WEST PILBARA EXPLORATION UPDATE

Artemis Resources Limited

12 February 2024

 

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.

12^th February 2024

WEST PILBARA EXPLORATION UPDATE

Highlights:

·    Stratigraphic diamond holes indicate potential sub vertical orientation of pegmatites at Kobe and Osborne. Drill hole #1 potentially stopped short of Osborne target

·    Maiden RC drilling program to test Osborne targets is planned for March 2024 to test near surface lithium rich zone where access has now been granted

·    New outcrop sampling confirms significant mineralisation in western extension of Osborne with rock chip sampling assays including;

o  2.36% Li₂O, 32ppm Ta₂O5 and 92 ppm Nb₂O₅ (sample 23GT24-021)

o  1.64% Li₂O, 3ppm Ta₂O5 and 14 ppm Nb₂O₅ (sample 23GT24-033)

o  1.22% Li₂O, 45ppm Ta₂O5 and 76 ppm Nb₂O₅ (sample 23GT20-693)

o  1.15% Li₂O, 38ppm Ta₂O5 and 102 ppm Nb₂O₅ (sample 23GT24-026)

·    Mt Marie field exploration continues with further rock chip sampling underway

·    The Artemis lithium projects are within close proximity to Azure Minerals (ASX: AZS) Andover Discovery

Artemis Resources Limited ('Artemis' or the 'Company') (ASX/AIM: ARV) is pleased to provide this update to shareholders on recent drill core and rock chip sample results.

Executive Director George Ventouras commented: "The results from the stratigraphic holes drilled on the Osborne JV tenement have provided valuable information for the technical team to refine and develop further drill programs. The geology has provided clear evidence as to the subterrain and potential location of the pegmatites which will be followed up shortly.

Additionally, we are encouraged by the extension to the Osborne trend and look forward to further ground reconnaissance in the same area. With the above and our results from the Mt Marie lithium prospect, we are very excited for the next few months of activity and news flow."

Figure 1. Artemis tenements in the West Pilbara

Stratigraphic holes are designed to test the geology of the subterranean structure and to assist with the determination of follow up exploration. What has been learnt from the initial diamond drill holes on the joint venture tenement is that the pegmatite trends appear to be sub vertical and the initial drill hole (23GTDD001) may have stopped short of the Osborne target. These holes were drilled from sub-optimal locations due to having previously approved heritage clearances. However, all relevant clearances for optimal drilling locations have now been received and will be used for future drilling programs.

Stratigraphic Diamond Drilling - Osborne and Kobe

Table 1. Details of Drill Holes

Drill Hole Id	Easting	Northing	Azmith deg	Dip deg	EOHm	Prospect
23GTDD001	493160	7691875	176	-40	810.2	South Zone
23GTDD002	493509	7691879	195	-50	279.2	South Zone
23GTDD004	488751	7693591	5	-45	207.3	Kobe

The initial holes were planned and programmed to achieve best geological understanding and importantly, geometry of the structures that lay beneath the surface. Once the geometrical orientation has been better identified, follow up exploration and drilling can be better planned and be more relevant.

Figure 2. Significant Rock Chip Results (new results shown with red border) - Southern Trend. Note: Drill hole 23GTDD001 did not completely test Osborne Target

In the context of further exploration efforts, this new information is vital and allows the technical team to design follow up drill holes with new heritage clearances to better intersect this key area.

Figure 3. Osborne drill section with new potential pegmatite trend orientation

New rock chip sample results

Infill rock chip sampling along the western portion of the Osborne trend provides further confirmation of the persistence of high grade Li₂O with highlight results as follows;

o  2.36% Li₂O, 32ppm Ta₂O5 and 92 ppm Nb₂O₅ (sample 23GT24-021)

o  1.64% Li₂O, 3ppm Ta₂O5 and 14 ppm Nb₂O₅ (sample 23GT24-033)

o  1.22% Li₂O, 45ppm Ta₂O5 and 76 ppm Nb₂O₅ (sample 23GT20-693)

o  1.15% Li₂O, 38ppm Ta₂O5 and 102 ppm Nb₂O₅ (sample 23GT24-026)

These results extend the Osborne mineralisation 600 metres further west for a total strike length of 700 metres and remains open.

Forward Exploration Program

Field crews have been mobilised to site and are currently undertaking the following exploration activities in the lead up to the maiden drilling program:

·    Mapping

·    Infill soil sampling

·    Rock chip sampling

·    Diamond and RC (Reverse Circulation) Drilling

¹ASX Announcement, Artemis Resources Ltd, 5 February 2024

Figure 4. Osborne JV tenement with Mt Marie prospect identified

The JV has approved programs of work (PoW's) and heritage clearances which facilitate current and future drill programs on the project tenements. The JV also aims to complete RC "scissor" drill holes at the Osborne trend as part of the maiden RC drilling program.

Ground work will also continue at the Mt Marie prospect which is situated to the north east of the Osborne JV. The initial rock chip sampling program delivered encouraging results including rock chip assays of 1.82% Li₂O and 1.62% Li₂O¹. Further drone surveying and rock chip sampling is currently underway and results will be reported in due course.

This announcement was approved for release by the Board.

Artemis Resources Ltd
George Ventouras, Executive Director		[e-mail]
WH Ireland Limited (Nomad & Broker)
Antonio Bossi / James Bavister / Isaac Hooper		Tel:  [phone]

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 Prospect, 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 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 Adrian Hell, a Competent Person who is a member of the Australasian Institute of Geoscientists (MAIG) and Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Hell is a technical consultant to Artemis Resources. Mr Hell 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 Hell consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Appendix

Additional technical information included in this announcement has previously been provided to the market in GRE releases dated:

15 June 2023                        High Grade Lithium Discovered at Ruth Well Project

15 June 2023                        Appointment of Lithium Advisors to Drive Exploration

29 June 2023                        Greentech Metals Lithium Corporate Update

7 July 2023                            Further High Grade Lithium Encountered at Ruth Well

10 July 2023                         Lithium Bearing Pegmatites Identified West Pilbara JV

24 July 2023                         Further High-Grade Lithium Assays Reported At Osborne JV

1 September 2023              Analysis Confirms Spodumene at Osborne JV

5 September 2023              New Lithium Targets at Ruth Well and Osborne JV

5 October 2023                   Further High Grade Lithium Assays at Osborne JV

30 October 2023                 Further High Grade Rock Chip Results Kobe

6 November 2023               Drilling Commences Osborne Joint Venture Lithium project

29 November 2023             Maiden Diamond Drill Hole Completed Osborne JV

21 December 2023             Diamond Drilling Completed West Pilbara Lithium Project

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 specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. ·    Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. ·    Aspects of the determination of mineralisation that are Material to the Public Report. ·    In cases where 'industry standard' work has been done this would be 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 assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Drill Core Sampling ·      Sampling of the core is restricted to intervals of geologically logged pegmatite. ·      Sampling quality is considered good due to 100% core recovery. ·      A 2m buffer of core was sampled on either side of the logged and sampled pegmatite intervals ·      Sample intervals were variable but not exceeding 1m ·      The core was halved using an automated cutting diamond saw and sampling were selected from one half of the core ·      All of the pegmatite is sampled irrespective of the observation of possible lithium mineralisation (spodumene) Rock Chip Sampling ·      Reconnaissance style rock chip sampling taken opportunistically from pegmatite outcrop. ·      This announcement discusses the findings of a reconnaissance site visit with a view to determining the lithium potential of the Company's tenements and which included the collection of rock chip samples. ·      Pegmatite was identified in outcrop. ·      The rock chip samples were restricted to outcrop of pegmatite rocks. ·      Samples were dispatched to ALS Global Laboratories in Perth for analysis. Soil Sampling ·      The soil samples were uniformly collected from 15cm, with colour, moisture and general topography recorded. ·      Samples were sent to ALS Global Laboratories in Perth for analysis using their ME-MS89L 52 element technique ·      : Au, Ag, Al, As, B, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, Hg, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Pd, Pt, Rb, Re, S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn, Zr ·      Samples are pulverised to 95% passing 75 microns for maximum digestion. ·      Field duplicates were taken and submitted for analysis with the soil samples.
Drilling techniques	·    Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	·    Diamond Core Drilling was completed using a combination of standard HQ and NQ size drill bits. ·    The core was orientated by the drilling company using an orientation marking tool and logged by Greentech staff for both geological and geotechnical attributes. ·    This announcement relates to drilling carried out by Greentech Metals Ltd . ·    No mention is made in this announcement of exploration drilling sample results  conducted by other companies on nearby tenements.
Drill sample recovery	·    Method of recording and assessing core and chip sample recoveries and results assessed. ·    Measures taken to maximise sample recovery and ensure representative nature of the samples. ·    Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	·    Diamond drilling was contracted to be undertaken by Seismic Drilling and with subsequent core sampling and logging being undertaken by Greentech Metals. ·    Laboratory results are available for all drill samples and are discussed in this announcement. ·    The core is photographed, visually logged for lithology and mineralogy and with geotechnical information recorded ·    All data is recorded in a digital, tabulated format for database storage and future recovery when required. ·    Core recovery is 100% in all of the core sections sampled to date.
Logging	·    Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. ·    Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. ·    The total length and percentage of the relevant intersections logged.	·    Drill core sample assay results are available and hence these are discussed in this announcement. ·    The core was orientated using an orientation marking tool and logged for both geological and geotechnical attributes. ·    The logging and sampling is of a standard that could be used in support of a future Mineral Resource estimation ·    The core was photographed prior to cutting and sampling ·    All pegmatite intervals were logged and sampled
Sub-sampling techniques and sample preparation	·    If core, whether cut or sawn and whether quarter, half or all core taken. ·    If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. ·    For all sample types, the nature, quality and appropriateness of the sample preparation technique. ·    Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. ·    Measures taken to ensure that the sampling is representative of the insitu material collected, including for instance results for field duplicate/second-half sampling. ·    Whether sample sizes are appropriate to the grain size of the material being sampled.	·    Sampling of drill core is completed ·    Sampling of the core is restricted to intervals of geologically identified and  logged pegmatite. ·    A 2m buffer of core was sampled on either side of the logged and sampled pegmatite intervals ·    Sample intervals were variable but not exceeding 1m and is considered appropriate for sampling of pegmatite at this reconnaissance stage ·    The core was halved using an automated cutting diamond saw and sampling were selected from one half of the core
Quality of assay data and laboratory tests	·    The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. ·    For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. ·    Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	·    Sampling of drill core is completed ·    Samples were sent to ALS Global Laboratories in Perth for analysis using their ME-MS89L 52 element technique ·    Sample standards are used in addition to those routinely applied by the laboratory
Verification of sampling and assaying	·    The verification of significant intersections by either independent or alternative company personnel. ·    The use of twinned holes. ·    Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. ·    Discuss any adjustment to assay data.	·    No results have been verified by independent means
Location of data points	·    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. ·    Specification of the grid system used. ·    Quality and adequacy of topographic control.	·    Drill collar locations are determined by hand held GPS which is considered appropriate for the reconnaissance nature of the drilling and associated sampling. ·    Down hole surveys are conducted on each drill hole by the drill company ·    Topography control is obtained from contoured satellite imagery
Data spacing and distribution	·    Data spacing for reporting of Exploration Results. ·    Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. ·    Whether sample compositing has been applied.	·    Not applicable as drill holes are exploratory in nature.
Orientation of data in relation to geological structure	·    Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. ·    If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	·    The drill holes are orientated approximately orthogonal to the pegmatite body being targeted with sampling to provide reasonably unbiased results.
Sample security	·    The measures taken to ensure sample security.	·    Sample security is by way of chain of custody.
Audits or reviews	·    The results of any audits or reviews of sampling techniques and data.	·    No review of the sampling techniques has been undertaken.

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 agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. ·    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.	·    The Ruth Well project tenements cover an area of 85km2 and comprises granted tenements: 47/4387, E47/3341, E47/3719, P47/1929 and P47/1998. ·    The tenements are owned 100% by GreenTech Metals subsidiary company GreenTech Holdings Pty Ltd with the exception of tenement E47/3719 which is subject to a Greentech Metals/Artemis Resources 51%/49% Joint Venture ·    The tenements are in good standing with DMIRS and there are no known impediments for exploration on these tenements.
Exploration done by other parties	·    Acknowledgment and appraisal of exploration by other parties.	·    Numerous exploration parties have held the area covered by the current GreenTech tenure previously. There is no reported previous exploration for lithium bearing pegmatites on the tenements. ·    No other exploration companies generated data was used in this release. ·    Regional RTP aeromagnetics and geology from Geological Survey of WA. ·    The area was previously explored by Fox Resources Ltd and Artemis Resources Ltd with both focussed on nickel exploration.
Geology	·    Deposit type, geological setting and style of mineralisation.	·    The lithium bearing pegmatite zone trends WNW-ESE and is hosted by strongly sheared sediments of the Regal Formation. ·    The pegmatites occur as intermittent lenses in strongly sheared sediments assigned to the Regal Formation and are located approximately 3km to the north of the Sholl Shear Zone. ·    The pegmatites are steeply dipping and up to 20m wide. ·    The project area is underlain by the Archean Pilbara Craton, specifically the West Pilbara Superterrane (WPST) of Hickman (2016). The 3280-3070 Ma WPST comprises numerous tectonostratigraphic packages (Sholl, Regal and Karratha Terranes and the Whundo and Nickol River Basins) and igneous complexes that have been variously affected by several tectonic events. The easterly to east-north easterly trending Sholl Shear Zone (SSZ) is a boundary for the regional rock packages. Metamorphic grade is higher to the north of the SSZ, suggesting the present-day surface shows a slightly deeper crustal level on the north side.
Drill hole Information	·    A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level - elevation above sea level in metres) of the 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.	·    Details of the drill holes discussed in this announcement is included in the announcement
Data aggregation methods	·    In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. 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.	·    Not applicable
Relationship between mineralisation widths and intercept lengths	·    These relationships are particularly important in the reporting of Exploration Results. ·    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 (e.g. 'down hole length, true width not known').	·    Not applicable as surface sampling is reconnaissance in nature.
Diagrams	·    Appropriate maps and sections (with scales) and tabulations of 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.	·    All the appropriate maps are provided in the body of this announcement.
Balanced reporting	·    Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	·    This announcement discusses the findings of recent reconnaissance sampling and associated assays.
Other substantive exploration data	·    Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	·    All the meaningful exploration data has been included in the body of this announcement.
Further work	·    The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). ·    Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	·    GreenTech plans to conduct further ground reconnaissance and sampling in the short term to determine the surface extent both laterally and along strike and also the economic potential of the prospect. Future drill programs are envisaged.

 

END