Artemis and Novo JV announce $5.4m conglomerate gold exploration

Watermelon-seed style nugget from Novo's adjacent Comet Well prospect. Image: Novo Resources

Artemis Resources and Novo Resources will inject $5.4 million into exploration and a work programme at the Karratha joint venture gold project.

The 50:50 JV, which was formed in December last year, focuses on the exploration of gold projects in the Pilbara region of Western Australia, particularly the Purdy’s Reward and Comet Well.

Both projects saw a significant production of high quality, ‘watermelon seed’-style gold samples of up to 96 per cent purity.

In the four months starting July 1, the budget will be appropriated to bulk sampling, diamond drilling and costeaning activities, primarily at Purdy’s Reward.

Large bulk samples will then be collected and treated to compile the mineralisation report – a necessary step to convert the companies’ current exploration licence to a mining lease.

This will eventually pave the way for trial mining activities.

Novo’s chairman and president Quinton Hennigh said, “Novo is pleased to work with Artemis as we commence the new field season at Purdy’s Reward. Our joint venture program is designed to quickly accelerate the project toward trial mining.”

Environmental and heritage studies will also be conducted at both sites, with further exploration to follow to identify further areas of conglomerate gold prospectivity.

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