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REG - Artemis Resources Ld - Osborne JV Exploration Update

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RNS Number : 6963W  Artemis Resources Limited  22 August 2022

22 August 2022

Artemis Resources Limited

 (ASX/AIM: ARV, FRA: ATY, US: ARTTF)

 

Osborne JV Exploration Update

Artemis Resources Limited ("Artemis" or the "Company") (ASX:ARV, AIM:ARV,
Frankfurt: ATY, US OTCQB: ARTTF) is pleased to provide an update on the maiden
drill program at the Osborne Nickel Prospect, a joint venture project owned
100% by Artemis with GreenTech Metals Ltd (ASX:GRE) ("GreenTech"), the project
manager,  earning up to 51%.

Artemis and its JV partner and Project Manager GreenTech announced on 30 June
2022 that it had commenced the first reverse circulation ("RC") drill hole
designed to test the shallowest portion of the Osborne nickel sulphide target.
The drill program to test the Osborne nickel target consisted of two holes for
a total 598.5m, including 198.5m core drilling. Drilling successfully
intersected the modelled electromagnetic (EM) conductor in the first RC drill
hole with sulphides visually observed in RC chips over a 7m interval from 173m
depth.  In consultation with technical consultant Newexco, a decision was
taken by GreenTech to utilise the second RC drill hole as a pre-collar for a
diamond drill 'tail'. The diamond drill core provided greater detail of the
host rocks and the nature of the sulphide mineralisation associated with this
conductive horizon.

RC samples from the first drill hole were sent to the ALS laboratory in Perth
for multi-element analysis. Although the nickel and copper potential of the
sulphides was initially confirmed by handheld pXRF analyser, no significant
nickel or copper results were reported in the laboratory analyses. Similarly,
no significant nickel or copper mineralisation was identified in the drill
chips and core from the second drill hole using a pXRF analyser. Following a
review of all the drilling and geophysical data, Newexco has recommended that
further geophysical interpretation be undertaken prior to any follow-up drill
programs at Osborne.

 

Competent Person Statements

The information in this document that relates to Osborne exploration results
at the Osborne Nickel Project is based on information compiled by Adrian
Black, a Competent Person who is a Member of the AIG (1364). Mr Black is a
consultant to Greentech Metals Ltd and its subsidiary companies and has
sufficient experience, which is relevant to the style of mineralisation and
types of deposits under consideration and to the activity which has been
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 (JORC Code).

Thomas Reddicliffe, BSc (Hons), MSc, a Director and Shareholder of the
GreenTech, is a Fellow of the AUSIMM, and has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration 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'. Thomas Reddicliffe consents to the inclusion in
the report of the information in the form and context in which it appears.

Table 1: Drill Hole Details

 Hole ID     GDA94/50    GDA94/50     RL  Depth  Dip    Azi    Notes

             Easting_m   Northing_m   m   m      Deg    Deg
 22OSBRC001  493185      7691903      48  250    -67.7  199.2  RC only. Visual sulphides encountered from 173m    downhole
 22OSBRC002  493196      7692029      48  348.5  -74.7  192.1      RC pre-collar - 150m

                                                                   Diamond 'tail' - 198.5m

 

Figure 1. Drill Holes at Osborne

 

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

 Artemis Resources Limited                                           via Camarco
 Alastair Clayton

 WH Ireland Limited

(Nominated Adviser and Broker)
 Jessica Cave / Antonio Bossi / Megan Liddell (Corporate Finance)    Tel: +44 20 7220 1666

 Harry Ansell / Daniel Bristowe (Corporate Broking)                  Tel: +44 20 7220 1648
 Camarco (Public Relations)                                          Tel: +44 20 3781 9244
 Gordon Poole / James Crothers                                       Email: artemis@camarco.co.uk (mailto:artemis@camarco.co.uk)

 Emily Hall / Rebecca Waterworth

 

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
focus on delivering shareholder value from its Pilbara exploration projects -
the Greater Carlow gold-copper project in the West Pilbara and the Paterson
Central gold-copper project in the East Pilbara.

 

Appendix - Assay Results for drill hole 22OSBRC001

 

 Sample No  From_m  To_m  Co_ppm  Cu_ppm  Ni_ppm  Pb_ppm  S_%   Zn_ppm
 GTM6001    150     151   42      111     258     5       0.03  148
 GTM6002    151     152   44      69      239     3       0.03  158
 GTM6003    152     153   44      112     270     6       0.03  126
 GTM6004    153     154   45      73      354     3       0.02  122
 GTM6005    154     155   61      205     358     <2      0.07  132
 GTM6006    155     156   47      331     173     2       0.05  166
 GTM6007    156     157   49      127     135     4       0.16  170
 GTM6008    157     158   55      104     218     2       0.03  124
 GTM6009    158     159   42      74      209     2       0.01  117
 GTM6010    159     160   47      58      327     10      0.02  133
 GTM6011    160     161   45      101     148     3       0.02  132
 GTM6012    161     162   45      107     122     2       0.02  142
 GTM6013    162     163   66      255     329     <2      0.82  1370
 GTM6014    163     164   30      347     189     7       0.86  182
 GTM6015    164     165   35      90      107     8       0.13  145
 GTM6016    165     166   52      136     176     2       0.16  185
 GTM6017    166     167   46      126     159     4       0.13  201
 GTM6018    167     168   45      138     146     <2      0.15  192
 GTM6019    168     169   57      275     301     3       0.48  268
 GTM6020    169     170   53      71      292     3       0.04  163
 GTM6021    170     171   49      93      202     <2      0.08  154
 GTM6022    171     172   51      78      367     <2      0.09  154
 GTM6023    172     173   60      74      424     <2      0.11  193
 GTM6024    173     174   60      35      423     4       0.17  196
 GTM6026    174     175   65      24      542     3       0.05  235
 GTM6027    175     176   53      41      483     3       0.51  298
 GTM6028    176     177   54      61      595     <2      1.02  296
 GTM6029    177     178   54      68      562     3       1.12  309
 GTM6030    178     179   58      174     433     4       2.5   290
 GTM6031    179     180   40      37      178     <2      0.26  189
 GTM6032    180     181   47      65      160     6       0.05  150
 GTM6033    181     182   39      122     75      2       0.11  150
 GTM6034    182     183   35      40      32      3       0.13  138
 GTM6035    183     184   52      205     126     3       0.23  156
 GTM6036    184     185   47      119     131     <2      0.07  149
 GTM6037    185     186   47      158     130     <2      0.07  135
 GTM6038    186     187   50      168     175     <2      0.08  126
 GTM6039    187     188   48      132     187     3       0.1   127
 GTM6040    188     189   49      206     160     5       0.12  134
 GTM6041    189     190   52      31      318     6       0.02  176
 GTM6042    190     191   41      26      501     <2      0.02  142
 GTM6043    191     192   52      34      542     4       0.11  248
 GTM6044    192     193   51      78      699     3       0.18  129
 GTM6045    193     194   59      44      793     6       0.16  164
 GTM6046    194     195   63      28      948     4       0.15  156
 GTM6047    195     196   25      22      141     11      0.04  90
 GTM6048    196     197   23      27      102     11      0.04  87
 GTM6049    197     198   44      21      513     7       0.06  119
 GTM6050    198     199   40      59      57      <2      0.06  122
 GTM6051    199     200   64      61      747     2       0.19  133
 GTM6052    200     201   19      20      60      14      0.03  82
 GTM6053    201     202   29      35      68      11      0.06  90
 GTM6054    202     203   25      28      64      12      0.05  75
 GTM6055    203     204   23      24      58      11      0.11  95
 GTM6056    204     205   24      27      43      8       0.2   88
 GTM6057    205     206   27      43      88      8       0.18  114
 GTM6058    206     207   26      38      30      8       0.15  105
 GTM6059    207     208   39      20      99      5       0.05  128
 GTM6060    208     209   36      11      93      5       0.04  127
 GTM6061    209     210   17      64      27      5       0.24  112
 GTM6062    210     211   20      129     41      5       0.54  97
 GTM6063    211     212   8       60      41      8       0.17  87
 GTM6064    212     213   12      28      75      8       0.09  109
 GTM6065    213     214   8       40      14      5       0.15  130
 GTM6066    214     215   7       93      9       8       0.21  142
 GTM6067    215     216   10      71      15      9       0.18  123
 GTM6068    216     217   12      66      19      10      0.13  133
 GTM6069    217     218   35      58      170     6       0.04  122
 GTM6070    218     219   23      63      145     8       0.11  105
 GTM6071    219     220   10      73      26      8       0.24  116
 GTM6072    220     221   14      49      21      9       0.08  132
 GTM6073    221     222   35      76      96      8       0.13  118
 GTM6074    222     223   83      44      807     5       0.02  94
 GTM6076    223     224   35      21      317     9       0.02  108
 GTM6077    224     225   10      14      78      9       0.02  52
 GTM6078    225     226   12      40      62      10      0.04  79
 GTM6079    226     227   35      212     117     2       0.44  147
 GTM6080    227     228   26      23      213     9       0.02  65
 GTM6081    228     229   84      29      824     2       0.01  95
 GTM6082    229     230   40      37      345     6       0.06  86
 GTM6083    230     231   72      48      727     5       0.02  93
 GTM6084    231     232   74      77      727     5       0.09  107
 GTM6085    232     233   85      30      934     2       0.01  96
 GTM6086    233     234   73      37      740     6       0.01  86
 GTM6087    234     235   81      26      787     2       0.01  89
 GTM6088    235     236   64      32      609     7       0.02  147
 GTM6089    236     237   15      68      48      7       0.06  107
 GTM6090    237     238   18      85      67      5       0.16  146
 GTM6091    238     239   17      69      52      3       0.12  144
 GTM6092    239     240   17      61      40      4       0.1   141
 GTM6093    240     241   33      105     83      4       0.1   157
 GTM6094    241     242   51      246     336     6       0.17  214
 GTM6095    242     243   59      162     277     4       0.05  183
 GTM6096    243     244   29      43      94      7       0.02  110
 GTM6097    244     245   34      45      75      3       0.02  157
 GTM6098    245     246   33      42      82      4       0.04  165
 GTM6099    246     247   57      79      166     7       0.07  161
 GTM6100    247     248   51      84      173     7       0.14  163
 GTM6101    248     249   46      126     183     11      0.17  120
 GTM6102    249     250   59      93      404     6       0.03  102
 GTM6103    249     250   68      109     509     5       0.05  119

 

 

 

JORC Code, 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data

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

 Criteria                                                 JORC Code explanation                                                            Commentary
 Sampling techniques                                      ·    Nature and quality of sampling (eg cut channels, random chips, or           ·    Samples were collected at one metre intervals in calico bags from a
                                                          specific specialised industry standard measurement tools appropriate to the      cyclone and cone splitter attached to a Reverse Circulation (RC) drill rig.
                                                          minerals under investigation, such as down hole gamma sondes, or handheld XRF    The remainder of the sample (reject) was collected in green mining bags.
                                                          instruments, etc). These examples should not be taken as limiting the broad

                                                          meaning of sampling.                                                             ·    Samples assessed as prospective for nickel mineralisation were taken

                                                                                in pre-numbered calico bags as single-metre consecutive interval. A typical
                                                          ·    Include reference to measures taken to ensure sample representivity         composite sample weighs between 2 and 3kg.
                                                          and the appropriate calibration of any measurement tools or systems used.

                                                                                ·    A Bruker S1 Titan portable XRF was used to determine prospective
                                                          ·    Aspects of the determination of mineralisation that are Material to         intervals.
                                                          the Public Report.

                                                                                ·    Certified Reference Materials (CRM) and blank material were
                                                          ·    In cases where 'industry standard' work has been done this would be         alternatively inserted approximately every 25 samples.
                                                          relatively simple (eg 'reverse circulation drilling was used to obtain 1 m

                                                          samples from which 3 kg was pulverised to produce a 30 g charge for fire         ·    Samples were analysed by ALS Global in Perth using a 4-acid digest
                                                          assay'). In other cases more explanation may be required, such as where there    with MEICP-61 finish for 34 elements.
                                                          is coarse gold that has inherent sampling problems. Unusual commodities or
                                                          mineralisation types (eg submarine nodules) may warrant disclosure of detailed
                                                          information.
 Drilling techniques                                      ·    Drill type (eg core, reverse circulation, open-hole hammer, rotary          ·    Two Reverse Circulation (RC) drill holes, the second with a NQ
                                                          air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or   diamond core tail added, were completed on tenements E47/3719 using a face
                                                          standard tube, depth of diamond tails, face-sampling bit or other type,          sampling percussion hammer with 140mm bits. Equipment used was a Austex ED250
                                                          whether core is oriented and if so, by what method, etc).                        drill rig fitted with a Sullair Compressor on board booster and auxiliary unit
                                                                                                                                           fitted with an Atlas Copco Y1260 compressor.

                                                                                                                                           ·    Holes were drilled at dip angles of -68° and -75° and (magnetic)
                                                                                                                                           azimuth angles of 199° and 192° in order to orthogonally intercept the
                                                                                                                                           modelled EM plates
 Drill sample recovery                                    ·    Method of recording and assessing core and chip sample recoveries and       ·    The geologist visually assessed and recorded drill sample recoveries
                                                          results assessed.                                                                during the program, and these were overall very good.

                                                          ·    Measures taken to maximise sample recovery and ensure representative        ·    RC holes were collared with a well-fitting stuff box to ensure
                                                          nature of the samples.                                                           material loss to the outside return was minimised. Drilling was undertaken

                                                                                using an auxiliary compressor and booster to keep the hole dry and lift the
                                                          ·    Whether a relationship exists between sample recovery and grade and         sample to the sampling equipment. Drill cyclone and splitter were cleaned as
                                                          whether sample bias may have occurred due to preferential loss/gain of           required and after each hole to minimise down hole or cross-hole
                                                          fine/coarse material.                                                            contamination.

                                                                                                                                           ·    There were issues with air circulation which resulted in intervals of
                                                                                                                                           the holes being drilled and returning wet samples.

                                                                                                                                           ·    No relationship between sample recovery and grade has been
                                                                                                                                           undertaken.
 Logging                                                  ·    Whether core and chip samples have been geologically and                    ·    All drill holes have been geologically logged for lithology,
                                                          geotechnically logged to a level of detail to support appropriate Mineral        weathering, alteration, mineralisation and other features of the samples using
                                                          Resource estimation, mining studies and metallurgical studies.                   sieved rock chips from the reject material.

                                                          ·    Whether logging is qualitative or quantitative in nature. Core (or          ·    Data was entered in an appropriate database and is of detail suitable
                                                          costean, channel, etc) photography.                                              for incorporation (if required) into a mineral resource estimation.

                                                          ·    The total length and percentage of the relevant intersections logged.       ·    All drill holes were logged in full.
 Sub-sampling techniques and sample preparation           ·    If core, whether cut or sawn and whether quarter, half or all core          ·    The sample preparation technique carried out in the field is
                                                          taken.                                                                           considered industry best standard practice and was completed by the geological

                                                                                consultant.
                                                          ·    If non-core, whether riffled, tube sampled, rotary split, etc and

                                                          whether sampled wet or dry.                                                      ·    RC samples are collected via a cone splitter. Geological logging of

                                                                                RC chips is completed at site with representative chips being stored in drill
                                                          ·    For all sample types, the nature, quality and appropriateness of the        chip trays.
                                                          sample preparation technique.

                                                                                ·    Consecutive single metre sample splits were collected and placed into
                                                          ·    Quality control procedures adopted for all sub-sampling stages to           a pre-numbered calico bag.
                                                          maximise representivity of samples.

                                                                                ·    The samples were then sent to ALS Global for sample preparation and
                                                          ·    Measures taken to ensure that the sampling is representative of the         analysis. Where they will be sorted, dried and pulverised (up to 3kg) to
                                                          in situ material collected, including for instance results for field             achieve 85% passing 75μm to produce a homogenous representative for analysis.
                                                          duplicate/second-half sampling.

                                                                                ·    Individual samples were assayed for a suite of 34 elements including
                                                          ·    Whether sample sizes are appropriate to the grain size of the               nickel related analytes as per the laboratory's procedure for a 4-acid
                                                          material being sampled.                                                          digestion followed by Inductively Coupled Atomic Emission Spectral analysis.

                                                                                                                                           ·    The sample sizes are considered to be appropriate to correctly
                                                                                                                                           represent base metal sulphide mineralisation and associated geology based on
                                                                                                                                           the style of mineralisation (massive and disseminated sulphides), the
                                                                                                                                           thickness and consistency of the intersections and the sampling methodology.

                                                                                                                                           ·    The NQ core from the second drill hole was not split, sampled or
                                                                                                                                           assayed as field analysis using a Pxrf revealed no mineralisation that
                                                                                                                                           warranted the laboratory analysis of core samples.
 Quality of assay data and laboratory tests               ·    The nature, quality and appropriateness of the assaying and                 ·    Assaying was completed by a commercial registered laboratory with
                                                          laboratory procedures used and whether the technique is considered partial or    standards and duplicates reported in the sample batch. In addition, nickel
                                                          total.                                                                           Certified Reference Materials (CRM) were inserted into the batch by the

                                                                                geological consultant at a rate of 1:50 samples.
                                                          ·    For geophysical tools, spectrometers, handheld XRF instruments, etc,

                                                          the parameters used in determining the analysis including instrument make and    ·    No geophysical tools were used to determine any reported element
                                                          model, reading times, calibrations factors applied and their derivation, etc.    concentration.

                                                          ·    Nature of quality control procedures adopted (eg standards, blanks,         ·    Select intervals were measured/estimated on a metre basis using a
                                                          duplicates, external laboratory checks) and whether acceptable levels of         Bruker S1 Titan portable XRF with a reading time of 60 seconds per sample.
                                                          accuracy (ie lack of bias) and precision have been established.
 Verification of sampling and assaying                    ·    The verification of significant intersections by either independent         ·    Assay, sample ID and logging data are matched and validated using
                                                          or alternative company personnel.                                                filters in the drill database.

                                                          ·    The use of twinned holes.                                                   ·    Assay results are provided by the laboratory to GreenTech in a csv

                                                                                file format and then validated and entered into the database managed by an
                                                          ·    Documentation of primary data, data entry procedures, data                  external contractor.
                                                          verification, data storage (physical and electronic) protocols.

                                                                                ·    Primary geological and sampling data were recorded on hard copy and
                                                          ·    Discuss any adjustment to assay data.                                       digitally and were subsequently transferred to a digital database where it was
                                                                                                                                           validated by experienced database personnel assisted by the geological
                                                                                                                                           consultant.

                                                                                                                                           ·    There has been no validation and cross checking of laboratory
                                                                                                                                           performance at this stage.

                                                                                                                                           ·    Twinned holes have not been used in this program.
 Location of data points                                  ·    Accuracy and quality of surveys used to locate drill holes (collar          ·    Drill hole collars were initially located and pegged using a handheld
                                                          and down-hole surveys), trenches, mine workings and other locations used in      GPS with an expected accuracy of +/-3m for easting, northing and elevation.
                                                          Mineral Resource estimation.

                                                                                ·    The rig was aligned using compass and gyro
                                                          ·    Specification of the grid system used.

                                                                                ·    All drill holes were surveyed using a north seeking gyro and downhole
                                                          ·    Quality and adequacy of topographic control.                                records taken every 5m at the completion of each hole by the drill contractor.

                                                                                                                                           ·    The grid system used is GDA94, MGA zone 50.
 Data spacing and distribution                            ·    Data spacing for reporting of Exploration Results.                          ·    Drill holes were completed at a select geophysical target on tenement

                                                                                E47/3719
                                                          ·    Whether the data spacing and distribution is sufficient to establish

                                                          the degree of geological and grade continuity appropriate for the Mineral        ·    The spacing and distribution of holes is not relevant to this
                                                          Resource and Ore Reserve estimation procedure(s) and classifications applied.    drilling program which is at the exploration stage rather than definition

                                                                                drilling.
                                                          ·    Whether sample compositing has been applied.

                                                                                                                                           ·    The drilling to date at the Project is not sufficient to establish
                                                                                                                                           the degree of geological and grade continuity to support the definition of
                                                                                                                                           Mineral Resource and Reserves and the classifications applied under the 2012
                                                                                                                                           JORC code.

                                                                                                                                           ·    The RC portions of the drill holes were sampled at 1 metre intervals
                                                                                                                                           down hole.
 Orientation of data in relation to geological structure  ·    Whether the orientation of sampling achieves unbiased sampling of           ·    The drill holes were planned to intersect the modelled geophysical
                                                          possible structures and the extent to which this is known, considering the       target zones at a near perpendicular orientation. However, the orientation of
                                                          deposit type.                                                                    key structures may be locally variable and any relationship to mineralisation

                                                                                has yet to be identified.
                                                          ·    If the relationship between the drilling orientation and the

                                                          orientation of key mineralised structures is considered to have introduced a     ·    No orientation-based sampling bias has been identified in the data to
                                                          sampling bias, this should be assessed and reported if material.                 date.
 Sample security                                          ·    The measures taken to ensure sample security.                               ·    All samples collected during the program were transported by Newexco
                                                                                                                                           the geological consultant to an independent third-party commercial transport
                                                                                                                                           contractor who delivered the samples to ALS Global laboratory in Perth for
                                                                                                                                           submission and analysis.

                                                                                                                                           ·    Sample security was not considered a significant risk to the project,
                                                                                                                                           however only employees of Newexco were involved in the sampling and sample
                                                                                                                                           custody in a remote area. No specific measures were taken o ensure sample
                                                                                                                                           security beyond the normal chain of custody for sample submission.
 Audits or reviews                                        ·    The results of any audits or reviews of sampling techniques and data.       ·    No formal audits or reviews have been conducted on sampling technique
                                                                                                                                           and data to date.

 
 
Section 2 Reporting of Exploration Results

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

 Criteria                                                          JORC Code explanation                                                            Commentary
 Mineral tenement and land tenure status                           ·    Type, reference name/number, location and ownership including               ·    GreenTech Metals Ltd, is the operating entity of a Joint Venture with
                                                                   agreements or material issues with third parties such as joint ventures,         Artemis Resources Ltd who holds E47/3719.
                                                                   partnerships, overriding royalties, native title interests, historical sites,

                                                                   wilderness or national park and environmental settings.                          ·    The tenement is in good standing with no known impediments.

                                                                   ·    The security of the tenure held at the time of reporting along with
                                                                   any known impediments to obtaining a licence to operate in the area.
 Exploration done by other parties                                 ·    Acknowledgment and appraisal of exploration by other parties.               ·    The region has a long history of mining (Radio Hill) and exploration
                                                                                                                                                    and has been explored for nickel and gold. Andover is currently the focus of a
                                                                                                                                                    few companies following the success of Azure Minerals.

                                                                                                                                                    ·    Prior to Greentech's involvement there has been limited work over the
                                                                                                                                                    prospect, with historic exploration being restricted to airborne geophysics,
                                                                                                                                                    ground geophysics and ground truthing by Legend Mining and Fox Resources

                                                                                                                                                    ·    Historical exploration results and data quality have been considered
                                                                                                                                                    during the planning of this drill program.
 Geology                                                           ·    Deposit type, geological setting and style of mineralisation.               ·    The Osborne prospect is interpreted to be located on the southern
                                                                                                                                                    margin of the Andover Mafic intrusive Complex.

                                                                                                                                                    ·    The prospect is overlain by strongly altered schistose and
                                                                                                                                                    crystalline ultramafic intrusive rocks; probably mostly pyroxenites and
                                                                                                                                                    peridotite. There is minor dolerite (?) and gabbro layers within this
                                                                                                                                                    sequence.
 Drill hole Information                                            ·    A summary of all information material to the understanding of the           ·    Drill hole collar locations are shown in the maps and tables included
                                                                   exploration results including a tabulation of the following information for      in the body of the ASX release.
                                                                   all Material drill holes:

                                                                                ·    Two Reverse Circulation (RC) drill holes, the second with an added NQ
                                                                   o easting and northing of the drill hole collar                                  diamond core tail of 199.5m have been completed during the current nickel

                                                                                exploration program for a total of 599.5 metres. The drill and sample programs
                                                                   o elevation or RL (Reduced Level - elevation above sea level in metres) of the   were conducted in July 2022.
                                                                   drill hole collar

                                                                   o dip and azimuth of the hole

                                                                   o down hole length and interception depth

                                                                   o hole length.

                                                                   ·    If the exclusion of this information is justified on the basis that
                                                                   the information is not Material and this exclusion does not detract from the
                                                                   understanding of the report, the Competent Person should clearly explain why
                                                                   this is the case.
 Data aggregation methods                                          ·    In reporting Exploration Results, weighting averaging techniques,           ·    No data aggregation methods were used.
                                                                   maximum and/or minimum grade truncations (eg cutting of high grades) and
                                                                   cut-off grades are usually Material and should be stated.

                                                                   ·    Where aggregate intercepts incorporate short lengths of high grade
                                                                   results and longer lengths of low grade results, the procedure used for such
                                                                   aggregation should be stated and some typical examples of such aggregations
                                                                   should be shown in detail.

                                                                   ·    The assumptions used for any reporting of metal equivalent values
                                                                   should be clearly stated.
 Relationship between mineralisation widths and intercept lengths  ·    These relationships are particularly important in the reporting of          ·    No significant mineralisation was encountered. Drill holes were
                                                                   Exploration Results.                                                             planned as perpendicular as possible to intersect the target EM plates so

                                                                                downhole lengths are usually interpreted to be near true width.
                                                                   ·    If the geometry of the mineralisation with respect to the drill hole
                                                                   angle is known, its nature should be reported.

                                                                   ·    If it is not known and only the down hole lengths are reported, there
                                                                   should be a clear statement to this effect (eg 'down hole length, true width
                                                                   not known').
 Diagrams                                                          ·    Appropriate maps and sections (with scales) and tabulations of              ·    Refer to figures and tables in the body of the ASX release.
                                                                   intercepts should be included for any significant discovery being reported
                                                                   These should include, but not be limited to a plan view of drill hole collar
                                                                   locations and appropriate sectional views.
 Balanced reporting                                                ·    Where comprehensive reporting of all Exploration Results is not             ·    No significant mineralisation was encountered
                                                                   practicable, representative reporting of both low and high grades and/or
                                                                   widths should be practiced to avoid misleading reporting of Exploration
                                                                   Results.
 Other substantive exploration data                                ·    Other exploration data, if meaningful and material, should be               ·   Ground Fixed Loop Electromagnetic survey data from 2007 has been used
                                                                   reported including (but not limited to): geological observations; geophysical    to assist targeting drillholes
                                                                   survey results; geochemical survey results; bulk samples - size and method of

                                                                   treatment; metallurgical test results; bulk density, groundwater, geotechnical   o  Loop Size: 550 x 500m
                                                                   and rock characteristics; potential deleterious or contaminating substances.

                                                                                                                                                    o  Line Separation: 100m

                                                                                                                                                    o  Station spacing 50m

                                                                                                                                                    o  System: CRONE 3D PEM

                                                                                                                                                    o  Current/Frequency: 20A, 5 Hz.
 Further work                                                      ·    The nature and scale of planned further work (eg tests for lateral          ·    No further work is planned as the drill target is considered to have
                                                                   extensions or depth extensions or large-scale step-out drilling).                been adequately tested.

                                                                   ·    Diagrams clearly highlighting the areas of possible extensions,
                                                                   including the main geological interpretations and future drilling areas,
                                                                   provided this information is not commercially sensitive.

 

 

 

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