Pilbara gold explorers have come under intense pressure today following a disappointing update from cheerleader Canada’s Novo Resources.

Novo and ASX-listed  partner Artemis Resources kicked off the Pilbara gold nugget rush on July 13 when they announced a gold nugget find at their Purdy’s Reward site near Karratha in Western Australia.

Key players in the Pilbara gold story started Monday with significant losses after Novo shares dived 18 per cent to $C5.45 ($A5.63) at the weekend, after a lacklustre report from Purdy’s Reward.

Novo said it was not happy with the integrity of the sample results produced from large diameter drilling for the critical purpose of gold grade estimation.

Novo’s share price has lost 31 per cent in the last two weeks, wiping $C340 million ($351 million) off its market value.

Artemis Resources (ASX:ARV) slid as much as 28 per cent in early morning trade, but recovered to 31c by 12.30pm AEDT — down 18 per cent.

Artemis shares fell today in sympathy with Canadian partner Novo. Source: Investing.com

Artemis this morning announced the joint venture partners have been granted approval to mine a 20,000 tonne bulk sample from Purdy’s Reward.