Artemis Resources Limited provided update on its Karratha Gold Project exploration program pursuant to the ASX rules. The Karratha Gold Precinct covers an area of more than 200km in the West Pilbara region of Western Australia. It is located approximately 20km from the main regional town of Karratha, which is only a 2-hour flight from Perth.

The location is highly prospective for gold and other commodities including lithium, copper, nickel, cobalt and silver. Currently, Artemis has a JORC defined resource at its Carlow Castle prospect which contains a high-grade foundation resource of 704Koz AuEq at 2.5g/t AuEq. The Carlow Project is situated within a series of shear zones along the margin of the Regal Thrust Fault within the basalt and sediments of the Roebourne Complex.

The Regal Thrust is a regionally significant south to south-west dipping structure with sinistral movement that folds around on itself over a distance greater that 90km. Shear splays along the contact of the Regal Thrust within the Roebourne Complex are considered prospective for mineralisation, especially when intruded by Andover mafic/ultramafics. Lulu Creek (formerly Carlow West) was previously drilled in 2020 where the drilling program involved an RC drill rig and targeted a discrete surface anomaly.

This work was followed up in 2023 where an Induced Polarisation (IP) survey was completed and resulted in the delineation of further targets at depth. This result, the subsequent targeting and the similarities to a Hemi style gold intrusive system were catalysts for the West Australian State Government awarding Artemis an Exploration Incentive Scheme (EIS) grant of $82,500 to co-fund further drilling. Previous drilling at Lulu Creek provided encouraging results including; 2m at 1.62 g/t Aufrom 34m within drill hole CWRC006; 1m @ 4.89 g/t Auand 13.7 g/t Ag from 24m in CWRC011; 1m @ 1.15 g/t Aufrom 9m in CWRC017.

At the time the Company drilled the Lulu Creek prospect, the significance of intrusion related gold in the Pilbara region was not fully understood. The gold system at Lulu Creek is reminiscent of De Grey's Hemi deposit, which has resulted in large gold projects being discovered in intrusive related gold systems (IRGS). The Hemi project resource currently sits at 255Mt @ 1.3 g/t Au for 10.5Moz.

The discovery of intrusion related gold systems are relatively new to the Pilbara region and shows a scale of mineralisation not previously encountered. Within these deposits, gold mineralisation is primarily situated within a sequence of intrusions, notably associated with stringer, and disseminated sulphide-rich zones. The high value of these types of discoveries is driven by size, grade continuity and growth potential.

The Karratha Gold Precinct has the potential to host large scale, multi-million ounce systems, due to the increased structural complexity of the region resulting from the close proximity of the Sholl Shear zone and the Regal Thrust. Artemis also retains the gold rights to the Osborne tenement (currently the subject of a lithium JV with Greentech Metals Ltd), which provides the Company with greater exposure to the regional faults and further prospective tenure to explore for gold mineralisation. Programs of works to cover the Lulu Creek prospect have previously been submitted and approved and a heritage clearance application has been completed and submitted for approval.

Once the heritage clearance has been completed, drilling can be scheduled and undertaken in conjunction with the EIS co-funded drilling grant.