Artemis partners with high profile Novo Resources
Artemis Resources (ASX:ARV) announced on Monday morning that the company had negotiated a joint venture agreement with Novo Resources (TSX-V: NVO) with a view to fast tracking exploration of ARV’s Purdy’s Reward gold project and Novo’s adjacent Comet Well gold project which are located near Karratha in Western Australia.
Both of these projects feature gold bearing conglomerates over an extensive 8 kilometre strike with mineralisation characteristic of conglomerate/paleoplacer style gold mineralisation which is similar, or even a possible historic geological extension to the Witwatersrand gold province in South Africa.
Importantly, Novo brings experience in exploring and identifying such mineralisation. Furthermore, the company has prominent stakeholders with its largest shareholder being Newmont Mining Corporation. Other big names behind Novo are successful Western Australian prospector, Mark Creasy and renowned Canadian mining investor Eric Sprott.
With regard to Novo’s experience with this type of mineralisation, the company is currently moving its advanced gold bearing paleoplacer gold project at Beaton’s Creek near Nullagine towards production.
Novo released the news on Friday when its shares spiked 11% on the Toronto Stock Exchange (TSX).
It should be noted that share trading patterns should not be used as the basis for an investment as they may or may not be replicated. Those considering this stock should seek independent financial advice.
Novo to invest $2 million to earn into new 50/50 joint venture
The agreement will involve an immediate $2 million investment by Novo Resources to enter into a new 50/50 gold exploration, development, mining and collaboration joint venture. The agreement is specific to conglomerate gold play is only on ARV’s 1530 square kilometre tenements.
Exploration will commence immediately, and running parallel with this program will be an assessment by the joint venture regarding the prospects of using ARV’s radio Hill plant as a processing facility.
Commenting on other positive factors from a broader company perspective, ARV’s Chairman, David Lenigas said, “This agreement with Novo allows Artemis to keep its focus on developing our cobalt strategy at our Carlow Castle cobalt/copper/gold project and elsewhere, with further significant updates due to be released shortly.”