Artemis builds a bigger footprint in Pilbara gold zone
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Artemis Resources has increased its conglomerate-gold prospective landholding in the Pilbara.
The almost 180 sq km have been granted to the Aussie junior (ASX:ARV) and its Canadian partner Novo Resources.
The Western Pilbara region, south of Karratha in Western Australia, has attracted significant exploration interest due to the discovery of unique “watermelon” seed shaped coarse gold nuggets found at or close to surface over extensive strike lengths.
Artemis and Canada-listed Novo (TSX-V:NVO) were responsible for the initial discovery of the conglomerate-hosted gold.
The four new tenements surround a bunch of tenements that Novo already has pegged for conglomerate-hosted gold, Artemis executive director Ed Mead told Stockhead.
The tenements lie about 50km to the east of the Radio Hill mine site and 35km east of the joint venture’s Purdy’s Reward project.
“Geologically they are in the right setting with Mt Roe Basalt and potential for the conglomerate to be sitting in the position that we expect to be finding gold hosted in conglomerate,” Mr Mead said.
Mt Roe Basalt is a volcanic rock formation in the Pilbara’s Fortescue Basin that is known to host gold mineralisation as well as copper, zinc and uranium.
The tenements serve a dual purpose for Artemis in that there has also been past exploration for nickel and copper.
“So from Artemis’ side, we’ll be looking at the assessment of them for nickel and copper and Novo, now that they’re granted, will be able to make assessments for them for conglomerate-hosted gold,” Mr Mead said.
Shares were up 1.1 per cent at 19.2c just before midday AEDT on Friday.