Novo Resources and Artemis uncover fine-grained gold at Purdy’s Reward

Novo Resources Artemis ARV fine-grained gold Purdy’s Reward Pilbara
A geologist uses a metal detector to locate strikes at Purdy’s Reward.

Pilbara gold explorer Artemis Resources (ASX: ARV) announced its joint venture partner Novo Resources (TSX: NVO) had discovered fine gold within conglomerate layers, as well as coarser gold, during trenching activities at Purdy’s Reward in Western Australia.

Canadian-based Novo has opened seven trenches to a 3m depth, with conglomerate units discovered in all but one, which encountered older basement rocks.

Commenting on Novo’s exploration successes, Artemis executive chairman David Lenigas said “It was particularly pleasing to see physical evidence of fine grained gold within the multiple layers of conglomerates, as opposed to just the large watermelon see shaped nuggets that Purdy’s Reward has become typically known for.”

He added exploration had also identified coarser gold throughout the conglomerate sequence and not just at surface.

Novo president and chairman Dr Quinton Hennigh said the information the company is getting from the trenching program was “proving invaluable”.

“The geology is telling us we are in a favourable geological environment,” Mr Hennigh said. “We have further indications of a significant fine-grained gold component in this system – something that could prove to be very important as we evaluate this project.”

He added the company was “excited” by the information it was gathering about the deposit.

The fine-grained gold is different to the conglomerate-style mineralisation that kicked-off the current gold rush in Western Australia’s Pilbara. The conglomerate gold is generally coarse and nuggety.

As the site of the first major conglomerate discovery, Purdy’s Reward has received mounting global attention in recent months.

The watermelon seed-shaped nuggets discovered at Purdy’s Reward have been likened to South Africa’s Witwatersrand mineralisation which has produced 1.5 billion ounces of gold and is the world’s largest known gold deposit.

Novo’s theory is the Pilbara region could be hosting a similar-style deposit and this has caused a swarm of explorers and producers to peg up land in the region and kick-off their own exploration campaigns.

Artemis Resources has been actively exploring its own wholly-owned tenements near Purdy’s Reward and reported numerous additional conglomerate gold discoveries in recent weeks.

De Grey Mining (ASX: DEG), who is also in the Pilbara region, released this video showing gold found on one of their tenements:

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