The 50:50 joint venture between Novo Resources and Artemis Resources, first announced in May 2017, is now in effect.
The two companies, which are exploring gold projects together in the Pilbara region of Western Australia, are particularly focused on the development of the Karratha gold project, which includes Purdy’s Reward and Comet Well. The joint venture encompasses 38 tenements and tenement applications, and will be managed and governed as a single entity.
Novo has referred to conglomerate-hosted gold mineralisation at its Comet Well project as a significant discovery. Purdy’s Reward and Comet Well have both produced high quality, ‘watermelon seed’-style gold samples of up to 96 per cent purity — a similar type of nugget to discoveries made at Artemis’ Mt OscarWits conglomerate earlier in November.
Quinton Hennigh, chairman and president at Novo Resources, said, “We are excited to continue progressing exploration efforts in the Karratha region of Western Australia [and] look forward to partnering with our new joint venture partner, Artemis Resources, in order to advance the Karratha gold project.”