Artemis Resources Limited

Earnings Release • Apr 30, 2024

National Storage Mechanism | Additional information

RNS Number : 5645M

Artemis Resources Limited

30 April 2024

Artemis Resources Limited

("Artemis" or the "Company")

Quarterly Activities Report

For the period ending 31 March 2024

Highlights :

Osborne Joint Venture (ARV 49%, GRE 51%)

·    Outcrop Sampling confirms significant mineralisation in western extension of Osborne

·    Rock chip samples taken at the southern trend with assays reporting;

o  2.36% Li2O , 32ppm Ta2O5 and 92 ppm Nb2O5 (sample 23GT24-021)

o  1.64% Li2O , 3ppm Ta2O5 and 14 ppm Nb2O5 (sample 23GT24-033)

o  1.22% Li2O , 45ppm Ta2O5 and 76 ppm Nb2O5 (sample 23GT20-693)

o  1.15% Li2O , 38ppm Ta2O5 and 102 ppm Nb2O5 (sample 23GT24-026)

Karratha Lithium Project (ARV 100%)

·      Ground reconnaissance program commenced and rock chip samples taken on 100% Artemis tenement E47/1746.

·      Pegmatites identified and sampled returned high grade Li2O results peaking at 4.67%.

·      Further ground activities over tenements E47/1746 and E47/1797 completed.

·      Significant results included;

o  24AR01-14 - 4.67% Li2O

o  24AR01-15 - 2.11% Li2O

o  24AR01-02 - 1.74% Li2O

o  24AR01-06 - 1.68% Li2O

o  24AR01-11 - 1.46% Li2O

o  23AR01-17 - 1.82% Li2O

o  23AR01-16 - 1.62% Li2O

o  23AR01-15 - 0.78% Li2O

Karratha Gold Precinct

·    Programs of works's submitted and approved for Lulu Creek prospect

·    Heritage clearance application submitted

·    Project review confirms multiple prospects for follow up exploration

Corporate

·    Appointment of director Elizabeth Henson, subsequent to quarter end

·    Listing of options ARVOC with exercise price $0.025, expiring 9 March 2026

Figure 1 . Artemis Resources Lithium Project and Osborne JV Location Map

Osborne Joint Venture (Artemis 49% GreenTech 51%)

Further ground reconnaissance was undertaken on the Osborne JV tenement and several rock chip samples returned high results. These included:

o  2.36% Li2O , 32ppm Ta2O5 and 92 ppm Nb2O5 (sample 23GT24-021)

o  1.64% Li2O , 3ppm Ta2O5 and 14 ppm Nb2O5 (sample 23GT24-033)

o  1.22% Li2O , 45ppm Ta2O5 and 76 ppm Nb2O5 (sample 23GT20-693)

o  1.15% Li2O , 38ppm Ta2O5 and 102 ppm Nb2O5 (sample 23GT24-026)

The program was aimed at gathering stratigraphic and structural information relating to these pegmatite trends which will be used to refine a follow-up Reverse Circulation (RC) drill program. Ground work and in-fill sampling extended the western extension of the southern trend. These results extend the Osborne mineralisation 600 metres further west for a total strike length of 700 metres which remains open to further extension .

Figure 2. Historic Soil Geochemistry and recently Mapped Pegmatite Swarms highlighting Northern & Southern Pegmatite Trends

Figure 3 . Southern Trend significant rock chip results

Figure 4. Kobe Trend Drill Hole and rock chip locations

These results provide compelling evidence that the lithium mineralisation on the Osborne JV tenement is consistently high grade and provides the Company with confidence for the next phase of exploration activity.

Artemis 100% Lithium Project

To date, exploration has been focused on the central portion of exploration licence E47/1746 (Silica Hills tenement) where historic soils highlighted elevated lithium and associated pathfinder elements around the margins of the Andover mafic intrusive.

Figure 5 . Pegmatite evaluation area previously identified

Some ground work commenced late in 2023 with a small amount of rock chip samples taken and submitted to the lab for assay. This work was followed up in early 2024 by further rock chip sampling with high levels of results received including:

o  24AR01-14 - 4.67% Li2O

o  24AR01-15 - 2.11% Li2O

o  24AR01-02 - 1.74% Li2O

o  24AR01-06 - 1.68% Li2O

o  24AR01-11 - 1.46% Li2O

o  23AR01-17 - 1.82% Li2O

o  23AR01-16 - 1.62% Li2O

o  23AR01-15 - 0.78% Li2O

The Mt Marie lithium prospect shows signs of high grade lithium and course grained spodumene crystals which provides a solid platform for further discoveries on the tenement.

Exploration at the Osborne East prospect also displayed encouraging results with several rock chip assay results reporting greater than 0.50% Li2O. Significant results included:

§ 24AR01-021 - 0.65% Li2O

§ 24AR01-027 - 0.60% Li2O

§ 24AR01-036 - 0.59% Li2O

§ 24AR01-035 - 0.57% Li2O

Rock chip samples from the Mt Marie prospect were previously tested for mineralogy type at Curtin University and the analysis confirmed that the host mineral for the lithium is spodumene.

Figure 6 . Rock chip sample locations at the Mt Marie and Osborne East Lithium Prospects

The lithium bearing pegmatite at the Mt Marie prospect occurs along a mirrored or similar NE structural trend to pegmatites discovered by Azure Minerals only 20km to the east. Given the location of the Artemis tenements in relation to the Azure discovery and the proximity to Karratha and its logistical advantages, the potential pathway for the Mt Marie lithium prospect is becoming clearer and more compelling.

Karratha Gold Project (ARV 100%)

Lulu Creek Induced Polarisation (IP) - Gold Target

An Exploration Incentive Scheme (EIS) grant was received to assist with drilling RC holes at the Lulu Creek gold project. Through a previously conducted high-resolution dipole - dipole IP geophysics survey, three anomalies were identified that may represent disseminated sulphides. Programs of works have been approved and a heritage clearance application submitted in preparation for drilling.

Figure 6. Lulu Creek anomalies identified through IP Survey.

Carlow, Silica Hills and Osborne Tenements

The Company has also reviewed historical data relating to gold exploration and has uncovered several potential prospects worthy of follow up work.

Figure 7. Artemis tenement package in the West Pilbara with prospects identified.

Paterson Central Project

No Activities completed during the quarter.

The Company spent $419,000 on exploration during the quarter which focused on lithium fieldwork and assays.

The Company paid directors $104,000 during the quarter for salaries, superannuation and consulting fees.

Corporate

Mr Christopher Kelsall resigned as a director during the quarter and Ms Elizabeth Henson was appointed a director subsequent to quarter end.

The Company listed 165,888,884 options (ASX:ARVOC) with exercise price $0.025 and expiry date 9 March 2026.

This report was approved for release by the Board.

For further information contact:

Artemis Resources Ltd
Guy Robertson, Chairman George Ventouras, Executive Director	[email protected]
WH Ireland Limited (Nomad & Broker)
Antonio Bossi / James Bavister / Isaac Hooper	Tel:  +44 20 7220 1666

About Artemis Resources

Artemis Resources Limited (ASX/AIM: ARV; FRA: ATY; US: ARTTF) is a gold, copper and lithium focused resources company with three major projects in Western Australia. The Greater Carlow Castle gold-copper-cobalt project in the West Pilbara; the Paterson Central Gold/Copper project in the Paterson Province (located adjacent to Greatland Gold / Newcrest's recent gold-copper discovery at Havieron; and the West Pilbara Lithium project (consisting of the 100% owned Karratha Lithium project and the Osborne JV (Artemis 49%; GreenTech Metals (ASX:GRE) 51%).

Artemis also owns the Radio Hill processing plant, the only processing plant in the West Pilbara region, 35km from Karratha.

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

Competent Person's Statement

The information in this report that relates to Artemis Resources Ltd exploration results was prepared by Mr Oliver Hirst, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Hirst is a technical consultant to Artemis Resources. Mr Hirst has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 Hirst consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Information Relating to Previous Disclosures

23/08/2023     IP Survey Identifies New Gold Targets at Lulu Creek

13/11/2023     Lulu Creek Awarded Exploration Incentive Scheme Funding

18/01/2024     Lithium Exploration Update - Rock Chip and Soil Sampling

05/02/2024     Significant New Lithium Pegmatite Discovery

06/03/2024     Excellent Lithium Rock Chip Assays - New Zone Identified

Appendix 1

Schedule of tenements holdings at end of Q2

Tenement	Project	Holder	Holding	Status
E47/1797	Greater Carlow	KML No 2 Pty Ltd	100%	Live
E47/1746	Cherratta	KML No 2 Pty Ltd	100%	Live
E47/3719	Osborne	KML No 2 Pty Ltd	49%	Live
P47/1972	Cherratta	KML No 2 Pty Ltd	100%	Live
M47/337	Radio Hill	Fox Radio Hill Pty Ltd	100%	Live
M47/161	Radio Hill	Fox Radio Hill Pty Ltd	100%	Live
E47/3361	Radio Hill	Elysian Resources Pty Ltd	100%	Live
L47/93	Radio Hill	Fox Radio Hill Pty Ltd	100%	Live
E45/5276	Central Paterson	Armada Mining Pty Ltd	100%	Live

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