28 February 2024

Artemis Resources Limited

NEW TARGET IDENTIFIED AT PATERSON GOLD PROJECT

Highlights:

·   Independent technical review identifies new priority target - Apollo North - identified by gravity anomaly

·   Review identified that Hole 22PTMRD011 intercepted the same lithotypes and similar mineralisation as Havieron and are considered to be typical of a 'near-miss' at Havieron.

·   Project located adjacent to Newmont/ Greatland Gold tier 1 discovery Havieron deposit containing over 6.5m oz Au

·   Options being considered to advance project including joint ventures and third party funding  

Artemis Resources Limited ('Artemis' or the 'Company') (ASX/AIM: ARV) is pleased to report that a detailed strategic review of the Company's 100% owned Paterson Gold Project in Western Australia  is currently underway with the aim of establishing a development pathway that extracts maximum value for shareholders.

Previous drilling at the Paterson Project delivered the following significant intercepts:

·    Within drill hole 22PTMRD011 include;

o 2.42m @ 0.85g/t Au and 2.86% Cu from 752.58m, including;

o 0.87m @ 0.36g/t Au and 4.99% Cu from 752.58m; 1m @ 1.73g/t Au and 2.58% Cu from 754m; and 1m @ 0.61g/t Au and 3.28% Cu from 904m¹

·    Within drill hole 22PTMRD010 include;

o 5m @ 0.32g/t Au and 0.81% Cu from 639m, including;

o 1m @ 0.39g/t Au and 2.99% Cu from 639m¹

¹Artemis Resources Ltd, ASX Announcement, 12 December 2022

Executive Director George Ventouras commented: "The Patersons Project is a unique greenfields exploration opportunity. With the drilling and reconnaissance work previously undertaken, the project is ripe for additional work to unlock further potential mineralisation. While exploring at depth requires additional resources and capital, as can be seen from the nearby Havieron discovery, the upside may be considerable.

I am excited by the potential that the Paterson Project holds and we are looking forward to advancing the project with a partner".

Paterson Gold Project Background

The Paterson Gold Project is a 100% Company owned tenement covering 605 km². It surrounds the 6.5 Moz AuEq Havieron Copper-Gold discovery² held by Newmont Mining (NYSE:NEM) and Greatland Gold (LON: GGP) and is located only ~42kms from the Telfer copper/gold mine (owned by Newmont).

Figure 1. Artemis Resources' Paterson Project

The Project is located approximately 450 km east of Port Hedland in the Great Sandy Desert, with the project being accessed via a series of well-maintained tracks from the Telfer Mine Site Gate House which is only 50km to the west.

²Newcrest Mining Ltd, ASX Announcement, 10 December 2020

Apollo North - New Prospect

A new priority target has been identified by a single station gravity anomaly. Located ~2.5km from the Apollo Prospect, this target is situated within the prospective structural corridor, with a discrete gravity anomaly present. The depth of cover is unknown but represents a walk up target that warrants further exploration activity.

Figure 2. Paterson targets on gravity survey

Apollo Prospect

Identified as a potentially significant ~1.5km north-west trending magnetic anomaly representing an interpreted splay fault that has been intruded by a dolerite intrusion. Recent drilling has revealed multi-phase breccias and veining that host polymetallic systems. Drilling at hole 22PTMRD011 also intercepted the same lithotypes and similar mineralisation as Havieron and are considered to be typical of a 'near-miss' at Havieron.

Large intercepts (up to 90m) of pervasive veining and multi-phase crackle breccias have been encountered either side of the dolerite intrusion, often with significant amounts of pyrite, chalcopyrite and pyrrhotite.

Figure 3: Drill hole 22PTMRD011 from 754.7 - 755.1 displaying sulphide mineralisation including chalcopyrite and pyrite within a carbonate breccia.

Figure 4. Drill hole 22PTMRD011 with significant intercepts

Figure 5. Drill hole 22PTMRD010 with significant intercepts

Juno and Voyager

Juno is a target which displays as a discrete magnetic feature on the edge of the north-south trending Havieron Fault zone. It has a gravity high offset to the south-west of the magnetic anomaly. Voyager is a northeast trending magnetic anomaly which may be part of the structural lineament on which Juno occurs. Heritage surveys and programs of works have been approved for Juno and Voyager.

Figure 6: Magnetic anomalies at Juno and Voyager

The Location

The Paterson Central Gold-Copper Project is located within 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 Havieron gold and copper deposit. The Company's Paterson Central project surrounds and is adjacent to the Havieron gold - copper deposit on three sides and covers the same continuous geological domain.

The geology of the project area consists of Canning Basin sediments, primarily Permian siltstones, 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 east. The Havieron gold and copper deposit is associated with a strong magnetic anomaly and sits under about 450m of sedimentary cover. Mineralisation at Havieron extends over deep intervals to at least 600m below the base of sedimentary cover, where the mineralisation starts, and it continues to remain open at depth.

While difficult to explore due to the depth of cover and the remote location, the Paterson ground remains highly prospective.

This announcement was approved for release by the Board.

For Further information contact:

About Artemis Resources

Artemis Resources (ASX/AIM: ARV; FRA: ATY; US: ARTTF) is a gold, copper and lithium focused resources company with projects in Western Australia. The Mt Marie Lithium Project, the Osborne Lithium JV (Artemis 49%; GreenTech Metals (ASX:GRE) 51%) and the Carlow Castle gold-copper-cobalt project in the West Pilbara; and the Paterson Central project in the Paterson Province (located adjacent to Greatland Gold / Newcrest's recent gold-copper discovery at Havieron).

Artemis also owns the Radio Hill processing plant, located only 35km from Karratha.

For more information, please visit www.artemisresources.com.au

Competent Person's Statement

The information in this report that relates to exploration results was prepared by Mr Oliver Hirst, a Competent Person who is a member of the Australasian Institute of Geoscientists (MAIG) and Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Hirst is an advisor to Artemis Resources. Mr Hirst 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 Hirst consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

This announcement contains or may contain certain 'forward-looking statements' and comments about future events, including in relation to Artemis Resources business, plans and strategies and expected trends in the industry in which Artemis Resources currently operates. Forward-looking statements involve inherent risks, assumptions and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Forward looking statements are based on Artemis Resources good faith assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. A number of important factors could cause Artemis Resources actual results to differ materially from the plans, objectives, expectations, estimates, targets and intentions expressed in such forward-looking statements, and many of these factors are beyond Artemis Resources control. Forward-looking statements may prove to be incorrect, and circumstances may change, and the contents of this announcement may become outdated as a result. Artemis Resources does not give any assurance that the assumptions will prove to be correct. Readers should note that any past performance is given for illustrative purposes only and should not be relied on as (and is not) an indication of the Company's views on its future financial performance or condition. Past performance of the Company cannot be relied on as an indicator of (and provides no guidance as to) future performance including future share price performance. Except as required by law or regulation, Artemis Resources undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise. Nothing in this announcement should be construed as either an offer to sell or a solicitation to buy or sell Artemis.

JORC Code, 2012 Edition - Table 1 report template

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.)