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.

Artemis Resources Limited

("Artemis" or the "Company")

(ASX/AIM: ARV, FRA: ATY, US: ARTTF) 

Paterson Central Project Update

Mineralised Breccias encountered at new ~1.5km long Apollo Copper-Gold Target

Artemis Resources Limited is pleased to provide an update at its 100%-owned Paterson Central Project in the Paterson Province region of Western Australia.

Highlights

§ A total of 5,135m of diamond drilling was completed in H2 2022 at the Apollo and southern Atlas targets, located only 2km north and along strike of the 9.4Moz AuEq Havieron gold-copper discovery.

§ Reprocessed geophysics, received in September, revealed the original Apollo target is in fact just one part of a ~1.5km long magnetic regional anomaly (Figure 1).

§ Apollo appears to be a large, NW-trending regional splay fault that has been intruded by a dolerite intrusion - a similar structural setting to the nearby Havieron discovery.

§ Drilling at Apollo intercepted sporadic gold and copper mineralisation in drill holes 22PTMRD010 and 22PTMRD011, with peak gold and copper grades of 1.73 g/t Au and 2.99% Cu.

§ Large intercepts (up to 90m) of pervasive veining and multi-phase crackle breccias were encountered either side of the dolerite intrusion, often with significant amounts of visible pyrite, chalcopyrite and pyrrhotite, and in places visibly similar tenor to the Newcrest Havieron Project 2km to the South (Figure 2).

§ Of particular interest is a demagnetised zone at the centre of the Apollo magnetic anomaly (Figure 3).

§ Next steps at Paterson Central are to undertake a down-hole electromagnetic survey (DHEM) at Apollo to identify areas which may host more substantial gold and copper mineralisation.

Mark Potter, Chair, commented: "The redefined drilling at the Apollo target has been highly encouraging from a technical perspective, it demonstrates the potential for discovering a significant gold-copper mineralised system. 

The initial early stage gold and copper anomalous signatures have nearly all the geological elements we are ultimately looking for when trying to discover the next Havieron-like orebody.  Large intervals of crackle breccias and dense vein sets often with abundant pyrite, chalcopyrite and pyrrhotite have been discovered at Apollo.

Going forward, the challenge from here is to focus on where these mineralised fluids, likely active along Apollo, have coalesced into potentially economic mineralisation. To this end and as our next step, DHEM, will be undertaken at Apollo to better target conductors, potentially related to mineralisation.

DHEM surveys will be utilised at all of our highly prospective targets at Paterson which will provide valuable data and enhance exploration targeting.

Shareholders will be provided with further updates in the coming weeks as we progress our Paterson exploration activities."

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 1: Reprocessed magnetics showing the ~1.5km long Apollo structure (highlighted in dashed line). Completed drillholes (white dots). Inset; Apollo location and anomaly size with respect to Havieron resource footprint (black outline).

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 2: Core showing massive sulphide cement breccia comprising of chalcopyrite-pyrite-pyrrhotite in Hole 22PTMRD011 from 752.75 to 753.5m. Copper and multi-element assays for this core are still pending.

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 3: Location of the recently heritage cleared tracks and drill pads at Apollo. Image shows satellite over magnetics to show the location of the pads in relation to the magnetic anomaly. Demagnetised target zone highlighted in yellow.

Summary

Assay results received to date show sporadic gold and copper occurs within a suite of rocks that in many places are similar to those described at the nearby Havieron deposit[1]. From an examination of the exploration history at Havieron¹ it is evident that the discovery of large intercepts of multi-sulphide endowed, high-temperature crackle breccias and veining doesn't, in and of itself, confirm the presence of gold, which is expected to occur almost entirely at microscopic level. Furthermore, the exploration history¹ at Havieron tells us holes with exceptionally large gram-metre intercepts (HAD005) can be as little as 50m from holes that returned no significant results at all (HAD006).

Havieron appears to have a very small gold geochemical halo surrounding the core deposit, thus the very low cut-off grade (0.2g/t Au) to report significant results is used.

In the Apollo drill holes, along with sporadic gold and chalcopyrite, a copper sulphide mineral is present in varying amounts, sometimes pervasively disseminated and on occasion as semi-massive to massive sulphide cement infill.

The most visually abundant chalcopyrite of the three Apollo holes completed in H2 2022 was observed in 22PTMRD011 for which copper and multi-element assays are still pending.

Artemis believes these factors to be important in assessing the significance or otherwise of the results presented. Core intervals share characteristics with core described at Havieron.

Hole 22PTMRD011

Hole 22PTMRD011 was drilled to the north to test a perpendicular section of the magnetic signature and the dolerite intrusive (Figure 4). Copper and other non-gold multi-element assays for the hole are still pending.

This hole was the most visually impressive and intersected significant sulphide mineralisation (Table 1) within breccias and veins alike (Figures 5, 6 and 7). Brittle quartz-carbonate matrix supported breccias were dominate in this hole and was noted from 705m to 826m (Figures 8 and 9) where it becomes weaker and gives way to sericite-quartz altered sediments.

A dolerite was intersected from 784m to 854m, with the hanging wall contact showing fluidised breccias and sulphides in the matrix (Figures 10 and 11). Brittle brecciation then restarts at around 903m to 937m where the hole ends at 940m.

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 4: Section 462,350mE looking east showing drill traces with Au intersections on geology and magnetics highlighted in red dashed lines.

Table 1: Significant Intersections for 22PTMRD011

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 5: Hole 22PTMRD011 from 750.07m - 754.61m showing the typical quartz-carbonate breccia that dominates the hole from 705m - 826m. Drilling had intersected a section of massive sulphide within brecciated quartz and carbonate matrix from 752.7 - 753.5m. Sulphides here comprise of chalcopyrite-pyrite-pyrrhotite.

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 6: Hole 22PTMRD011 from 754.7 - 755.1 showing large slug of sulphide comprising of pyrite, chalcopyrite, sphalerite(?) and pyrrhotite. Copper and multi-element assays pending.

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 7: Hole 22PTMRD011 from 754.7 - 755.1, reverse side of Figure 6. Quartz carbonate clasts with sulphide matrix comprising chalcopyrite, pyrite, sphalerite(?) and possibly galena(?). Multi-element assays pending.

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 8: Hole 22PTMRD011 from 745.70 - 750.07m showing typical quartz - carbonate matrix supported jigsaw breccia that is dominate in the hole. Large slug of Chalcopyrite at 747.90m (yellow). Multi-element assays pending.

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 9: Hole 22PTMRD011 from 749.85 - 750.07m showing typical quartz - carbonate matrix supported jigsaw breccia that is dominant in the hole.

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 10: Hole 22PTMRD011 772.60m to 777.19m showing the fluidised breccia occurrence located on the margins of the dolerite intrusive. There is a slug of massive pyrrhotite located at 772.7m highlighted in yellow.

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 11: Hole 22PTMRD011 interval 773.7 - 773.9m showing a close up of the fluidised breccia. Note that some clasts have been reabsorbed into the matrix, while later incorporated clasts are sub-rounded. Minor sulphides are noted in the matrix. Wall rock exhibits sericite alteration with minor albite overprints.

Hole 22PTMRD010

This hole was planned to further test the magnetic anomaly and below the sulphide occurrences in GDRCD006 (Figure 12). The hole intersected sulphide mineralisation at around 530m (Table 2). This mineralisation again is structurally hosted, within vein and breccia occurrences (Figures 13 and 14).

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 12: Section 7,600,450mN looking to the north showing drill traces with Au and Cu intersections on geology and magnetics highlighted in red dashed lines.

Table 2: Significant Intersections for 22PTMRD010. Partial multi-element assays pending.

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 13: Hole 22PTMRD010 at 639.3 - 639.6m showing brecciated veining with chalcopyrite and pyrite mineralisation.

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 14: Hole 22PTMRD010 at 642.2 - 642.8 showing vein hosted sulphides of pyrite and chalcopyrite mineralisation. Veins of sulphide and quartz appear above and below this interval.

Drilling encountered a dolerite intrusive at 966m to 1,013m and exited into strongly silicified sediments with patchy albite alteration. No further sulphide mineralisation was noted in the footwall of the intrusive. It is interesting to note that mineralisation in hole 22PTMRD010 occurred higher in the hole and not in the vicinity of the dolerite intrusive.

Hole GDRCD006

The decision to re-enter and extend GDRCD006 to properly test a coincident magnetic and gravity high was the first step in planning the additional holes at Apollo. Drilling encountered a high-temperature alteration suite of massive dolomitic marble at ~530m followed by intermittent/sporadic and in places very intense silica-calcite-chlorite-actinolite ±biotite with abundant pyrite and minor chalcopyrite in veins, halos and minor breccia infill over individual widths up to 0.5m between ~535m and ~560m downhole. Veins of this type of mineral assemblage are usually indicative of high temperature fluids (Figure 15).

Zones of disseminated sulphides were observed within the matrix of a brecciated dolerite intrusion, which was intersected from 796m - 915m. As drilling approached the magnetic high target, GDRCD006 intersected intermittent sulphide mineralisation at around 813m, comprising pyrite-pyrrhotite-chalcopyrite in veins. This vein-hosted mineralisation continued intermittently through to 1,056m (Figure 16). The hole continued in weakly altered sediments of the Lamil Formation until the end at 1,102m.

Alteration styles were dominated by sericite in the hanging wall to the dolerite, however albite alteration was strongest in the footwall of the intrusive (Figure 17).

Table 3 below shows significant intervals encountered in veins and breccias.

Table 3: Significant Intersections for GDRCD006

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 15: Hole GDRCD006 at 829.50m close up of sulphides in carbonate quartz veining. Some minor chalcopyrite is noted. Darker shades of minerals may be actinolite.

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 16: GRDCD006 at 960.45m close up of quartz carbonate breccia with multi-phase sulphides. Darker minerals may be tourmaline associated with the later sulphides.

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 17: GRDCD006 tray at 1035.6m to 1038.9 shows vein and breccia formation with pyrite-chalcopyrite sulphide mineralisation associated with albite alteration of country rock.

Holes 22PTMR008 and 009 had tested targets on the east and the west of the magnetic and gravity high that corresponds to the Havieron Dolerite unit, which strikes in a northly direction.

Both these holes had drilled variable altered sediments indicating high temperature alteration, particularly hole 22PTMRD008 which had drilled into the footwall of the dolerite and then terminated in a granodiorite at depth.

The drilling at Apollo has shown that the magnetics have traced out what appears to be an intrusive dolerite in the form of a sill, since it appears to be parallel to the regional bedding layers of the Lamil Formation sediments.

The intrusion event and timing of the quartz-carbonate breccia is still in debate, however some initial interpretations show:

·    Mineralisation does not appear to be related to the dolerite, however remobilisation of sulphides does occur along its margin.

·    The mineralisation at Apollo is structurally controlled, i.e. coincident with veining and later-stage brecciation.

·    There are at least two phases of breccias, a hydrothermal fluidised occurrence (Figure 10) as noted near the contact of the dolerite and a tectonic event, as indicated by the presence of quartz-carbonate matrix support breccias, exhibiting angular clasts (Figures 8 and 9).

·    The mineralisation noted in hole 22PTMRD010 occurs higher up and not near the dolerite.

·    The source of the mineralisation at Apollo appears to be deeper to the NE and may be related to the magnetic flexure and the central de-magnetised zone as shown in Figure 18.

http://www.rns-pdf.londonstockexchange.com/rns/2918J_1-2022-12-11.pdf

Figure 18: TMI RTP magnetics and location of the recently drilled holes at Apollo. The magnetics highlight potential flexures in the structural lineament that may outline a subsidiary sub-parallel structure to the main Havieron Thrust system, located to the southwest. Potential dilatant zones are highlighted in red. There is a demagnetised 'dead' zone between the two magnetic highs which may indicate fluid/wall-rock interaction indicating alteration, noting that the mineralisation on 22PTMRD011 does occur in near this zone.

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 of Geoscientists (Membership No 1374).  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.

This announcement was approved for release by the Board.

For further information on the Company, please visit www.artemisresources.com.au or contact: 

Table 4: Hole Statistics

JORC Code, 2012 Edition - Table 1

SECTION 1 SAMPLING TECHNIQUES AND DATA

 (Criteria in this section apply to all succeeding sections.)

SECTION 2 REPORTING OF EXPLORATION RESULTS

 (Criteria listed in the preceding section also apply to this section.)