Tenbagger Artemis finds first gold nuggets at site near Purdy’s Reward
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Artemis Resources has found its first gold nuggets at a site close to Purdy’s Reward — the area that set off the Pilbara gold rush in July.
Artemis (ASX:ARV) found “watermelon seed gold nuggets” at the Mt OscarWits which is 16km north-east of Purdy’s Reward.
Artemis and Canadian joint venture partner Novo Resources kicked off a Pilbara gold nugget rush on July 13 when they made a now legendary announcement regarding a gold nugget find at Purdy’s Reward, south of Karratha, Western Australia.
A series of announcements about “watermelon seed shaped” nuggets has since driven Artemis shares almost ten-fold from 6c to a record high on Monday of 59c.
The shares were down 5 per cent at 52c in early Tuesday trade.
Artemis says these watermelon seed nuggets are “indicative of Witwatersrand-style conglomerate gold”.
Witwatersrand refers to the Witwatersrand Basin in South Africa — a geological formation that houses the world’s biggest known gold reserves, producing 2 billion ounces or about half of gold ever mined.
“The discovery of these watermelon seed gold nuggets on our 100 per cent owned Mt OscarWits approved exploration ground, after our recent exploration work confirmed conglomerates over a 14km strike, is significant,” Artemis director Ed Mead told investors.
“These nuggets are typically smaller than what we find at Purdy’s Reward as Mt OscarWits conglomerates appear to be less mafic.”
Mafic volcanic rocks found in the Pilbara’s Fortescue Basin are known to host gold and other minerals.