Artemis Resources Ltd.: Carlow Castle Au-Cu-Co Metallurgical Update

ID: 1546725
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- Objective of programme was to determine amenability of Carlow Castle Au-Cu-Co Project to conventional gravity, leach and flotation processes
- Results confirm effective separation and high recoveries of Gold, Copper and Cobalt via conventional process routes
- Preliminary test work on two composite samples indicates:
o Total recovered gold of 98-99% - with significant coarse, gravity recoverable gold up to 48%
o Total recovered copper of 77-85% - with flotation producing premium grade concentrates of 30% Cu
o Total recovered cobalt of 73-79% - with flotation producing concentrates of 2.3 - 5.3% Co
o Gold not recovered via flotation amenable to cyanide leach process
- Results provide a strong basis for further flowsheet optimisation and geometallurgical test work

Artemis Resources Limited (Artemis or the Company) (ASX:ARV, Frankfurt: ATY, US OTCQB: ARTTF) is pleased to provide this metallurgical update on the companys Carlow Castle Au-Cu-Co Project in the Pilbara region of Western Australia.

Laboratory scale gravity gold, cyanide leach and flotation processes were adopted with a view to gain an insight into the metallurgical behaviour and recoverability of gold, copper and cobalt. Two drill hole composites were generated and tested at ALS Metallurgy in Western Australia. Table 1 summarises metallurgical results from optimised tests from a 50-test suite.

Table 1: Carlow Castle Au-Cu-Co Project - Summary of Optimised Results

Metal Recovery Concentrate Grade
CompMetallurgical GolSilvCoppeCobaGolSilvCoppeCobaArsen
Process d er r lt d er r lt ic

% % % % g/tg/t % % %
COM Gravity 46 4 - - - - - - -
01 recoverable

Cyanide in 4 2 - - - - - - -

Copper 22 64 81 6 0.5 0.7

concentrate 3

Cobalt 26 26 3 73 5.3 7.2
concentrate 1

Total 98 96 85 79 - - - - -

COM Gravity 48 4 - - - - - - -
02 recoverable

Cyanide in 7 10 - - - - - - -

Copper 25 66 75 5 0.2 0.3
concentrate 5

Cobalt 19 16 2 68 2.3 3.1
concentrate 2

Total 99 96 77 73 - - - - -

Artemis Chief Executive Officer Wayne Bramwell commented;
Artemis is encouraged by the amenability of the deposit to conventional processing options and the excellent recoveries of the three key minerals. Gold and high-grade copper concentrates will be the primary value drivers at Carlow Castle with cobalt representing a third and valuable product stream that should appeal to many potential off-take partners.

Artemis has completed preliminary metallurgical test work on the Carlow Castle Au-Cu-Co Project at ALS Metallurgy in Western Australia. The programme focussed on metallurgical amenability on selected samples from the Carlow Castle deposit employing conventional gravity gold, cyanide leach and flotation processes. Outcomes specific to the metallurgical response and recovery for three target commodities (gold, copper and cobalt) are proposed to be used for further project development evaluations.

Sample Selection
Two 100 kg HQ diamond core metallurgical composites, sampled from drill holes CCAD001 to CCAD012 (refer ASX release 15 October 2018 and Figure 1), were used for this programme. Met Update_v0 final_PRCOM.001.png

Figure 1 - Drill Hole locations at Carlow Castle sampled for COM-01 and COM-02
Table 2 summarises the composite head grades with COM-01 selected as a high-grade sample to more readily discern its metallurgical characteristics.
Table 2 - Carlow Castle Metallurgical Composite Samples - Head Grade
Sample ID Gold Silver Copper Cobalt
g/t g/t % %
COMPOSITE 01 (COM-01) 5.0 7.5 2.1 0.46
COMPOSITE 02 (COM-02) 2.2 3.3 1.0 0.12

Scope of Test work
- The metallurgical test work scope was focused on recovery of:
- Gold - from both gravity recovery and cyanide leaching processes to produce a gold product suitable for on-site smelting and production of gold dore; and
- Copper and Cobalt - via conventional flotation to produce separate copper and cobalt concentrates.

The metallurgical test flowsheet utilises typical processing pathways for precious and base metal ores.

Each composite was crushed and ground with coarse gold removed using conventional gravity devices. The ground-gravity tailing is then subjected to a series of sulphide flotation stages. The flotation stages employ mineral specific reagents to selectively recover copper and cobalt minerals. Copper flotation is performed first with the tailings sent for selective cobalt flotation.

Copper and Cobalt mineral rougher concentrates may require a light regrind to release any locked minerals and improve the final grades of the respective cleaned concentrates.

Tailings from the flotation process containing fine or non-floating gold is subjected to conventional cyanide leach and carbon adsorption processes.

Figure 2 presents the test work flowsheet and forms the basis of results presented. Met Update_v0 final_PRCOM.002.png

Figure 2: Carlow Castle Au-Cu-Co Project metallurgical test work flowsheet
Test Results
More than 50 metallurgical tests have been conducted at ALS Metallurgy to date with encouraging metallurgical response and reproducibility for all commodities. The collective metallurgical response for the two composites tested to date is presented in Table 3.
Test results present indicative metallurgical behaviour for both composites and comprise the following tests:
- Optimised gravity gold and copper flotation results from ALS Test 4407 and 4406 (COM-01 and COM-02 respectively);
- Cobalt flotation results from ALS Test 4403 and 4406 (COM-01 and COM-02 respectively); and
- Cyanide leach results from ALS Test 1574 and 1575 (COM-01 and COM-02 respectively).
Table 3: Carlow Castle Au-Cu-Co Project - Summary of Optimised Results
20190210_CC Met Update_v0 final_PRCOM.003
Metal Recovery Concentrate Grade
CompMetallurgical GoldSilvCoppeCobalGoldSilvCoppeCobalArsen
Process er r t er r t ic

% % % % g/t g/t % % %
COM Gravity 46 4 - - - - - - -
01 recoverable

Cyanide in 4 2 - - - - - - -

Copper 22 64 81 6 19.384.030.0 0.5 0.7

Cobalt 26 26 3 73 5.3 7.2

Total 98 96 85 79 - - - - -

COM Gravity 48 4 - - - - - - -
02 recoverable

Cyanide in 7 10 - - - - - - -

Copper 25 66 75 5 21.584.029.6 0.2 0.3

Cobalt 19 16 2 68 2.3 3.1

Total 99 96 77 73 - - - - -

The results to date confirm amenability for gold, copper and cobalt processing with excellent recoveries. Analysis of the metallurgical results indicate:
- Significant gravity recoverable gold component - ranging up to 48% and suitable for on-site processing into gold doré;
- The balance of the non-gravity gold is expected to be recovered into flotation concentrates - as a by-product credit or recovered by a cyanide leach process; and
- Cyanide leach test work confirms amenability to conventional low-cost gold recovery processes - with exceptional final tailings grades 0.03 to 0.10 g/t.
- Fast floating copper minerals produce high-grade, premium copper concentrate - of approximately 30% Cu;
- Key deleterious elements including arsenic are easily managed with a light polishing regrind or blend control - COM-01 is considered a high-grade sample and therefore comes with elevated arsenic linked to the cobalt mineral; arsenic levels are expected to return in line with COM-02 (0.3% As) and as such, will be well below smelter penalty limits of circa 0.5% As; and
- Recoveries in line with mineralogy realising 77-85% copper recovery - unrecovered copper minerals are predominantly represented by non-floating silicates or secondary copper minerals.

- Cobalt recoveries ranging 73-79% - considered exceptional for the preliminary nature of the current metallurgical test work programme;
- Cobalt concentrate grades ranging 2.3-5.3% Co are saleable - with circa 3% Co concentrates being typical smelter feed and >5% Co being considered high grade - it should be noted that concentrate grades as high as 19% Co were achieved in several tests conducted. Mineralogy conducted on cobalt concentrates from COM-01 and COM-02 indicate well liberated minerals (cobaltite and gangue) and are amenable to significant further upgrade. Test work continues to improve cobalt concentrate grades and ultimately aims to maintain optimal recovery and reduce shipping / smelter treatment charges; and
- Cobaltite (CoAsS) is the dominant cobalt bearing mineral - and is therefore intrinsically linked to arsenic. Targeting lower specification Co concentrates will minimise processing capital and if high specification Co concentrates are targeted a higher capital, hydrometallurgical flowsheet will be required. As such and with a view to optimising returns, a trade-off study of capital and operating expense versus revenue from differing grade product streams will be evaluated prior to final flowsheet selection.

The Carlow Castle Au-Cu-Co process flowsheet currently targets conventional, low cost processes with the copper and gold process routes essentially proven. Options exist to refine the cobalt concentrate quality with the next phase of the geometallurgical programme to support the optimal process scale and flowsheet selection.
The results of the metallurgical test work programme and forthcoming resource update will provide Artemis with a basis to plan and advance project development activities including:
- Resource and pit optimisation;
- Structural and geotechnical drilling;
- Generation of a representative metallurgical master composites;
- Continue to metallurgically characterise existing and alternative low-cost process flowsheets including:
o Expanding knowledge of cobalt flotation chemistry and optimisation,
o Maximising gold recovered via cyanide leach (i.e. to Dore);
- Engage smelters and offtake partners;
- Detailed geo-metallurgical test programme;
- Engineering trade-off studies to attain the optimal process flowsheet and major equipment selections;
- Project economics and project viability; and
- Engineering and Feasibility Studies.

A detailed development timeline for Carlow Castle is being currently reviewed.

For further information on this announcement or the Company generally, please visit our website at or contact:

Wayne Bramwell---- -
Chief Executive Officer - ---
T: +61 417 953 073----
David Tasker
Chapter One - Media Advisors
T: +61 433 112 936

Artemis Resources Limited is an exploration and development company focussed on its large (~2,400 km2) and prospective base, battery and precious metals assets in the Pilbara region of Western Australia. Artemis owns 100% of the 500,000 tpa Radio Hill processing plant and infrastructure, located approximately 35 km south of the city of Karratha.

The Company is evaluating 2004 and 2012 JORC Code compliant resources of gold, nickel, copper-cobalt, PGEs and zinc, all situated within a 40 km radius of the Radio Hill plant.

Artemis have signed Definitive Agreements with Novo Resources Corp. (Novo), which is listed on Canadas TSX Venture Exchange (TSXV:NVO), and pursuant to the Definitive Agreements, Novo has satisfied its expenditure commitment, and earned 50% of gold (and other minerals necessarily mined with gold) in conglomerate and/or paleoplacer style mineralization in Artemis tenements within 100 km of the City of Karratha, including at Purdys Reward (the Gold Rights). The Gold Rights do not include:

(i) gold disclosed in Artemis existing (at 18 May 2017) JORC Code Compliant Resources and Reserves; or
(ii) gold which is not within conglomerate and/or paleoplacer style mineralization; or
(iii) minerals other than gold.

Artemis Mt Oscar tenement is excluded from the Definitive Agreements. The Definitive Agreements cover 34 tenements / tenement applications that are 100% owned by Artemis.

Pursuant to Novos successful earn-in, two 50:50 joint ventures have been formed between Novos subsidiary, Karratha Gold Pty Ltd (Karratha Gold) and two subsidiaries of Artemis (KML No 2 Pty Ltd and Fox Radio Hill Pty Ltd). The joint ventures are managed as one by Karratha Gold with Artemis and Novo contributing to further exploration and any mining of the Gold Rights on a 50:50 basis.

This report contains forecasts, projections and forward-looking information. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions it can give no assurance that these will be achieved. Expectations and estimates and projections and information provided by the Company are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of Artemis control.

Actual results and developments will almost certainly differ materially from those expressed or implied. Artemis has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this announcement. To the maximum extent permitted by applicable laws, Artemis makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this report and without prejudice, to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this report.

Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Companys securities.

JORC Code, 2012 Edition - Table 1 (extracted from AM&A resource estimate report)
Criteria JORC Code explanation Commentary
Sampling · Nature and quality of · All drilling was RC
technique sampling (e.g. cut drilling performed by Three
s channels, random chips, Rivers Drilling during 2017
or specific specialised and
industry standard
Topdrill in 2017 and 2018.
measurement tools · RC samples from each metre
appropriate to the were collected through a
minerals under rig-mounted cyclone and
investigation, such as split using a rig-mounted
down static cone splitter and
submitted to an independent
hole gamma sondes, or laboratory for chemical
handheld XRF analysis.

etc). These examples · Drilling included
should not be taken as comprehensive QA/QC
limiting the broad protocols including the use
meaning of of certified standards,
sampling. blanks and duplicate
· Include reference to
measures taken to · To assist the site
ensure sample geologist, all samples were
analysed using a portable
representivity and the XRF instrument
appropriate calibration (
of any measurement Niton & Innovex) at drill
tools or systems site.

· Aspects of the · All the diamond core was
determination of cut by trained technicians
mineralisation that are along the long-axis using a
Material to the Public diamond saw between
Report. intervals marked up by the
geologist. The sampling
· In cases where intervals were nominally 1
industry standard m adjusted to match
work has been done this lithological/mineralisation
would be relatively boundaries.
simple (e.g. reverse
circulation drilling · The aim of the
was used to obtain 1 m metallurgical
samples from which 3 kg
was pulverised to test work programme was to
produce a 30 g charge prepare a preliminary flow
for fire assay). In sheet that may form the
other cases, more basis of a more detailed
explanation may be future
required, such as where
there is coarse gold test work programme from
that has inherent representative drill core
sampling problems. samples when a resource
Unusual commodities or update is available. This
mineralisation types initial
(e.g. submarine
nodules) may warrant test work focused on
disclosure of detailed attempting to identify a
information. possible simple
beneficiation technique to

a gold, copper and cobalt.
· Two metallurgical
composites were generated
based on 122 half core

hole intervals, selected
from mineralised sections
of twelve diamond drill
holes (18CCAD01 to

· The metallurgical core
samples were placed in
sealed plastic trays before
being shipped to ALS
Metallurgy, Perth, WA for
compositing and

test work.
· The two 100kg composites
were crushed to minus
3.35mm before sub-splitting
for exploratory

test work.
Drilling · Drill type (e.g. core, · Reverse Circulation
technique reverse circulation, drilling at Carlow Castle
s open-hole hammer, South was completed by a
rotary air blast, truck-mounted Schramm
auger, Bangka, sonic,
685 RC drilling rig using a
etc) and details (e.g. 5¼ inch diameter face
core diameter, triple sampling hammer.
or standard tube, depth
of diamond tails,
face-sampling bit or
other type, whether · The HQ3 diamond drilling
core is oriented and if was completed using a truck
so, by what method, mounted Evolution FH3000
etc). Drill.

Drill · Method of recording · Sample recoveries were
sample and assessing core and recorded by the field
chip sample recoveries geologist in the field
and results during logging and
recovery assessed. sampling.

· Measures taken to
maximise sample · If poor sample recovery is
recovery and ensure encountered during
representative nature drilling, the supervising
of the geologist and driller
samples. endeavour to rectify the
problem to ensure maximum
· Whether a relationship sample
exists between
representative nature of the
sample recovery and recovery.
grade and whether
sample bias may have
occurred due to
preferential loss/gain
of fine/coarse

Logging · Whether core and chip · All RC drill chip samples
samples have been were appropriately
geologically and geologically logged at 1m
intervals from surface to
geotechnically logged to the bottom of each
a level of detail to
support appropriate drill hole. It is considered
Mineral Resource that geological logging is
estimation, mining completed at an adequate
studies and level to allow appropriate
metallurgical future Mineral Resource
studies. estimation.

· Whether logging is
qualitative or · All diamond core was
quantitative in nature. appropriately geologically
Core (or costean, and
geotechnically logged in
etc) photography. detail on site by
· The total length and geologist.
percentage of the
relevant intersections · Geological logging is
logged. considered
semi-quantitative due to
the limited geological
information available from
the Reverse Circulation
method of drilling.

· All RC and diamond drill
s completed by Artemis
during the current program
have been logged in

Sub-sampl· If core, whether cut · The RC drilling rig was
ing or sawn and whether equipped with a rig-mounted
techniqu quarter, half or all cyclone and static cone
es and core splitter, which provided
sample taken. one bulk sample of
approximately 20-30
· If non-core, whether kilograms, and a
preparati riffled, tube sampled, representative sub-sample
on rotary split, of approximately 2-4
kilograms for every metre
etc and whether sampled drilled.
wet or
· The sample size of 2-4
· For all sample types, kilograms is considered to
the nature, quality and be appropriate and
appropriateness of the representative of the grain
sample preparation size and mineralisation
technique. style of the deposit,
duplicate samples were
· Quality control collected and submitted for
procedures adopted for analysis confirming
all sub-sampling stages subsample representation.
to maximise

representivity of · The majority of samples
samples. were dry. Where wet sample
was encountered, the
· Measures taken to cleanliness of the cyclone
ensure that the and splitter were closely
sampling is monitored by the
representative of the supervising geologist, and
in-situ material maintained to a
collected, including satisfactory level to avoid
for instance results contamination and ensure
for field representative samples were
duplicate/second-half being collected.

· Whether sample sizes · The HQ3 diamond drill core
are appropriate to the was cut by trained
grain size of the technicians along the
material being long-axis using a diamond
sampled. saw between intervals
marked up by the geologist.
The sampling intervals
were nominally 1 m adjusted
to match

· Duplicate samples were
collected and submitted for
analysis. Reference
standards inserted during

· The sample and particle
sizes are appropriate for
the grainsize of the
material being

Quality · The nature, quality · More than 50 metallurgical
of and appropriateness tests have been
of the assaying and conducted at ALS Metallurgy
data laboratory procedures to date with encouraging
and used and whether the metallurgical response and
technique is considered reproducibility for all
partial or commodities.
laborator total.
y · The nature and quality of
tests · For geophysical tools, assaying is considered
spectrometers, handheld appropriate for the
XRF instruments, metallurgical

etc, the parameters used test work.
in determining the
analysis including
instrument make and
model, reading times,
calibrations factors
applied and their

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

Verificat· The verification of · Multiple head assays for
ion of significant each sub-sample of each
sampling intersections by either metallurgical composite
and independent or were carried out. Grade
assaying alternative company data was also reconciled
personnel. for each sub-sample tested
from the metallurgical
· The use of twinned composites.
· No adjustments of assay
· Documentation of data are considered
primary data, data necessary.
entry procedures, data
verification, data
storage (physical and

· Discuss any adjustment
to assay

Location · Accuracy and quality · A Garmin GPSMap62
of data of surveys used to hand-held GPS was used to
points locate drill holes define the location of the
(collar and down-hole
surveys), trenches, drill hole collars. Standard
mine workings and other practice is for the GPS to
locations used in be left at the site of the
Mineral Resource collar for a period of 5
estimation. minutes to obtain a steady
reading. Collar locations
· Specification of the are considered to be
grid system accurate to within 5m. The
used. collars of all the
completed holes were
· Quality and adequacy subsequently picked up with
of topographic DGPS with an accuracy of
control. within 1 cm.

· Downhole surveys were
captured at 30 metre
intervals for the

drill holes.
· The grid system used for
all Artemis drilling is
GDA94 (MGA 94 Zone 50)

· Land Surveys out of
Karratha surveyed the
topography using drone
photogrammetry (0.035m
resolution) in January

Data · Data spacing for · Not Applicable. Samples
spacing reporting of were for metallurgical
Results. test work and will not be
and used for Mineral Resource
distribu· Whether the data estimations.
tion 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

· Whether sample
compositing has been

Orientati· Whether the · The aim of the
on of orientation of sampling metallurgical
achieves unbiased
sampling of possible test work programme was to
data in structures and the prepare a preliminary flow
relation extent to which this is sheet that may form the
known, considering the basis of a more detailed
deposit future
to type.
geologic test work programme from
al · If the relationship representative drill core
structur between the drilling samples when a
orientation and the resource update is
orientation of key available. This initial
mineralised structures
is considered to have test work focused on
introduced a sampling attempting to identify a
bias, this should be possible simple
assessed and reported beneficiation technique to
if recover
a gold, copper and cobalt.
· Best endeavours have been
made, using drill hole
assays and statistical
analysis to generate

two metallurgical composites
(COM-02) and high grade
(COM-01) samples to test
the mineralisation
amenability to low cost

Sample · The measures taken to · Core samples were
security ensure sample collected by employees of
security. Artemis from core situated
at the companys core farm
located in

· Samples were then
transported from Karratha
to Perth before being
submitted to ALS Metallurgy
in Perth, WA for sample
preparation and

test work.
Audits · The results of any · No audits completed.
or audits or reviews of
reviews sampling techniques and

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Date: 02/12/2019 - 09:11
Language: English
News-ID 1546725
Character count: 5485
Firma: Artemis Resources Ltd.
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