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Artemis ResourcesAnnouncement

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RNS Number : 7934G  Artemis Resources Limited  30 April 2025

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation ("MAR")
(EU) No. 596/2014, as incorporated into UK law by the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement, this inside
information is now considered to be in the public domain.

 

30 April 2025

 

Quarterly Activities Report

For the period ending 31 March 2025

_______________________________________________________________________________

Highlights

Karratha Gold Project (ARV 100%) - Site Exploration

The first phase of drilling to test three previously undrilled gold targets in
the immediate area of the 100% owned Carlow gold/copper deposit was
successfully completed during the quarter 1  (#_ftn1) .

·    Phase One comprised five diamond holes for a total of 1,790m as an
initial test of the Marillion, Carlow East and Titan targets which extend over
2.7kms 2  (#_ftn2)

·    Results announced post reporting period include 7m @ 2.9g/t Au
including 1m @ 15.3g/t Au from 404m in 25ARDD001, the first hole to test the
Marillion Prospect 3  (#_ftn3)

·    The Marillion intersection is significant and may extend potential
for Carlow high-grade lodes up to 600m east of previous drilling.  The 600m
gap is now a priority for drilling

·    Phase One drilling included three initial holes at Titan,
intersecting elevated gold values from 0.2g/t to 0.5g/t Au and an intersection
of 1m @ 16.4g/t Au from 67m in 25ARDD004

·    Phase One drilling resulted in new interpretation of the Carlow
geology which opens-up wider potential for mineralisation.  Next phase of
drilling is planned to start in June

 

Karratha Gold Project - Carlow Review

Artemis has commenced a review of >400 historic drill holes which formed
the basis of the 2022 Carlow Mineral Resource estimate which contains 374koz
gold and 66,000t copper  4  (#_ftn4) .

·    192 high-grade gold assays (>10g/t Au) intersected in 80 historic
holes identified during initial stage of the Carlow review 5  (#_ftn5)

·    515 high-grade copper assays (>2.0% Cu) intersected in 162
historic holes identified during initial stage of the Carlow review 6 
(#_ftn6)

·    Deepest historic hole at Carlow intersected 4m @ 11.1 g/t Au &
2.0% Cu in  20CCDD003, outside the resource with potential open below and
along strike

·    Conceptual technical studies of Carlow including metallurgical test
work are planned next steps pending completion of the Carlow review

Pilbara Lithium Joint Venture (ARV 50%) - Andover Lithium

·    Artemis signs binding JV agreement with GreenTech Metals (ASX:GRE) to
consolidate lithium rights of both companies' extensive holdings into Andover
Lithium Pty Ltd 7  (#_ftn7)

 

Artemis Resources Limited ('Artemis' or the 'Company') (ASX/AIM: ARV) is
pleased to provide the activities report for the quarter ended 31 March 2025.
During this period the Company completed the first phase of diamond drilling
(Phase One) which was an initial test of three previously undrilled targets
along a 2.7km long structural zone centred around the Carlow gold/copper
deposit.  Despite the proximity to the Carlow Mineral Resource announced in
October 2022 8  (#_ftn8) which was based on >400 historic aircore, reverse
circulation and diamond core drill holes, there is no effective drilling
either east or west along strike from Carlow.

The targets were identified during a review of all available data which
included high grade surface gold occurrences announced by Artemis during
2024 9  (#_ftn9) , geological and structural interpretations and detailed
geological mapping of outcrops during the December 2024 quarter.

Phase One comprised five diamond holes for a total of 1,790m as an initial
test of the Marillion, Carlow East extensions and Titan targets which are
plotted on Figure 1.

Figure 1:  Schematic longitudinal section extending from Marillion to Titan
showing main interpreted geological features, an outline of the current
Inferred Mineral Resource 10  (#_ftn10) at Carlow, pierce points of historic
holes with many of the >10g/t Au and >2.0% Cu assays 11  (#_ftn11)
projected onto the section and drill traces (red) of all recent Phase One
drill holes

 

The Phase One drilling program was successful with high-grade gold intersected
at two of the targets, Marillion and Titan (Refer to figure 1). The
intersection at Marillion opens up potential for possible extensions to the
Carlow deposit up to 600m east along strike from any previous drilling. The
intersection at Titan is associated with elevated gold values up to 0.5g/t Au
intersected in a previously unknown and completely untested sequence
interpreted under cover along the eastern margin of the large Titan gravity
anomaly (refer to figures 3 and 4).

 

 

Highlights from the drilling include high-grade gold (>15g/t Au)
intersected at the Marillion and Titan targets located 2.7km apart on the same
structural zone which hosts the 374koz gold and 66,000t copper resource at
Carlow. Importantly the first drill hole at the large Marillion target
intersected 7m @ 2.9g/t Au including 1m @ 15.3g/t Au from 399m downhole in
25ARDD001, approximately 600m east along strike from any previous drilling at
Carlow. This one intersection suggests gold mineralisation may extend well
beyond the current deposit with the gap between Carlow and Marillion (refer to
Figure 1) now a high priority for drilling planned to start in June.

The potential for extensions to the Carlow deposit is also supported by an
intersection of 4m @ 11.1 g/t Au and 2.0% Cu in hole 20CCDD003, the deepest
historic drill hole at Carlow 12  (#_ftn12) . This intersection is at
approximately 500m vertical depth and is not included in the Carlow resource.
The high-grade intersection in hole 20CCDD003 warrants step out drilling to
test for other high-grade gold and copper lodes and potential resource
extensions below Carlow.

Phase One included three holes at Titan drilled below one of four surface gold
occurrences in quartz veins and chert outcrops around a central gravity-low
feature reported in 2024 and 2025 13  (#_ftn13) . The holes intersected a
previously unknown sequence of chrome rich ultramafic rocks and sediments
intruded by porphyry.  All three holes at Titan (25ARDD003, 25ARDD004,
25ARDD005) reported elevated values of gold between 0.2g/t and 0.5g/t Au
within the ultramafic unit and porphyry intrusion with 1m @ 16.4g/t Au
intersected in the porphyry intrusion in hole 25ARDD004 from 67m down hole
(refer to Figure 2).

 

 

Figure 2: Titan cross section showing elevated gold intersections including 1m
@ 16.4g/t Au hosted in porphyry

 

 

 

 

Figure 3: Panorama of Titan Prospect from chert ridge (Regal Thrust) looking
NE across central gravity low feature, showing surface gold occurrences (HG
Au) 14  (#_ftn14) and location of holes 25ARDD003, 25ARDD004, 25ARDD005
(Figures 2, 4) 15  (#_ftn15)

 

 

 

 

 

 

 

 

 

 

 

Figure 4: Titan Prospect in centre of Carlow Tenement - interpreted key
elements are: Regal thrust zone chert outcrops (brown), major thrusts (black),
Titan gravity-low feature (purple) extending >7km across Carlow Tenement,
area of recent drilling at Titan (yellow circle), 3 interpreted gravity-high
anomalies (G1-G3) and 5 EM conductive plates (C1-C5).

 

Figure 5: Titan Prospect - drone image showing collar locations of three Phase
One diamond drill holes and approximate outline of area of high-grade gold and
silver surface occurrences 16  (#_ftn16)

 

During the quarter Artemis commenced a review of >400 historic drill holes
which formed the basis of the 2022 Carlow Mineral Resource estimate which
contains 374koz gold and 66,000t copper 17  (#_ftn17) .   The review
coincides with the current gold price (~USD3,300/oz), almost double the price
when the Carlow Mineral Resource was announced in October 2022 18  (#_ftn18)
(~USD1,640/oz), and with the Artemis announcement on 28 April 2025 which
includes a 'Carlow lode type' gold intersection in the first hole (25ARDD001)
at the Marillion target, 600m east of Carlow.

The first step in the Carlow review is to evaluate numerous (>700)
high-grade gold and copper assays reported from approximately 240 historic
drill holes. High gold and copper assays are widespread across the Carlow lode
system and include the following assays (listed in Tables 1 and 3 in the
Artemis announcement on 28 April 2025) with many plotted on Figure 1 above:

·    Approximately 192 high-grade gold assays (>10g/t Au) intersected
in 80 historic holes identified during initial stage of the Carlow review 19 
(#_ftn19)

·    Approximately 515 high-grade copper assays (>2.0% Cu) intersected
in 162 historic holes identified during initial stage of the Carlow review 20 
(#_ftn20)

·    An intersection of 4m @ 11.1 g/t Au & 2.0% Cu at ~500m vertical
depth in 20CCDD003, the deepest historic hole at Carlow which is below and
outside the resource

Depending on results of the initial review of historic drilling at Carlow,
Artemis expects to appoint consultants to undertake conceptual technical
studies including metallurgical test work on drill core samples from Carlow
with this work planned to start later in the June quarter.

Pilbara Lithium Joint Venture (ARV 50%) - Andover Lithium

Artemis and GreenTech Metals (ASX: GRE, 'GreenTech') have executed a binding
agreement to consolidate the lithium mineral rights of their respective
tenement holdings near Karratha in the West Pilbara.  The combined lithium
mineral rights will be held in a joint venture company called Andover Lithium
Pty Ltd ('Andover Lithium') with Artemis and GreenTech each holding 50%
interest.  (Refer to Artemis ASX announcement on 3 April 2025).

Andover Lithium will create the largest lithium exploration holding in the
West Pilbara with over 420 km(2) situated along strike from Azure Minerals
lithium discovery (refer Figure 6). The tenement package encompasses a large
part of the Karratha-Roebourne lithium corridor and includes six known lithium
prospective areas, four with significant outcrops of spodumene bearing
pegmatites 21  (#_ftn21) .  Consolidation of the extensive lithium interests
into a joint venture structure provides an opportunity to attract a major
funding partner into Andover Lithium.

 

 

 

Figure 6: Andover Lithium Joint Venture Tenements (orange outline) with known
Li pegmatites (red circles)

The combined tenements contain undrilled lithium bearing pegmatite outcrops
within the same regional corridor which hosts the Tier 1 lithium pegmatite
project discovered by Azure Minerals that has a reported Exploration Target of
100 - 240Mt @ 1.0 - 1.5% Li(2)O(( 22  (#_ftn22) ))

Consolidation of the extensive lithium interests of Artemis and GreenTech into
a 50:50 joint venture will allow the two companies to focus on their core
exploration and resource expansion activities in the Karratha region,
respectively for gold and copper/zinc.  The consolidation should not require
any substantial management time or involve any material costs from either
company.

Corporate

 

Mr Julian Hanna was appointed Managing Director on 24 January 2025. Mr Hanna
was the Co-founder and Managing Director of Western Areas Ltd for 12 years
from 2000. He then joined MOD Resources Ltd as Managing Director for 7 years
from 2013 before joining Sandfire Resources Ltd in 2019 following its takeover
of MOD Resources as Director External Relations. Between 2022 and 2024 Mr
Hanna acted as GM Growth and Development for St George Mining.

 

 

Mr Bruce Garlick was appointed a Director on 5 March 2025. Mr Garlick has over
thirty years' experience in mining, exploration, and engineering, having an
extensive knowledge of the Pilbara as a Director of Fox Resources Ltd which
previously held significant exploration tenements in the Pilbara.

 

Mr George Ventouras resigned as a Director on 8 January 2025.

 

In February 2025 the Company completed tranche 2 of the capital raise
announced on 16 December 2024, with the issue of 284,428,571 new shares at
$0.007 per share.

 

Exploration expenditure during the quarter totalled $901,000.

 

Payments to related parties during the quarter being directors fees and
salaries amounted to $122,000.

 

This announcement was approved for release by the Board.

 

 Artemis Resources Ltd                    info@artemisresources.com.au (mailto:info@artemisresources.com.au)
 Guy Robertson, Chairman

 Julian Hanna, Managing Director

 Zeus (Nomad & Broker)

 Antonio Bossi / James Bavister

                                          Tel:  +44 20 3829 5000

info@artemisresources.com.au (mailto:info@artemisresources.com.au)

 

 

 

Tel:  +44 20 3829 5000

 

 

Appendix 1

 

Schedule of tenement holdings at end of Q3 FY2025. All are in Western
Australia

 

 

 
Competent Person Statement

The information in this report that relates to Exploration Results was
compiled by Mr Julian Hanna, a Competent Person who is a member of the
Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Hanna is
Managing Director of Artemis Resources Ltd and 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 Hanna consents
to the inclusion in this report of the matters based on his information in the
form and context in which it appears.

 

No New Information

To the extent that this announcement contains references to prior exploration
results which have been cross referenced to previous market announcements made
by the Company, unless explicitly stated, no new information is contained. The
Company confirms that it is not aware of any new information or data that
materially affects the information included in the relevant market
announcements and, in the case of estimates of Mineral Resources, that all
material assumptions and technical parameters underpinning the estimates in
the relevant market announcements continue to apply and have not materially
changed.

 

 

 

 

 

About Artemis Resources

Artemis Resources (ASX/AIM:ARV) is a gold, copper and lithium focused
resources company with a highly attractive suite of projects in Western
Australia's underexplored North Pilbara Gold Province.

·    Attractive projects:

o  Gold/Copper - Karratha Gold Project (100%) multiple prospects incl:
Carlow, Titan, Marillion

o  Paterson Gold/Copper Project - adjacent to Havieron Mine (owned Greatland
Gold)

o  Lithium - Artemis/Greentech Lithium JV: Mt Marie, Kobe, Osborne Lithium
prospects

·    Highly strategic location: Tier 1 jurisdiction, close proximity to
major hub at Karratha including regional rail and road infrastructure,
administrative centre and Dampier Port

·    Significant exploration upside: highly prospective tenure package in
the Pilbara Region of Western Australia which is rapidly emerging gold
province dominated by >12Moz Au Hemi Project

·    Mineral Resource with growth potential: existing high-grade
gold-copper-cobalt Inferred Mineral Resource at Carlow (100%-owned tenure)

·    Established processing site at Radio Hill: strategically located,
fully permitted

·    IOCG Exploration Target: Artemis has applied for a 340km(2)
exploration licence 440km east of Kalgoorlie covering a large interpreted
magnetic intrusion prospective for IOCG type copper/gold

 

Figure 7: Satellite image showing outline of Artemis tenement holdings south
and east of Karratha

 

 

 1  (#_ftnref1) Refer to Artemis ASX announcement on 20 March 2025

 2  (#_ftnref2) Refer to Artemis ASX announcement on 28 April 2025, and Figure
1 in this announcement

 3  (#_ftnref3) Refer to Artemis ASX announcement on 28 April 2025

 4  (#_ftnref4) Refer to Artemis ASX announcement on 13 October 2022

 5  (#_ftnref5) Refer to Artemis ASX announcement on 28 April 2025

 6  (#_ftnref6) Refer to Artemis ASX announcement on 28 April 2025

 7  (#_ftnref7) Refer to Artemis ASX announcement on 3 April 2025

 8  (#_ftnref8) Refer to Artemis ASX announcement on 13 October 2022

 9  (#_ftnref9) Refer to Artemis ASX announcements on 10 October 2024 and 28
January 2025

 10  (#_ftnref10) Refer to Artemis ASX announcement on 13 October 2022

 11  (#_ftnref11) Refer to Tables 1-4 in Artemis ASX announcement on 28 April
2025

 12  (#_ftnref12) Refer to Figure 1 in this announcement

 13  (#_ftnref13) Refer to Artemis ASX announcements on 10 October 2024 and 28
January 2025, and Figure 3

 14  (#_ftnref14) Refer to Artemis ASX announcement on 10 October 2024
includes surface gold (HG Au) assay tables and locations

 15  (#_ftnref15) Refer to Artemis ASX announcements on 20 March 2025, and 28
April 2025

 16  (#_ftnref16) Refer to Artemis ASX announcement on 10 October 2024 -
includes surface gold (HG Au) assay tables and locations

 17  (#_ftnref17) Refer to Artemis ASX announcement on 13 October 2022

 18  (#_ftnref18) Refer to Artemis ASX announcement on 13 October 2022

 19  (#_ftnref19) Refer to Artemis ASX announcement on 28 April 2025

 20  (#_ftnref20) Refer to Artemis ASX announcement on 28 April 2025

 21  (#_ftnref21) ASX:GRE - Analysis Confirms Spodumene at Osborne JV - 1
September 2023

     ASX:GRE - High grade Lithium Bearing Pegmatite Discovered at Ruth
Well - 15 June 2023

     ASX:GRE - Rock Chip Results Kobe West - 7 December 2023

     ASX:GRE - Exploration Update Ruth Well and Osborne JV - 13 February
2024

     ASX:ARV - Significant New Lithium Pegmatite Discovery - 5 February
2024

 

 22  (#_ftnref22) Refer to Azure Minerals ASX Announcements dated 2 May 2024
and 7 August 2023

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