Artemis Resources : Additional High-Grade Au and Cu Intercepts Carlow East Zone

21 December 2021

ASX Announcement

For personal use only

Additonal High-Grade Gold and Copper Intercepts from

the Carlow East Zone

Highlights

High-grade East Zone intercepts occur at depth and continue to define the mineralised shoots down-dip and outside the 2021 optimised pit shell.

Third batch of results from our 52 hole, ~14,000m RC drill programme has intersected multiple high-grade zones with the better intersections being:

• 20.0m @ 2.06g/t Au, 0.40% Cu, 0.254% Co, from 258m; Hole ARC359 o Including 3.0m@ 8.78g/t Au, 1.18% Cu, 1.140% Co, from 258m
• 3.0m @ 21.91 g/t Au, 0.80 % Cu, 0.01 % Co, from 246m; Hole ARC355 o Including 1.0m @ 53.1g/t Au, 1.27% Cu 0.01% Co, from 246m
• 11.0m @ 1.69 g/t Au, 0.49 % Cu, 0.256 % Co, from 246m; Hole ARC357 o Including 2.0m @ 6.68g/t Au, 0.75% Cu, 0.916% Co, from 246m
• 6.0m @ 4.61 g/t Au, 0.44 % Cu, 0.02 % Co, from 294m; Hole ARC356 o Including 2.0m @ 5.75g/t Au, 0.42% Cu, 0.015% Co, from 296m
• 2.0m @ 11.93 g/t Au, 0.67 % Cu, 0.02 % Co, from 199m; Hole ARC356
• 1.0m @ 25.10 g/t Au, 0.43 % Cu, 0.01 % Co, from 245.00 m; Hole ARC358

Resource development and exploration drilling can now be planned with a higher level of confidence.

A further 3 holes are still pending assays with additional drill planning in progress to follow up these outstanding gold and copper results.

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For personal use only

Artemis Resources Limited ("Artemis" or "the Company") (ASX:ARV, Frankfurt: ATY, US

OTCQB: ARTTF) is pleased to provide an update on assay results from the recent RC drilling programme targeting the East and Quod Est Zones at its 100%-owned Carlow Gold and Copper Project in the west Pilbara region of Western Australia.

Alastair Clayton, Executive Director commented: "Once again Steve Boda, Artemis General Manager and his team have, delivered outstanding results from the Carlow Project.

Through diligent analysis we can now target and intercept very high-grade shoots as well as thick zones of gold and copper with a high degree of certainty.

As demonstrated by the outstanding gold and copper intercepts presented to shareholders over the last five weeks the exploration scope and potential continues to grow across the Carlow group of deposits and regionally at the new Chapman discovery.

We will be accelerating our Carlow exploration efforts in the New Year with our aim of delivering a new resource statement in H1 of 2022."

Eastern Zone

These recent results have shown that the potential of the eastern zone lies in depth extensions while further discoveries of offset high-grade shoots to the south of the main East Zone will widen the mineralised area at depth.

Figure 1 shows the location of the collars for the program along with sections lines for the cross- sections presented in this document.

Figure 1: Section lines and collar locations of holes for the East Zone as referenced in this document. Refer to section lines for diagrams.

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Reinterpretation of the Carlow deposit suggests that high-gradesteeply-plunging shoots occur in the East Zone, which in turn potentially identifies the East Zone as the feeder to the Carlow system. This interpretation has enabled ARV to plan drill targets with accuracy, with the majority of the targets intersecting mineralisation, and returning excellent results.

Table 1: Significant results for drilling in the East Zone of the Carlow Main Area. These results are cut at >1.0g/t Au. Table 2

contains results for >0.5g/t Au, 2m included waste.

only								DH Width
		HoleID		From (m)		To (m)		(m)	Au (g/t)	Cu (%)	Co (%)
		ARC349		73		75		2	1.83	0.44	0.020
		ARC349		132		133		1	1.23	0.47	0.007
use		ARC349		139		142		3	2.78	0.54	0.032
	ARC349	including	140		141		1	7.17	1.13	0.045
	ARC349		160		161		1	1.18	0.17	0.016
		ARC349		228		231		3	1.57	1.70	0.008
		ARC350		15		16		1	1.82	0.14	0.020
		ARC350		42		43		1	3.15	0.78	0.110
		ARC350		47		52		5	3.51	1.39	0.173
personal		ARC350	including	47		48		1	10.90	3.59	0.012
	ARC350	including	50		51		1	4.31	1.07	0.614
	ARC355		283		288		5	1.31	0.18	0.121
		ARC350		78		79		1	1.98	2.88	0.021
		ARC350		171		172		1	1.16	0.96	0.100
		ARC351		42		48		6	1.38	0.62	0.100
		ARC352		249		250		1	1.63	4.27	0.014
		ARC353		68		70		2	4.87	0.01	0.006
		ARC353		122		124		2	1.49	0.07	0.005
		ARC353		314		315		1	1.20	1.36	0.302
		ARC354		298		299		1	3.89	1.38	0.582
		ARC355		211		212		1	3.54	0.40	0.006
		ARC355		215		218		3	1.45	0.59	0.011
		ARC355		237		238		1	1.33	2.01	0.008
		ARC355		246		249		3	21.91	0.80	0.009
		ARC355	including	246		248		2	31.63	1.10	0.011
		(ARC355	including	246		247		1	53.10	1.27	0.010)
For
	ARC356		199		201		2	11.93	0.67	0.025
	ARC356		231		232		1	6.23	1.05	0.010
	ARC356		254		255		1	1.24	0.47	0.009
	ARC356		294		300		6	4.61	0.44	0.019
	ARC356	including	294		295		1	3.33	0.12	0.013
	ARC356	including	296		298		2	5.75	0.42	0.015
	ARC356	including	299		300		1	7.22	1.05	0.040
		ARC357		185		186		1	1.12	0.03	0.005
		ARC357		246		257		11	1.69	0.49	0.256
		ARC357	including	246		248		2	6.68	0.75	0.916
		ARC357		294		295		1	1.21	1.38	0.011
		ARC357		315		316		1	1.10	0.03	0.004
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For personal use only

				DH Width
HoleID		From (m)	To (m)	(m)	Au (g/t)	Cu (%)	Co (%)
ARC358		245	246	1	25.10	0.43	0.009
ARC358		262	267	5	1.71	0.46	0.069
ARC358	including	266	267	1	3.77	0.57	0.016
ARC359		258	278	20	2.06	0.40	0.254
ARC359	including	258	261	3	8.78	1.18	1.140
ARC359	including	267	274	7	1.16	0.38	0.128
ARC361		274	276	2	1.31	6.00	0.014
ARC361		330	331	1	2.33	0.36	0.050
ARC361		351	357	6	1.01	1.81	0.027
ARC362		198	199	1	1.42	0.54	0.018
ARC362		224	225	1	4.85	4.72	0.059

Most of these results extend existing mineralised trends downward in the East Zone, such as the results for ARC355 Section 507360mE (Figure 2). These results extend the current mineralised envelops 80 metres below the 2021 optimised pit outline.

Other holes such as ARC356, (Section 507400mE; Figure 3) intersected another zone of high-grade of 6m @ 4.61 g/t Au, 0.44 % Cu, 0.02 % Co, from 294m that effectively extends the current mineralised envelope 60 metres below the 2021 optimisation pit.

Figure 2: Hole ARC355 Section 507360 showing a series of mineralised intervals down along the drill trace, well below the 2021 optimised pit outline. This remains open at depth. The line traces highlight the low grade halo with orange outlining the >0.25g/t Au trace and green outlining >0.25% Cu as defined by implicit modelling.

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onlyuseFigure 3: Hole ARC356 Section 507400mE showing significant intersections well below the 2021 optimised pit outline, with mineralisation open at depth. This section of the East Zone is near the Crosscut Zone, as shown by the significant intersection

in hole ARC344. The line traces highlight the low grade halo with orange outlining the >0.25g/t Au trace and green outlining personalFor

>0.25% Cu as defined by implicit modelling.

A thick interval of 20m @ 2.06g/t Au, 0.40% Cu, 0.254% Co from 258m is particularly interesting not just for the Au and Cu, but significant Co values as well (Figure 4).

Figure 4: Hole ARC359 Section 507540mE highlighting the thick mineralised intersection outside of the 2021 optimised pit outline. This mineralised trend remains open down dip. The line traces highlight the low grade halo with orange outlining the >0.25g/t Au trace and green outlining >0.25% Cu as defined by implicit modelling.

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