Artemis Resources Limited

("Artemis" or the "Company")

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

Geological Review Confirms Gold Mineralised Intrusion at Lulu Creek

Highlights:

·    Lulu Creek lies some 20 km to the west of Artemis's Carlow Castle deposit and forms part of the prospective Greater Carlow area.

·    Historical geology and data review confirms that the 2020 drill program intercepted gold mineralisation within a quartz diorite intrusion.

·    Gold mineralisation is associated with disseminated sulphide and quartz veins with elevated silver, arsenic, molybdenum, lead and bismuth.

·    Drilling has defined the intrusion over a 2 km strike length with elevated gold in rock chips over a strike length of 4 km.

·    Geochemistry indicates possible relationship to prospective Sanukitoid granitoids as identified by De Grey Mining in the Mallina Basin.

·    Recent work by Geological Survey of Western Australia (GSWA) indicates the Lulu Creek area is prospective to 'Sanukitoid like Intrusions'¹.

·    Induced Polarisation (IP) survey to commence in late May to help identify disseminated sulphides at depth.

¹ Lu, Yongjun; GSWA Webinar Series - Pilbara Craton scientific advances and implications for mineral systems. 24^th February 2023. https://www.dmp.wa.gov.au/Geological-Survey/GSWA-Webinar-series-27727.aspx

Luke Meter, Exploration Manager, commented: "We have a new understanding of the importance of intrusion related gold in the Pilbara, including the identification of Sanukitoid like intrusions by the GSWA in the vicinity of the Karratha Granodiorite, some 2.5 km from Lulu Creek. The significance of the historic gold mineralisation therefore becomes apparent. With the Lulu Creek reconnaissance drill holes displaying similar grade and scale to De Grey's Diucon deposits, the potential upside for Lulu Creek is appreciable."

Lulu Creek Prospect

Lulu Creek lies some 20 km to the west of Artemis's Carlow Castle deposit and forms part of the prospective Greater Carlow area. It was previously known as Patterson's Hut and Carlow West and was initially identified in 2018 via a regional soils and rock chip program (Refer ASX announcement 05/11/2018) defining an area of interest over 4 km in an east-northeast orientation. Subsequent mapping and rock chip sampling identified gold associated with quartz veins and gossans, and in an unclassified weathered unit with a light covering of transported sands and gravels.

Figure 1: Lulu Creek location map with respect to Carlow Castle

In 2020, Artemis completed 126 RC drill holes with an average hole depth of 20 m and a maximum hole depth of 50 m. The drill program was technically successful identifying numerous low-grade zones of gold mineralisation associated with disseminated sulphides and quartz veins within a 2 km east-northeast trending quartz diorite intrusion (Figure 2).

Significant intercepts from the drill program (refer ASX announcement 18/09/2020) include:

·    2 m @ 1.62 g/t Au from 34 m in CWRC006

·    1 m @ 4.89 g/t Au and 13.7 g/t Ag from 24 m in CWRC011

·    1 m @ 1.15 g/t Au from 9 m in CWRC017

Figure 2: Lulu Creek Intrusion displaying 0.3 g/t metre gram contours

Additional low grade gold composite intercepts include:

·    8 m @ 0.40 g/t Au from 42 m in CWRC005

·    3 m @ 0.72 g/t Au from 9 m in CWRC008

·    3 m @ 0.31 g/t Au from 24 m in CWRC050

·    9 m @ 0.17 g/t Au from 15 m in CWRC088

At the time of the 2020 drill program, the significance of intrusion related gold within the Pilbara was not fully appreciated with resources being directed to more advanced projects within the company portfolio.

Following the conclusion of the 2022 drill season, a comprehensive exploration focused strategic review was completed across Artemis tenure re-identifying the potential of the Lulu Creek prospect. Drill chips from the 2020 RC program were re-logged and assays re-processed to generate a new interpretation. Coincidently, work completed by the GSWA identified the presence of 'Sanukitoid like' intrusive bodies around the Karratha (granitoid) Dome 2.5 km north-west of the Lulu Creek intrusion.

Lulu Creek is also situated along the margin of the 90 km long Regal Thrust who's splay and secondary structures host numerous mineral occurrences including the Company's Carlow Castle gold-copper-cobalt deposit.

Next Steps

Artemis has engaged Southern Geoscience (SGC) to undertake an Induced Polarisation (IP) geophysics survey over the Lulu Creek intrusion. Initially 13 north-south trending lines spaced on 50 m or 100 m intervals will be collected over the prospective intrusion for a total of 13-line kilometres of surveying. The survey is expected to commence late May and will be used to help identify disseminated sulphides.

In addition to the IP survey, a mapping and reconnaissance program will be conducted to identify extensions and new unidentified intrusions within the vicinity of Lulu Creek. Evidence within the Pilbara to date indicates that clusters of intrusions localise together as small apophyses making the area prospective for more discoveries.

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

Competent Person's Statement

The information in this report that relates to exploration results was prepared by Mr Luke Meter, a Competent Person who is a member of the Australasian Institute of Geoscientists (MAIG) and Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Meter is employed by Artemis Resources as Exploration Manager. Mr Meter has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Meter consents to the inclusion in this report 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 projects - the Greater Carlow project in the West Pilbara and the Paterson Central exploration project in the East Pilbara.

JORC Code, 2012 Edition

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.)