Pilbara gold JV gains momentum
ARTEMIS Resources and Canada-based Novo Resources are ramping up exploration efforts in and around their conglomerate gold project in the Pilbara, which set off a mini mining rush last year when unique watermelon shaped nuggets were discovered in shallow ground.
Artemis strengthened its balance sheet at the start of the month, after an additional $2.5 million commitment from existing shareholder Deutsche Balaton AG lifted its January capital raising to $9m.
On 12 February Artemis announced a partnership with the CSIRO to investigate the origin of the unusual watermelon seed nuggets found in the conglomerates.
Artemis executive chairman David Lenigas said the company was actively seeking to understand the genesis of the unique type of gold in the Pilbara region.
“It is important that Artemis engage with independent leading industry specialists to seek a deeper understanding as to why the gold exists in the conglomerates south of Karratha, and indeed how these unique ‘watermelon’ seed nuggets were formed,” Mr Lenigas said.
“Gaining a better understanding of these key questions will enable refinement of our exploration and evaluation methods going forward.”
On February 15 Artemis released high-grade gold hits from exploration conducted by Novo at the JV’s flagship Purdy’s Reward project, with bulk sampling grades of 87.7 grams per tonne (g/t), 46.1g/t, 17.7g/t and 10.6g/t.
Artemis executive director Ed Mead said the bulk sampling results from Novo were excellent and the 2018 exploration season had now started in earnest.
The JV was also granted a further four tenements around Pyramid Station, adding 178.8sqkm to the project area.
The tenements lie 50km east of the Radio Hill plant and 35km east of Purdy’s Reward.