Artemis Resources : Shallow High Grade Gold and Copper Carlow West & Quod Est

29 November 2021

ASX Announcement

For personal use only

Shallow Very High-Grade Gold and Copper Shoots intercepted at

the Carlow Western and Quod Est Zones

Highlights

Very high-grade Western Zone shoots occur at shallow depths and appear to open in multiple directions both down-dip from near surface and also laterally.

Second batch of results from our 52 hole, ~14,000m RC drill programme with all but one result located outside any previous resource footprint.

RC holes were targeted to test the system near surface and at depth, with the better intersections being:

• 13m @ 5.86g/t Au, 0.21% Cu, 0.137% Co from 58m - ARC317
• 3m @ 11.39g/t Au, 6.82% Cu, 0.06% Co from 108m - ARC318
• 5m @ 5.75g/t Au, 2.67% Cu, 0.06% Co from 111m - ARC 316
• 7m @ 1.42g/t Au, 1.36% Cu, 0.03% Co from 120m - ARC318
• 2m @ 8.43g/t Au, 0.50% Cu, 0.48% Co from 159m - ARC318
• 8m @ 1.32g/t Au, 0.21% Cu, 0.009% Co from 177m - ARC325
• 5m @ 1.73g/t Au, 1.47% Cu, 0.01% Co from 67m - ARC316
• 4m @ 2.02g/t Au, 0.72% Cu, 0.263% Co from 102m - ARC333
• 4m @ 1.18g/t Au, 3.96% Cu, 0.01% Co from 104m - ARC326
• 3m @ 3.80g/t Au, 4.06% Cu, 0.24% Co from 121m - ARC330
• 3m @ 3.14g/t Au, 0.43% Cu, 0.38% Co from 111m - ARC330
• 3m @ 4.22g/t Au, 1.18% Cu, 0.24% Co from 127m - ARC327
• 5m @ 2.90g/t Au, 0.62% Cu, 0.55% Co from 79m - ARC332

A further 12 holes are still pending assays with drill planning to follow up these outstanding gold and copper results underway.

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

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Other holes such as ARC326, (Section 506810mE Figure 3) intersected zones that show high-gradeCu values, including 2m @ 6.79% Cu, within the 4m @ 1.18g/t Au result. These results are highlighting

The interpretation of the Carlow deposit with respect to high-gradeshallow plunging shoots in the western zone, enabled ARV to plan drill targets with accuracy, with the majority of the targets intersecting mineralisation, returning excellent results.

These recent results have shown that the potential of the western zone lies in depth extensions while the discovery of lateral high-gradeshoots to the north of the main western zone will widen the mineralised area significantly.

Western Zone

Given the Western Zone has only been drilled to approximately 120m vertical depth we believe these results have the potential to dramatically alter the economics of the entire Western portion of the Carlow Gold and Copper Project".

Importantly these shoots appear to be many metres in thickness and very high-gradegold is often complimented by very-highgrade copper. Together, these coincident gold and copper grades presented are hugely impressive and will be a major target for further drilling in the new year.

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personalFigure 1: Collar locations of holes for the West Zone and Quod Est. Holes in black are assays returned in full, Yellow denotes artial received and Red are holes with no assays to date. Refer to section lines for diagrams.

For

Alastair Clayton, Executive Director commented: "The intercepts presented above are once again clearly outstanding. The exploration team has successfully targeted and hit ultra-highgrade shoots we discovered earlier this year and have now extended their strike length both down dip and laterally to the North.

programme targeting the Western and Quod Est Zones at its 100%-ownedCarlow Gold and Copper Project in the west Pilbara region of Western Australia.

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a new mineralised trend that is developing to the north of the West Zone and will require additional drilling to define the new area.

Most of these results extend existing mineralised trends downward in the West Zone, such as the results for ARC 318 and ARC 325, (Section 506890mE, Figure 4).

onlyuse personalFigure 2: Section 506700mE looking east showing the series of high-grade shoots to the north of the 2021 pit outline. These remain open down dip with a shallow plunge to the east. Several high grade intersections occur down dip in the main west zone

shoot, with mineralisation also displaying a shallow easterly plunge. For

Figure 3: Section 506810mE looking east the high-grade shoot extending to the north outside the pit outline. This remains open to the north and plunging the east. Extension to the main zone occurs down dip, with mineralisation also plunging to the east.

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Most of these results extend existing mineralised trends downward in the West Zone, such as the results for ARC 318 and ARC 325, (Section 506890mE, Figure 4), which extend mineralisation down dip by approximately 80 metres.

onlyuse personalFigure 4: Section 506890mE looking east showing several high grade shoot of the main west zone extending below the pit. The For

lower shoot of 8 metres width maybe the development of another high grade shoot with an easterly plunge. This is one of the deepest and widest untested intervals in the western zone.

Figure 5 shows the development of the northern shoots, which are sub-parallel to the West Zone. These are high grade Au-Cu occurrences with silicified breccias, similar to those in the main West Zone and the same trend that continues to the east.

Figure 5: Slight oblique view of the main West Zone shoot looking east, displaying its typical vein splay shown in light yellow. To the north (right) are new shoot developments that run parallel to the main West Zone veins. Further drilling is required to extend these systems along strike and down dip. Inset plan map shows the location of the West Zone. Grid scale is approximately 600m.

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Quod Est

The information in this announcement that relates to Exploration Results and Exploration Targets is based on information compiled or reviewed by Mr. Steve Boda, who is a Member of the Australasian Institute Geoscientists. Mr. Boda is an employee of Artemis Resources Limited. Mr. Boda has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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. Boda consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

Competent Persons Statement

Results to date from the West Zone and Quod Est are encouraging and additional drilling will be planned in 2022 to support an increase to the current resource and add significant gold ounces along with copper and cobalt metal to the Carlow Project.

Mineralisation at the Quod Est zone shows the continuation of grade plunging steeply to the south controlled the basalt/gabbro contact.

Modelling of this halo is in progress.

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personalFigure 6: Section 7698900mN looking north along the Quod Est zone. Extension of mineralisation is strong downdip with a plunge to the south.

For

In addition to the high grade shoots and breccias of the Main Zone, these shoots are encompassed by a low grade Cu-Auhalo which is a result of fracturing of the host rock during the high grade shoot development. Grades of this halo are typically >0.25g/t Au and >0.5% Cu and are considerably wider than the shoots.

The high-gradeshoot intersected in hole ARC317 is the continuation of the shoot as defined in Hole ARC317, (Section 506820mE). These shoots tend to pinch and swell along strike, so additional close spaced holes will need to be drilled to better define the mineralised trend.

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