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Artemis and Novo JV commit to AUS$5.4 million exploration budget

Published by , Assistant Editor
Global Mining Review,

Canadian metals company Novo Resources Corp (Novo) and Australian exploration company Artemis Resources Ltd (Artemis) under the 50/50 Joint Venture (JV) for conglomerate and paleoplacer gold in the Karratha area 1, have agreed to a AUS$5.4 million exploration and work programme budget for the year beginning 1 July 2018.

According to Artemis, in the first four months of the period, the JV is to 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, an important step toward converting the current exploration license to a mining lease.

Artemis’s CEO, Wayne Bramwell, commented: “Artemis is pleased that the Artemis/Novo JV has agreed to a new, aggressive conglomerate gold exploration budget for the coming year.”

Quinton Hennigh, Novo’s Chairman and President, added: “Novo is pleased to work with Artemis as we commence the new field season at Purdy’s Reward. Our JV programme is designed to quickly accelerate the project toward trial mining.”

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Australian mining news