Gold nugget find fu­els nearol­ogy rush

Pilbara News - - News - Stu­art McKin­non

The dis­cov­ery of gold nuggets in shal­low rock south of Kar­ratha and talk of Wit­wa­ter­srand-style con­glom­er­ate gold min­er­al­i­sa­tion has sparked a nearol­ogy play even be­fore any re­source has been proven.

The buzz started with the David Leni­gas-led Artemis Re­sources, which struck a joint ven­ture agree­ment with Canada’s Novo Re­sources over its Pil­bara land­hold­ing this year, de­liv­er­ing a mas­sive spike in its share price when the lat­ter dis­cov­ered wa­ter­melon-seed shaped gold nuggets in sur­face rock at the Purdy’s Re­ward prospect.

Shares in De Grey Min­ing are up more than 50 per cent since the mid­dle of last month af­ter a re­view of its Pil­bara project re­vealed a 12km tar­get zone with the same ge­ol­ogy that hosts the Novo/ Artemis dis­cov­er­ies.

De Grey’s ex­plo­ration man­ager Phil Tor­na­tora said the po­ten­tial for Wit­wa­ter­srand-style gold de­posits in the Pil­bara was very ex­cit­ing.

Ven­turex Re­sources is the lat­est stock to catch South African gold fever, last week an­nounc­ing it would re­view its Whim Creek project for po­ten­tial gold anom­alies in light of re­cent announcements by Novo, Artemis and De Grey.

Un­til now, Ven­turex has been more in­ter­ested in the cop­per and zinc po­ten­tial of its Pil­bara land­hold­ings.

The news comes as Canada’s Kirk­land Lake Gold also an­nounced a $C56 mil­lion ($56.5 mil­lion) in­vest­ment in Novo Re­sources, boost­ing its stake in the ex­plorer to 18.2 per cent.

Kirk­land Lake chief ex­ec­u­tive Tony Makuch said the in­vest­ment in Novo was an im­por­tant part of its strat­egy to grow the value of its Aus­tralian fran­chise, which al­ready in­cludes land po­si­tions in Vic­to­ria and the NT.

Novo al­ready counts min­ing gi­ant New­mont, prospec­tor Mark Creasy and in­vestor Eric Sprott, who is also the chair­man of Kirk­land Lake Gold, among its sig­nif­i­cant share­hold­ers.

Pic­ture: YouTube

A scene from a YouTube video pur­port­ing to show a sam­ple at Purdy’s Re­ward.

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