This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

30 September 2022

Artemis Resources Limited

("Artemis" or the "Company")

(ASX/AIM: ARV, FRA: ATY, US: ARTTF)

 

Annual Report for Year Ended 30 June 2022

The Directors of Artemis Resources Limited are pleased to announce the Company's audited annual results for the year ended 30 June 2022.

An extract of the audited results are included below and the full Annual Report is available on the Company's website at www.artemisresources.com.au/investors/#asx-reports.

For further information, please contract:

Artemis Resources Limited	via Camarco
Alastair Clayton
WH Ireland Limited (Nominated Adviser and Broker)
Antonio Bossi / Megan Liddell (Corporate Finance)  Harry Ansell / Daniel Bristowe (Corporate Broking)	Tel: +44 20 7220 1666 Tel: +44 20 7220 1648
Camarco (Public Relations)	Tel: +44 20 3781 9244
Gordon Poole / Emily Hall / Rebecca Waterworth	Email: [email protected]

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/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.

 

Chairman's Letter

Dear Shareholders,

On behalf of the Directors of Artemis Resources Limited, I am pleased to report on the activities of the Group for the year ended 30 June 2022.

The Group continues to focus on its core projects, the Paterson Central gold and copper project and the Carlow Castle gold, copper and cobalt project, in the Pilbara region of Western Australia.

 Artemis' 100% owned Paterson Central gold and copper project covers 605km2 and is located approximately 40km east of Newcrest Mining's multi-million-ounce Telfer Gold-Copper mine and is contiguous to the Havieron gold and copper discovery by Greatland Gold Plc.   A number of compelling magnetic and gravity anomalies have been identified by the Artemis exploration team which are now being systematically drill tested.  Drilling at Paterson during the period focused on the Apollo and Atlas targets, with planning well advanced for drill testing the Enterprise, Juno and Voyager targets.  The Artemis team continues to be optimistic in its assessment of the prospects of the Paterson project and continues its exploration drill campaign in earnest.

At Carlow Castle, a further 24,641m of RC and diamond drilling was completed during the period.  Drill results continued to expand the high grade gold-copper footprint of the deposit, in particular to the North and at depth.   The high grades of gold and copper received from drill results were particularly welcome especially in an environment of high cost inflation.  An updated resource estimate is expected to be completed shortly. Substantial exploration potential on a regional level remains at the Carlow Castle Project which will be further investigated over the coming months.

During the year the Company completed its programme of disposing of non-core assets.  In particular, the spin-off of non-core base metals assets into GreenTech Metals Limited (ASX: GRE) which raised $5m on a successful ASX IPO in January 2022 was a successful endeavour, as well as the completion of the sale of the 70% interest in the Munni Munni PGM project to AIM listed Alien Metals (AIM: UFO) for $4.9m in March 2022.

In February 2022, the Company successfully completed a secondary listing on the AIM market of the London Stock Exchange and raised £5m.  This listing provides more scope for London and European based institutional and retail investors to invest in Artemis and is expected to increase liquidity.

In July 2022, the Company welcomed Vivienne Powe as a Non-Executive Director.  Vivienne is a metallurgical engineer and highly experienced senior executive with a strong track record of creating shareholder value in top tier, global mining and oil & gas companies.

I would like to take this opportunity to thank my fellow directors, the Artemis team and our shareholders for their ongoing commitment and support as we strive for a successful year ahead.

 

 

Mark Potter

Chairman

 

 

Operations Report

Artemis Resources Limited ("Artemis" or the "Company") is pleased to outline the progress the Company has made at its projects for the financial year ended 30 June 2022. Artemis is a gold and copper focused resources company with two major projects, Paterson Central and Greater Carlow Castle, both located in the Pilbara region of Western Australia, as shown in Figure 1. The Company owns 100% of Paterson Central and Greater Carlow and also owns 100% of the strategically located Radio Hill processing plant (on care and maintenance) and associated infrastructure, located approximately 30km south of Karratha.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 1: Project map highlighting Artemis' Greater Carlow Castle project in the West Pilbara and the location of the Paterson Central Tenement in the East Pilbara.

 

During the financial year, the Company made significant progress with its Paterson Central and Greater Carlow Castle projects. All this work was completed despite a very challenging setting of Covid restrictions, acute industry wide personnel and rig shortages and extensive assay turnaround times.

 

The following review is an update and summary of the key work programs completed during the current financial year, with a breakdown of the drilling statistics by Project for the year included in Table 1.

 

Table 1: Drilling Statistics by Project

Project	Hole Count by Drill Type		Drilled (m)	Samples Receipted
Paterson	RC precoll	4	409.7
	DD	4	2,137.9
	Totals	4	2,547.6	872
Carlow	RC	105	269.3
	DD	2	24,372.4
	Totals	107	24,641.7	28,082
Total holes drilled		111
Total Metres drilled		27,189.3
Total Samples Collected		28,954

 

 

PATERSON CENTRAL GOLD-COPPER PROJECT

Background to the Paterson Central Project

The Paterson Central Gold-Copper Project covers ~605 km² and is located in the Yaneena Basin of the Paterson Province, which hosts large scale mineral deposits, such as the World class Telfer Gold- Copper Mine, recently discovered Winu copper-gold deposit, Nifty Copper Mine, and the rapidly growing Havieron gold and copper deposit. Figure 2 shows the location of major deposits in the region along with Havieron. Artemis' tenement is highlighted in yellow and is strategically positioned in relation to the Havieron deposit.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 2: Paterson Central Tenement E45/5276 (yellow outline) overlying main geological units, and showing locations of major gold and base metal deposits. Green; Anketell Sediments, Blue; Paterson Formation.

 

The Company's Paterson Central project forms a 100% owned exploration tenement E45/5276, which surrounds the Havieron gold deposit on three sides, and covers the same continuous geological domain as shown in Figure 3.

The geology of the project area consists of Canning Basin sediments, primarily Permian siltstones in this part of the basin, which overlie Proterozoic meta-sedimentary basement rocks which form the main host rocks to large mineral deposits in the region. The sedimentary cover is 300m thick in the western part of the project area and is interpreted to deepen to over 800m in the far east. The Havieron gold and copper deposit is associated with a strong magnetic anomaly and sits under about 450m of Permian sedimentary cover.

Mineralisation at Havieron is an ovoid shaped zone of variable brecciation, alteration and sulphide mineralisation with dimensions of 650m x 350m trending in a northwest orientation. Mineralisation in this system extends 1,200m below the base of sedimentary cover and continues to remain open at depth. The Company is exploring the Paterson Central Project for both Havieron and Telfer styles of gold and copper mineralisation.

Summary of Geology at Paterson Central

The procedure for targeting and drill planning has been to follow structural trends in Neoproterozoic bedrock, sitting below thick Permian cover sediments, interpreted from geophysical data sets, including a deep penetrating 2D seismic reflection survey line acquired for oil and gas exploration in the 1980s by BHP, and subtle gravity and magnetic highs from features occurring below the sedimentary cover.

Figure 3 shows how the interpretation of geological structures occurring in bedrock below the Canning Basin Permian siltstone cover has likely identified a non-magnetic and low density granitic intrusive body, which would have likely been intruded during the regional Crofton Granite event (650-600 Ma).

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 3: Paterson Central Tenement E45/5276 (yellow outline), interpreted bedrock geology units and structures, on top of a merged magnetic anomaly image and location of 2D seismic reflection survey line. Nimitz Prospect as marked as red, was previously drilled in 2020.

This interpreted NW-SE trending granitic intrusion is in close proximity to Havieron and could be the main source of heat for driving hydrothermal alteration and local skarn-like metamorphism associated with gold and copper mineralisation. Low angle, west-dipping thrust faults and late brittle cross faults have also been interpreted in the 2D seismic reflection data as well as in both gravity and magnetic data sets to offset folded Neoproterozoic (850-820 Ma) metasediments of the Lamil Group.

This years' exploration activity at Paterson Central commenced to the north of Havieron at the Atlas and Apollo Prospect areas. Collar positions are shown in Figure 4.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 4: Location of drill collars at Apollo and Atlas in relation to the Havieron deposit.

These drill holes were planned to test the various magnetic and gravity anomalies and had encountered a variety of rock types and encouraging geological units including granodiorites, diorites gabbros and associated breccias and veining. Typical alterations styles included very intense silica-calcite-chlorite-actinolite +/- biotite with abundant pyrite and minor chalcopyrite in veins, halos and minor breccia infill. Figures 5 and 6 show some of the styles of breccia encountered in the drilling of Apollo.

The drill holes had encountered encouraging geology indicating that the Apollo and Atlas areas are well located for making a discovery with further drilling.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 5: GDRCD007 - 547m, example of a large quartz calcite vein in altered diorite with semi-massive sulphides pyrite +/- chalcopyrite as well as chlorite actinolite infill and alteration halo.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 6: GDRCD007 - 559m, example of a quartz qalcite vein in altered diorite with pyrite +/- chalcopyrite, chlorite 'jigsaw' infill.

Artemis is now focussing on testing its 6 higher priority drill targets with the intention to execute about 8,000m of diamond drilling to test these targets during the 2022 -2023 field season.

CARLOW CASTLE GOLD-COPPER-COBALT PROJECT

The Carlow Castle gold, copper and cobalt project is located in the West Pilbara region of Western Australia, ~45 km by road east of the city of Karratha (Figure 7). Access is via the Northwest Coastal Highway and then by the unsealed Cherratta public road, which passes through the Project area. Carlow Castle is on the granted exploration license E47/1797 and is ~35 km from Artemis' 100% owned Radio Hill Processing Plant.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 7: West Pilbara project map highlighting Artemis' current tenement holdings.

Following a multifaceted strategy, multiple drilling campaigns at Carlow Castle have returned several significant results, which continues to highlight the potential of the deposit.  The Main Carlow Castle zone returned positive results especially from the Crosscut Zone, where the majority of the drilling during the year was completed.

Additional holes on the Quod Est Zone has further extended this high-grade mineralised shoot at depth. 

Targeting geophysical anomalies, drilling discovered the new Crosscut Zone that lies east of Quod Est and to the north of the Main Eastern Zone by approximately 300m.

During the report year, a total of 106 holes were drilled for 24,641.3 metres of which two holes for 269.3 metres was diamond and 104 holes for 24,372 metres was RC. A total of 28,316 samples were collected, which included QAQC samples as well. Table 3 below summarised the breakdown of drilling according to prospects, with Figure 8 showing the prospect locations in relation to Carlow Castle.

Table 2: Number of holes and drilled metres for the various prospects at Carlow tenement E47/1797

Prospect	No of Holes	RC (m)	Diamond (m)	Samples Receipted (incl QAQC)
Carlow East	13	3776		4202
Carlow West	17	3822		4044
Carlow Eastern Regional	1	198		178
Chapman	19	4714	132.9	5284
Marillion	1	210		234
Quod Est	5	766		933
Thorpe	8	2017		2489
Crosscut Zone 1	27	5465		6636
Crosscut Zone 2	11	2588	136.4	3322
Crosscut Zone 3	4	816		994
Totals	106	24,372	269.3	28,316
		Total Metres Drilled	24,641.3

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 8: Location of drill collars in the various prospects within the Carlow tenement E47/1797.

The additional drilling completed during the year has significantly added crucial information regarding the structural, alteration and mineralogical controls at Carlow Castle. The new interpretation and modelling for Carlow has allowed for accurate target generation, which has been instrumental to improving the ounce discovered per metre drilled.

 

Carlow Castle Program

Crosscut Zones

The Crosscut Zone (XCZ) is defined by a series of parallel NW structure, hosting en echelon dilation structures that host mineralisation. The recent drilling in this area has indicated that these dilation features are striking north-south and have steep dips, usually to the east. Drilling had intersected significant sulphide zones at interpreted pierce point target zones at Crosscut, which is an encouraging result with respect to the interpretation of the model. Drill collar locations are shown in Figure 9.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 9: Location of drill holes at Crosscut and section lines. Note that only holes ARC403 and ARC404 were completed during the quarter period. Other holes are referenced in section figures.

A diamond hole, 22CCRD008 was drilled in response to the high-grade intersection in ARC344 which returned 22m @ 2.23g/t Au, 1.39% Cu, 0.457% Co from 247m (refer to ASX Announcement 19^th November, 2021). Significant results for 22CCRD008 are shown in Table 3 with the section showing the mineralised intervals shown in Figure 10.

Table 3: Significant intersections for diamond hole 22CCRD008, based on >0.3% Cu, 2m internal dilution.

SIGNIFICANT MINERALISED INTERSECTION FOR 22CCRD008

refer to ASX announcement 11th of July 2022

3.72m @ 0.32% Cu, 0.07g/t Au, 0.032% Co, from 233.06m

16.6m @ 2.73% Cu, 1.19g/t Au, 0.049% Co, from 255.8m

Incl; 1.18m @ 15.65% Cu, 5.4g/t Au, 0.09% Co, from 256.84m

Incl; 3.14m @ 6.38% Cu, 3.61g/t Au, 0.059% Co, from 265.92m

3.09m @ 0.58% Cu, 0.29g/t Au, 0.03% Co, from 285.79m

2.2m @ 0.43% Cu, 0.16g/t Au, 0.031% Co, from 305.69m

6.01m @ 0.68% Cu, 0.63g/t Au, 0.176% Co, from 309.42m

 

Mineralisation style encountered in hole 22CCRD008 is quartz-carbonate infill breccias and veining with sporadic agglomerations of sulphides and massive sulphide infills. The visible sulphides include chalcopyrite, pyrrhotite and pyrite. These are shown in Figure 11 and Figure 12.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 10: Section 9,960mE showing significant intersections for hole 22CCRD008. High grade intersections for ARC344 included for comparisons. Hole ARC392 drilled updip from the massive sulphide occurrence is pending assay results. Refer to Figure 8 for section location.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 11: Part of the upper zone of the broader 16.6m showing the massive sulphide interval with brecciated upper contact which returned a result of 1.18m @ 15.65% Cu, 5.40g/t Au, 0.090% Co from 256.84m.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 12: 22CCRD008 (263-273.5m) lower interval of significant vein hosted sulphide forming part of the broader 16.6m interval with a significant grade of 3.14m @ 6.38% Cu, 3.61% Cu, 0.059% Co from 265.92m

Mineralisation continues till end of hole, as shown in Figure 13. Hole was not continued as driller had run out of rods.

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 13: 22CCRD008 mineralisation occurrence at EOH 315.3m.

Two additional holes, ARC387 and ARC389 drilled on section 9,920mN Loc (40m to the south of 22CCRD008) had intersected mineralisation near the proposed pierce points. These holes are shown in Figure 14.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 14: Section 9920mE looking Northwest showing additional holes that had intersected mineralisation 40m to the south of section 9960mE. This shows the continuation of what is the massive sulphide interval to the south through the sections. The intersection of 4m @ 1.02% Cu, 0.76g/t Au, 0.016% Co from 135m occurs in the Crosscut 2 zone. Refer to Figure 8 for section location.

Northern Extension of Crosscut

The mineralised structure of Crosscut is known to extend and continue to the northwest and a series of holes were drilled to test the structure.

Six holes to the north (ARC363 to 365 and ARC395 to 397) were drilled based on extending the Crosscut mineralisation to the north from the high-grade intersections encountered in hole ARC366 and ARC367 which returned grades of 8m @ 2.35% Cu, 5.01g/t Au, 0.400% Co from 80m and 8m @ 0.98% Cu, 1.08g/t Au, 0.020% Co from 167m, respectively as shown in Figure 15, with Figure 16 showing a cross section.

Holes ARC363, 364 and 365 encountered massive basalts and returned no significant results.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 15: Showing the location of the holes to test the mineralisation to the north. ARC403 encountered sulphides but assays are pending. Interpretation of the magnetics have identified similar NW structures to the west and NW along strike. These are north of the cataclasite ridge which is considered prospective for mineralisation.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 16: Section through 10,200mE Local Grid showing high-grade intersections for ARC366 and ARC376. Refer to Figure 15 for section location.

Logging of holes ARC395, 396 and 367 showed that the NE holes encountered a major fault zone and intersected pelites and black shales. Hole ARC395 showed presence of sulphides associated with fuchsite with silicification and sericite alteration.

An additional hole ARC403 had intersected sulphides (Figure 17) consistent with those in the high-grade zones to the south, meaning that the mineralised envelops had 'stepped' over to the west, in true en echelon form.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 17: Sulphide occurrence in ARC403 comprising pyrite and pyrrhotite.

Not only is it common for mineralised structures to anastomose downdip, they also tend to stagger or step sideways within the confined margins of the NW zones.

It appears that the Crosscut Zone is copper-rich, with zones of higher-grade Au. Table 4 shows the results for the Crosscut Zone.

Table 4: Significant assay results for the Crosscut Zone for drill holes received during the reporting period.

SIGNIFICANT MINERALISED INTERSECTION FOR CROSSCUT DRILLING

refer to ASX announcement 11th of July 2022

8m @ 0.4% Cu, 0.55g/t Au, 0.061% Co, from 40m; Hole ARC366

6m @ 0.4% Cu, 0.25g/t Au, 0.036% Co, from 72m; Hole ARC366

8m @ 2.35% Cu, 5.01g/t Au, 0.4% Co, from 83m; ARC366

Incl: 1m @ 4.03% Cu, 9.04g/t Au, 0.377% Co, from 83m

Incl: 1m @ 9.02% Cu, 11.25g/t Au, 1.265% Co, from 85m

8m @ 0.98% Cu, 0.96g/t Au, 0.149% Co, from 167m; ARC367

1m @ 1.64% Cu, 0.02g/t Au, 0.004% Co, from 227m; ARC369

1m @ 1.00% Cu, 3.41g/t Au, 0.082% Co, from 259m; ARC381

13m @ 2.58% Cu, 0.62g/t Au, 0.057% Co, from 130m; ARC387

Incl: 4m @ 7.59% Cu, 1.81g/t Au, 0.148% Co, from 131m

4m @ 1.02% Cu, 0.76g/t Au, 0.016% Co, from 135m; ARC389

15m @ 2.02% Cu, 0.63g/t Au, 0.171% Co, from 299m; ARC389

Incl: 1m @ 6.29% Cu, 1.9g/t Au, 0.2% Co, from 300m

Incl: 1m @ 6.32% Cu, 0.33g/t Au, 0.044% Co, from 307m

Incl: 1m @ 3.4% Cu, 2.08g/t Au, 0.687% Co, from 309m

9m @ 0.45% Cu, 0.34g/t Au, 0.074% Co, from 317m; ARC389

1m @ 0.88% Cu, 2.91g/t Au, 0.029% Co, from 76m; ARC390

6m @ 0.85% Cu, 0.26g/t Au, 0.027% Co, from 104m; ARC390

Incl: 1m @ 3.47% Cu, 0.69g/t Au, 0.037% Co, from 107m

4m @ 1.11% Cu, 0.39g/t Au, 0.099% Co, from 143m; ARC391

Additional holes drilled to test SAM Survey

A series of holes were drilled to the east of Crosscut to test additional structures identified from magnetic interpretation and SAM survey anomalies. These are shown in Figure 18.

No significant results were reported from holes ARC368, ARC370, ARC371, ARC379, ARC380 and ARC381. It is noted that ARC370 and ARC371 had intersected unusually high magnetite occurring as very fine layers within what has been noted as a komatiite. Ni values are unusually consistent through this unit at an average of around 0.14% Ni, with Cr showing a zonation, with high values of around 0.125%

Ni and Cr shows a distinct segregation to the NE and indicates the presence of ultramafics in the system, however not economically mineralised.

SAM was successful in identifying highly magnetic and conductive units to the east of the Crosscut Zone.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 18: Drill collar location on background of SAM survey. Note the strong to intense SAM anomaly to the east which has defined conductive ultramafic rocks.

Carlow East Zone Drilling

These recent results have shown that the potential of the eastern zone lies in depth extensions while further discoveries of offset high-grade shoots to the south of the main East Zone will widen the mineralised area at depth.

Figure 19 shows the location of the collars for the programme along with sections lines for the cross-sections presented in this announcement.

Reinterpretation of the Carlow Castle deposit suggests that high-grade steeply-plunging shoots occur in the East Zone, which in turn potentially identifies the East Zone as the feeder to the Carlow system. This interpretation has enabled Artemis to plan drill targets with accuracy, with the majority of the targets intersecting mineralisation returning excellent results.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 19: Section lines and collar locations of holes for the East Zone.

Most of these results extend existing mineralised trends downward in the East Zone, such as the results for ARC355 Section 507360mE as shown in Figure 20. These results extend the current mineralised envelops 80 metres below the 2021 optimised pit outline.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 20: Hole ARC355 Section 507360 showing a series of mineralised intervals down along the drill trace, well below the 2021 optimised pit outline. This remains open at depth. The line traces highlight the low grade halo with orange outlining the >0.25g/t Au trace and green outlining >0.25% Cu as defined by implicit modelling. Refer to Figure 11 for location of the section.

Other holes, such as ARC356,  shown on Section 507400mE; in Figure 21, intersected another zone of high-grade of 6m @ 4.61g/t Au, 0.44% Cu, 0.02% Co from 294m that effectively extends the current mineralised envelope 60 metres below the 2021 optimisation pit.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 21: Hole ARC356 Section 507400mE showing significant intersections well below the 2021 optimised pit outline, with mineralisation open at depth. This section of the East Zone is near the Crosscut Zone, as shown by the significant intersection in hole ARC344. The line traces highlight the low grade halo with orange outlining the >0.25g/t Au trace and green outlining >0.25% Cu as defined by implicit modelling. Refer to Figure 11 for location of the section.

 

A thick interval of 20m @ 2.06g/t Au, 0.40% Cu, 0.254% Co from 258m is particularly interesting, not just for the Au and Cu, but significant Co values as well as shown in Figure 22.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 22: Hole ARC359 Section 507540mE highlighting the thick mineralised intersection outside of the 2021 optimised pit outline. This mineralised trend remains open down dip. The line traces highlight the low grade halo with orange outlining the >0.25g/t Au trace and green outlining >0.25% Cu as defined by implicit modelling. Refer to Figure 11 for location of the section.

 

Continuation of the mineralised trend can be seen in Figure 23 and Figure 24, with significant values extending below the 2021 optimised pit outline. These mineralised trends remain open at depth.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 23: Hole ARC357 Section 507570mE showing the wide interval of mineralisation below the 2021 optimised pit. The line traces highlight the low grade halo with orange outlining the >0.25g/t Au trace and green outlining >0.25% Cu as defined by implicit modelling. Refer to Figure 11 for location of the section.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 24: Hole ARC358 Section 507600mE showing the continuation of the mineralisation at depth and well below the 2021 optimised pit outline. The line traces highlight the low grade halo with orange outlining the >0.25g/t Au trace and green outlining >0.25% Cu as defined by implicit modelling. Refer to Figure 11 for location of the section.

Figure 25 places the sections into context, showing the various lodes that make up the Carlow mineralised trend.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 25: Oblique view of the Carlow System looking northeast, displaying its typical vein splay. New shoot developments occur on the western side of the East Zone pit. Further drilling is required to extend these systems along strike and down dip. Grid scale is approximately 300m.

Mineralisation on the East Zone is enveloped by a low-grade Cu-Au halo which is likely a result of fracturing of the host rock during high-grade shoot development. Grades of this halo are typically >0.25g/t Au and >0.25% Cu but seem to be more confined than that of the West Zone.

Carlow West Zone Drilling

Five holes were drilled in the western zone, as shown in Figure 26 to test the high-grade shoots geometry and assays for these holes are pending.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 26: Location of Carlow West drill holes. Note trend of a NW structure in the vicinity of ARC401. Yellow solids are Carlow mineralised polygons.

All holes except ARC400 intersected significant sulphide mineralisation with, Figure 27, Figure 28 and Figure 29 showing some of the sulphide intervals for the series of holes.

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 27: Sulphide mineralisation in Hole ARC398 from 99 to 103m

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 28: Mineralisation occurrence in ARC401 showing some 'massive' style of sulphides

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 29: Additional mineralisation in hole ARC401 from 159 -160m

It is possible that hole ARC401 has intersected mineralisation obliquely that is related to the NW structure as interpreted from magnetics.

Table 5 shows the significant intersections for the drilling competed in the East and West Zones of the Carlow Main Area.

Table 5: Significant intervals for drill holes in the East and West Zone of the Carlow Main Zone

SIGNIFICANT MINERALISED INTERSECTION FOR MAIN ZONE DRILLING

refer to ASX announcement 29th of November and 21st December 2022

5m @ 1.73% Cu, 1.47g/t Au, 0.1% Co, from 67m; Hole ARC316

Incl: 1m @ 3.15% Cu, 2.7g/t Au, 0.126% Co, from 71m; Hole ARC316

5m @ 5.75% Cu, 2.67g/t Au, 0.057% Co, from 111m; Hole ARC316

Incl: 2m @ 11.48% Cu, 5.07g/t Au, 0.067% Co, from 112m; Hole ARC316

4m @ 1.09% Cu, 1.44g/t Au, 0.175% Co, from 140m; Hole ARC316

13m @ 5.86% Cu, 0.21g/t Au, 0.137% Co, from 58m; Hole ARC317

Incl: 4m @ 10.41% Cu, 0.28g/t Au, 0.228% Co, from 59m; Hole ARC317

Incl: 2m @ 5.45% Cu, 0.37g/t Au, 0.163% Co, from 64m; Hole ARC317

Incl: 3m @ 6.02% Cu, 0.2g/t Au, 0.082% Co, from 67m; Hole ARC317

5m @ 1.25% Cu, 0.27g/t Au, 0.152% Co, from 175m; Hole ARC317

Incl: 1m @ 3.75% Cu, 0.4g/t Au, 0.113% Co, from 177m; Hole ARC317

2m @ 1.74% Cu, 0.78g/t Au, 0.182% Co, from 196m; Hole ARC317

1m @ 1.22% Cu, 0.28g/t Au, 0.259% Co, from 206m; Hole ARC317

3m @ 11.39% Cu, 6.82g/t Au, 0.063% Co, from 108m; Hole ARC318

Incl: 2m @ 16.4% Cu, 9.72g/t Au, 0.09% Co, from 108m; Hole ARC318

1m @ 1.04% Cu, 0.28g/t Au, 0.011% Co, from 120m; Hole ARC318

3m @ 2.71% Cu, 2.83g/t Au, 0.058% Co, from 124m; Hole ARC318

Incl: 1m @ 6.95% Cu, 4.74g/t Au, 0.054% Co, from 125m; Hole ARC318

1m @ 3.03% Cu, 0.39g/t Au, 0.097% Co, from 152m; Hole ARC318

2m @ 8.43% Cu, 0.5g/t Au, 0.475% Co, from 159m; Hole ARC318

1m @ 2.08% Cu, 0.72g/t Au, 0.024% Co, from 30m; Hole ARC319

1m @ 1.01% Cu, 0.32g/t Au, 0.066% Co, from 44m; Hole ARC319

1m @ 1.02% Cu, 0.87g/t Au, 0.016% Co, from 111m; Hole ARC320

1m @ 9.23% Cu, 0.85g/t Au, 0.026% Co, from 119m; Hole ARC320

2m @ 1.06% Cu, 0.32g/t Au, 0.067% Co, from 130m; Hole ARC320

2m @ 1.07% Cu, 0.17g/t Au, 0.103% Co, from 133m; Hole ARC320

1m @ 2.74% Cu, 0.01g/t Au, 0.004% Co, from 235m; Hole ARC320

1m @ 1.13% Cu, 0.18g/t Au, 0.005% Co, from 50m; Hole ARC321

1m @ 1.12% Cu, 0.38g/t Au, 0.288% Co, from 135m; Hole ARC322

2m @ 1.43% Cu, 1.08g/t Au, 0.221% Co, from 149m; Hole ARC322

4m @ 1.03% Cu, 0.29g/t Au, 0.204% Co, from 24m; Hole ARC323

1m @ 3.47% Cu, 0.14g/t Au, 0.021% Co, from 260m; Hole ARC323

2m @ 1.97% Cu, 0.21g/t Au, 0.021% Co, from 266m; Hole ARC323

1m @ 1.9% Cu, 0.08g/t Au, 0.032% Co, from 112m; Hole ARC324

1m @ 1.24% Cu, 1.4g/t Au, 0.061% Co, from 151m; Hole ARC324

2m @ 1.79% Cu, 0.47g/t Au, 0.055% Co, from 159m; Hole ARC324

1m @ 2.5% Cu, 0.47g/t Au, 0.113% Co, from 180m; Hole ARC324

4m @ 1.12% Cu, 0.11g/t Au, 0.062% Co, from 188m; Hole ARC324

1m @ 1.12% Cu, 0.2g/t Au, 0.039% Co, from 146m; Hole ARC325

8m @ 1.32% Cu, 0.21g/t Au, 0.092% Co, from 177m; Hole ARC325

Incl: 1m @ 4.7% Cu, 0.69g/t Au, 0.355% Co, from 181m; Hole ARC325

SIGNIFICANT MINERALISED INTERSECTION FOR MAIN ZONE DRILLING

4m @ 1.18% Cu, 3.96g/t Au, 0.102% Co, from 104m; Hole ARC326

1m @ 3.76% Cu, 0.18g/t Au, 0.202% Co, from 160m; Hole ARC326

2m @ 1.09% Cu, 0.13g/t Au, 0.005% Co, from 292m; Hole ARC326

1m @ 1.27% Cu, 1.08g/t Au, 0.013% Co, from 84m; Hole ARC327

2m @ 3.07% Cu, 5.34g/t Au, 0.256% Co, from 118m; Hole ARC327

Incl: 1m @ 3.98% Cu, 3.36g/t Au, 0.178% Co, from 119m; Hole ARC327

3m @ 4.22% Cu, 1.18g/t Au, 0.238% Co, from 127m; Hole ARC327

Incl: 1m @ 9.29% Cu, 1.39g/t Au, 0.474% Co, from 127m; Hole ARC327

3m @ 1.49% Cu, 0.68g/t Au, 0.111% Co, from 138m; Hole ARC327

1m @ 1.1% Cu, 3.08g/t Au, 0.043% Co, from 248m; Hole ARC334

2m @ 3.73% Cu, 0.03g/t Au, 3.211% Co, from 256m; Hole ARC334

5m @ 3.92% Cu, 1.22g/t Au, 0.05% Co, from 275m; Hole ARC334

1m @ 1.3% Cu, 1.51g/t Au, 0.505% Co, from 168m; Hole ARC335

3m @ 1.01% Cu, 0.11g/t Au, 0.163% Co, from 184m; Hole ARC335

1m @ 1.65% Cu, 0.15g/t Au, 0.126% Co, from 150m; Hole ARC337

1m @ 2.4% Cu, 0.33g/t Au, 0.072% Co, from 160m; Hole ARC337

10m @ 1.6% Cu, 2.11g/t Au, 0.34% Co, from 16m; Hole ARC338

Incl: 2m @ 4.23% Cu, 3.51g/t Au, 0.893% Co, from 16m; Hole ARC338

2m @ 1.13% Cu, 1.33g/t Au, 0.209% Co, from 36m; Hole ARC338

13m @ 5.95% Cu, 5g/t Au, 0.689% Co, from 42m; Hole ARC338

Incl: 5m @ 8.31% Cu, 8.1g/t Au, 0.659% Co, from 42m; Hole ARC338

Incl: 4m @ 8.42% Cu, 5.46g/t Au, 1.337% Co, from 50m; Hole ARC338

4m @ 2.59% Cu, 0.95g/t Au, 0.024% Co, from 80m; Hole ARC338

Incl: 1m @ 5.98% Cu, 1.6g/t Au, 0.019% Co, from 83m; Hole ARC338

3m @ 1.14% Cu, 2.31g/t Au, 0.161% Co, from 100m; Hole ARC338

1m @ 1.46% Cu, 4g/t Au, 0.029% Co, from 39m; Hole ARC340

5m @ 1.22% Cu, 1.69g/t Au, 0.024% Co, from 47m; Hole ARC340

Incl: 1m @ 3.76% Cu, 1.83g/t Au, 0.023% Co, from 49m; Hole ARC340

5m @ 1.66% Cu, 0.78g/t Au, 0.015% Co, from 57m; Hole ARC340

Incl: 1m @ 5.22% Cu, 1.18g/t Au, 0.02% Co, from 60m; Hole ARC340

1m @ 2.14% Cu, 0.09g/t Au, 0.102% Co, from 95m; Hole ARC340

1m @ 2.4% Cu, 7.05g/t Au, 0.082% Co, from 129m; Hole ARC340

1m @ 4.87% Cu, 0.02g/t Au, 0.003% Co, from 158m; Hole ARC340

3m @ 5.29% Cu, 0.8g/t Au, 0.185% Co, from 111m; Hole ARC342

Incl: 2m @ 6.68% Cu, 1.1g/t Au, 0.209% Co, from 112m; Hole ARC342

7m @ 1.9% Cu, 2.35g/t Au, 0.098% Co, from 126m; Hole ARC342

Incl: 1m @ 8.53% Cu, 11.25g/t Au, 0.175% Co, from 126m; Hole ARC342

1m @ 1.17% Cu, 1.42g/t Au, 0.549% Co, from 180m; Hole ARC342

1m @ 1.52% Cu, 2.39g/t Au, 0.477% Co, from 227m; Hole ARC342

2m @ 19.36% Cu, 1.58g/t Au, 0.051% Co, from 243m; Hole ARC342

2m @ 2.75% Cu, 0.42g/t Au, 0.009% Co, from 87m; Hole ARC344

Incl: 1m @ 4.9% Cu, 0.33g/t Au, 0.009% Co, from 87m; Hole ARC344

22m @ 2.23% Cu, 1.39g/t Au, 0.457% Co, from 247m; Hole ARC344

Incl: 4m @ 4.15% Cu, 1.78g/t Au, 0.517% Co, from 250m; Hole ARC344

Incl: 1m @ 4.89% Cu, 1.16g/t Au, 0.831% Co, from 258m; Hole ARC344

Incl: 4m @ 2.94% Cu, 2.08g/t Au, 0.978% Co, from 262m; Hole ARC344

7m @ 5.23% Cu, 0.74g/t Au, 0.054% Co, from 286m; Hole ARC344

Incl: 4m @ 7.65% Cu, 1.15g/t Au, 0.058% Co, from 286m; Hole ARC344

SIGNIFICANT MINERALISED INTERSECTION FOR MAIN ZONE DRILLING

2m @ 1.83% Cu, 0.44g/t Au, 0.02% Co, from 73m; Hole ARC349

1m @ 1.23% Cu, 0.47g/t Au, 0.007% Co, from 132m; Hole ARC349

3m @ 2.78% Cu, 0.54g/t Au, 0.032% Co, from 139m; Hole ARC349

Incl: 1m @ 7.17% Cu, 1.13g/t Au, 0.045% Co, from 140m; Hole ARC349

1m @ 1.18% Cu, 0.17g/t Au, 0.016% Co, from 160m; Hole ARC349

3m @ 1.57% Cu, 1.7g/t Au, 0.008% Co, from 228m; Hole ARC349

1m @ 1.82% Cu, 0.14g/t Au, 0.02% Co, from 15m; Hole ARC350

1m @ 3.15% Cu, 0.78g/t Au, 0.11% Co, from 42m; Hole ARC350

5m @ 3.51% Cu, 1.39g/t Au, 0.173% Co, from 47m; Hole ARC350

Incl: 1m @ 10.9% Cu, 3.59g/t Au, 0.012% Co, from 47m; Hole ARC350

Incl: 1m @ 4.31% Cu, 1.07g/t Au, 0.614% Co, from 50m; Hole ARC350

1m @ 1.98% Cu, 2.88g/t Au, 0.021% Co, from 78m; Hole ARC350

1m @ 1.16% Cu, 0.96g/t Au, 0.1% Co, from 171m; Hole ARC350

6m @ 1.38% Cu, 0.62g/t Au, 0.1% Co, from 42m; Hole ARC351

1m @ 1.63% Cu, 4.27g/t Au, 0.014% Co, from 249m; Hole ARC352

2m @ 4.87% Cu, 0.01g/t Au, 0.006% Co, from 68m; Hole ARC353

2m @ 1.49% Cu, 0.07g/t Au, 0.005% Co, from 122m; Hole ARC353

1m @ 1.2% Cu, 1.36g/t Au, 0.302% Co, from 314m; Hole ARC353

1m @ 3.89% Cu, 1.38g/t Au, 0.582% Co, from 298m; Hole ARC354

1m @ 3.54% Cu, 0.4g/t Au, 0.006% Co, from 211m; Hole ARC355

3m @ 1.45% Cu, 0.59g/t Au, 0.011% Co, from 215m; Hole ARC355

1m @ 1.33% Cu, 2.01g/t Au, 0.008% Co, from 237m; Hole ARC355

3m @ 21.91% Cu, 0.8g/t Au, 0.009% Co, from 246m; Hole ARC355

Incl: 2m @ 31.63% Cu, 1.1g/t Au, 0.011% Co, from 246m; Hole ARC355

Incl: 1m @ 53.1% Cu, 1.27g/t Au, 0.01% Co, from 246m; Hole ARC355

5m @ 1.31% Cu, 0.18g/t Au, 0.121% Co, from 283m; Hole ARC355

2m @ 11.93% Cu, 0.67g/t Au, 0.025% Co, from 199m; Hole ARC356

1m @ 6.23% Cu, 1.05g/t Au, 0.01% Co, from 231m; Hole ARC356

1m @ 1.24% Cu, 0.47g/t Au, 0.009% Co, from 254m; Hole ARC356

6m @ 4.61% Cu, 0.44g/t Au, 0.019% Co, from 294m; Hole ARC356

Incl: 1m @ 3.33% Cu, 0.12g/t Au, 0.013% Co, from 294m; Hole ARC356

Incl: 2m @ 5.75% Cu, 0.42g/t Au, 0.015% Co, from 296m; Hole ARC356

Incl: 1m @ 7.22% Cu, 1.05g/t Au, 0.04% Co, from 299m; Hole ARC356

1m @ 1.12% Cu, 0.03g/t Au, 0.005% Co, from 185m; Hole ARC357

11m @ 1.69% Cu, 0.49g/t Au, 0.256% Co, from 246m; Hole ARC357

Incl: 2m @ 6.68% Cu, 0.75g/t Au, 0.916% Co, from 246m; Hole ARC357

1m @ 1.21% Cu, 1.38g/t Au, 0.011% Co, from 294m; Hole ARC357

1m @ 1.1% Cu, 0.03g/t Au, 0.004% Co, from 315m; Hole ARC357

1m @ 25.1% Cu, 0.43g/t Au, 0.009% Co, from 245m; Hole ARC358

5m @ 1.71% Cu, 0.46g/t Au, 0.069% Co, from 262m; Hole ARC358

Incl: 1m @ 3.77% Cu, 0.57g/t Au, 0.016% Co, from 266m; Hole ARC358

20m @ 2.06% Cu, 0.4g/t Au, 0.254% Co, from 258m; Hole ARC359

Incl: 3m @ 8.78% Cu, 1.18g/t Au, 1.14% Co, from 258m; Hole ARC359

Incl: 7m @ 1.16% Cu, 0.38g/t Au, 0.128% Co, from 267m; Hole ARC359

2m @ 1.31% Cu, 6g/t Au, 0.014% Co, from 274m; Hole ARC361

1m @ 2.33% Cu, 0.36g/t Au, 0.05% Co, from 330m; Hole ARC361

6m @ 1.01% Cu, 1.81g/t Au, 0.027% Co, from 351m; Hole ARC361

1m @ 1.42% Cu, 0.54g/t Au, 0.018% Co, from 198m; Hole ARC362

1m @ 4.85% Cu, 4.72g/t Au, 0.059% Co, from 224m; Hole ARC362

 

Quod Est Zone

The Quod Est Zone mineralisation trends north-northeast, with a steep plunge dipping to the southeast, controlled by a gabbro/basalt contact. Collar locations are shown in Figure 30.

Results for this drilling have returned 5m @ 2.90g/t Au, 0.62% Cu, 0.010% Co from 79m which includes 1m @ 7.14g/t Au, 1.26% Cu, 1.095% Co from 80m (Hole ARC323) and 4m @ 2.02g/t Au, 0.72% Cu, 0.263% Co which includes 1m @ 3.27g/t Au, 1.12% Cu, 0.365% Co from 104m (Hole ARC333). Additional results are shown in Table 6.

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 30: Drill collar locations for the drilling at Quod Est Zone.

Table 6: Significant Intersections for the Quod Est Drill Holes

SIGNIFICANT MINERALISED INTERSECTION FOR QUOD EST DRILLING

refer to ASX announcement 29th of November

2m @ 1.64g/t Au, 0.88% Cu, 0.149% Co, from 46m; Hole ARC329

3m @ 3.14g/t Au, 0.43% Cu, 0.383% Co, from 111m; Hole ARC330

Incl; 1m @ 6.54g/t Au, 0.72% Cu, 0.766% Co, from 112m; Hole ARC330

3m @ 3.8g/t Au, 4.06% Cu, 1.563% Co, from 121m; Hole ARC330

Incl; 2m @ 4.52g/t Au, 4.99% Cu, 1.855% Co, from 121m; Hole ARC330

1m @ 1.93g/t Au, 0.25% Cu, 0.01% Co, from 127m; Hole ARC330

1m @ 1.24g/t Au, 2.09% Cu, 0.071% Co, from 146m; Hole ARC331

5m @ 2.9g/t Au, 0.62% Cu, 0.551% Co, from 79m; Hole ARC332

Incl; 1m @ 7.14g/t Au, 1.26% Cu, 1.095% Co, from 80m; Hole ARC332

Incl; 1m @ 3.33g/t Au, 0.61% Cu, 0.119% Co, from 82m; Hole ARC332

1m @ 4.35g/t Au, 0.77% Cu, 1.69% Co, from 96m; Hole ARC332

4m @ 2.02g/t Au, 0.72% Cu, 0.263% Co, from 102m; Hole ARC333

Incl; 1m @ 3.27g/t Au, 1.12% Cu, 0.365% Co, from 104m; Hole ARC333

 

 

DRILLING AT CHAPMAN PROSPECT

Chapman lies ~1km southeast of Carlow Castle as shown in Figure 8. The drilling at Chapman was completed as part of the last phase of the 14,725 metre RC program, which was completed in September 2021. These holes are prefixed with 'GLC' and are shown in Figure 31.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 31: Location of drill collars and simplified geology for the Chapman Prospect. Direction of drill label does not reflect the drill direction. Q3 2021 drilling is prefixed GLC, Q1 2022 drilling prefixed ARC.

These holes were planned to test various Versatile Time Domain Electromagnetic (VTEM) plates with several holes intersecting low levels of copper and nickel.

 GLC007 was targeting a VTEM plate that was isolated and seemed 'off-trend'. Significant sulphides (up to 15%) were intersected, comprising predominately of pyrite and pyrrhotite, hosted in quartz veining. GLC007 has returned values of 10m @ 3.40% Cu, 1.75g/t Au, 24.65g/t Ag from 116m, including: 5m @ 6.23% Cu, 3.01g/t Au, 45.32g/t Ag, from 117m and 3m @ 1.73% Cu, 1.04g/t Au, 12.67g/t Ag from 138m.

The significant intersection in GLC007 and coincident VTEM plate is shown in Figure 32 with Table 7 showing significant results.

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 32: Slight oblique section looking northeast along the drill trace of GLC007 showing the location of the high-grade intersections in relation to the VTEM plates.

Table 7: Significant intersections for holes drilled in the Chapman Prospect.

SIGNIFICANT MINERALISED INTERSECTION FOR CHAPMAN DRILLING

refer to ASX announcement 06th of December

2m @ 0.02g/t Au, 0.56% Cu, 2.9g/t Ag, from 129m; Hole GLC003

1m @ 0.02g/t Au, 0.81% Cu, 3.6g/t Ag, from 125m; Hole GLC004

3m @ 0.01g/t Au, 0.65% Cu, 3.17g/t Ag, from 81m; Hole GLC005

3m @ 0.02g/t Au, 0.69% Cu, 3.8g/t Ag, from 101m; Hole GLC005

Incl; 1m @ 0.04g/t Au, 1.08% Cu, 6.1g/t Ag, from 102m; Hole GLC005

3m @ 0.01g/t Au, 0.5% Cu, 2.23g/t Ag, from 17m; Hole GLC006

4m @ 0.28g/t Au, 0.56% Cu, 2.33g/t Ag, from 56m; Hole GLC006

Incl; 1m @ 0.85g/t Au, 1.04% Cu, 4.8g/t Ag, from 58m; Hole GLC006

3m @ 0.02g/t Au, 0.6% Cu, 3.43g/t Ag, from 126m; Hole GLC006

1m @ 0.06g/t Au, 0.51% Cu, 2.4g/t Ag, from 80m; Hole GLC007

10m @ 1.75g/t Au, 3.41% Cu, 24.65g/t Ag, from 116m; Hole GLC007

Incl; 5m @ 3.01g/t Au, 6.23% Cu, 45.32g/t Ag, from 117m; Hole GLC007

3m @ 1.04g/t Au, 1.73% Cu, 12.67g/t Ag, from 138m; Hole GLC007

Incl; 2m @ 1.28g/t Au, 2.28% Cu, 16.65g/t Ag, from 139m; Hole GLC007

 

In addition to the drilling, 52 x Ultrafine Fraction (UFF) soils were taken on a 200 x 50m grid to assist in identifying the structures that may host mineralisation as illustrated in Figure 33.

It can be seen that the higher Cu values in the UFF soils fall within an interpreted structural corridor that trends to the northwest.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 33: Image showing the first pass UFF soil sampling for Cu values, which are highlighting a NW trend. Note that the significant Cu values occur within the two inferred bounding structures, also trending to the NW. Hole GLC007 is highlighted with its significant result, using a 0.3% Cu cut off. Image is mag 2VD with draped satellite image.

 

Additional holes were planned to test not only the VTEM targets but also the structural trend as interpreted from magnetics. A total of 11 holes for 2,878m was completed, of which one hole was diamond core for 132.9m. A total of 2,784 samples, including QAQC was sent for analysis.

These are shown in Figure 35 and are prefixed ARC.

A total of 11 holes for 2,507m was completed, of which one hole was diamond core for 103.8m. A total of 2,784 samples, including QAQC was sent for analysis.

Post period the assay results were released in ASX release dated 13 September 2022 "Chapman Prospect - Copper Nickel System Identified".

 

Little Fortune Prospect

Drilling here is also targeting VTEM plates, along with trends as defined by geological exposure. A total of 7 holes for 2,017 metres was drilled. Location of the collars are shown in Figure 34.

Several holes were cased with PVC to enable any future downhole geophysics.

Sulphides were also encountered downhole, coincident with VTEM plates, however no significant results were encountered in these holes.

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 34: Diagram showing collar locations and simply geology for the Little Fortune Prospect.

 

Geophysical Surveys

Downhole Electromagnetic Surveys (DHEM)

Downhole EM surveying was carried out in one drillhole at the Chapman (Good Luck) Prospect (GLCC005, Figure 35) two drillholes at the Thorpe (Little Fortune) Prospect (drillholes LFRC002 and LFRC005, Figure 36) and to follow-up copper mineralisation intersected in these drillholes as well as EM sources related to modelled VTEM conductor plate targets.

The DHEM surveys were designed by Resource Potentials, and Gap Geophysics Pty Ltd were awarded the survey contract, with the DHEM survey successfully completed in November 2021.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 35: Location of drillhole GL005 and LF005 at the Chapman prospect, which was DHEM surveyed. The location of the transmitter loop used for the survey is also shown, in blue. The drillhole trace is coloured according to Cu (ppm).

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 36: Location of drillholes LF005 and LF005 at the Thorpe prospect, which were DHEM surveyed. The location of the transmitter loop used for the survey is also shown. The drillhole trace is coloured according to Cu (ppm).

Results

Downhole electromagnetic surveying in drillholes LFRC002 and LFRC005 resolved anomalous off-hole DHEM responses which was modelled with a steep NW dip and a moderate conductance of 850 siemens.

The up-dip projection of the modelled EM conductor plate coincides with elevated copper intersections in drillhole LFRC006, as well as modelled DDIP chargeability anomaly responses, and this zone has not been intersected by existing drilling.

A very small in-hole DHEM anomaly response was resolved in drillhole LFRC002, but no follow-up drill targeting is recommended for this this very small conductor source. DHEM data from drillhole LFRC002 also suggest that there could be an off-hole and far-field conductor source located to the northeast of the drill trace. DHEM conductor plate modelling was attempted, but not finalised due to the anomaly response only being by one receiver component, and EM conductor plate modelling could not be reliably completed. Interpretation of VTEM data and other ground-based EM surveys could be carried out to look for the source of this far-field EM anomaly.

 

Surface Sampling

A total of 339 soil samples were analysed during the reporting period.

A survey comprising 75 soil samples was undertaken on tenement P47/1622, just east of the Sing Well prospect, just prior to the reporting period. Samples were collected at 50m intervals along north-south orientated traverses spaced 150m apart (Figure 37).

Samples comprised 100-200g material that was collected at a depth of 15cm below the ground surface and sieved to minus 2mm. These samples were analysed early in the 2021-22 reporting year.

 

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 37: Soil sampling localities on tenement P47/1622. Location of the tenement is shown in Figure 7.

 

A soil sampling program using Ultrafine+ Fraction (UFF) methodology was completed over the Carlow Castle Main zone (52 samples), Chapman (Good Luck, 104 samples), Thorpe (Little Fortune, 35 samples) and Carlow West (69 samples).

A total of 264 samples have been collected, as shown in Figure 38. Samples have been collected over the Carlow Castle Main Zone as an orientation survey to compare the assay variability with the previously obtained results from the ionic leach method of ALS.

Results

The survey undertaken on tenement P47/1622 returned one sample (GB378) with a spectacular result of 10.9ppm Au. This sample also returned 1.02ppm Ag. Samples GB372 and GB373 to the west-southwest of this sample also returned highly anomalous gold of 0.109ppm and 0.508ppm, respectively.

The ultrafine soil sampling results define regional structures responsible for hosting mineralisation and appears coincident with a regional magnetic trend. The survey over the Carlow Main grid (200 x 50m grid), highlights elevated copper within an interpreted northwesterly trending structural corridor.

 

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 38: Overview map showing the distribution of UFF soil sampling that cover the Carlow Castle, Chapman and Thorpe (Little Fortune) areas.

MINERAL RESOURCE ESTIMATIONS

The current mineral resource as released by CSA Global is shown in Table 8 below.

Table 8: Carlow Main Mineral Resources by classification reported above a cut-off of 0.3g/t AuEq and within an optimised shell (as of 19^th of May 2021).

 

Work has commenced on updating the interpretation for Carlow Castle which will allow for effective geological control through definition of high-grade shoots and structures. The aim of this reinterpretation is to increase the tonnage and grade through effective drill targeting and Artemis releasing an updated robust mineral resource. The new model will enable target generation, adding additional drill targets, to allow step out drilling while adding ounces to a currently increasing resource base. Figure 39 shows the Carlow lodes currently being updated.

The recent drill program centred on the Carlow Main, Quod Est and Crosscut Zones was designed to test the new interpretation, with assays results reflecting the interpretation.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 39: Plan view of the various lodes for the Carlow system, which is currently in progress.

In accordance with Listing Rule 5.23.2, Artemis confirms that it is not aware of any new information or data that materially affects the information included in the Annual Mineral Resources Statement above, and that in the case of mineral resources that all material assumptions and technical parameters underpinning the estimates in the Annual Mineral Resources Statement continue to apply and have not materially changed.

Material Changes and Resource Statement Comparison

The Company during this year has continued to review and report its mineral resources at least annually and provide an Annual Mineral Resources Statement. The date of reporting is 30 June each year, to coincide with the Company's end of financial year balance date. If there are any material changes to its mineral resources over the course of the year, the Company is required to promptly report these changes. In completing the annual review for the year ended 30 June 2022, the historical resource factors for Projects were reviewed and found to be relevant and current, as at that date.

Governance Arrangements and Internal Controls

Artemis has ensured that the mineral resources quoted are subject to good governance arrangements and internal controls. The mineral resources reported have been generated by independent external consultants who are experienced in best practices in modelling and estimation methods. The consultants have also undertaken reviews of the quality and suitability of the underlying information used to generate the resource estimation. In addition, Artemis' management carries out regular reviews of internal processes and external contractors that have been engaged by the Company.

The Carlow Castle mineral resource was compiled in accordance with the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code) 2012 Edition.

 

RADIO HILL

Downhole Electromagnetic Surveys

Downhole electromagnetic surveying was undertaken during November-December 2021 by Gap Geophysics Australia Pty Ltd. Two historical diamond holes at Radio Hill were selected for surveying, these being 07RHDD080 and 08RHRCD103 (Figure 40). The latter was replaced by drillhole 08RHRCD108 when a pre-survey check showed that the hole 07RHDD080 was blocked at 70m downhole. A total of 1,157.12m was surveyed.

Drillhole 07RHDD080 was drilled in 2007 and intersected 0.68m at 3.66% Ni from 324m. Downhole EM surveying was originally completed in 2007 in this drillhole using a high transmitter frequency of 5Hz and a low-power system compared to modern standards. The historic DHEM survey identified a small in-hole anomaly response at 325m downhole, coincident with the nickel sulphide intersection. A very subtle deeper response was also observed within the noise envelope that may be associated with a far-field conductor located east of the drillhole.

Drillhole 08RHRCD108 was drilled in 2008. The drillhole did not intersect any significant nickel sulphide mineralisation and was not historically DHEM surveyed.

The new DHEM survey in drillhole 07RHDD080 identified a short wavelength anomaly at 325m downhole, coincident with the known nickel sulphide mineralisation intersected in the drillhole but did not detect a far-field anomaly. The modelled conductor plate has approximate dimensions of 20m by 15m.

No follow-up work is recommended based on the DHEM results in drillhole 07RHDD080. No anomalies of interest were identified in the DHEM survey data from drillhole 08RHRCD108, and no follow-up is recommended based on these DHEM survey data.

Radio Hill mine and plant remain on care and maintenance.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf

Figure 40: Downhole electromagnetic survey loops and drill hole locations that underwent the survey.

WHUNDO

The Whundo Project is located approximately 40 kilometres south-southwest of Karratha in the West Pilbara Region of Western Australia and is approximately 12.5 kilometres southeast of the Radio Hill nickel plant.

In the March quarter, a total 3,768m was drilled at Whundo, with 25 holes completed.

The drilling was focused on testing for lateral and deeper extensions to the eastern and western lobes of the Whundo deposit and including untested magnetic and conductor targets in proximity to the Whundo Mine.

To assist with future drill targeting at Whundo the deeper drill holes have been prepared for Down Hole EM Surveying (DHEM). GreenTech moved to 100% ownership of Whundo during the June quarter following satisfaction of the earn-in expenditure commitments.

 

Tenements

Artemis current tenement listing are shown in Table 9. Refer to Figure 7 for locations.

Table 9: Tenement holdings for Artemis Resources as of June 2022

Tenement	Status		Holder	Affiliate	Name	Code	Size
E47/3719	Granted		Artemis	Acnco Res Ltd	Karratha - ARV JV	C183/2008 Cherratta	16 Bks
L47/163	Granted		Artemis	Acnco Res Ltd	Whundo		4.83 Ha
M47/7	Granted		Artemis	Acnco Res Ltd	Radio Hill - ARV JV	C93/2003 Radio Hill	935.1 Ha
M47/9	Granted		Artemis	Acnco Res Ltd	Whundo	C93/2003 Radio Hill	4.8505 Ha
L47/781	Application	Artemis		Artemis Res. Ltd	Karratha - ARV JV		21.6 Ha
L47/782	Application		Artemis	Artemis Res. Ltd	Karratha - ARV JV		46.3 Ha
E45/5276	Granted		Artemis	Artemis Res. Ltd	Telfer		189 Blks
E47/1746	Granted		Artemis	Artemis Res. Ltd	Cherratta - ARV JV	C183/2008 Cherratta	42 Blks
E47/1797	Granted		Artemis	Artemis Res. Ltd	Cherratta - ARV JV	C183/2008 Cherratta	10 Blks
E47/3361	Granted		Artemis	Artemis Res. Ltd	Elysian/Hard Rock	C122/2018 Elysian	5 Blks
L47/93	Granted		Artemis	Artemis Res. Ltd	Karratha - ARV JV		7.02 Ha
L7922-1989-5	Granted		Artemis	Artemis Res. Ltd	Radio Hill - ARV JV
M47/161	Granted		Artemis	Artemis Res. Ltd	Radio Hill - ARV JV	C93/2003 Radio Hill	990.8 Ha
M47/337	Granted		Artemis	Artemis Res. Ltd	Radio Hill - ARV JV	C93/2003 Radio Hill	182.8 Ha
P47/1622	Granted		Artemis	Artemis Res. Ltd	Cherratta - ARV JV	C183/2008 Cherratta	96.87 Ha
P47/1972	Granted		Artemis	Artemis Res. Ltd	Cherratta - ARV JV		150.94 Ha

 

Corporate

AIM-listing

On 7 February 2022 the company was admitted to the aim market of the London stock exchange and its shares commenced trading under the symbol AIM:ARV. The company maintains its primary listing on the ASX.

Capital Raising

On 27 January 2022, as part of its listing on the AIM market of the London Stock Exchange, the Company raised, in aggregate, gross proceeds of £5 million (~A$9.5m) through the placing of 133,333,333 Placing Shares and Subscription Shares to certain institutional and other investors at a price of 3.75 pence (~7.1 cents) per share.

Project Sales and Tenement Agreements

GreenTech Metals Limited (GreenTech) exercised its Option to acquire certain non- core projects from Artemis in December 2021 and listed on the ASX on 4 January 2022.

GreenTech acquired the Elysian Project, Ruth Well Project, Nickol River Project and Weerianna Project from Artemis for a consideration of 6,750,000 shares in GreenTech or 14.84% of the ordinary shares and a $250,000 reimbursement in cash of exploration expenses.

In addition, the Company entered into the following farm-in agreements. Farm-In and JV Agreement with Artemis Resources Limited subsidiary KML No 2 Pty Ltd:  GreenTech can earn up to 51% interest and establish an unincorporated joint venture in the Osborne Nickel Project.

Farm-In and JV Agreement with Artemis Resources Limited subsidiary Fox Radio Hill Pty Ltd: GreenTech can earn up to 100% interest in the Whundo Project. If GreenTech earn less than 100% interest in the Whundo Project, an unincorporated joint venture will be established.

On 22 March 2022 Artemis completed the sale of its 70% interest in the Munni Munni JV.

Artemis received A$250,000 in cash and was issued 358,617,818 ordinary shares in Alien Metals PLC (LSE AIM:UFO) (A$4,650,000 worth of shares at a deemed VWAP of 0.699p per share).

Board Changes

The Board welcomed Dr Simon Dominy as a Director on 1 July 2021. Dr Dominy is Adjunct Professor at the Western Australian School of Mines (WASM), Curtin University, and a Visiting Associate Professor at the Camborne School of Mines (CSM), University of Exeter, UK.  

A mining geologist-engineer with over 25 years' experience, Dr Dominy has since 2015 been working with a number of private and listed entities developing/operating gold projects including: MG Gold Ltd; Novo Resources Corporation (TSV: NVO); Scotgold Resources Ltd (AIM: SGZ) and OCX Gold Group.

Between 2004-2014 he was an Executive Consultant/General Manager with the Snowden Group based in Australia and UK, including two years contracted out to LionGold Corporation (SGX: A78).

Simon is a Fellow of the Australasian Institute of Mining and Metallurgy ("FAusIMM") and the Australian Institute of Geoscientists ("FAIG").

Mr Guy Robertson, Company Secretary, was appointed a Director on 17 January 2022.

 

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2022

		Consolidated
		30 June 2022		30 June 2021
	Notes	$		$
Revenue	3	33,389		133,815
Cost of sales		-		(38,617)
Fair value (loss)/gain on financial assets	9	(165,883)		708,289
Profit on disposal of exploration expenditure	13	1,734,962		9,946
Personnel costs		(313,386)		(56,375)
Occupancy costs		(94,142)		(33,540)
Legal fees		(31,638)		(546,610)
Consultancy costs		(626,247)		(471,802)
Compliance and regulatory expenses	4	(1,482,494)		(140,710)
Directors' fees		(616,804)		(920,675)
Travel		(53,842)		(9,440)
Marketing expenses		(103,295)		(232,106)
Borrowing costs		-		(28,461)
Other expenses		(461,931)		(342,811)
Project and exploration expenditure write off	13	(4,696,301)		(7,113,105)
Share-based payments	25	(112,200)		(1,401,000)
Foreign exchange loss		(539,533)		(409)
LOSS BEFORE INCOME TAX		(7,529,345)		(10,483,611)
Income tax expense/benefit	5	-		-
LOSS FOR THE YEAR		(7,529,345)		(10,483,611)
Other comprehensive income, net of tax		-		-
TOTAL COMPREHENSIVE LOSS FOR THE YEAR		(7,529,345)		(10,483,611)
LOSS FOR THE YEAR ATTRIBUTABLE TO:
Owners of the parent entity		(7,529,345)		(10,483,611)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR ATTRIBUTABLE TO:
Owners of the parent entity		(7,529,345)		(10,483,611)
Basic loss per share - cents	23	(0.58)		(0.93)
Diluted loss per share - cents	23	(0.58)		(0.93)

 

The consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the accompanying notes.

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2022

		Consolidated
		30 June 2022				30 June 2021
	Notes		$				$
CURRENT ASSETS
Cash and cash equivalents	6		6,106,222				9,082,554
Other receivables	7		282,701				309,546
Assets held for sale	8		-				1,600,000
Other financial assets	9		6,283,560				533,542
TOTAL CURRENT ASSETS			12,672,483				11,525,642
NON-CURRENT ASSETS
Plant and equipment	10		95,741				90,507
Intangible assets	11		3,523				33,732
Right-of-use assets	12		153,980				-
Exploration and evaluation expenditure	13		27,323,626				26,603,617
Development expenditure	14		27,420,924				23,473,919
TOTAL NON-CURRENT ASSETS			54,997,794				50,201,775
TOTAL ASSETS			67,670,277				61,727,417
CURRENT LIABILITIES
Trade and other payables	15		2,931,542				2,643,864
Current lease liabilities	12		44,140				-
Employee benefits obligation	16		39,473				2,170
TOTAL CURRENT LIABILITIES			3,015,155				2,646,034
NON-CURRENT LIABILITIES
Lease liabilities	12		109,311				-
Provisions	17		5,223,259				1,413,123
TOTAL NON-CURRENT LIABILITIES			5,332,570				1,413,123
TOTAL LIABILITIES			8,347,725				4,059,157
NET ASSETS			59,322,552				57,668,260
EQUITY
Share capital	18		114,927,239				105,855,802
Reserves	19		2,725,913				3,376,640
Accumulated losses			(58,330,600)				(51,564,182)
TOTAL EQUITY		59,322,552				57,668,260

 

The consolidated statement of financial position should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2022