JOHANNESBURG (miningweekly.com) – TSX-V-listed Novo Resources has been granted tenements at the conglomerate-hosted gold discovery Comet Well, south of Karratha, Western Australia.
The granting of the tenements by the Department of Mines, Industry Regulations and Safety entitles Novo to start exploration aimed at satisfying conditional farm-in rights at Comet Well, where gold nuggets were discovered last year.
Novo will ultimately hold an 80% interest in the Comet Well tenements through two joint ventures (JVs).
“Now that these tenements have been granted and subject to the approval of our proposed programmes of work, we can aggressively begin to explore the Comet Well project, which we believe contains a continuation of prospective mineralisation along strike from Purdy’s Reward,” commented Novo Resources chairperson Dr Quinton Hennigh.
Novo holds Purdy’s Reward in a JV with ASX-listed Artemis Resources.
Novo states that gold nuggets at Comet Well and Purdy’s Reward display several interesting characteristics. Most are flattened with rounded edges giving them an appearance similar to watermelon seeds. Most are coarse, +2 mm and are not attached to quartz or other minerals. Gold is of high purity, +96%, compared with lode gold from the Pilbara region that displays purities of 70% to 90%.
Novo has staked about 6 021 km2 southward from Comet Well covering virtually all projected down dip extensions of gold-bearing conglomerates. The addition of the Artemis JV ground brings in an additional 1 536 km2 of land, including critical areas of outcropping gold-bearing conglomerates such as the Purdy’s Reward discovery.