JOHANNESBURG (miningweekly.com) – Canada’s Novo Resources has satisfied its farm-in and joint venture (JV) expenditure commitment to earn 50% into a venture with Australia’s Artemis Resources focusing on conglomerate gold in the Karratha region of the Pilbara.
Three separate unincorporated 50:50 JVs have been formed between Novo subsidiary Karratha Gold and each of KML No2, Fox Radio Hill and Armada Mining, which are all subsidiaries of Artemis.
The Artemis and Novo subsidiaries will contribute to further exploration and any mining of the gold rights on a 50:50 basis. Karratha Gold is the appointed manager of the JVs.
“This JV with Novo for conglomerate gold on our extensive tenement package in the Karratha region of Western Australia is the beginning of a new and very exciting era for the company,” said Artemis chairperson David Lenigas.
The Purdy’s Reward prospect forms part of the 38 tenements included in the JV between the two companies. Last week, Novo reported that large diameter drilling had failed to deliver a quality sample for grade estimation at Purdy’s Reward and that it would now focus on trenching as a way of collecting bulk samples.
The news from Novo impacted on Artemis share price and that of many other congolomerate gold prospectors in the Pilbara.