Communicators

Carlow Castle Metallurgical Update

Gravity gold and high copper-gold concentrates produced

Artemis Resources Limited (“Artemis”) is pleased to provide an update on the metallurgical programme underway on the company’s Carlow Castle Au-Cu-Co Project in the Pilbara region of Western Australia.

-          Preliminary metallurgical testwork on the Carlow Castle Au-Cu-Co Project is focussed upon recovery of:

• Gold – from both gravity and leaching processes to produce a gold product suitable for smelting and production of gold dore, and
• Copper and Cobalt – via conventional flotation to produce separate copper and cobalt concentrates

-          Preliminary results from two Carlow Castle metallurgical composites are summarised below:

-          Options to maximise the total gold and copper recovery are being investigated now

-          Cobalt flotation testwork is at an early stage - the focus of this programme is reagent screening to maximise cobalt recovery

-          Results of this programme are expected in December with reporting post evaluation of all assay data.

Artemis Chief Executive Officer Wayne Bramwell commented;

“This first pass metallurgical programme indicates Carlow Castle is amenable to low cost gravity gold recovery and base metal flotation processes. The high grade copper concentrates (with gold credits) produced are encoraging and cobalt flotation is now progressing.”

OVERVIEW

Artemis is currently undertaking preliminary metallurgical testwork on the Carlow Castle Au-Cu-Co Project (Figure 1) at Ammtec Laboratories in Western Australia. The focus of this initial programme is to test the amenability of the deposit to gravity and flotation processes with a view to maximising recovery of gold, copper and cobalt.

Preliminary testing to date has been undertaken on composite metallurgical samples from Carlow Castle. The metallurgical samples include two 100kg composites of HQ diamond core, sampled from drillholes CCAD001 to CCAD012 (refer ASX release 15 October 2018), with quarter core submiited for testwork that fairly represents ‘average’ and ‘high-grade’ ore from Carlow Castle. Analysis of these composites depicts:

-          there is a gravity recoverable gold component suitable for processing into gold doré

-          the balance of the non-gravity gold is expected to be recovered into flotation concentrates as a by-product credit or by a conventional leach; and

-          cobalt minerals are expected to be recovered via conventional flotation processess with reagent screening underway focussed upon maximising cobalt recovery.

LOOKING FOWARD

Results of this programme are expected in December with reporting post evaluation of all assay data. The results of the metallurgical testwork programme will provide Artemis with a basis to commence discussions with offtake partners enabling the commencement of a scoping study in Q1, 2019.

Figure 1: Carlow Castle Location Map

For further information on this update 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

BACKGROUND INFORMATION ON ARTEMIS RESOURCES

Artemis Resources Limited is an exploration and development company focussed on its large (≈2,600 km2) 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.