Artemis Resources and joint venture (JV) partner Novo Resources have restarted ground disturbing exploration at the Purdy’s Reward gold project, south of Karratha, Western Australia.
Novo confirmed that recent tests at its nearby gold-bearing conglomerate Comet Well, in which it holds an 80 per cent interest, confirmed results “continuous with the basal gold-bearing conglomerate at Purdy’s Reward”.
Artemis and Novo expect to move their 50-50 Purdy’s Reward JV towards large-scale bulk sample extraction by the end of 2018.
Edward Mead, Artemis executive director, said, “The geological and structural understanding of the Comet Well to Purdy’s Reward conglomerate gold trend has significantly advanced since exploration started.
“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.”
Additionally, Artemis has met its expenditure commitments to earn a 70 per cent controlling stake in Platina Resources’ nearby Munni Munni project in the Pilbara, Western Australia.
Artemis spent $750,000 to acquire the interest, which is located around 100km southeast of Karratha and just 20km from Artemis’s Radio Hill processing facility.
Munni Munni is one of Australia’s largest JORC-compliant palladium resources. Artemis has identified potential mining opportunities at Munni Munni following the review of historical data, which includes versatile time domain electromagnetic (VTEM) survey results from Platina in 2010.
It is a time of significant exploration investment in the region for Artemis Resources – the company completed its 790.5m deep drilling program ASD-2 at the Balmoral project on August 17 and is now transporting drill core 50km south to Radio Hill for logging.
The company intends to perform an interpretation of the geological setting from Munni Munni to Balmoral.