Shares in Artemis Resources gained today on news the company has identified around 67km of potentially gold bearing conglomerates stretching to the west of Novo Resources’ Comet Well project in the Pilbara region.
The stock climbed 1.5c, or 8%, to an intraday high of 21c after the explorer (ASX:ARV) reported gold extended from its Purdy’s Reward conglomerate gold project through Novo’s Comet Well project in to Artemis’ wholly-owned Comet West Well tenements.
Gold has already been identified in conglomerates at Comet Well and further along strike to the east at Purdy’s Reward.
A program of works (POW) has now been submitted with the Western Australian Government’s Department of Mines, Industry, Regulation and Safety (DMIRS) to start an extensive drilling, trenching and bulk sampling program immediately west of Novo’s Comet Well project.
The POW’s consist of 1,500 Rotary Blast (RAB) drill holes, 1,300 metres of trenching and 9,000 tonnes of ground disturbance with excess tonnage.
Meanwhile, gold nuggets weighing in at 3.6kg have now been recovered from 47K Patch which lies within the company’s Comet Well West tenement package.
Our exploration and bulk sampling programme is about to commence in earnest at 47K Patch, the source of the many gold nuggets reported today,” Artemis’s Executive Chairman David Lenigas said.
Applications have also gone in with the DMIRS for an extensive exploration programme immediately to the west of Novo’s Comet Well.”
The 47K Patch tenement was granted in early March 2018. In mid-April, Artemis reported metal detecting from areas being rehabilitated had recovered 1,282 grams of gold nuggets. The areas being rehabilitated had previously been heavily worked by prospectors.
Since then, a further 2,313 grams of gold nuggets have been recovered to 27 May. Total gold recovered to date is 3.6kg since metal detecting began.