Artemis Resources Limited — Capital/Financing Update 2021

Jul 15, 2021

16 July 2021

ASX Announcement

==> picture [138 x 52] intentionally omitted <==

High Grade Au-Cu Exploration Results from the Carlow Castle Project. New 11,000m RC Programme Underway.

Highlights

The Company is pleased to announce the commencement of a major exploration drilling campaign at Carlow Castle that has the potential to substantially enhance the project.

A circa 11,000m RC drilling exploration programme has now commenced with a primary focus on further expanding several Western high-grade shoots, growing the Crosscut deposit and testing the Good Luck and Little Fortune mineralised systems several kilometres to the south of the main Carlow Project Area.

Meanwhile the first 6 holes of the 9-hole RC exploration drilling completed in May 2021 focusing on the Western End of the Carlow Project Area returned excellent gold and copper mineralisation. Importantly all RC results presented occur external to the preliminary 2021 resource update shells.

New Western high-grade upper shoot discovered;

o 6m @ 14.97g/t Au, 7.09% Cu, 0.06% Co from 53m (ARC310)

This new Western upper shoot sits structurally above the previously announced lower shoot that hit;

o 5m @ 24.32g/t Au, 3.39% Cu, 0.24% Co from 166m (ARC282)

Other important drilling results were also returned from this exploration of the Western end of the Carlow Castle Project Area.

• 6m @ 1.35g/t Au, 0.34% Cu, 0.07% Co from 136m (ARC311)

• 6m @ 2.61g/t Au, 0.54% Cu, 0.14% Co from 186m (ARC311)

• 6m @ 2.68g/t Au, 1.1% Cu, 0.02% Co from 28m (ARC312)

• 5m @ 1.66g/t Au, 0.26% Cu, 0.04% Co from 56m (ARC312)

• 2m @ 1.15g/t Au, 0.19% Cu, 0.03% Co from 83m (ARC312)

• 1m @ 9.29g/t Au, 0.67% Cu, 0.17% Co from 114m (ARC312)

• 2m @ 2.07g/t Au, 0.44% Cu, 0.31% Co from 110m (ARC313)

• 4m @ 2.09g/t Au, 0.5% Cu, 0.06% Co from 121m (ARC313)

Assays for a further three RC exploration drill holes and 6 diamond drill infill holes from the May 2021 programme expected soon

==> picture [49 x 19] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF W www.artemisresources.com.au

Page 1 of 14

Artemis Resources Limited (“Artemis” or “the Company”) (ASX:ARV, Frankfurt: ATY, US OTCQB: ARTTF) is pleased to provide an update on drill programmes at its 100%-owned Carlow Castle Gold and Copper Project in the west Pilbara region of Western Australia.

Alastair Clayton, Executive Director commented : “Exploration drilling at the Carlow Project has once again returned some fantastic results and highlights the remarkable overall prospectivity of this large mineralised system to host substantial shoots of very high-grade gold and copper.

Resource work has highlighted the need to better understand the nature and controls on the mineralisation in order to target drilling, such that it grows the project not only in terms of tonnes but in doing so maintains or increases the grade of the Au-Cu resource.

The exploration results from the May programme and the new RC drill exploration campaign now underway are aiming to achieve just that and with multiple areas yet to be drill tested, I am confident substantially more high-grade zones will be identified.

With our Paterson Central access and heritage plans rapidly advancing and Carlow back on track, our shareholders should expect very substantial progress for the remainder of 2021.

Figure 1 shows the location of completed and proposed holes at Carlow Castle, Crosscut and Quod Est.

==> picture [476 x 276] intentionally omitted <==

Figure 1: Plan view of the various Project Areas in relation to completed and proposed holes. The 2021 block model is highlighted in yellow.

==> picture [493 x 44] intentionally omitted <==

==> picture [49 x 19] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF W www.artemisresources.com.au

Page 2 of 14

Summary of Results at Carlow Castle

Results for the drilling completed up to the 18[th] of May are being received and compiled. These holes are shown in Table 1 along with the holes that are still waiting on assays results.

Hole No	Comment	From	To	Downhole Width (m)	True Width (m)	Au (g/t)	Cu (%)	Co (%)
ARC310		53	59	6	5.4	14.97	7.09	0.06
	Including	54	57	3	2.7	13.92	5.11	0.03
		112	113	1	0.9	1.42	0.05	0.03
		168	170	2	1.8	1.61	0.16	0.13
		225	226	1	0.9	1.37	0.06	0.01
ARC311		136	142	6	5.4	1.35	0.34	0.07
		154	155	1	0.9	2.49	0.49	0.02
		186	192	6	5.4	2.61	0.54	0.14
	Including	187	188	1	0.9	6.27	1.07	0.05
ARC312		9	10	1	0.9	1.61	2.33	0.05
		28	34	6	5.4	2.68	1.10	0.02
	Including	31	34	3	2.7	4.34	1.75	0.01
		56	61	5	4.5	1.66	0.26	0.04
		83	85	2	1.8	1.15	0.19	0.03
		114	115	1	0.9	9.29	0.67	0.17
		144	145	1	0.9	2.63	0.23	0.01
ARC313		35	36	1	0.9	1.11	0.05	0.01
		44	45	1	0.9	1.21	0.28	0.03
		82	83	1	0.9	1.06	3.93	0.01
		105	106	1	0.9	1.30	0.08	0.18
		110	112	2	1.8	2.07	0.44	0.31
		121	125	4	3.6	2.09	0.50	0.06
	Including	124	125	1	0.9	5.76	1.74	0.07
		147	148	1	0.9	1.35	0.14	0.10
		199	200	1	0.9	5.17	0.38	0.01
ARC314	NSI
ARC315	NSI
ARC316	Pending
ARC317	Pending
ARC318	Pending

Table 1: Recent Carlow Castle drilling assay results averaged over significant drill intercept intervals bases on 1m assay samples, intersections defined by either >0.5g/t Au or >0.5%Cu, max 2m internal dilution. NSI = no significant intercept.

The high-grade zone intersected in Hole ARC310 shows significant sulphide mineralisation in the form of fresh chalcopyrite and pyrite in an altered basaltic host. Figure 2 shows a close up of RC chips from the ARC310 chip trays. Results such as these are encouraging and warrant further work.

==> picture [49 x 19] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF W www.artemisresources.com.au

Page 3 of 14

==> picture [317 x 317] intentionally omitted <==

Figure 2: Chalcopyrite/pyrite in silicified altered basalt host. Grade for this interval returned 6m @ 14.97g/t Au, 7.09% Cu and 0.06% Co, from 53 metres in Hole ARC310.

==> picture [407 x 337] intentionally omitted <==

Figure 3: Section 506670mE Showing results for Holes ARC311 and ARC312. Refer to Figure 1 for location

==> picture [49 x 19] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF W www.artemisresources.com.au

Page 4 of 14

==> picture [415 x 344] intentionally omitted <==

Figure 4: Section 506700mE showing results for Holes ARC310. Refer to Figure 1 for location

Proposed programme

The location of both completed and proposed hole collar locations are shown in Figure 1.

An additional 11,000m drill program has been planned based on new interpretations for Carlow Castle Main Zone, Quod Est and Crosscut Area. This program is designed to test the plunging shoots at depth, below what previously appears to be a low grade patch between the western main zone and the high grade eastern zone. If these shoots are found to be persistent, then the resource potential for Carlow Castle will be significantly increased.

Drilling in the Crosscut Zone will test targets based on recent exploration structural interpretation and geophysical information. This is shown in Figure 5.

Previous drilling at Crosscut had intersected significant mineralisation which shows that this area has excellent potential to develop into another mineralised zone. Previous intersections suggest a strike length more than 200m given the NW-SE orientation of the structural trend.

The next phase of drilling will increase this length, as long as the structural trends exist and are mineralised.

==> picture [49 x 19] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF W www.artemisresources.com.au

Page 5 of 14

==> picture [429 x 232] intentionally omitted <==

Figure 5: Updated interpretation (plan view) of the Crosscut Zone showing the potential for repeated mineralised structures of an en echelon nature. Holes have been repositioned to test these features. Background image of SAM survey.

Good Luck and Little Fortune

These two areas that are located several kilometres south of the Main Carlow Castle area, will be tested in the upcoming drill campaign. The drill targets are a combination of geophysical targets and geological interpretation. This is around 2,800 metres planned to be drilled in these areas. Once drilling is completed, results will be analysed and another campaign of drilling will be planned. Figure 6 shows the target areas for the upcoming drill programme.

==> picture [397 x 297] intentionally omitted <==

Figure 6: Location of the different project areas and collar positions for the upcoming drill program.

==> picture [49 x 19] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF W www.artemisresources.com.au

Page 6 of 14

==> picture [421 x 293] intentionally omitted <==

Figure 7: Current drill programme - Schramm track mounted rig drilling hole ARC319

COMPETENT PERSONS STATEMENT:

The information in this announcement that relates to Exploration Results and Exploration Targets is based on information compiled or reviewed by Mr. Steve Boda, who is a Member of the Australasian Institute Geoscientists. Mr. Boda is an employee of Artemis Resources Limited. Mr. Boda has sufficient experience that 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. Boda consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

About Artemis Resources

Artemis Resources (ASX: ARV; FRA: ATY; US: ARTTF) is a Perth-based exploration and development company, led by an experienced team that has a singular focus on delivering shareholder value from its Pilbara gold projects – the Greater Carlow Gold Project in the West Pilbara and the Paterson Central exploration project in the East Pilbara.

For more information, please visit www.artemisresources.com.au

This announcement was approved for release by the Board.

For further information contact:

Alastair Clayton Executive Director alastair.clayton@artemisresources.com.au

==> picture [49 x 19] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF W www.artemisresources.com.au

Page 7 of 14

Holes ARC310 – ARC315 pending full collar survey.

HoleID	Type	Easting GDA94	Northing GDA94	RL (m)	Dip	Azimuth Mag	Total Depth (m)
ARC310	RC	506720.00	7698808.00	37.00	-60.00	180.00	260.00
ARC311	RC	506670.00	7698822.00	37.00	-60.00	180.00	260.00
ARC312	RC	506670.00	7698768.00	36.00	-60.00	180.00	200.00
ARC313	RC	506760.00	7698762.00	36.00	-60.00	180.00	220.00
ARC314	RC	506580.00	7698756.00	36.00	-60.00	180.00	180.00
ARC315	RC	506560.00	7698740.00	35.00	-60.00	180.00	150.00

Table 2: Carlow Drill Collar Survey.

==> picture [49 x 19] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF W www.artemisresources.com.au

Page 8 of 14

JORC Code, 2012 Edition – Table 1

SECTION 1 SAMPLING TECHNIQUES AND DATA

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

Criteria				Commentary
Sampling		• Nature and quality of sampling	•	Reverse circulation drilling was used to obtain both 2m
techniques		(eg cut channels, random		composite and one metre samples, using a 5 ¼” face sampling
		chips, or specific specialised		hammer.
		industry standard measurement	•	Samples were collected on a 2m composite basis to a
		tools appropriate to the		prescribed depth predetermined by previous drilling,
		minerals under investigation,		wireframing and assay data. Once the predetermined depth is
		such as down hole gamma		achieved, the sampling reverts to one metre sample through the
		sondes, or handheld XRF		orezone to EOH.
		instruments, etc). These	•	After composite sample results received, all samples that return
		examples should not be taken		a value of >0.1g/t Au will result in the resplitting of the one metre
		as limiting the broad meaning		bulk bags at site using a 75:25 jones riffle splitter. These one
		of sampling.		metre samples are then submitted for analysis.
		• Include reference to measures	•	All samples are pulverized to produce a 50g charge for fire
		taken to ensure sample		assay.
		representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report.	• • •	Drilling sampling techniques employed at the Artemis core facility include saw cut HQ (63mm) drill core samples. Both RC and HQ wireline core is currently being used to drill out the geological sequences and identify zones of mineralisation that may or may not be used in any Mineral Resource estimations, mining studies or metallurgical testwork. Duplicate samples were collected at the rig from a static cone
	•	In cases where ‘industry		splitter, with the primary and duplicate bag both simultaneously
		standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling	•	collected from separate chutes. For RC, the cyclone was cleared between rod changes to minimise contamination.
		was used to obtain 1 m samples
		from which 3 kg was pulverised
		to produce a 30 g charge for fire
		assay’). In other cases more
		explanation may be required,
		such as where there is coarse
		gold that has inherent sampling
		problems. Unusual commodities
		or mineralisation types (eg
		submarine nodules) may warrant
		disclosure of detailed
		information.
Drilling	•	Drill type (eg core, reverse	•	Reverse Circulation drilling completed by Topdrill.
techniques		circulation, open-hole hammer,	•	Drilling was completed using a truck mounted T685 Schramm rig
		rotary air blast, auger, Bangka,		mounted on 8x8 trucks
		sonic, etc) and details (eg core	•	This can produce 1000psi/2700CFM with an axillary booster
		diameter, triple or standard tube,		which is capable of achieving dry samples at depths of around
		depth of diamond tails, face-		300m.
		sampling bit or other type,
		whether core is oriented and if
		so, by what method, etc).
Drill sample	•	Method of recording and	•	Recoveries are recorded on logging sheets along with encounters
recovery		assessing core and chip sample		with water and whether the samples are dry, moist or wet.
		recoveries and results assessed.	•	Drilling recoveries for Reverse Circulation drilling were >80% with
	•	Measures taken to maximise		some exceptions that maybe caused by loss of return through
		sample recovery and ensure		faults or encounters with water.
		representative nature of the	•	>90% of samples returned dry.
		samples.	•	Statistical analysis shows that no bias of grade exists due to
	•	Whether a relationship exists		recoveries
		between sample recovery and
		grade and whether sample bias
		may have occurred due to
		preferential loss/gain of
		fine/coarse material.
Logging	•	Whether core and chip samples	•	RC samples were collected from the static cone splitter as two
		have been geologically and		samples, one bulk sample and one primary (analytical) sample.
		geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical	• •	The bulk samples are one metre splits. These bags are then placed in neat rows of 50 bags each clear of the rig for safety reasons.

==> picture [49 x 19] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF W www.artemisresources.com.au

Page 9 of 14

Criteria					Commentary
		studies.		•	A field technician mixes the bag by hand before taking a sample
	•	Whether logging is qualitative or			using a sieve and sieves the sample to remove fines.
		quantitative in nature. Core	(or	•	The sieved sample is then transferred to a wet sieve in a bucket
		costean, channel,	etc)		of water, and the sample is sieved further until rock fragments are
		photography.			clearly visible.
	•	The total length and percentage		•	These rock fragments are then logged by the site geologist,
		of the relevant intersections			taking note of colour, grainsize, rock type, alteration if any,
		logged.			mineralisation if any, veining if any, structural information if
					notable and any other relevant information.
				•	This information is then written down on pre-printed logging
					sheets, using codes to describe the attributes of the geology.
				•	A representative sample is transferred to pre-labelled chip trays
					into the corresponding depth from where the sample was drilled
					from.
				•	The remainder of the sample from the sieve is then transferred
					into a core tray that has been marked up by depths at metre
					intervals.
				•	An identification sheet noting the hole number and from-to depths
					that correspond to each tray is then written up and placed above
					the tray and a photograph is taken of the chips.
				•	The hole is logged in its entirety, hence 100%
				•	The geological data would be suitable for inclusion in a Mineral
					Resource Estimation(MRE)
Sub-sampling	•	If core, whether cut or sawn	and	•	RC samples were collected on the drill rig using a cone splitter. If
techniques and		whether quarter, half or all core			any mineralised samples were collected wet these were noted in
sample		taken.			the drill logs and database.
preparation	•	If non-core, whether riffled, tube		•	The RC drilling rig is equipped with a rig-mounted cyclone and
		sampled, rotary split, etc	and		static cone splitter, which provided one bulk sample of
		whether sampled wet or dry.			approximately 20-30 kilograms, and a sub-sample of
	•	For all sample types, the nature,			approximately 2-4 kilograms for every metre drilled.
		quality and appropriateness of		•	Field QC procedures involve the use of Certified Reference
		the sample preparation			Materials (CRM’s) as assay standards, along with duplicates and
		technique.			blank samples. The insertion rate of these was approximately
	•	Quality control procedures			1:20.
		adopted for all sub-sampling		•	For RC drilling, field duplicates were taken on a routine basis at
		stages to maximise			approximately 1:20 ratio using the same sampling techniques (i.e.
		representivity of samples.			cone splitter) and inserted into the sample run.
	•	Measures taken to ensure	that	•	Primary and duplicates results have been compared.
		the sampling is representative of		•	The sample sizes are appropriate, representative and are
		the in-situ material collected,			considered more than adequate to ensure that there are no
		including for instance results for			particle size effects relating to the grain size of the mineralisation.
		field duplicate/second-half
		sampling.
	•	Whether sample sizes	are
		appropriate to the grain size of
		_the material being sampled. _
Quality of assay		• The nature, quality and		•	A certified laboratory, ALS Chemex (Perth) was used for all
data and		appropriateness of the			analysis of drill samples submitted. The laboratory techniques
laboratory tests		assaying and laboratory			below are for all samples submitted to ALS and are considered
		procedures used and whether			appropriate for the style of mineralisation defined within the
		the technique is considered			Carlow Castle Project area
		partial or total.		•	The sample preparation followed industry best practice. Fire
		• For geophysical tools,			assay samples were dried, coarse crushing to ~10mm, split to
		spectrometers, handheld XRF			300g subsample, followed by pulverisation in an LM5 or
		instruments, etc, the			equivalent pulverising mill to a grind size of 85% passing 75
		parameters used in determining			micron.
		the analysis including		•	This fraction was split again down to a 50g charge for fire assay
		instrument make and model, reading times, calibrations factors applied and their derivation, etc.		• •	50-gram Fire Assay (Au-AA26) with ICP finish for Au. All samples were dried, crushed, pulverised and split to produce a sub-smapleof 50g which is digested and refluxed with
	•	Nature of quality control			hydrofluoric, nitric, hydrochloric and perchloorci acid (4 acid
		procedures adopted	(eg		digest).
		standards, blanks, duplicates,		•	This digest is considered a total dissolution for most minerals
		external laboratory checks)	and	•	Analytical analysis is performed using ICP-AES Finish (ME-
		whether acceptable levels	of		ICP61) for Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga,
		accuracy (ie lack of bias)	and		K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V,
		precision have been established.			W, Zn.
				•	Additional Ore Grade ICP-AES Finish (ME-OG62) for Cu
					reportingout of range.

==> picture [49 x 19] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF W www.artemisresources.com.au

Page 10 of 14

Criteria				Commentary
			•	Standards are matrix matched by using previous pulps from
				drilling programs and homogenised using certified laboratories.
			•	Standards were analysed by round robins to determine grade.
			•	Standards were routinely inserted into the sample run at 1:20.
			•	Laboratory standards and blank samples were inserted at
				regular intervals and some duplicate samples were taken for
				QC checks.
Verification of		• The verification of significant	•	Sampling was undertaken by field assistants supervised by
sampling and assaying		intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data	• •	experienced geologists from Artemis Resources. Significant intercepts were checked by senior personnel who confirmed them as prospective for gold mineralisation. No twin holes using RC was completed in this program. Electronic data capture on excel spreadsheets which are then
		verification, data storage		uploaded as .csv files and routinely sent to certified database
		(physical and electronic)		management provider.
		protocols. • Discuss any adjustment to assay data.	• •	Routine QC checks performed by Artemis senior personnel and by database management consultant. PDF laboratory certificates are stored on the server and are
				checked bythe Exploration Manager.
Location of		• Accuracy and quality of surveys	•	A Garmin GPSMap62 hand-held GPS was used to define the
data points		used to locate drill holes (collar		location of the initial drill hole collars. Standard practice is for the
		and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.		GPS to be left at the site of the collar for a period of 5 minutes to obtain a steady reading. Collar locations are considered to be accurate to within 5m.
		• Specification of the grid system	•	A high-quality downhole north-seeking multi-shot or continuous
		used.		survey gyro-camera was used to determine the dip and azimuth
		• Quality and adequacy of		of the hole at 30m intervals down the hole
		topographic control.	•	The topographic surface was calculated from the onsite mine
				survey pickups and subsequently verified by RTK GNSS collar
				surveys.
			•	Zone 50 (GDA 94).
			•	Surface collar coordinates are surveyed via RTK GNSS with 1cm
				accuracy by a professional surveying contractor.
			•
Data spacing		• Data spacing for reporting of	•	In certain areas, current drill hole spacing is variable and
and distribution		Exploration Results.		dependent on specific geological, and geochemical targets.
		• Whether the data spacing and	•	A nominal 40x20m drill spacing is considered adequate to
		distribution is sufficient to		establish the degree of geological and grade continuity
		establish the degree of		appropriate for JORC (2012) classifications applied.
		geological and grade continuity	•	No sample compositing to date has been used for drilling
		appropriate for the Mineral		completed by Artemis. All results reported are the result of 1
		Resource and Ore Reserve		metre downhole sample intervals.
		estimation procedure(s) and
		classifications applied.
		• Whether sample compositing
		_has been applied. _
Orientation of data in		• Whether the orientation of	•	Drill holes were designed to be perpendicular to the strike of
relation to geological		sampling achieves unbiased		known mineralisation. Due to the structural and geological
structure		sampling of possible structures and the extent to which this is known, considering the deposit		complexity of the area, mineralisation of unknown orientation can be intersected.
		type.
		• If the relationship between the
		drilling orientation and the
		orientation of key mineralised
		structures is considered to
		have introduced a sampling
		bias, this should be assessed
		and reported if material.
Sample security	•	The measures taken to ensure	•	The chain of custody is managed by the supervising geologist
		sample security.		who places calico sample bags in polyweave sacks. Up to 10
				calico sample bags are placed in each sack. Each sack is clearly
				labelled with:
			o	Artemis Resources Ltd

==> picture [49 x 19] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF W www.artemisresources.com.au

Page 11 of 14

Criteria				Commentary
			o	Address of laboratory
			o	Sample range
			•	Samples were delivered by Artemis personnel to the transport
				company in Karratha and shrink wrapped onto pallets.
			•	The transport company then delivers the samples directly to the
				laboratory.
Audits or reviews	•	The results of any audits or	•	Data is validated upon up-loading into the master database. Any
		reviews of sampling techniques		validation issues identified are investigated prior to reporting of
		and data.		results.

SECTION 2 REPORTING OF EXPLORATION RESULTS

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

Criteria						Commentary
Mineral tenement	•	Type, reference				•Drilling by Artemis was carried out on E47/1797 – 100% owned by
and land tenure		name/number, location				Artemis Resources Ltd. This tenement forms a part of a broader
status		and ownership including agreements or material issues with third parties				tenement package that comprises the West Pilbara Project. •This tenement is in good standing.
		such as joint ventures,
		partnerships, overriding
		royalties, native title
		interests, historical sites,
		wilderness or national
		park and environmental
		settings.
		• The security of the tenure
		held at the time		of
		reporting along with	any
		known impediments		to
		obtaining a licence		to
		operate in the area.
Exploration done by	•	Acknowledgment	and		•	The most significant work to have been completed historically in the
other parties		appraisal of exploration				Carlow Castle area, including the Little Fortune and Good Luck
		by other parties.				prospects, 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			•	The Carlow Castle Co-Cu-Au prospect includes a number of
		setting and style		of		mineralised shear zones, located on the northern margin of the
		mineralisation.				Andover Intrusive Complex. Mineralisation is exposed in numerous
						workings at surface along quartz-rich shear zones. Both oxide and
						sulphide mineralisation are evident at surface associated with these
						shear zones.
					•	Sulphide mineralisation appears to consist of Chalcopyrite, chalcocite,
						cobaltite,pyrrhotite andpyrite

==> picture [49 x 19] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF W www.artemisresources.com.au

Page 12 of 14

Criteria				Commentary
Drill hole Information	•	A summary of all	•	Drill hole information is contained within this release.
		information material to
		the understanding of the
		exploration results
		including a tabulation of
		the following information
		for all Material drill holes:
	•	easting and northing of
		the drill hole collar
	•	elevation or RL
		(Reduced Level –
		elevation above sea level
		in metres) of the drill hole
		collar
	•	dip and azimuth of the
		hole
	•	down hole length and
		interception depth
	•	hole length.
	•	If the exclusion of this
		information is justified on
		the basis that the
		information is not
		Material and this
		exclusion does not
		detract from the
		understanding of the
		report, the Competent
		Person should clearly
		explain why this is the
		case.
Data aggregation	•	In reporting Exploration	•	All intervals reported are composed of 1 metre down hole intervals
methods		Results, weighting		for Reverse Circulation drilling.
		averaging techniques,	•	Aggregated intercepts do include reported lengths of higher-grade
		maximum and/or		internal intercepts.
		minimum grade	•	No upper or lower cut-off grades have been used in reporting results.
		truncations (eg cutting of high grades) and cut-off	•	No metal equivalent calculations are used in this report.
		grades are usually
		Material and should be
		stated.
	•	Where aggregate
		intercepts incorporate
		short lengths of high
		grade results and longer
		lengths of low grade
		results, the procedure
		used for such
		aggregation should be
		stated and some typical
		examples of such
		aggregations should be
		shown in detail.
	•	The assumptions used
		for any reporting of metal
		equivalent values should
		be clearly stated.
Relationship	•	These relationships are	•	The mineralisation in the Carlow Castle Western Zone strikes
between		particularly important in		generally E-W and dips to the north at approximately -75 to -80
mineralisation		the reporting of		degrees. The drill orientation was 180 -60 dip. Drilling is believed to
widths and intercept		Exploration Results.		be generally perpendicular to strike. Given the angle of the drill holes
lengths	•	If the geometry of the		and the interpreted dip of the host rocks and mineralisation, reported
		mineralisation with		intercepts approximate true width.
		respect to the drill hole	•	True thicknesses are calculated from interpretation deriving from
		angle is known, its		orientation of high-grade intervals, orientation of the main
		nature should be		mineralised trend and its dip.
		reported.
	•	If it is not known and only
		the down hole lengths
		are reported, there

==> picture [49 x 19] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF W www.artemisresources.com.au

Page 13 of 14

Criteria				Commentary
		should be a clear
		statement to this effect
		(eg ‘down hole length,
		_true width not known’). _
Diagrams	•	Appropriate maps and	•	Appropriate plans are shown in the text.
		sections (with scales)
		and tabulations of
		intercepts should be
		included for any
		significant discovery
		being reported These
		should include, but not
		be limited to a plan view
		of drill hole collar
		locations and
		appropriate sectional
		views.
Balanced reporting	•	Where comprehensive	•	This release reports the results of six RC holes out of a nine hole
		reporting of all		program. The significant results tabulated in the release are reported
		Exploration Results is		at a base grade of >0.5 g/t Au or >0.5% Cu. Internal dilution of up to
		not practicable,		2 m may be included in an intersection.
		representative reporting
		of both low and high
		grades and/or widths
		should be practiced to
		avoid misleading
		reporting of Exploration
		Results.
Other substantive	•	Other exploration data, if	•	Targeting for the RC drilling completed by Artemis was based on
exploration data		meaningful and material,		compilation of historic exploration data, and the surface expression
		should be reported		of the targeted mineralised shear zones and associated historic
		including (but not limited		workings as well as 3D models.
		to): geological
		observations;
		geophysical survey
		results; geochemical
		survey results; bulk
		samples – size and
		method of treatment;
		metallurgical test results;
		bulk density,
		groundwater,
		geotechnical and rock
		characteristics; potential
		deleterious or
		contaminating
		substances.
Further work	•	The nature and scale of	•	Further work (RC and diamond drilling) is justified to locate
		planned further work (eg		extensions to mineralisation both at depth and along strike.
		tests for lateral
		extensions or depth
		extensions or large-scale
		step-out drilling).
	•	Diagrams clearly
		highlighting the areas of
		possible extensions,
		including the main
		geological interpretations
		and future drilling areas,
		provided this information
		is not commercially
		_sensitive. _

==> picture [49 x 19] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF W www.artemisresources.com.au

Page 14 of 14