Artemis has derisked it's conglomerate gold strategy by forming a 50:50 JV with Novo Resources Corp. This JV can unlock taleo placer and conglomerate opportunities in the region.
Apparently everyone in Karratha either owns a boat or a metal detector, and when the fish aren’t biting it’s time to go prosecting! While the locals have kept their prospecting patch secret for years, the mining companies have bypassed the gold for iron ore – until now. Artemis Resources holds many gold tenements, but probably the most exciting tenement is Purdy’s Reward. We’ve found in-situ gold nuggets up to 4cm long in Archean conglomerates. Our joint-venture partner Novo Resources has started exploration and collected a bulk sample with lab results. Purdy's Reward is part of an 8km zone running southwest / northwest that is highly prospective for conglomerate gold mineralisation considered analogous to the Witwatersrand Basin in South Africa.
The discovery of gold nuggets continues from this conglomerate style gold project at Purdy’s Reward. These are flattened and typically “watermelon seed” gold nuggets. Over four days in early August 2017, we recovered 547g of nuggets from prospecting – this is worth over $25,000 AUD.
The strike length of nuggets has increased to approximately 900m. The consistent nature of the nuggets is probably due to a high energy, submarine environment associated with glacial transgression and regression. The recovery of nuggets by small excavators has increased the observed quantity and size of nuggets as new areas are exposed – the surface level may have already been fossicked by prospectors.
The Artemis/Novo JV along with the rest of the tenements held by Novo Resources and their JV partners, means this affiliation basically controls much of the mineral exploration south of Karratha. This JV is specifically for conglomerate and paleoplacer gold deposits on 82% of Artemis Resources’ tenure. As part of this agreement, Novo has spend AUD$2 million to earn a 50% interest in the gold discoveries, and Novo has given 4,000,000 fully-paid Novo Resources shares to Artemis Resources. In return, the joint venture is on 82% of our tenements, which is all of the 100%-owned Artemis tenements (excluding Mt OscarWits) for a total of 1,256 km2 (the remaining 18% of Artemis’ tenements are already in other joint-ventures).
For more information on the Artemis/Novo JV, see the Novo Resources website: http://www.novoresources.com/projects/karratha/artemis/