Phase One Drilling Update

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Project

HoleID

Easting

Northing

Grid

Azi

Dip

EOH

Carlow East

25ARDD002

507832

7698267

GDA94 MGA zone 50

340

-50

527.4

Marillion

25ARDD001

508346

7698466

GDA94 MGA zone 50

0

-70

714.6

Titan East

25ARDD003

505827

7699444

GDA94 MGA zone 50

45

-50

148.4

Titan East

25ARDD004

505812

7699429

GDA94 MGA zone 50

45

-65

162.5

Titan East

25ARDD005

505783

7699400

GDA94 MGA zone 50

45

-70

237.3

Hole ID

Comments

From (m)

To (m)

Interval (m)

Au (g/t)

Cu (%)

25ARDD001

399

400

1

1.98

0.4

25ARDD001

400

401

1

0.04

0.1

25ARDD001

401

402

1

1.71

0.8

25ARDD001

402

403

1

0.22

0.2

25ARDD001

403

404

1

0.15

0.1

25ARDD001

404

405

1

15.35

0.0

25ARDD001

405

406

1

0.85

0.1

25ARDD002

426.2

427

0.8

0.5

0.0

25ARDD002

478

479

1

0.6

0.5

25ARDD002

479

479.4

0.4

0.07

0.1

25ARDD002

479.4

480

0.6

0.22

0.4

25ARDD002

480

480.5

0.5

0.48

2.5

25ARDD003

NSI

25ARDD004

67

68

1

16.4

0.1

25ARDD005

NSI

Sampling

techniques

· Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

· Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

· Aspects of the determination of mineralisation that are Material to the Public Report.

· In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

· Daimond drilling was used for the five Phase One holes described in this announcement.

· Drilling sampling techniques employed at the Artemis core facility include saw cut HQ (63mm) and NQ (50.6mm) drill core samples.

· HQ and NQ core is currently being used to drill out the geological sequences and identify zones of mineralisation that may or may not be used in any Mineral Resource estimations, mining studies or metallurgical testwork.

· Diamond core was sampled on geological intervals/contacts, with the minimum sample size of 0.25m and max 1.2m.

· Core was cut in half, with one half to be sent for analysis at an accredited laboratory, while the remaining half was stored in appropriately marked core boxes and stowed in a secure core shed.

· Core duplicates were quarter core, sampled from the same half sent for analysis.

Drilling

techniques

· Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

· Diamond drilling completed by West Core Drilling.

· Drilling was completed using a track mounted diamond drill

· Core diameter was HQ and NQ with standard wireline drilling.

· Rock types was considered to be competent, not requiring triple tube drilling.

· Core was orientated using a Reflex core orientation device.

Drill sample

recovery

· Method of recording and assessing core and chip sample recoveries and results assessed.

· Measures taken to maximise sample recovery and ensure representative nature of the samples.

· Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

· Recoveries are recorded on logging sheets and are also independently measured by drillers using drill runs.

· Due to the competent nature of the rock type encountered in the projects, diamond core recovery is >90%

· Statistical analysis shows that no bias of grade exists due to recoveries.

Logging

· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

· Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

· The total length and percentage of the relevant intersections logged.

· Diamond core is placed into core trays at the drill site with all marking on the core with respect to core block depths and orientation locations completed at site.

· Core trays are labelled with tray numbers and from - to depths.

· Core is transferred to core logging facility where it is processed for geological, structural, geotechnical logging.

· Photography of core is also completed and stored digitally within a core photo library.

· The detail of logging is adequate to support a MRE and for metallurgical study.

· All core is logged 100% of its length.

Sub-sampling

techniques and

sample

preparation

· If core, whether cut or sawn and whether quarter, half or all core taken.

· If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

· For all sample types, the nature, quality and appropriateness of the sample preparation technique.

· Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

· Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

· Whether sample sizes are appropriate to the grain size of the material being sampled.

· Core is marked up for sampling according to logging sheets, using the orientation line as a guide. The core cutting line is drawn 90 degrees clockwise from the orientation line, looking down the core

· Core is cut in half using an Almonte automatic core saw.

· One half is retained as a representative sample and replaced in the core tray; the other half is placed into a pre-labelled sample bag, recorded and sent as part of a batch to the laboratory for assaying.

· The same side of the core is always retained or sent to the lab.

· Duplicate samples are taken at regular intervals, using ¼ core from the assay sample.

· Sample sizes are appropriate to the grain sizes of the material being sampled.

Quality of assay

 data and

laboratory tests

· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

· For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

· Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

· A certified laboratory, ALS Chemex Perth was used for all analysis of drill samples submitted. The laboratory techniques below are for all samples submitted to ALS and are considered appropriate for the style of mineralisation defined within the Carlow Castle Project area

· The sample preparation followed industry best practice. Fire assay samples were dried, coarse crushing to ~10mm, split to 300g subsample, followed by pulverisation in an LM5 or equivalent pulverising mill to a grind size of 85% passing 75 micron.

· This fraction was split again down to a 50g charge for fire assay

· 50-gram Fire Assay (Au-AA26) with ICP finish for Au.

· All samples were dried, crushed, pulverised and split to produce a sub-sample of 50g which is digested and refluxed with hydrofluoric, nitric, hydrochloric and perchloric acid (4 acid digest).

· This digest is considered a total dissolution for most minerals

· Analytical analysis is performed using ICP-AES Finish (ME-ICP61) for Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W, Zn.

· Additional Ore Grade ICP-AES Finish (ME-OG62 for Cu reporting out of range. Pulp was split to produce a sub-sample of 50g for re-assaying.

· Standards are matrix matched by using previous pulps from drilling programs and homogenised using certified laboratories.

· Standards were analysed by round robins to determine grade.

· Standards were routinely inserted into the sample run at 1:20.

· Laboratory standards and blank samples were inserted at regular intervals and some duplicate samples were taken for QC checks.

Verification of

sampling and

assaying

· The verification of significant intersections by either independent or alternative company personnel.

· The use of twinned holes.

· Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

· Discuss any adjustment to assay data.

· Sampling was undertaken by field assistants supervised by experienced geologists from Artemis Resources. Significant intercepts were checked by senior personnel who confirmed them as prospective for gold mineralisation.

· No twin holes using RC was completed in this program.

· Electronic data capture on excel spreadsheets which are then uploaded as .csv files and routinely sent to certified database management provider.

· Routine QC checks performed by Artemis senior personnel and by database management consultant.

· PDF laboratory certificates are stored on the server and are checked by the Exploration Manager.

Location of Data

Points

· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

· Specification of the grid system used.

· Quality and adequacy of topographic control.

· A Garmin GPSMap62 hand-held GPS was used to define the location of the initial drill hole collars. Standard practice is for the GPS to be left at the site of the collar for a period of 5 minutes to obtain a steady reading. Collar locations are considered to be accurate to within 5m.

· A high-quality downhole north-seeking multi-shot or continuous survey gyro-camera was used to determine the dip and azimuth of the hole at 30m intervals down the hole

· The topographic surface was calculated from the onsite mine survey pickups and subsequently verified by RTK GNSS collar surveys.

· Zone 50 (GDA 94).

· Surface collar coordinates are surveyed via RTK GNSS with 1cm accuracy by a professional surveying contractor.

Data spacing

and distribution

· Data spacing for reporting of Exploration Results.

· Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

· Whether sample compositing has been applied.

· In certain areas, current drill hole spacing is variable and dependent on specific geological, and geochemical targets.

· No sample compositing to date has been used for drilling completed by Artemis. Most results reported are the result of 1 metre downhole sample intervals, with occasional smaller interval samples.

Orientation of data in relation to geological structure

· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

· If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

· Drill holes were designed to be near perpendicular to the strike of known mineralisation. Due to the structural and geological complexity of the area, mineralisation of unknown orientation can be intersected.

Sample security

· The measures taken to ensure sample security.

· The chain of custody is managed by the supervising geologist who places calico sample bags in polyweave sacks. Up to 10 calico sample bags are placed in each sack. Each sack is clearly labelled with:

o  Artemis Resources

o  Address of laboratory

o  Sample range

· Samples were delivered by Artemis personnel to the transport company in Karratha and shrink wrapped onto pallets.

· The transport company then delivers the samples directly to the laboratory.

Audits or reviews

· The results of any audits or reviews of sampling techniques and data.

· Data is validated upon up-loading into the master database. Any validation issues identified are investigated prior to reporting of results.

Mineral tenement and land tenure status

· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

· The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

· Drilling by Artemis was carried out on E47/1797 - 100% owned by Artemis Resources Ltd. This tenement forms a part of a broader tenement package that comprises the West Pilbara Project.

· This tenement is in good standing.

Exploration done by other parties

· Acknowledgment and appraisal of exploration by other parties.

· The most significant work to have been completed historically in the Carlow Castle area, including the Little Fortune and Good Luck prospects, was completed by Open Pit Mining Limited between 1985 and 1987, and subsequently Legend Mining NL between 1995 and 2008.

· Work completed by Open Pit consisted of geological mapping, geophysical surveying (IP), and RC drilling and sampling.

· Work completed by Legend Mining Ltd consisted of geological mapping and further RC drilling.

· Legend also completed an airborne ATEM survey over the project area, with follow up ground-based FLTEM surveying. Re-processing of this data was completed by Artemis and was critical in developing drill targets for the completed RC drilling.

· Compilation and assessment of historic drilling and mapping data completed by both Open Pit and Legend has indicated that this data is compares well with data collected to date by Artemis. Validation and compilation of historic data is ongoing.

· All exploration and analysis techniques conducted by both Open Pit and Legend are considered to have been appropriate for the style of deposit.

Geology

· Deposit type, geological setting and style of mineralisation.

· The Carlow Castle Co-Cu-Au prospect includes a number of mineralised shear zones, located on the northern margin of the Andover Intrusive Complex. Mineralisation is exposed in numerous workings at surface along quartz-rich shear zones. Both oxide and sulphide mineralisation are evident at surface associated with these shear zones.

· Sulphide mineralisation appears to consist of Chalcopyrite, chalcocite, cobaltite, pyrrhotite and pyrite

Drill hole Information

· A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

· easting and northing of the drill hole collar

· elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

· dip and azimuth of the hole

· down hole length and interception depth

· hole length.

· If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

· Drill hole information is contained within this release.

Data aggregation methods

· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

· Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

· The assumptions used for any reporting of metal equivalent values should be clearly stated.

· All intervals reported are composed of one (1) metre down hole intervals for Reverse Circulation drilling and samples intervals are used for Diamond core are determined by geology and length weighted.

· No upper cut-off grades have been used in reporting results.

· No metal equivalent calculations are used in this report.

Relationship between mineralisation widths and intercept lengths

· These relationships are particularly important in the reporting of Exploration Results.

· If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

· If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

· The mineralisation in the Crosscut Zone strikes generally N-S confined within NW striking bounding structures with dips to the northeast at approximately -80 -> 080 dip and dip direction. The drill orientation was 240 azim -60 dip. Drilling is believed to be generally perpendicular to strike. Given the angle of the drill holes and the interpreted dip of the host rocks and mineralisation, reported intercepts approximate true width, but are not reported.

Diagrams

· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

· Appropriate plans are shown in the text.

Balanced reporting

· Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

· The significant results tabulated in the release are reported at a base grade of >0.5 g/t Au or >0.3% Cu. Internal dilution of up to 2m may be included in an intersection. 

Other substantive exploration data

· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

· Targeting for drilling was completed by Artemis based on compilation of historic exploration data, surface expression of targeted mineralised shear zone, ground penetrating geophysics and use of the 3D block model.

Further work

· The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

· Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

· The results at the Carlow Castle Co-Cu-Au project warrant further drilling. The drill program results to date are considered excellent.

· Large scale geological mapping to generate further targets.