Promising Drilling Results: Artemis Resources Ltd Exploration Update

Artemis Resources Strikes Gold: Phase One Drilling Extends Carlow's Growth Potential

Artemis Resources (ASX/AIM: ARV) has reported promising results from its Phase One drilling program, successfully extending the gold potential at its 100% owned Carlow gold/copper resource by 600 meters along strike. The program targeted three previously undrilled gold targets in the immediate Carlow area. For investors new to this sector, beginning in mining stocks requires understanding such drilling results to evaluate potential investments.

High-Grade Gold Hits Expand Carlow's Footprint

The standout result from the five-hole diamond drilling program comes from the Marillion Prospect, 600 meters east of the existing Carlow resource, where drilling intercepted 7m @ 2.9g/t Au including 1m @ 15.3g/t Au from 404m downhole. This significant discovery opens up a substantial gap between Carlow and Marillion that now represents a high-priority target for follow-up drilling.

Further extending the project's potential, drilling at the Titan Prospect, situated 1.5km west of Carlow on the same interpreted structure, returned 1m @ 16.4g/t Au from 67m depth in hole 25ARDD004.

"I am pleased to report very encouraging results from the drilling program designed as an initial test of three previously undrilled gold targets near Carlow," stated Julian Hanna, Managing Director. "The program was successful, intersecting high-grade gold at two of the targets and providing compelling support for potential new discoveries and possible extensions to the Carlow deposit."

Carlow Resource Review Reveals Untapped Potential

With gold prices now approaching USD$3,300/oz – double the price when the Carlow Mineral Resource was announced in October 2022 – Artemis has initiated a comprehensive review of over 400 historic drill holes that formed the basis of the 2022 resource estimate. Investors looking for exposure to gold without direct mining stock ownership might consider gold ETFs as an alternative investment strategy.

Early findings have been encouraging, with the company identifying:

• 192 high-grade gold assays (>10g/t Au) in 80 historic holes
• 515 high-grade copper assays (>2.0% Cu) in 162 historic holes
• The deepest historic hole at Carlow intersected 4m @ 11.1 g/t Au & 2.0% Cu, outside the current resource with potential completely open below and along strike

This high-grade intersection at depth warrants step-out drilling to test for additional high-grade gold and copper lodes and potential resource extensions below Carlow.

Understanding Structural Controls: The Key to Gold Mineralisation

Gold mineralisation at Carlow occurs within a series of shear zones and quartz/sulphide lodes located on the northern margin of the Andover Intrusive Complex. The recent drilling results from Artemis Resources Ltd have provided valuable geological insights that are reshaping the company's understanding of the structural controls.

The Marillion discovery hole (25ARDD001) intersected gold mineralisation associated with quartz/sulphide veins in basalt, which is the main host rock at Carlow. This suggests the mineralisation system extends much further than previously understood and may connect across the 600m gap between Carlow and Marillion.

Meanwhile, at Titan, elevated gold values from 0.2 to 0.5g/t Au were intersected in an ultramafic sequence and porphyry, with the high-grade intercept hosted within the porphyry intrusion. Proper assessment of these drilling results requires understanding the JORC code, which ensures reporting standards for mineral resources.

What is a Lode System?

A lode system refers to a mineral deposit consisting of a zone of veins, veinlets, or disseminations within a defined geological structure. At Carlow, the lode system comprises gold and copper mineralisation within quartz-rich shear zones.

Unlike dispersed or alluvial deposits, lode deposits follow structural pathways in the host rock, making them potentially more predictable once the structural controls are understood. The extensive high-grade assays identified in the Carlow review suggest a mineralisation system with multiple high-grade zones that may be connected.

For investors, understanding the lode system's extent is important as it directly impacts the potential size and grade of the resource, which ultimately influences the economic potential of any future mining operation.

Next Steps: Expanding the Gold Footprint

Artemis plans to build on these encouraging drilling results from Artemis Resources Ltd with a follow-up drilling program scheduled to commence in the June quarter. Key priorities include:

1. Testing the 600m gap between Carlow and Marillion
2. Step-out drilling to assess high-grade extensions at depth
3. Further exploration of the Titan prospect
4. Conceptual technical studies including metallurgical test work once the Carlow review is complete

With the current gold price at historic highs, these initiatives could potentially enhance the project's economic profile.

Why Investors Should Follow Artemis Resources

Artemis Resources has positioned itself with a compelling investment case based on:

1. Expanding gold footprint: The Phase One drilling has successfully extended the gold potential at Carlow by 600m along strike, with two new high-grade gold discoveries.

2. Resource growth potential: With 192 high-grade gold and 515 high-grade copper historical intercepts identified, there appears to be potential to expand the current Carlow resource (374koz gold and 66,000t copper).

3. Gold price leverage: With gold prices having doubled since the initial resource announcement, Artemis is positioned to potentially capture increased economic value from Carlow.

4. Strategic location: The project benefits from proximity to Karratha's infrastructure, including regional rail, road, and port facilities.

5. Multiple targets: Beyond Carlow, Artemis has a portfolio of gold, copper, and lithium market opportunities across Western Australia's Pilbara region.

With multiple catalysts on the horizon, including follow-up drilling results from Artemis Resources Ltd and technical studies, Artemis Resources presents an opportunity for investors seeking exposure to gold exploration in Western Australia's mining jurisdiction. However, investors should consider the strategic role of cash in their portfolios when investing in exploration companies, providing stability during volatile market periods.

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