Artemis Resources Ld (ASX:AIM:ARV) High-Grade Resource at Greater Carlow

Artemis Resources Limited is pleased to provide an update on a new Inferred JORC Mineral Resource at its 100%-owned Greater Carlow Project, located in the Pilbara Region of Western Australia.


704,000 oz Au Eq. at 2.5 g/t Au Eq[1] from 8.74 Mt, combined open pit and underground.

A high-grade gold copper-cobalt project primed for further growth:

· Conservative assumptions underlying the new resource estimate reflect the robust nature of the project and take into consideration the recent rising cost environment.

· The Greater Carlow resource compares very favourably to other gold mining projects on a grade equivalent basis.

· Inferred Mineral Resource completed for the Greater Carlow gold copper cobalt project reported in accordance with The JORC Code 2012.

· Total Inferred Mineral Resource of 8.74 Mt at 2.5 g/t Au Eq comprises:

o Open pit resource of 7.25 Mt at 2.4 g/t Au Eq. for 557 Koz Au Eq.

§ (using a 0.7 g/t Au Eq. cut-off grade).

o Underground resource of 1.49 Mt at 3.1 g/t Au Eq. for 146 Koz Au Eq.

§ (using a 2 g/t Au Eq. cut-off grade).

· With this high-grade resource open in multiple directions exploration will now push on to seek to grow resources further.

Alastair Clayton, Executive Director, commented: “On behalf of Artemis I am delighted to report to shareholders the results of our updated resource model. What we have now established at the Greater Carlow Project is a robust, credible, high-grade multi-metal resource from which our exploration team can now seek to continue to grow via drilling. The next phase at Greater Carlow is to drill and add more high-grade tonnes to the open pit and underground resources, including the high-grade Keel Zone which is not included in this resource statement.

Importantly, this resource has taken into consideration recent industry cost escalation and still returned robust results. There is an adage used in mining that “grade is king”, we believe this is as relevant today as it ever was.

With a diverse potential product stream of gold and the key battery metals of copper and cobalt we believe Greater Carlow grade ranks very favourably against other comparable Western Australian pre-development resource projects. Furthermore, Greater Carlow’s enviable project location likely obviates the need for a future development to finance and operate a range of expensive capital items such as airstrip, accommodation village, power station, water plant etc. as well as contribute strongly to local communities by utilizing a non-FIFO workforce.

With one of the world’s largest green energy projects, the Asian Renewable Energy Hub supporting 26 GW of combined solar and wind power generating capacity being proposed by BP in the Pilbara, the Greater Carlow project also has potential to further garner its ESG credentials as a sustainable battery metals and gold producer.

We look forward to updating shareholders with our next steps for the project and I would like to thank our geological team and consultants for the resource update delivered today.”

The resource has significant scope to grow in the near term

Figure 1 . Oblique view of the model showing potential continuations of known mineralised zones.

Figure 2 . Long Section (looking north) model showing key domains and potential continuations of known mineralised zones.

Resource modelling has identified immediate opportunities to grow the open pit and underground resource with further drilling

· Scope to grow the open pit resource, Figures 1 and 2.

o Crosscut zone remains open to the north.

o High-grade shoots have been identified in the block model that will benefit from additional drilling.

o Additional RC and diamond core drilling to increase the open pit resource is currently being planned.

o Additional core drilling for samples for metallurgical test work.

· Scope to grow the underground resource, Figures 1 and 2.

o Gold and copper mineralisation open at depth as demonstrated by previous drilling at Carlow Deeps (or Carlow Keel) (refer to Artemis press release dated 23 November 2020).

o Additional RC and diamond core drilling to test depth extensions at Crosscut and Carlow Main eastern zones are currently being planned.

o Additional core drilling for samples for metallurgical test work.

Tier 1 location

· Western Australia was ranked the No. 1 mining investment jurisdiction in the 2021 Fraser Institute Annual Survey of Mining Companies.

· The Greater Carlow project is superbly located 25 km due east of the city of Karratha and 9 km to the west of the town of Roebourne.

· Access is via the North West Coastal National Highway and established haul road.

· Any future mine development would benefit from proximity to a resident skilled labour pool, established mining contractors, as well as adjacent high voltage power lines, gas, water, a nearby rail line, port and 17 daily jet flights from Karratha to Perth.

Independent Mineral Resource estimate

· Resource estimation undertaken by mining consultants Snowden Optiro in collaboration with Artemis.

· Exhaustive estimation process, including:

o Data verification – site visit for geological familiarisation, review of on-site processes, high level review of drillhole database, and review of sampling, assaying and QAQC.

o Resource estimation and reporting – new mineralisation wireframes, data analysis, kriging neighbourhood optimisation, cut-off grade determinations, and block model reported considering reasonable prospects for eventual economic extraction (RPEEE) using Whittle for open pit and Datamine Mineable Shape Optimiser (MSO) for underground reportable resources.

o Classification – reported in accordance with the Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves (The JORC Code, 2012).

o Internal peer review by Snowden Optiro.

Greater Carlow – Mineral Resource statement

The Mineral Resource for Greater Carlow as at 13 October 2022 is presented in Tables 1 to 4 and Figures 1-4. All three deposits forming Greater Carlow are open at depth, and Quod Est and Crosscut are open along strike (Figure 1 and 2).

Table 1 . Greater Carlow Inferred Mineral Resources by assumed mining method reported above a cut-off of 0.7 g/t Au Eq. within an optimised open pit shell and above a 2 g/t Au Eq. cut-off for underground using MSO shapes (current as at 13 October 2022). The entire resource is classified as an Inferred Mineral Resource in accordance with The JORC Code, 2012. All tonnes are dry metric tonnes. Figures may not compute due to rounding.

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This announcement was approved for release by the Board.

For further information on the Company, please visit or contact:

Artemis Resources Limited

via Camarco

Alastair Clayton

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