Artemis Resources (ASX: ARV) has confirmed continuity of conglomerate-style gold mineralisation at Purdy’s Reward after a recent diamond drilling program at the Pilbara-based project in Western Australia.
Currently subject to a joint venture between Artemis Resources and TSX-listed Novo Resources, Purdy’s Reward is renowned for sparking the current Pilbara gold rush, which has seen explorers and producers alike scrambling to peg up nearby ground.
The watermelon seed-shaped nuggets discovered at Purdy’s Reward have been likened to the South African-based Witwatersrand mineralisation, which is the world’s largest known gold deposit – producing 1.5 billion ounces in the past.
Novo Resources believes the nuggets are part of a larger conglomerate mineralisation that extends much further through the region.
As part of the JV arrangement, Novo Resources recently completed 12 diamond core holes with all striking conglomerate mineralisation, confirming the mineralisation’s continuity through the project.
Further exploration drilling at Purdy’s Reward will assess depth and thickness of the mineralisation, followed by bulk sample collection.
“This first drilling report from our partners at Purdy’s Reward, Novo Resources is very encouraging, indeed,” Artemis Resources executive chairman David Lenigas said.
Drilling at the project has been accelerated with another drill due onsite by the end of the week.
Novo Resources president and chairman Dr Quinton Hennigh said the diamond drilling had given the joint venture its clearest picture of Purdy’s Reward mineralisation to-date.
“We eagerly await ramping up our core drilling efforts and commencement of our large diameter percussion drill program,” he added.
At the end of September, Artemis Resources reported its third conglomerate gold discovery at its Silica Hills project, only 12km from Purdy’s Reward.
In addition to Purdy’s Reward and Silica Hills, Artemis Resources owns the Fox Radio Hill 425,000 tonne per annum processing plant 25km south of Karratha and in the middle of its surrounding tenements which have been identified prospective for a variety of metals including gold, cobalt, nickel, copper, zinc and iron ore.
On the back of this latest update, the company’s stock leaps more than 7% in early morning trade.