Artemis Resources expands Pilbara gold footprint after gold nugget find
Link copied to
Investor interest in gold juniors exploring the Pilbara has been at fever-pitch since Artemis Resources made the headlines over its gold nugget find in July.
Now the market darling is seeking to boost its landholding in the region with an option to acquire more ground prospective for the precious metal.
Perth-based Artemis (ASX:ARV) is seeking to acquire up to 80 per cent in two exploration licence applications covering 265 sq km with Canada-listed Macarthur Minerals.
The tenements are prospective for conglomerate hosted gold below significant areas of mapped Mt Roe Basalts, the key to recent new conglomerate gold discoveries in the region.
Artemis has spent $60,000 buying exclusive option to earn 80 per cent in the tenements.
The company now has 60 days to complete due diligence on the tenements and then can exercise the option by forking out a further $170,000 to Macarthur.
The company can then earn up to 80 per cent stake by spending a total of $2 million in a combination of exploration spending and payments to Macarthur.
“We have been looking for conglomerate gold prospective projects in the Pilbara, with the Mt Roe Basalt present, and the potential for conglomerates that sit below the Mt Roe Basalt,” Artemis executive director Edward Mead said.
“The Macarthur Minerals tenements offer a very significant package of highly prospective ground in an area becoming sell known for conglomerate hosted gold.”
The tenements lie 32 km west-southwest of Marble Bar and 246 km east-south-east of Karratha.
News comes after minnow De Grey Mining surged as much as 133 per cent in yesterday’s trading after finding 91 gold nuggets at a new gold target called Loudens Patch located at the base of the Mt Roe Basalt. Click here for Stockhead’s coverage.
Earlier this year, Artemis got in the headlines after its joint venture partner Canada’s Novo Resources reported the discovery of gold nuggets in surface rock south of Karratha at the Purdy’s Reward prospect. Click here for Stockhead’s previous coverage.
Since July 13, when it made its first announcement of gold nugget recovery from first bulk sample at Purdy’s Reward, the company’s share price has jumped from 6c at market close on July 12 to 28c on September 26 — a whopping 366 per cent increase.
Last week, Artemis raised $12 million to advance the project.