Novo Resources and Artemis Resources have agreed to a AU$5.4 million exploration and work program budget for the joint-venture tenements the two companies share in the Karratha region of Western Australia.
|Image source ©Artemis|
Under the 50/50 Joint Venture for conglomerate and paleoplacer gold in the Karratha area1, in the first four months the JV will focus on bulk sampling, diamond drilling and costeaning activities, primarily at Purdy’s Reward. Large bulk samples will be collected and treated to provide necessary gold grade data for a mineralisation report, in hope to convert the current exploration license to a mining lease.
In addition, environmental and heritage studies will be undertaken in conjunction with similar work at Novo’s nearby Comet Well JV in order to move the collective area toward trial mining.
Follow-up exploration will also be undertaken on the wider tenement package under the JV to identify further areas of conglomerate gold prospectivity.
Wayne Bramwell, Artemis’ Chief Executive Officer stated that Artemis was pleased that the Artemis/Novo JV has agreed to “a new, aggressive conglomerate gold exploration budget for the coming year”.
“Our joint venture program is designed to quickly accelerate the project toward trial mining,” concluded Novo’s Chairman and President, Quinton Hennigh.