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Carlow Castle Gold-Copper-Cobalt Resource Grows by 71% to 7.7Mt[i]

Inferred resource of 7.7Mt @ 1.06 g/t Au, 0.51% Cu and 0.08% Co for 260k Oz Au, 38kt Cu and 5,900t of Co

6 March 2019 - Artemis Resources Limited (“Artemis” or “the Company”) (ASX:ARV, Frankfurt: ATY, US OTCQB :ARTTF) is pleased to announce a significant increase in the Mineral Resources reported in accordance with the JORC Code (2012) at its 100% owned Carlow Castle Project (EL 47/1797) in the West Pilbara region of Western Australia.

Since the previous resource announcement for Carlow Castle (19 January 2018), Artemis have completed additional drilling that added to the resources, mainly in previously undrilled sections along strike and near the central area of the Carlow Castle line.  In total 12 diamond drill holes for 1,504.6 m and 108 Reverse Circulation (RC) drill holes for 15,882 m were drilled since the previous announcement.

A summary of the Carlow resource estimate is tabulated below (Table 1). The entire resource is classified as Inferred Mineral Resources totalling 7.7M tonnes at 1.06 g/t Au, 0.51% Cu and 0.08% Co.  The resource is reported for material using a lower cut off grade of 0.3g/t Au. High grades have been capped (top cut) for gold, copper and cobalt. The top cut varies dependent on the grade domain, these values are tabulated in Table 4.

 Table 1 Carlow Castle Inferred Resource – February 2019

@ a 0.3 g/t Au lower grade cut-off. 

 Artemis Chief Executive Officer Wayne Bramwell commented;

“The 2018 Carlow Castle Au-Cu-Co drilling programme has significantly increased the inferred resource to 7.7Mt. The growth in tonnage, in conjunction with our preliminary metallurgical programme confirming Carlow Castle’s amenability to low cost processing technology now builds a platform to advance Carlow Castle in a systematic manner.

The next round of diamond drilling will focus on improving the structural understanding of the resource and better inform proposed extensional drilling.”

CARLOW CASTLE Au-Cu-Co PROJECT RESOURCE SUMMARY

The Carlow Castle Au-Cu-Co Project is in the West Pilbara region of Western Australia, ≈45 km by road east of the city of Karratha (Figure 1). Access is via the Northwest Coastal Highway and then by the unsealed Cheratta road which passes through the Project area. Carlow Castle is on the granted exploration license E47/1797 held by KML No 2 Pty Ltd, a 100% owned subsidiary of Artemis Resources and is ≈35 km from Artemis’ 100% owned Radio Hill Processing Plant.

Figure 1: Carlow Castle Project Location Map.

Artemis recently completed reverse circulation drill (RC) aimed at expanding the known resource along strike, infilling the drill pattern to 40 m by 20 m and testing depth extent of the ore zones. A total of 189 RC drill holes and 12 diamond drill holes for 24,754.6 m has been completed by Artemis since March 2017. Additional historical drilling (mainly RC) was completed by others and as this is not to JORC 2012 standard, has not been included in the current estimate.

Geology and Geological Interpretation

The Carlow Castle deposit occurs in 2 zones being Carlow Castle and Quod Est with these structurally controlled mineralised zones occurring almost at right angles to each other.

• Carlow Castle Zone

The Carlow Castle portion strikes east-west, being fault terminated at each end.

Drill definition has been completed over the 1000 m strike length which has a flattened sinusoidal form. At the western end mineralisation dips steeply north, at the eastern end the mineralisation dips steeply south.

Mineralisation in Carlow Castle has been shown to extend to at least 250 m below surface.

• Quod Est Zone

The Quod Est portion strikes approximately north-south dipping steeply east with a strike length of about 200 m and is fault terminated to the north and potentially at depth. The RC drilling has identified additional mineralised zones to the east of Quod Est; at this stage these are of very limited extent but given the prevalence of historic workings in the area, potential exists to expand these lodes.

The structurally controlled ore zones at Carlow consist of chalcopyrite, chalcocite, cobaltite, pyrite and gold in constantly variable amounts within shears and brecciated zones in chloritized basalt. Minor tellurobismuthite, hessite and uraninite also occur.

DRILLING INFORMING THE CARLOW CASTLE PROJECT RESOURCE ESTIMATE.

Drilling methods used at Carlow Castle are:

-          Diamond drilling;

-          RC drilling;

-          Historical diamond, RC, RAB and open hole percussion.

Only Artemis drill data has been used in the resource estimate, with Table 2 listing all known drilling at the Carlow Castle Project to date and Figure 2 depicting a location plan of all Artemis drilling.

Table 2: Summary List of Drill holes at Carlow Castle

Figure 2: Geology and Drill Hole Location Plan of Artemis Carlow Castle Drilling.

To view entire news release, please follow the link:

https://www.asx.com.au/asxpdf/20190306/pdf/4437q28sssz1vc.pdf

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

ed.mead@artemisresources.com.au

T: +61 407 445 351

Wayne Bramwell

Chief Executive Officer

wayne.bramwell@artemisresources.com.au

T: +61 417 953 073

David Tasker

Chapter One

Media Contact

T: +61 433 112 936

BACKGROUND INFORMATION ON ARTEMIS RESOURCES

Artemis Resources Limited is an exploration and development company focussed on its large (~2,400 km2) and prospective base, battery and precious metals assets in the Pilbara region of Western Australia. Artemis owns 100% of the 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 mineralisation 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 palaeoplacer style mineralization; or

(iii)                minerals other than gold.

Artemis’ Mt Oscar tenement is excluded from the Definitive Agreements.  The Definitive Agreements cover 34 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.

To view entire news release, please follow the link:

https://www.asx.com.au/asxpdf/20190306/pdf/4437q28sssz1vc.pdf

[i] The Company notes that it has materially updated its Mineral Resource since the last estimate provided to the market on 31 January 2018. The upgrade its based on newly acquired information set out in this announcement.