ASX AND MEDIA RELEASE

ASX: ARV | OTCQB: ARTFF | Frankfurt: ATY

1 April 2019

5,000m DIAMOND DRILLING PROGRAMME FOR CARLOW CASTLE

Artemis Resources Limited ("Artemis" or "the Company") (ASX:ARV, Frankfurt: ATY, US OTCQB: ARTTF) is pleased to provide details of the proposed 2019 development programme for the Company's Carlow Castle Au-Cu-Co Project.

Carlow CastleAu-Cu-Co Project - gold dominant and favourable metallurgy

The Carlow Castle Au-Cu-Co Project is a gold dominant orebody with significant copper and valuable cobalt credits. The recently announced resource upgrade increased the resource tonnage to 7.9Mt (refer ASX 6 March 2019) with the metallurgical work completed to date evidencing the orebody's amenability to low cost processing options to recover gold, copper and cobalt (refer ASX 11 February 2019).

Artemis has set the development target at Carlow Castle as the definition of a minimum 3-year mineable reserve with the next project milestone being a resource upgrade during Q3, 2019.

Upgrading the resource to Indicated Classification

The key to upgrading the March 2019 resource to Indicated classification is to complete a round of diamond drill holes (DDH) across the higher-grade sections of Carlow Castle. To date the bulk of the drilling completed at Carlow Castle has been air-core (AC) and reverse circulation (RC) and the limited amount of DDH has made structural interpretation of the key controlling features difficult (Figure 1).

A two stage 10,000m programme is planned to define the main structural controls on this orebody, with the Stage 1 programme detailed below.

Stage 1 - 5,000m DDH across Carlow Castle

A Stage 1 DDH programme of approximately 5,000m (Figure 2≈36 holes ranging in depth from 100m-280m) is planned and will test:

Carlow East- drilling 3 sections of Carlow East to confirm interpretation. Currently drilling is interpreted as sub-parallel to dip in in the wide, high grade zones in Carlow East. Phase 1 will yield three well drilled sections and provide each with 4 to 6 holes spaced at 20-25m metre intervals downdip - improving confidence in the interpreted grade and structure in these important zones.

Carlow West- drilling 3 infill sections on higher grade zones in Carlow West. This will provide confidence in the continuity of grade and structure in this important zone.

East of Quod Est- drilling to test high priority structural positions inferred from new data to the east of Quod Est. These holes aim to improve structural understanding and provide information to improve targeting models for the Stage 2 DDH programme.

Looking Forward

Indicative cost of this programme is ≈$1.6-1.8M and will commence, subject to funding and Board approval during Q2, 2019. Stage 1 will provide new core samples for the next phase of metallurgical test work, with the Stage 2 drilling programme to be planned once Stage 1 data is processed.

Artemis Resources Limited (ABN: 80 107 051 749)

Suite 1, 11 Ventnor Avenue, West Perth, WA, Australia, 6005 | Telephone: +61 8 6319 0000

Email:info@artemisresources.com.au|www.artemisresources.com.au

ASX AND MEDIA RELEASE

ASX: ARV | OTCQB: ARTFF | Frankfurt: ATY

Quod

Est

Carlow

East

Carlow

West

Figure 1: Carlow Project wireframes and existing drilling (plan view)

Quod Est

structural targetsCarlow East

Sections

Carlow

West

Sections

Figure 2: Carlow Project wireframes with Stage 1 (black traces) planned diamond drillholes shown (plan view)

2

ASX AND MEDIA RELEASE

ASX: ARV | OTCQB: ARTFF | Frankfurt: ATY

For further information on this announcement or the Company generally, please visit our website at

www.artemisresources.com.au or contact:

Wayne Bramwell

David Tasker

Chief Executive Officer

Chapter One - Media Advisors

wayne.bramwell@artemisresources.com.au

dtasker@chapteroneadvisors.com.au

T: +61 417 953 073

T: +61 433 112 936

FORWARD LOOKING STATEMENTS AND IMPORTANT NOTICE

This report contains forecasts, projections and forward-looking information. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions it can give no assurance that these will be achieved. Expectations and estimates and projections and information provided by the Company are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of Artemis' control.

Actual results and developments will almost certainly differ materially from those expressed or implied. Artemis has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this announcement. To the maximum extent permitted by applicable laws, Artemis makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this report and without prejudice, to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this report. Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company's securities.

BACKGROUND INFORMATION ON ARTEMIS RESOURCES

Artemis Resources Limited is a gold exploration company focussed in the West Pilbara region of Western Australia with

the Company's asset suite providing the key ingredients needed to transform Artemis into a gold producer. As the first

company in the West Pilbara to consolidate a large package (≈2,400 km2) of prospective gold tenements with a processing plant, the Company is well positioned to make this transition to production and positive cash flow.

Radio Hill is located approximately 35 km south of the city of Karratha and centrally located to the Company's mineral resources, the refurbishment and gold circuit is ≈ 80% complete and the site is already connected by road, water and power infrastructure to the city of Karratha. The Board has agreed that once minimum tonnages of potential ore sources are secured and the metallurgical requirements are defined, the plant refurbishment will then be completed.

During 2018, the Company evaluated 2004 and 2012 JORC Code compliant resources of gold, nickel, copper-cobalt, PGE's and zinc, all situated within a 40 km radius of the Radio Hill plant.The focus for 2019 is to now systematically advance Artemis controlled gold assets and third-partytoll-treating opportunities to provide sufficient ore to underpin the orderly transition to production at our 100% owned Radio Hill processing plant.

A key Artemis partner in the Pilbara is Novo Resources Corp. ("Novo"). In 2017, Artemis signed Definitive Agreements with Novo (TSXV:NVO) and pursuant to the Definitive Agreements, Novo satisfied its expenditure commitment and earned 50% of gold rights (and other minerals necessarily mined with gold) across conglomerate and/or paleoplacer style mineralisation including at Purdy's Reward ("the Gold Rights"). The Gold Rights do not include:

(i)gold disclosed in Artemis' existing (at 18 May 2017) JORC Code Compliant Resources and Reserves; or

(ii)gold which is not within conglomerate and/or paleoplacer style mineralization; or

(iii)minerals other than gold.

The Definitive Agreements cover 34 tenements / tenement applications that are 100% owned by Artemis. Artemis' Mt Oscar tenement is excluded from the Definitive Agreements. Pursuant to Novo's successful earn-in, two 50:50 joint ventures have been formed between Novo's subsidiary, Karratha Gold Pty Ltd ("Karratha Gold") and two subsidiaries of Artemis (KML No 2 Pty Ltd and Fox Radio Hill Pty Ltd).

The joint ventures are managed as one by Karratha Gold with Artemis and Novo contributing to further exploration and any mining of the Gold Rights on a 50:50 basis.

3

Attachments

  • Original document
  • Permalink

Disclaimer

Artemis Resources Limited published this content on 01 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 01 April 2019 14:31:14 UTC