Artemis Resources : Paterson Central 2022 Drilling Underway

7 July 2022

ASX Announcement

only		Paterson Central 2022 Drilling Underway
Highlights
	• Artemis Resources begins 7,500m to 10,000m drill programme across
use		the Apollo and Atlas targets and then moves to the completely untested
	targets at Juno, Voyager, Enterprise East, Enterprise West and Vidiian.
•	This 2022 programme is expected to continue through the remainder
		of the year with regular updates on progress, assays and key findings.
personalFor	• The Paterson Central 2022 programme is budgeted to cost ~A$2.5m to

A$3.0m depending on the final metres drilled. The Company currently has ~A$12m in cash and listed investments.

• Artemis retains 100% ownership of the Paterson Central Project which is proximal to, and surrounds on three sides, the outstanding Havieron gold-copper discovery and mine development in Western Australia.

Figure 1: Drill Rig at Paterson Central Project.

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

OTCQB: ARTTF) is pleased to provide an update on its 100%-owned Paterson Central Gold and Copper Project in the Paterson Province in the West Pilbara regions of Western Australia.

Alastair Clayton, Executive Director commented: "With drilling now underway the Company is focussing on the additional value that exploration success at Paterson Central and our Greater Carlow Project could bring to the Company's current market capitalisation of approximately ~A$42m (~GBP£24m) which is underpinned by the book value of our Radio Hill Plant (~A$20m) and current cash

only(~A$6m) and listed investments (~A$6m).

The Company has had less than 14 weeks total drilling time at our Paterson Central Project to date and has only managed to partially-test a handful of the 9 highest-priority targets. We now have a 6-month "drilling window" to finally, after several years of Covid-related personnel/rig issues as well as local climatic challenges, systematically complete the first phase exploration of our 605sqkm licence area.

Whilst awaiting a re-start our Paterson Central team have been very busy over the last 6 months refining our targeting, establishing our base camp and importantly working on improved logistical and access

usesolutions in conjunction with our local partners and stakeholders.

I'd like to thank shareholders for their patience and wish our exploration team and drilling contractors a afe and successful 2022 Paterson Central drill campaign."

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Figure 2: Location of the various drilling prospects for the Paterson program.

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Paterson Overview

During the hiatus between drilling programmes a review of the geophysical targets, along with the revised drill collar locations was completed to ensure good correlation between the geophysical data with inferred geological interpretations, see Figure 2.

Geological setting for the Paterson Central Project revolves around the Havieron Thrust and a regional NS-Sdyke-infilled fault, both of which are highlighted by the distinctive purple lines in Figure 3 and visible onlyin Figure 2, orientated NW. The Haverion deposit site occurs on the eastern side of this inferred thrust system as a distinctive high, which also places the majority of the Artemis prospects in the same

favourable location.

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For	Figure 3: Location of proposed drill collars with respect to tenement outlines and magnetic anomalies.

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Apollo and Atlas Prospects

Drilling in 2021 showed some signs of hydrothermal activity as indicated by the breccias and veins encountered in hole GDRCD007. This activity suggested that this structure has been a focus for tectonic activity, which may have introduced the plutons responsible for the formation of the Havieron deposit.

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Figure 4: Artemis drill hole locations for Atlas and Apollo. Note that GDMRD011 and GDMRD012 will require heritage clearance and may need to be drilled at a later point in the program.

Figure 5: Section through Atlas and Apollo looking north, showing the magnetic inversion shells and gravity isolines being targeted by proposed drilling, highlighted in red trace. The dumbbell shaped magnetic inversion layers define two areas of magnetic highs, the left being a splay or structure that runs in a NW direction, the right defining the distinctive north-south Havieron fault. Only of the two holes labelled PAT001a and PAT001b will be drilled, depending on access.

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Juno and Voyager Prospects

The second group of targets planned to be drilled during this campaign will include the Juno and Voyager Prospects, located ~10km to the north of Atlas and Apollo.

The Juno target is of particular interest as it appears to display magnetic features similar to that of Havieron, as a discrete magnetic feature on the edge of the north-south trending Havieron Fault zone.

Two holes are designed to drill the centre and the shoulder of this magnetic high (JUN001 and JUN003), onlywith a third hole (JUN002) drilling towards a gravity high located to the SW.

usepersonalFigure 6: Enlarged view of the magnetic anomalies for Juno and Voyager, refer to Figure 2 for location. The spatial relationship between Juno's distinctive magnetic signature and the Havieron Fault Zone reflects that of

Havieron magnetic target. A larger magnetic signature defines the Voyager target. Refer to Figure 7 for section details.

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Figure 7: Oblique section A- A' view of Juno and Voyager magnetic signatures. A distinctive gravity trough forms in the Juno area, with a strong off-shoulder gravity anomaly forming to the southwest. Refer to Figure 4 for location of section.

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