Artemis Resources reveals bulk conglomerate gold recovery at Pilbara tenements
Artemis Resources (ASX: ARV) has confirmed the recovery of 7 kilograms (225 ounces) of total conglomerate gold nuggets to date from its two discoveries, 47K Patch and Purdy’s Reward, in Western Australia’s Pilbara region.
Approximately 6kg (193oz) of nuggets containing evidence of fine gold have been recovered from 47K Patch with further gold being recovered during ongoing exploration activities.
A further 1kg (32oz) has been recovered from Purdy’s Reward prior to the mid-2017 announcement of a 50:50 joint venture with Vancouver-based gold explorer Novo Resources.
Artemis continues to focus its exploration on 47K Patch, located within the Comet Well West tenement package at approved tenement E47/3443 (70% equity).
It has recently completed mapping activities as well as flora, fauna and heritage surveys to enable expansion of its exploration program, and is working with the CSIRO to complete a sub-audio magnetics geophysical survey at the prospect.
Bulk sampling of 9600 tonnes gold recovered from 47K Patch will be held off until all data is consolidated, integrated and processed.
In August, Artemis announced that infill drilling and bulk sampling had re-commenced at the Purdy’s Reward prospect, with the basal gold-bearing conglomerate appearing to be continuous with the upper gold-bearing conglomerate at Comet Well.
Novo has an 80% equity in Comet Well with the remaining 20% shared by two other parties.
Artemis’ interests in its Comet Well West tenements are not associated with Novo’s equity.
Geological and structural understanding of the conglomerate gold trend at Purdy’s Reward has advanced over an explored strike length of 3.4 kilometres.
The trend remains open along strike to the northeast and southwest and down dip to the southeast into the Fortescue Basin.
Artemis said large bulk samples will be collected and treated to provide necessary gold grade data for a mineralisation report – an important step toward converting the current exploration license at Purdy’s Reward to a mining lease.
Environmental and heritage studies will be undertaken in conjunction with similar work at Novo’s Comet Well joint venture in order to move the collective area towards trial mining.
At midday trade, shares in Artemis Resources were 1.08% higher at $0.187.