Australian resources company Artemis Resources Limited (ASX: ARV) shares have by more than 55% on the ASX today, with more than AUD$2.4 million worth of shares trading hands.
The reason for the strong interest Artemis appears to be due to the release of an announcement this morning providing results of the first exploration activity at the prospect by its farm-in/ Joint Venture partner Novo Resources Corp.
Novo Resource Corp, which is based in Canada and listed on the TSX-V, is earning in to Artemis’s Purdy’s Reward prospect as part of an overall $2m farm-in and 50/50 Joint Venture agreement on Artemis’s conglomerate gold targets on its extensive Karratha tenement package.
In addition to the Farm-In/ Joint Venture Novo Resources Corp. owns the approximately 10 square kilometre Beatons Creek Tenements in Western Australia and has the right to earn a 70% interest in the approximately 1,800 square kilometre Pilbara Paleoplacer Gold Project (includes the Beatons Creek and Marble Bar paleoplacer gold projects) in Western Australia from the Creasy Group.
The initial exploration activity at Purdy’s Reward involved a trenching program, with test work from a bulk sample of these gold-bearing conglomerates from the first trial trench identifying in situ gold nuggets up to 4cm long in archean conglomerates. The sample originates from a one meter thick reef near the top of an 11-meter-thick stacked sequence of mineralised conglomerate horizons.
Purdy’s Rewards is part of an 8km trend that has been identified by Novo to be highly prospective for conglomerate gold mineralisation considered analogous to the Witwatersrand in South Africa.
Commenting on the results from the initial exploration at Purdy’s Reward, David Lenigas, Artemis’s Executive Chairman, said, “We are highly encouraged that multiple small and large nuggets have been recovered from our first test trench at our Purdy’s Reward Gold Project.
“This is a very unusual gold deposit and we are excited about the prospectivity and potential of this new discovery. Novo are planning to significantly step up their exploration efforts and we are expecting a great deal of news flow to shareholders as this project moves forward at pace.”
Artemis has indicated that data from this exercise will help Novo determine the best means of future trench sampling and drilling at the prospect. Novo has indicated it plans to undertake full-scale, systematic trench bulk sampling along the strike of the conglomerate package at Purdy’s Reward beginning in a few weeks. Plans are also being made to test the use of large diameter reverse circulation (“RC”) drilling on down-dip projections of these conglomerates. Novo has been in discussions with a drill contractor with capabilities of drilling 17.5″ (44.5 cm) diameter holes and is preparing necessary permitting to undertake a test program of around 30 shallow, 20-50 meter-deep holes.
This is is a syndicated post. Read the original version of this content at – Gold nuggets found at Artemis’ WA project.