration • Acknowledgment and appraisal of • Noranda drilled three percussion holes
done by exploration by other parties. (WPH1-3) in the period 1978-1985.
other parties Between 1986 and 1988, a large RC
drilling campaign involving 132 RC
holes (WRC01-132) was completed.
Five diamond drillholes were also drilled
using HQ triple tube for a total of 462m.
In 1988 Noranda became Pioneer
Minerals, then Plutonic Gold in 1990;
which was subsequently taken over in
1998 by Homestake Gold Mining.
• In 1990, Homestake completed a
preliminary sectional resource estimate
of 238,300t @ 3.49g/t Au, using a 1g/t
Au lower cut-off and a specific gravity of
2.0 down to a depth of 50-60m. This
was followed by a further 15 RC
drillholes (WRC133-147) drilled in
1996/97 to test the depth and strike
extent oftheknown mineralisation.
Geology • Deposit type, geological setting and style of
•		 The geological setting of the Weerianna
mineralisation. gold deposit is within a chert-ultramafic
schist sequence between two basaltic
terrains. The deposit lies on the
overturned eastern limb of an east-
northeast trending syncline, located
northwest of the main regional anticlinal
structure. Mineralisation at Weerianna
is associated with quartz veins within
chlorite-serpentinite schists with
variable degrees of silicification and
carbonate alteration. Quartz veining is
controlled by the schistosity, which
forms parallel to the bedding orientation
ofthehostrocks.
Drill hole • A summary of all information material to the
•		 Drill hole collar and downhole survey
Information understanding of the exploration results details are listed in the attachment. It is
including a tabulation of the following impractical to list all drill hole intercepts
information for all Material drill holes: used in the resource estimate.
o easting and northing of the drill hole • Details are provided in local grid co-
collar ordinates. The historic drilling was
o elevation or RL (Reduced Level – drilled on a local grid established
elevation above sea level in metres) of between 1978 and 1985 with local north
the drill hole collar 28W of magnetic North. In 2006 the drill
o dip and azimuth of the hole hole database was updated to provide
o down hole length and interception depth collar coordinates for AGD94 datum
o hole length. map zone MGA94 Zone 50.
• 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. _

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Data • In reporting Exploration Results, weighting • No exploration results are reported in
aggregation averaging techniques, maximum and/or this announcement.
methods minimum grade truncations (e.g. cutting of • Exploration results have been reported
high grades) and cut-off grades are usually previously in historical annual reports as
Material and should be stated. length-weighted averages. An example
• Where aggregate intercepts incorporate would be from WRC-17 as follows:
short lengths of high-grade results and From (m)
To (m)
Au_Ave
• 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		 47
48
9
48
49
4.805
49
50
1.46
50
51
1.07
Weighted average=
((1x9)+(1x4.805)+(1x1.46)+(1x1.07))/(1+1+
1+1) =4m at 4.09 g/t Au
stated. • No metal equivalents are used for
reporting.
Relationship
•		 These relationships are particularly • Specific exploration results and
between important in the reporting of Exploration intercept lengths are not provided in this
mineralisati Results. release.
on widths • If the geometry of the mineralisation with • Where possible, drillholes were aligned
and respect to the drill hole angle is known, its to intersect the mineralisation as close
intercept nature should be reported. to perpendicular as possible, thus
lengths • If it is not known and only the down hole reflecting close to true width.
lengths are reported, there should be a
clear statement to this effect (e.g. ‘down
_hole length, true width not known’). _
Diagrams • Appropriate maps and sections (with • A plan view of drill hole collar locations
scales) and tabulations of intercepts should and schematic cross section are shown
be included for any significant discovery below.
being reported These should include, but
not be limited to a plan view of drill hole
collar locations and appropriate sectional
views.
• 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.

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Balanced • It is not practical to report all exploration
reporting results.
• Exploration results of all drilling have
been reported in historical annual
reports where the length-weighted
average has exceeded 1g/t Au. Holes
where no significant assays have been
returnedhave also been reported.
Other • Other exploration data, if meaningful and • No other significant exploration work
substantive material, should be reported including (but has been done by Artemis or Western
exploration not limited to): geological observations; Metals Pty Ltd to date.
data 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 • Artemis will consider various scenarios
work (e.g. tests for lateral extensions, depth aimed at assessing the need for
extensions or large-scale step-out drilling). additional drilling or other activity.
• Diagrams clearly highlighting the areas of • The resource is open at depth, and also
possible extensions, including the main between the respective mineralisation
geological interpretations and future drilling zones. Diagrams will be provided
areas, provided this information is not dependent on a positive assessment of
commercially sensitive. the need for additional drilling or other
activity.

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Database • Measures taken to ensure that data has • Excel files were supplied to Geostat
integrity not been corrupted by, for example, Services “Geostat” for use in the 2018
transcription or keying errors, between its resource estimate.
initial collection and its use for Mineral • Data validation steps included, but were
Resource estimation purposes. not limited to the following:
• Data validation procedures used. -
Validation through database
constraints e.g.
overlapping/missing intervals,
intervals exceeding maximum
depth, missing assays.
-
Validation through 3D
visualisation in 3D software to
check for any obvious collar,
downhole survey, or assay
import errors.
Site visits • Comment on any site visits undertaken by • No site visits were undertaken by
the Competent Person and the outcome of Geostat, as this estimate was originally
those visits. undertaken for a private company.
• If no site visits have been undertaken
_indicate why this is the case. _
Geological • Confidence in (or conversely, the • The confidence in the geological
interpretatio uncertainty of ) the geological interpretation interpretation is considered to be
n of the mineral deposit. relatively good.
• Nature of the data used and of any • Detailed geological logging and surface
assumptions made. mapping allow extrapolations of
• The effect, if any, of alternative mineralisation intersections from section
interpretations on Mineral Resource to section.
estimation. • The Mineral Resource is well-defined
• The use of geology in guiding and from existing drillholes, and as such,
controlling Mineral Resource estimation. alternative interpretations will result in
• The factors affecting continuity both of similar tonnage and grade.
grade and geology. • Geological boundaries generally
correspondwell withthe spatial locations

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
of the mineralisation.
• Quartz vein zones associated with
schistosity are interpreted to be the key
factors affectingmineralisation continuity.
Dimensions • The extent and variability of the Mineral • Four mineralisation zones comprise the
Resource expressed as length (along strike deposit with an overall E-W trend and
or otherwise), plan width, and depth below steep dip of approximately -80° towards
surface to the upper and lower limits of the grid south.
Mineral Resource. • The combined mineralisation zones
extend over 600m along strike, with
maximum down-dipextent of 120m.
Estimation • The nature and appropriateness of the • The Mineral Resource was estimated
and estimation technique(s) applied and key using ordinary kriging (OK) interpolation
modelling assumptions, including treatment of in Surpac mining software.
techniques extreme grade values, domaining, • Four distinct mineralisation zones
interpolation parameters and maximum comprise the deposit with an overall E-W
distance of extrapolation from data points. trend and steep dip of approximately -80°
If a computer assisted estimation method towards grid south. 18 wireframes were
was chosen include a description of delineated from sectional outlines to
computer software and parameters used. represent all mineralisation within these
• The availability of check estimates, zones. Each wireframe was treated as a
previous estimates and/or mine production separate interpolation domain, with
records and whether the Mineral Resource interpolation of grades limited to blocks
estimate takes appropriate account of such within each domain (wireframe).
data. • A top-cut of either 10 or 20 g/t Au was
• The assumptions made regarding recovery applied to selected lodes where the
of by-products. coefficient of variation was high and/or
• Estimation of deleterious elements or other there was a large variance present.
non-grade variables of economic • A minimum of 4 composites and a
significance (e.g. sulphur for acid mine maximum of 25 composites were used in
drainage characterisation). interpolation of grades into blocks.
• In the case of block model interpolation, • A block model of parent cell size 4m (N) x
the block size in relation to the average 12.5m (E) x 5m (RL) sub-celled to 1m x
sample spacing and the search employed. 6.25m x 2.5m was used for resource
• Any assumptions behind modelling of estimation.
selective mining units. • Search ellipses for initial interpolation of
• Any assumptions about correlation grades comprised 75m x 25m x 10m. A
between variables. second subsequent interpolation pass
• Description of how the geological was employed with expanded search
interpretation was used to control the ellipses in order to fill blocks in areas of
resource estimates. sparse drill density within the lodes.
• Discussion of basis for using or not using • 2 earlier non-JORC compliant resource
grade cutting or capping. estimates were available for comparison,
• The process of validation, the checking
process used, the comparison of model
data to drill hole data, and use of		 albeit with smaller datasets and were
consistent given the drilling at the time in
comparison with the current Geostat
reconciliation data if available. estimate.
• No assumptions have been made
regarding recovery of by-products.
• No estimation of any deleterious
elements has been made.
• A combination of assays and lithology
were used to define the wireframe
envelopes, with a cut-off of approximately
0.5 g/t Au to separate mineralisation from
waste.
• The resource estimate was validated by
visual validations on screen, global
statistical comparisons of input composite
grades and block grades, and local
grade/depthgraphical relationships.
Moisture • Whether the tonnages are estimated on a • Tonnages are estimated on a wet basis.
dry basis or with natural moisture, and the
method of determination of the moisture
_content. _
Cut-off • The basis of the adopted cut-off grade(s) or
•		 A nominal cut-off of 1.0g/t Au
parameters quality parameters applied. corresponds with the visual

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
mineralisation as determined by quartz
veining within schistosity and effectively
maps the mineralised zones. This cut-off
was also chosen to reflect reasonable
prospect for economic extraction at the
appropriate grade population.
Mining • Assumptions made regarding possible • The mining scenario of the deposit as
factors or mining methods, minimum mining shown to be economically viable would
assumptions dimensions and internal (or, if applicable, likely be a small open pit. Geostat has
external) mining dilution. It is always not fully assessed the potential mining
necessary as part of the process of parameters. Further studies are planned
determining reasonable prospects for to address possible mining scenarios
eventual economic extraction to consider given current economic factors.
potential mining methods, but the
assumptions made regarding mining
methods and parameters when estimating
Mineral Resources may not always be
rigorous. Where this is the case, this
should be reported with an explanation of
_the basis of the mining assumptions made. _
Metallurgical
•		 The basis for assumptions or predictions • Geostat is not aware of specific
factors or regarding metallurgical amenability. It is metallurgical test work to date at
assumptions always necessary as part of the process of Weerianna.
determining reasonable prospects for • It is thought that simple CIL/CIP gold
eventual economic extraction to consider recovery methods may be appropriate
potential metallurgical methods, but the but is yet to be confirmed.
assumptions regarding metallurgical
treatment processes and parameters made
when reporting Mineral Resources may not
always be rigorous. Where this is the case,
this should be reported with an explanation
of the basis of the metallurgical
_assumptions made. _
Environment • Assumptions made regarding possible • No assumptions at this stage in regard to
al factors or waste and process residue disposal environmental factors or assumptions
assumptions options. It is always necessary as part of have been made.
the process of determining reasonable
prospects for eventual economic extraction
to consider the potential environmental
impacts of the mining and processing
operation. While at this stage the
determination of potential environmental
impacts, particularly for a green fields
project, may not always be well advanced,
the status of early consideration of these
potential environmental impacts should be
reported. Where these aspects have not
been considered this should be reported
with an explanation of the environmental
_assumptions made. _
Bulk density • Whether assumed or determined. If • Gamma densities were collected at 10cm
assumed, the basis for the assumptions. If intervals down each hole from the 2018
determined, the method used, whether wet drilling campaign and averaged per
or dry, the frequency of the measurements, metre. Density values with caliper
the nature, size and representativeness of measurements >10% were removed from
the samples. the dataset.
• The bulk density for bulk material must • Densities of 2.39t/m3(oxide), 2.45t/m3
have been measured by methods that (transitional) and 2.87t/m3(primary) were
adequately account for void spaces (vugs, used to estimate resource block tonnage
porosity, etc), moisture and differences for all lodes. These were based on
between rock and alteration zones within averaging of gamma densities within
the deposit. each weathering zone. These are
• Discuss assumptions for bulk density considered to be in line with regional
estimates used in the evaluation process of estimates.
the different materials. • No bulk density measurements have
been conducted to date. This is planned
as a priority to validate current densities.
• A digital terrain model(DTM)has been

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
used to discriminate between the oxide,
transitional and primary boundaries and
is based on geological logging of the drill
holes.
Classificatio • The basis for the classification of the • Mineral Resources have been classified
n Mineral Resources into varying confidence in the Inferred category in accordance
categories. with the JORC Code 2012 guidelines.
• Whether appropriate account has been Classification of the resource involved
taken of all relevant factors (i.e. relative several criteria, including drill hole
confidence in tonnage/grade estimations, spacing, sampling density, sampling
reliability of input data, confidence in locations, lode geometry, QAQC, bulk
continuity of geology and metal values, density and confidence in grade
quality, quantity and distribution of the continuity.
data). • Lodes were classified as Inferred on the
• Whether the result appropriately reflects basis of the above criteria and this is
the Competent Person’s view of the considered appropriate given the existing
deposit. data.
• The resource estimate and classification
result reflects the view of the Competent
Person.
Audits or • The results of any audits or reviews of • No audits or reviews of the Geostat
reviews Mineral Resource estimates. resource have been conducted to date.
Discussion • Where appropriate a statement of the • The relative accuracy of the Mineral
of relative relative accuracy and confidence level in Resource is reflected in the classification
accuracy/ the Mineral Resource estimate using an of the Mineral Resource in the Inferred
confidence approach or procedure deemed category as per the guidelines of the
appropriate by the Competent Person. For 2012 JORC Code.
example, the application of statistical or • Relative accuracy and confidence have
geostatistical procedures to quantify the been assessed through validation of the
relative accuracy of the resource within model as outlined above.
stated confidence limits, or, if such an • The Mineral Resource statement reflects
approach is not deemed appropriate, a the assumed accuracy and confidence as
qualitative discussion of the factors that a global estimate.
could affect the relative accuracy and
confidence of the estimate.		 • Details of historical production and the
exact location of extraction are not
• The statement should specify whether it available and hence are not appropriate
relates to global or local estimates, and, if to compare to this most recent resource
local, state the relevant tonnages, which estimate.
should be relevant to technical and
economic evaluation. Documentation
should include assumptions made and the
procedures used.
• These statements of relative accuracy and
confidence of the estimate should be
compared with production data, where
_available. _

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