Bulk gold sampling turns up trumps at Purdy’s Reward for Artemis and Novo Resources

Artemis Resources ASX ARV Powerline gold Pilbara Novo Resources
Powerline area located adjacent to the Comet Well tenement.

Bulk sampling at the famed Purdy’s Reward conglomerate gold deposit in Western Australia’s Pilbara has turns up trumps for owners Artemis Resources (ASX: ARV) and Novo Resources (TSXV: NVO), with the pair reporting gold grading up to 87.7 grams per tonne had been recovered.

Novo undertook bulk sampling in the area to plan for follow up exploration with assays returning up to 87.8g/t and other gold grades of 46.1g/t, 10.6g/t and 15.7g/t.

According to Novo, the samples were about 300kg in size and the recovered gold affords the company with an insight into the grade distribution within conglomerate at Purdy’s Reward.

“These excellent bulk sampling results, as received from Novo, clearly show very high gold grades,” commented Artemis executive director Ed Mead.

He said the result arose from the first of the shallow trenches dug at Purdy’s Reward.

“With an improved understanding of the extreme nugget effect at Purdy’s Reward, increasing the bulk sampling size, and a new reliable and consistent processing path now available through SGS Minerals, a lot more bulk sampling can be achieved in a shorter time-frame.”

Mr Mead added that once the gold grade is accurately determined then the joint venture would be able to pinpoint the extent of the gold mineralisation across the project.

A larger trenching program at the end of last year excavated 6 tonne samples, which will be the first ore samples fed through the new SGS Minerals’ plant, with results expected shortly after processing.

Once the results have been received, Novo claims it will consider collecting more 6t bulk samples from targets within the project.

Novo chairman Dr Quinton Hennigh said between five and 15 bulk tonne samples would be required to enhance the joint venture’s understanding of the gold grades.

Purdy’s Reward

Purdy’s Reward triggered a Pilbara gold rush in the area last year after Artemis and Novo uncovered numerous watermelon seed-shaped gold nuggets.

The discovery left many punters likening the conglomerate-style mineralisation to that of the richest gold deposit in the world the Witwatersrand gold reef in South Africa.

Witwatersrand hosts the largest known gold reserves in the world with more than 1.5 billion ounces of the precious metal pulled from the ground and much more to come.

The similarities motivated miners to peg up ground in the region and begin reviewing nearby projects. Many others such as De Grey Mining (ASX: DEG) also reported multiple gold nugget discoveries on their nearby land.

However, in late November, Novo announced disappointing exploration results and claimed the mineralisation was better-suited to the more expensive bulk trenching exploration that is currently underway.

Investor sentiment on the discovery is divided with many believing it will fizzle out.

However, Novo, Artemis, De Grey and other explorers in the area remain stalwart in their faith of the region’s potential.

Investors reacted positively to this morning’s exploration news, with Artemis’ share price up more than 11% to A$0.19 by mid-day.