Artemis Resources 101, page-25

I'm not totally sure if Eric's question is a legitimate query or a bit of a bash - I suspect the latter. That's OK - comes with the territory. However, it might be worthwhile me trying to sum up the situation for Pilbara conglomerate Resources and Reserves, for the hell of it and from my perspective.

I like to think of these congo deposits, by my own personal analogy, in terms of Ice Bergs with $100bills frozen into them (nobody knows how they got there???). These $100 notes represent the watermelon seed nuggets. There is also some $1 and $2 coins forming halos around the notes representing fine gold. They are all usable legal tender and just need to be dug up, pay taxes, royalties and expenses and then they're ours to keep.

Despite metaphorical Eskimo prospectors finding this money, numbering in hundreds/thousands of $100 notes near the surface of the ice berg, only one small section of the ice berg was sent off for a analysis (Melted). It was discovered that for each tonne (~cubic meter) of ice, 30 X $100 notes were found and several hundred $1s and $2 coins found..... Or, relating this back to reality - 67.5 g/tonne, in the Purdy's conglomerate ore body. Furthermore, one tonne of this rock takes up approximately one third of the volume of 1 tonne of ice.

This sample would have, nearly, the equivalent of 90 X $100 AUD notes (in terms on Comex gold price), in an extrapolated cubic meter of conglomerate.

Now, if the gold nuggets were as big as currency notes and coins, drilling for them would be easier. The nuggets can be the equivalent, in value, of many $100 bills and still very small, enough to be easily missed. The RC drilling was ineffective for this reason and other technical reasons. Artemis' decision to bulk sample 20K tonnes of Purdy's Reward conglomerate looks like being the most effective way to assess grade. Possibly not JORC compliant (yet), but if grades are good, then very few will care about inferred, measured, indicated, probable or proven; investors will understand this to be a behemoth sized deposit(s). The grade still may be highly variable throughout the ore body, however, combined with sound estimations of the deposit (berg) dimensions, decent grades, averaging >5 g/t, will equate to multi million Oz deposits and possibly much more......

Here's another thing about delineating a JORC resource/reserve to ponder. ARV doesn't need a bankable feasibility report to proceed further. Other project developers generally need this to go get the ball rolling. Artemis doesn't need any Macca type loans to get into production. It's getting ready to go atm, without all of this mega financing risk. Once/if cash flow occurs, further exploration and production expansion occurs organically.

Even if the grades are very disappointing (ie 1-2 g/ tonne) on average (and I doubt it - but hey, it might be), the conglomerate ore bodies could become huge, Gold Price, optionality plays like Bruce Jack in Canada (also nuggetty gold and difficult to prove up reserves). The conglomerate gold wouldn't get mined until the price goes up significantly higher. But at a higher price, becomes a Tier 1 asset because of the sheer size of it and the huge number of ounces recoverable.

ARV also has shear zone gold deposits, PGE's (JORC compliant), Cobalt (possible company maker in itself) and other base metals. The plant is really what sets ARV apart though, IMO!

Place your bets now, or do some of your own research, wait awhile or don't participate at all. It's all our own choices - like any share transaction. Just try not to be annoying about it!!