Purdy's Reward is the focus in the Pilbara for conglomerate gold, where we joint-ventured with Novo Resources - who have recently finalised the Mineralisation Statement.

It has recently been recognized that conglomerate-hosted gold mineralisation in the West Pilbara is possibly of similar style to the famous Witwatersrand deposits in South Africa.

Artemis has acquired and Joint Ventured a large land package over a previously unexplored sequence of rocks near the base of the 2.7-2.85 billion year old Fortescue Group, a thick pile of sedimentary and volcanic rocks that cover vast portions of the Pilbara region.

Flattened nuggets resembling watermelon seeds are found in the conglomerate.

Artemis has entered into a Joint Venture (JV) agreement with Novo Resources Corp. (“Novo”), a company listed on the Canadian TSX Venture Exchange (TSXV:NVO), to earn a 50% interest in the conglomerate gold discoveries in each other’s tenements.

The Gold Rights do not include:

·           gold disclosed in the Artemis’ existing (at 18 May 2017) JORC Code Compliant Resources and Reserves (as at 18 May 2017) ; or

·           gold which is not within conglomerate and/or paleoplacer style mineralisation; or

·           minerals other than gold.

The Mt OscarWits tenement is excluded from the Definitive Agreement covering a total of 31 tenements, granted and applications, that are 100% owned by Artemis.


 

Artemis has recently recognised that conglomerate-hosted gold mineralisation located originally by prospectors with metal detectors in the West Pilbara region of Western Australia is possibly of similar style to the famous Witwatersrand deposits in South Africa.

As a consequence Artemis has acquired a large land package over a previously unexplored sequence of rocks near the base of the 2.7-2.85 billion year old Fortescue Group, a thick pile of sedimentary and volcanic rocks underlying vast portions of the Pilbara region.

Metal detectorists have been active along an 8 km long corridor around the city of Karratha underlain by conglomerate horizons that are part of a 50-100 m thick sequence of sedimentary rocks below the Mt. Roe Basalt at the base of the Fortescue Group, see .  In 2016, several particularly rich nugget patches were found in an area approximately 45 km south of Karratha near Comet Well and at the adjoining Purdy’s Reward.

Gold nuggets at Comet Well and Purdy’s Reward tend to be flattened with rounded edges giving them an appearance similar to watermelon seeds, see .  Most are coarse, +2 mm and are not attached to quartz or other minerals.  The gold is of high purity, +96%, compared to lode gold from the Pilbara region that displays purities of 70-90%.  Most nuggets occur in the sandy matrix of conglomerate and the sandy texture has been imparted on their surface through pressure during burial.  Fine particles of remobilized and re-precipitated gold can occur as 2-3 mm wide halos surrounding nuggets.  These gold-bearing conglomerates appear to have been subjected to thermal metamorphism forming a hornfelsic texture.

The mapped strike length of the nugget bearing conglomerates at Purdy’s Reward is approximately 900 m, see . The Company believes the consistent nature of the nuggets is due to being deposited in a high energy, submarine environment, an is continuing to test this hypothesis. The recovery of nuggets using small excavators has increased the observed quantity and size of nuggets as new areas are exposed below the surface already fossicked by prospectors.

 

Novo Resources Corp - Artemis Agreement

As part of this Joint Venture (JV) agreement with Artemis, Novo Resources Corp. (“Novo”), a company listed on the  Canadian TSX Venture Exchange (TSXV:NVO), spent AUD$2 million and transferred 4,000,000 fully-paid Novo shares to Artemis to earn a 50% interest in the conglomerate gold discoveries on the defined tenements. In return, the JV also covers 82% of Novo’s Pilbara tenement package for a total of 1,256 km2.

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 paleo-placer style mineralisation in the Artemis’ tenements within 100 km of the City of Karratha, including at Purdy’s Reward (“the Gold Rights”). The Gold Rights do not include:

·           gold disclosed in the Artemis’ existing (at 18 May 2017) Mineral Resources and Ore Reserves reported in accordance with the JORC Code (as at 18 May 2017) ; or

·           gold which is not within conglomerate and/or paleoplacer style mineralisation; or

·           minerals other than gold.

The Artemis Mt OscarWitts tenement is excluded from the Definitive Agreements. The Definitive Agreements cover 31 tenements/tenement applications that are 100% owned by Artemis.

 

 

June2018Map2

Artemis tenements showing conglomerate contact within the Mt. Roe basalt at the base of the Fortescue Group

 

 

gold nuggets in situ at purdy's reward

Photos showing gold nuggets collected at Purdy’s Reward

 

 

gold nuggests at purdy's reward

 

 

purdy's reward cross section

Mapped nugget bearing conglomerate at Purdy’s Reward

 

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