Pilbara miner Artemis Resources Limited (ASX: ARV) reports that a JV with Novo Resources Corp. relating to activities within a large exploration package in the Karratha Region is now “live”.
Artemis said that with Novo’s subsidiary Karratha Gold Pty Ltd having satisfied its farm-in expenditure commitment on exploration in accordance with the Definitive Agreements, the 50:50 joint ventures is now ready to proceed to the next stage.
The definitive agreements with Novo announced in August, give Novo the right to farm-in to own 50% of the rights to explore, develop, and mine gold (and other minerals necessarily mined with gold) in conglomerate and/or paleoplacer style mineralisation in Artemis’ tenements within 100Km of the City of Karratha, including at Purdy’s Reward prospect.
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The Definitive Agreements cover 38 tenements / tenement applications that are 100% owned by Artemis. Artemis’ Mt Oscar tenement is excluded from the Definitive Agreements.
In addition, the new Elysian JV as announced on 10 November 20172 is also not included in the Artemis/Novo JV.
Artemis’s Executive Chairman David Lenigas, said the JV with Novo is the beginning of a new and very exciting era for the company.