Artemis Resource has gained today on positive news out of Purdy’s Reward – its 50:50 joint venture with Novo Resources – where continuity has been confirmed in the upper gold-bearing conglomerate from Comet Well to Purdy’s Reward in the Pilbara region.
Recent surface mapping and trenching conducted by Canadian-listed Novo has confirmed the upper gold bearing conglomerate at Comet Well appears continuous with the basal gold-bearing conglomerate at Purdy’s Reward covering a current explored strike of approximately 3.4 km.
According to Novo, these gold-bearing conglomerates remain open along strike to the northeast and southwest and down dip to the southeast into the Fortescue Basin.
At Purdy’s Reward, exploration has recently re-commenced where infill drilling and bulk sampling is being undertaken to further evaluate the gold deposit.
The geological and structural understanding of the Comet Well to Purdy’s Reward Conglomerate gold trend has significantly advanced since exploration started,” Artemis’ Executive Director, Edward Mead said.
“With bulk sampling techniques streamlined by Novo over the past months at Comet Well, Artemis looks forward to improved turnaround times for assays from Purdy’s Reward.”
The company is in a 50:50 joint venture with Canadian-listed Novo Resources Corp. over the Purdy’s Reward Conglomerate Gold Project with Novo the manager of this project.
Shares in Artemis were trading 0.5c or 3% higher at 17.5c at noon.