Artemis Resources Limited — Capital/Financing Update 2022

Aug 21, 2022

22 Aug 2022

ASX Announcement

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

Exploration Update

Highlights

Paterson Central Project

• Two diamond drill holes 22PTMRD008 and 22PTMRD009 already completed at Paterson Central from pad AP004, see Figure 1.

• Deepening of hole GDRCD006, first drilled in late 2021* at pad AP001, is planned to extend its downhole depth by an additional ~400m (to over 1000m downhole depth) to test a magnetic and gravity target.

• Atlas drilling to commence once rig is finished at Apollo, followed by Enterprise targets to the South, and Juno and Voyager targets to the North, subject to final heritage and access solutions.

Greater Carlow Project

• All Carlow drill results from the latest drill campaign have now been received and the new Mineral Resource Estimate is expected to be completed in September.

• Results for ARC395 and ARC396 did not return any significant mineralisation, in line with the offset of the lodes already discovered by holes ARC403 and ARC404.

• Extensive new gravity survey completed over the entire Carlow tenement (~31 sq km) with encouraging results revealing several new exploration targets which will be investigated further.

• Down Hole Electromagnetic (DHEM) surveys completed at four separate drill locations, with a significant new exploration target identified to the East of Carlow in an area known as Marillion where a conductor exhibited moderate to high conductance.

• A major heritage survey is to commence soon at Carlow North in preparation for an extensive new exploration effort at this large untested target area that encompasses the northerly structural trends of both Crosscut and Carlow West Zone.

*see ASX Release 04 May 2022 “Paterson 2021 Drill First Results 2022 Programme Update”.

Artemis Resources Limited (“Artemis” or “the Company”) (ASX:ARV AIM:ARV, Frankfurt: ATY, US OTCQB: ARTTF) is pleased to provide additional results from its 100%-owned Paterson Central and Greater Carlow Projects, located in the Pilbara Region of Western Australia.

Alastair Clayton, Executive Director commented – “Artemis is in a very busy phase of its 2022 exploration and evaluation programme. Paterson Central drilling is progressing very well and as part of the senior management team that recently visited the Paterson Central region it is difficult not to be struck by the scale of the exploration and development activity in the area and the proximity of our project drilling to the emerging Havieron mine.

With all drill holes now returned from recent drill programmes at Carlow the updated MRE is now being finalised.

Our Exploration Team have also been very busy acquiring a range of geophysical data and preparing for the next phase of exploration at the Greater Carlow Project. With a structural model at Crosscut and the Western Zone routinely yielding excellent drill results, our focus will now turn to the untested Carlow North Area where we believe multiple mineralising structures may be present.”

==> picture [501 x 360] intentionally omitted <==

Figure 1: Drone image looking west showing the Paterson Central Apollo drill pads AP001 – 004. Artemis drill rig at AP004 with approximate licence boundary in dashed white line.

Crosscut and Carlow West Zones

The Crosscut Zone has been interpreted to be a series of north-south striking, high-grade repeating en echelon structures constrained by northwest striking bounding structures. These northwest structures appear to be penetrative structures that cut through the Carlow East Zone. Furthermore, a new mineralised northwest trending structure, that parallels the Crosscut Zone and cuts through the Carlow West Zone has been identified.

These structures appear to trend to the north, continuing through the silicified chert hills and into the plains beyond, see Figure 2. A new gravity data set that covers the entire E47/1797 tenement area (31.09km[2] ) appears to support this notion and also points to several new areas to the west of the Carlow resource area that require investigation, as shown in Figure 3.

==> picture [429 x 213] intentionally omitted <==

Figure 2: Carlow North Area looking south to the chert ridge and the Carlow resource area beyond.

==> picture [427 x 223] intentionally omitted <==

Figure 3: Vertical derivative gravity over the Carlow licence with previous Carlow resource outline (green) and some simplified geology (basalt red and chert in white).

Table 1: Significant Intersections for the holes drilled in the Crosscut Zone of the Carlow deposit. Intersections cut on 0.3% Cu with 2m internal dilution.

HoleID From (m) To (m) Downhole Width (m) Cu (%) Au (g/t) Co (%)	HoleID From (m) To (m) Downhole Width (m) Cu (%) Au (g/t) Co (%)	HoleID From (m) To (m) Downhole Width (m) Cu (%) Au (g/t) Co (%)	HoleID From (m) To (m) Downhole Width (m) Cu (%) Au (g/t) Co (%)	HoleID From (m) To (m) Downhole Width (m) Cu (%) Au (g/t) Co (%)	HoleID From (m) To (m) Downhole Width (m) Cu (%) Au (g/t) Co (%)	HoleID From (m) To (m) Downhole Width (m) Cu (%) Au (g/t) Co (%)
ARC393 NSI
ARC394	23	29	6	0.44	0.05	0.014
ARC395 NSI
ARC396 NSI
ARC397 NSI
ARC403 Including Including	76 97 100 112 118 125	78 105 103 119 119 126	2 8 3 7 1 1	0.70 2.44 3.41 1.93 6.75 0.64	0.16 0.24 0.29 0.41 0.57 0.34	0.011 0.868 1.257 0.011 0.020 0.036
ARC404	108	110	2	4.71	1.01	0.008 0.011
Including	109	110	1	8.78	**1.91 **

Holes drilled in the Carlow West Zone have also returned with very good results, with these results shown in Table 2 and the collar position shown in Figure 4.

Drilling in this zone appears to be intersecting two zones. Holes ARC398, ARC399 and ARC400 intersected mineralisation related to the Carlow West Zone, while ARC401 and ARC402 have identified a second new mineralised northwest trending structure, that parallels the Crosscut Zone and cuts through the Carlow West Zone. Further drilling is warranted to test this structure.

==> picture [501 x 235] intentionally omitted <==

Figure 4: Location of Carlow West Zone drill holes.

Table 2: Significant Intersections for the holes drilled in the Carlow West Zone of the Carlow deposit. Intersections cut on 0.5g/t Au, with 2m internal dilution.

HoleID Comment From (m) To (m) Downhole Width (m) Au (g/t) Cu (%) Co (%)	HoleID Comment From (m) To (m) Downhole Width (m) Au (g/t) Cu (%) Co (%)	HoleID Comment From (m) To (m) Downhole Width (m) Au (g/t) Cu (%) Co (%)	HoleID Comment From (m) To (m) Downhole Width (m) Au (g/t) Cu (%) Co (%)	HoleID Comment From (m) To (m) Downhole Width (m) Au (g/t) Cu (%) Co (%)	HoleID Comment From (m) To (m) Downhole Width (m) Au (g/t) Cu (%) Co (%)	HoleID Comment From (m) To (m) Downhole Width (m) Au (g/t) Cu (%) Co (%)
ARC398 Including Including Including	13 13 30 89 95 99 103 124 128 132	16 15 33 90 104 101 104 125 129 133	3 2 3 1 9 2 1 1 1 1	2.57 3.58 0.69 0.91 2.07 5.30 5.33 0.56 1.84 0.59	1.01 1.46 0.21 0.53 1.22 4.26 1.67 0.20 0.06 0.29	0.088 0.113 0.195 0.101 0.05 0.097 0.044 0.007 0.023 0.016
ARC399 Including Including Including	110 110 129 137 143 146 157 165 175 183	112 111 130 149 144 148 162 168 176 184	2 1 1 12 1 2 5 3 1 1	4.03 5.39 0.50 2.43 3.11 8.70 4.44 0.79 1.49 0.53	1.98 2.70 0.58 0.53 1.06 1.02 0.74 0.16 0.13 0.14	0.155 0.238 0.518 0.117 0.426 0.233 0.212 0.095 0.038 0.032
ARC400	69	71	2	0.67	0.42	0.011
ARC401 Including	42 59 120 158 160	44 60 122 161 161	2 1 2 3 1	0.57 0.66 0.54 7.51 19.70	0.85 1.54 2.77 1.71 **3.97 **	0.007 0.016 0.012 0.14 0.274
ARC402 Including	93 106 150 158 159	94 108 151 160 160	1 2 1 2 1	1.19 1.10 0.92 7.07 12.75	0.62 2.18 0.02 2.89 3.89	0.072 0.336 0.069 0.136 0.208

Marillion Target

This area was initially highlighted by the historic Legend Mining data as a VTEM anomaly. This target was drilled by hole ARC406 which returned no significant results. It was decided that a MLEM and DHTEM survey be carried out to better define the VTEM target at depth.

Modelling of the Marillion anomaly showed conductive plates of up to 5,000S, covering an area of 0.31km[2] , dipping to the south and located at 300 to 400 metres below surface.

Planning is underway to drill test this target.

==> picture [479 x 226] intentionally omitted <==

Figure 4: Location of Marillion plates as defined by DHTEM and MLEM surveys. The highly conductive nature of these geophysical targets makes for a viable and possibly lucrative target, close to the Carlow Deposit.

==> picture [263 x 211] intentionally omitted <==

Figure 5: Sectional view of the location of the Marillion geophysical plates

Table 3: List of Carlow holes collars

HoleID	Type	Easting GDA94	Northing GDA94	RL (m)	Dip	Azimuth GDA	Total Depth (m)
ARC393 ARC394 ARC395 ARC396 ARC397 ARC398 ARC399 ARC400 ARC401 ARC402 ARC403 ARC404 ARC405 ARC406	RC RC RC RC RC RC RC RC RC RC RC RC RC RC	507440.38 507483.58 507240.97 507290.65 507348.82 506759.18 506817.61 506837.22 506837.94 506797.92 507208.27 507245.62 507924.69 508499.25	7698682.97 7698707.55 7699124.06 7699153.25 7699187.47 7698818.65 7698770.41 7698794.37 7698863.10 7698852.75 7699034.05 7699033.18 7697802.17 7698469.29	30.97 30.69 41.96 44.24 46.30 36.67 35.71 36.04 37.57 37.28 39.16 38.89 30.25 32.51	-61.01 -61.08 -60.46 -60.58 -61.43 -60.37 -59.41 -59.35 -58.57 -57.65 -56.40 -58.20 -59.90 -64.09	238.12 238.94 243.67 240.63 243.79 179.29 180.77 180.30 179.22 180.10 242.97 241.26 129.21 212.38	156.00 150.00 145.00 168.00 160.00 162.00 192.00 162.00 180.00 186.00 150.00 222.00 162.00 210.00 210.00
ARC407	RC	508648.40	7697767.47	26.54	-69.39	210.07

Table 4: List of Paterson holes collars

==> picture [496 x 78] intentionally omitted <==

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; AIM 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

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 one metre
techniques		(eg cut channels, random		samples, using a 5 ¼” face sampling hammer.
		chips, or specific specialised	•	Diamond sampling techniques employed at the Artemis core
		industry standard measurement		facility include saw cut HQ (63mm) drill core samples.
		tools appropriate to the	•	Both RC and HQ wireline core is currently being used to drill
		minerals under investigation,		out the geological sequences and identify zones of
		such as down hole gamma		mineralisation that may or may not be used in any Mineral
		sondes, or handheld XRF		Resource estimations, mining studies or metallurgical
		instruments, etc). These		testwork.
		examples should not be taken	•	Industry standard procedures were used in the case of RC
		as limiting the broad meaning of sampling.		whereby a one (1)m sample was collected from which a 2- 3kg sample was obtained and sent to a certified laboratory
		• Include reference to measures		to pulverize and produce a 50g charge for fire assay.
		taken to ensure sample representivity and the appropriate calibration of any	•	Duplicate RC samples were collected at the rig from a static cone splitter, with the primary and duplicate bag both simultaneously collected from separate chutes.
		measurement tools or systems used.	•	For RC, the cyclone was cleared between rod changes to minimise contamination.
	•	• Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry	•	pXRF analysis was completed at the drill site and only used as a guide and test mineral components of a rock or alteration. No pXRF data was used in any reporting or Mineral Resource Estimations.
		standard’ work has been done
		this would be relatively simple
		(eg ‘reverse circulation drilling
		was used to obtain 1 m samples
		from which 3 kg was pulverised
		to produce a 30 g charge for fire
		assay’). In other cases more
		explanation may be required,
		such as where there is coarse
		gold that has inherent sampling
		problems. Unusual commodities
		or mineralisation types (eg
		submarine nodules) may warrant
		disclosure of detailed
		information.
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
		rotary air blast, auger, Bangka,		rig 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).	•	Diamond drilling was completed by TopDrill using a Sandvik truck mounted DE880 rig.
Drill sample	•	Method of recording and	•	Recoveries are recorded on logging sheets along with
recovery		assessing core and chip sample		encounters with water and whether the samples are dry, moist
		recoveries and results assessed.		or wet.
	•	Measures taken to maximise	•	Drilling recoveries for Reverse Circulation drilling were >80%
		sample recovery and ensure		with some exceptions that maybe caused by loss of return
		representative nature of the		through faults or encounters with water.
		samples.	•	>90% of samples returned dry.
	•	Whether a relationship exists	•	Statistical analysis shows that no bias of grade exists due to
		between sample recovery and		recoveries
		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)
		geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	• •	sample. 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.
	•	Whether logging is qualitative or quantitative in nature. Core (or	• •	A field technician mixes the bag by hand before taking a sample using a sieve and sieves the sample to remove fines. The sieved sample is then transferred to a wet sieve in a

Criteria					Commentary
		costean, channel,	etc)		bucket of water, and the sample is sieved further until rock
		photography.			fragments are 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 ResourceEstimation(MRE)
Sub-sampling	•	If core, whether cut or sawn	and	•	RC samples were collected on the drill rig using a cone
techniques and		whether quarter, half or all core			splitter. If any mineralised samples were collected wet these
sample		taken.			were noted in 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
		technique.			and blank samples. The insertion rate of these was
	•	Quality control procedures			approximately 1:20.
		adopted for all sub-sampling		•	For RC drilling, field duplicates were taken on a routine basis
		stages to maximise			at approximately 1:20 ratio using the same sampling
		representivity of samples.			techniques (i.e. cone splitter) and inserted into the sample
	•	Measures taken to ensure	that		run.
		the sampling is representative of		•	Primary and duplicates results have been compared.
		the in-situ material collected,		•	The sample sizes are appropriate, representative and are
		including for instance results for			considered more than adequate to ensure that there are no
		field duplicate/second-half			particle size effects relating to the grain size of the
		sampling.			mineralisation.
	•	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
		procedures used and whether			considered appropriate for the style of mineralisation defined
		the technique is considered			within the 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
		spectrometers, handheld XRF			to 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
		instrument make and model,			assay
		reading times, calibrations		•	50-gram Fire Assay (Au-AA26) with ICP finish for Au.
		factors applied and their		•	No QC for Ag currently in place.
	•	derivation, etc. Nature of quality control		•	All samples were dried, crushed, pulverised and split to produce a sub-sample of 50g which is digested and refluxed
		procedures adopted	(eg		with hydrofluoric, nitric, hydrochloric and perchloric acid (4
		standards, blanks, duplicates,			acid digest).
		external laboratory checks)	and	•	This digest is considered a total dissolution for most minerals
		whether acceptable levels of accuracy (ie lack of bias) and precision have been established.		•	Analytical analysis is performed using ICP-AES Finish (ME- ICP61) for Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W, Zn.
				•	Additional Ore Grade ICP-AES Finish (ME-OG62) for Cu
					reporting out of range.
				•	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 sampleswere taken for

Criteria

Commentary

Criteria				Commentary
				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
		and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.		the 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
		used.		continuous survey gyro-camera was used to determine the
		• Quality and adequacy of		dip and azimuth 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
			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.

Criteria				Commentary
Audits or reviews	•	The results of any audits or	•	Data is validated upon up-loading into the master database.
		reviews of sampling techniques		Any validation issues identified are investigated prior to
		and data.		reporting of 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 VTEM 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
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 –

Criteria				Commentary
		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
		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

Criteria				Commentary
		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.
		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.