More explorers touch down in Pilbara to pan for nuggets
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More explorers are touching down in Western Australia’s Pilbara to try their luck at uncovering the same nuggety gold that has sent the share price of several juniors through the roof recently.
Today Thor Mining (ASX:THR) is covering all bases, from gold to lithium: they have struck a deal to acquire a stake in a tenement “considered to have potential for conglomerate-hosted gold deposits, lithium in pegmatites, along with various base metals”.
The news sent shares up 14.8 per cent to 6.2c by mid-morning.
The company paid $50,000 for a 120-day option to acquire a 75 per cent interest in the Western Shaw project from Redstone Metals. Thor can choose to exercise the option for $250,000.
“The Western Shaw project appears to be an excellent exploration opportunity and provides Thor with exposure to potential conglomerate-hosted gold and lithium in the Pilbara province in Western Australia,” executive chairman Mick Billing said.
Striking while it’s hot
Clancy Exploration (ASX:CLY) has kicked off a maiden exploration program at its Hong Kong project, which it acquired less than two weeks ago.
The company’s chairman is none other than David Lenigas — who also happens to be the chairman of Artemis Resources (ASX:ARV).
Artemis and Canadian partner Novo Resources are responsible for kicking off the Pilbara gold rush back in July, when they revealed they had found gold nuggets at their Purdy’s Reward project south of Karratha.
Following that announcement, Artemis shares rocketed over 900 per cent to a 52-week high of 59c in mid-November, and are still up over 400 per cent at around 29.5c.
Clancy plans to undertake a two-phase exploration program including metal detecting and sampling along the Fortescue Group that is host to several recent conglomerate-hosted gold discoveries in the region.
“The area has a good history of gold occurrences and we have a lot of prospective targets to roll up our sleeves and get stuck in to,” Mr Lenigas said.
Artemis adds to its gold collection
Artemis has now completed its acquisition of tenements next to the Comet Well and Radio Hill projects in Karratha.
Back in November, Artemis entered into a binding deal to acquire Elysian Resources Pty Ltd and Hard Rock Resources Pty Ltd, which would give it a 70 per cent stake in several tenements that are either granted or under application.
“Some of these tenements have exceptional exploration potential for gold bearing conglomerate rocks along strike from our Purdy’s Reward Project and Novo’s Comet Well and Rob’s Patch discoveries,” Mr Lenigas noted.
“We will now fast track ‘wrapping’ these tenements into Artemis’ existing native title agreements, so that we can get the exploration licence applications approved in short order.”
The company expects the licences to be granted by the end of the year to pave the way for an aggressive exploration program.
Artemis has also exercised an option — at a cost of $170,000 — to earn up to an 80 per cent stake in two of Macarthur Minerals’ tenements in the Pilbara and secured a $6 million loan to fund the upgrade and refurbishment of the Radio Hill plant.
The company is specifically interested in the conglomerate gold potential of the two tenements that span 265 sq km.