Artemis Resources

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Novo lays out strategy for new conglomerate gold play
Matt BirneySponsored
Wednesday, 31 October 2018 12:37PM
Matt Birney

Conglomerate gold developer Novo Resources has outlined an aggressive exploration program for its emerging Egina gold project, located south of Port Hedland in the Pilbara region of Western Australia.

Over the coming months the conglomerate gold trailblazer plans to undertake systematic sampling in areas of previously unworked gold-bearing lag gravels within a granted mining lease at the property.

Additionally, Novo will complete a comprehensive sampling program on gravels already excavated by the previous owners which contain appreciable amounts of fine gold, based on its preliminary test work.

The company will also complete geophysical surveying, including the use of ground penetrating radar and ground magnetics to define terrace and channel boundaries at the Egina project.

Trench mapping will be carried out to assist with 3D modelling of the stratified gravel horizons and broader regional mapping will be completed to define other areas of conglomerate gold and in-situ gold potential.

Novo also plans to conduct a wider-spaced program of alluvial soil sampling for fine gold at Egina.

Novo Resources Chairman and President Quinton Hennigh said:

“Egina is a very special gold property. Upon recognizing the potential for conglomerate gold … we … assembled a large land position covering the area. What … caught our attention was the presence of appreciable gold in the lag gravels covering the vast flat terrace system (in) the region.”

“Our research … has led to compelling evidence this gold is likely derived from basal Fortescue conglomerates like those 120km west at Karratha. This (is) particularly intriguing because it suggests there was … a potentially large source of detrital gold that has been weathered, eroded, then reconstituted into lag gravels.”

“These unconsolidated gravels are situated within a meter of surface allowing for easy exploration and assessment.”

According to Novo, Egina has the potential to host significant deposits of the sought-after gold-bearing conglomerates and weathering and erosion have made the exploration task easier by redepositing the gold into an extensive blanket of surface lag gravels at the project.

Loose gold nuggets recovered from Egina appear to be remarkably similar in shape and size to those found in-situ at the Comet Well project over 100km to the east near Karratha.

Earlier this month, Novo reported that it had finalised two acquisitions in the Egina region of WA, the first being a farm-in agreement with ASX listed Pioneer Resources over its 100%-owned Kangan gold project that consists of 4 co-joined exploration leases.

Under the agreement, Novo will earn a 70% interest in the precious metal rights on the tenements by sole funding $500,000 of exploration within 2 years to acquire its equity interest.

Late last year, Pioneer outlined some very encouraging results from the Kangan project with widespread gold anomalisms discovered within the southwest and northern part of the project tenements.

The second acquisition was a major $8m transaction for Novo where it purchased 100% of the issued and outstanding shares of Farno-McMahon Pty Ltd, an unlisted private exploration company that held four key tenements, including two granted mining leases in the Egina region.

The beauty of this deal is the gift-wrapped mining leases which should allow the company to complete its critical bulk mining activities on the lag gravels and conglomerate gold deposits.

This technical work is a fundamental step in establishing potential ore reserve estimates for Novo and by extension, a view on the economic viability of these ore streams.

The company is chomping at the bit to commence bulk sample treatment of the Egina gravels through its own alluvial plant.

The plant, purchased in 2015, can treat between 35 - 50 tonnes per hour and is largely the key to determining recoverable ore grades as the set up can salvage fine alluvial gold from bulk samples.
NOvo heeft een eigen goudzeefinstallatie gekocht en heeft dus Artemis voorlopig niet meer nodig.

DeZwarteRidder schreef op 3 november 2018 09:14:

NOvo heeft een eigen goudzeefinstallatie gekocht en heeft dus Artemis voorlopig niet meer nodig.

Inmiddels ben ik er van overtuigd dat Artemis en Novo op een enorme hoeveelheid goud zitten, maar zoals gewoonlijk overdrijft de beurs in beide richtingen.
Het enige echte probleem is dat men (nog) niet in staat is om een nauwkeurige berekening te maken, vanwege de totale afwijking met andere goudvondsten.

Omdat de vondsten in een enorm gebied overal ongeveer hetzelfde zijn, mag men er vanuit gaan dat het een kwestie van tijd is alvorens iedereen weer over elkaar heen valt om deze aandelen te kopen.

Ik heb sterk het idee dat de goudhoeveelheid overeenkomt met Zuid-Afrika, maar oneindig veel goedkoper gewonnen kan worden.

Gek genoeg lijkt deze goudvondst op die voor de kust van Nome in Alaska, maar dan met een steenlaag er overheen.
Ik kan dus de serie Golddivers van harte aanbevelen.

Speculation builds over Rio Tinto’s East Pilbara copper find as first images emerge | The West Australian. This is brilliant news for Artemis as we have secured 600 square km in this hot area. And beat Rio to this by 3 hours. ?@Artemis_ARV?
aan nieuws geen gebrek iig

copper in pilbara:-)
Speculation builds over Rio Tinto’s East Pilbara copper find as first images emerge
Ben HarveyThe West Australian
Friday, 9 November 2018 7:00PM

The first clear pictures of Rio Tinto’s activities in an area of the East Pilbara rumoured to host one of the world’s great copper deposits have emerged.

Satellite pictures showing a drilling campaign have for months stoked speculation that Rio has discovered a jaw-dropping copper resource in the remote Paterson province.

An application to build an airstrip, which observers say will cost at least $10 million, was more grist to the rumour mill because it appeared to confirm a resource that justified significant outlay.

Today’s crystal-clear photos taken from a low-flying plane will likely see that speculation reach fever pitch as the scale of the drilling program becomes clear.

The photos show a 40 or 50-person camp manned by workers from drilling companies DDH1 and Titeline, a helicopter landing pad, about two dozen dongas, drilling rigs, drill ponds and a core farm in which samples are inspected.
A number of dongas have been set up at the remote location in the East Pilbara.

Rio is staying mum about what is happening over the 10,000sqkm that it has pegged all the way up to 80 Mile Beach, between Port Hedland and Broome.
Blijkbaar wil Rio Tinto deze grote kopervondst nog geheimhouden omdat ze eerst land in de omgeving willen opkopen.
Talk of major Rio copper find set to reignite interest in the Paterson
Plus, vanadium emerging as TNT for revitalised TNG
6th April 2018
Barry FitzGerald

It is not often that this column kicks off with an item on Rio Tinto, or any mining company from the big end of town for that matter.

But the convention is broken today for a good reason. It seems that Rio has made a copper discovery of note in Western Australia’s remote Paterson province.

The find is suspected to be roughly 150km north-west of Newcrest’s Telfer gold-copper mine (which has produced more than 10 million ounces of gold with a very handy copper kicker over the years) on ground wholly-owned by Rio.

Rio won’t comment but well-placed talk is that the mining giant thinks the find is promising enough to order up two diamond drill rigs and a supporting 40-man exploration camp so it can give the find a serious workover in coming months.

Adding to the buzz around the copper find are reports from the tenement watchers in that part of the world that Fortescue has just taken up a large ground position well to the north of the Rio find.

It would indeed be a wonderful thing if a premier (and committed) explorer like Rio has in fact made a copper discovery worth some serious attention in the 2018 exploration field season in the Paterson – a region long suspected to be hiding more sizeable deposits.

Apart from Telfer, the region is home to the Nifty copper and Kintyre uranium deposits, the O’Callaghans skarn-hosted tungsten deposit, the Magnum and Calibre gold and copper deposits, and the advanced Obelisk polymetallic prospect.

Without knowing early results from Rio’s copper find, it is impossible to say just how significant it can be. It is, clearly, very early days.

What can be said with more certainty is that talk of the Rio copper discovery – and its clear intent to give it serious attention in 2018 – is good news for the bunch of explorers that have pinned their names to the hunt for the next big discovery in the Paterson.

Should Rio eventually confirm a big copper discovery, the dark art of nearology will immediately throw the spotlight on Antipa Minerals (AZY), trading at 1.6c, and Sipa Resources (SRI), trading at 0.9c.

The Rio copper discovery in the north Paterson is understood to be to the west of tenements held by Antipa (which has Rio as a big spending joint venture partner on part of its tenement package) and Sipa.

Geophysical mapping does suggest a clear trend of distinctive anomalies in an arc from the Sipa ground, through Antipa’s, and on to the suggested Rio discovery site.

Time will tell what it all comes to. But there looks to enough meat on the Rio discovery talk for investors with an appetite for leveraged exploration exposure to call up the recently released 2018 exploration programs for Antipa and Sipa on their tenements. Fortescue presumably has.
TNG Limited

TNG’s managing director Paul Burton used to cut a somewhat lonely figure at various mining conferences around the country.

Sandwiched between presentations from gold companies and the hot-to-trot battery materials space, Burton struggled to get interest up in TNG’s flagship project, its Mount Peake vanadium-titanium-iron project, 230km north-west of Alice Springs.

Here after all was a junior company presenting itself as the developer of a world-scale mine costing $850 million to get to the starting stalls, and claiming a project NPV (at an 8% discount rate) of $4.7 billion no less.

“Interesting stuff,” was the response to Burton’s presentations, but it was the quick-and-breezy tales from the goldies and the battery boys which were much easier to digest at any given conference.

But the tide has turned big time for TNG and Burton thanks to the turnaround in vanadium and titanium markets, with vanadium in particular shooting the lights out as supply deficits for the stuff materialise.

Prices for vanadium pentoxide have tripled from $US10/kg in early 2016 to more than $US30/kg in response to China sprinkling more in to its steel to make construction steels lighter and stronger, and the excitement building around the role of Vanadium Redox Flow batteries in the world’s energy storage (and dispatch) revolution.

It has been the grid-scale battery applications (monster ones are currently being built in China and Japan) that have fired up investor interest.

While there is a bunch of Johnny-come-latelies to the vanadium space who are enjoying their moment in the sun, it has to be said that TNG has been slogging away at Mount Peake for the best part of 10 years now.

Burton has juiced up his conference presentations of late, laying claim to Mount Peake being the “next world-class vanadium producer’’ thanks to the years of hard slog to get it to this point.

And it seems that institutional investors kind of agree, with TNG recently pulling in $3.5 million from a placement of shares at 14.5c each. For a company with a $130 million market cap (at the last sale price of 17c) and an $850 million project to finance, the scale of the raising is a bit of a head scratcher.

But like most of the vanadium stocks on the ASX have been saying, institutional investors are actively seeking exposure to the vanadium thematic. TNG looks to have responded in a modest way to the requests it has been fielding.

The funding nevertheless comes at a busy time for TNG as it advances pre-development activities which include completion of final off-take arrangements, final engineering and design, and the all important funding package.

In a company-commissioned research report by Independent Investment Research senior analyst Mark Gordon, the importance of TNG securing titanium product off-take to support the project funding was highlighted.

Apart from the demand and price improvement in the titanium market helping TNG’s cause, Gordon reckons the development of a simplified titanium pigment concentrate production circuit should help “advance negotiations’ ‘for titanium off-take.

He has a 51c price target on the stock.
The Pilbara Special
By Willem Middelkoop, Founder and CIO, Commodity Discovery Fund

I got hooked on discovery investing when I made a very early investment of 10,000 shares in Aurelian Resources at 30 cents each, just six weeks before the Fruta del Norte discovery in Ecuador, in 2006. Ten months later, they traded north of $40 dollars. Let’s just call this beginner’s luck. Ever since, I have been looking for an even better story, and started the Commodity Discovery Fund in 2008 to pool money to invest in the best discovery plays.

Now, we think that the Pilbara conglomerate gold story could be the next big thing. Since 2017, loads of flat, rounded gold nuggets have been discovered just south of Karratha by two exploration companies – Canadian-listed Novo Resources and Australian-listed Artemis Resources. All of these watermelon- seed-shaped nuggets seem connected to a 2.7 billion-year-old conglomerate ho- rizon. Indeed, that’s the same age as the Witwatersrand deposits in South Africa which, in the last 150 years, produced over 40% of all mined gold, from the same type of gold bearing conglomerates.

After the large investment by Kirkland Lake Gold, Novo shares, and a handful of other exploration companies with huge land packages in the Pilbara, enjoyed a sharp rise in the autumn of 2017, before a severe correction took them down by 70-80%. But now, after a full year of exploration, we have proof that the Pilbara conglomerate system is the result of a single geological event, and may have a close relationship with the Wits event. From West to East, the same style of nugget has been found over the space of 600 km. We don’t think the system is connected throughout and that everything will be gold bearing, but this is a massive system for sure.

During a 2017 Pilbara conference in Perth, an independent geologist stated that the Pilbara gold discovery is ‘for real’ and could be compared to the Wits, although there are huge differences. Another interesting statement was recently made by Kirkland Lake Gold CEO Tony Makuch, who operates the Foster- ville mine in Australia and has invested over $100 million in Novo Resources, together with its billionaire chairman Eric Sprott. According to Makuch, the Pilbara discovery has the potential to ‘turn the gold mining industry upside down’: ‘It’s a potentially very large deposit, physically the gold is there and we were able to trace the gold over 8 km in that one area (Comet Well), and if you tie it all the way toward DeGrey is, you got like 90 km of exposure of conglomerates that you’re finding nuggets and watermelon seeds everywhere […] The way we structured the investment into NVO is the company is financed properly to go and do the work and carry exploration without having to worry about what’s happening in the market.’

Novo ha shown that doing the exploration work is tough because of the nuggety nature of this system. Its chairman, Dr. Quinton Hennigh, who has been on the hunt for a Wits-style gold discovery for most of his career, has decided to start trial mining in 2019. Keith Barron, the geologist who discovered the 10-million-ounce Fruta del Norte deposit in Ecuador, has been checking out the Pilbara discovery as well. After his visit to the Pilbara, he wrote on his blog: ‘Already and at this early stage it is pretty obvious that this is a largish deposit, but it seems to me that almost everyone, except perhaps for Eric Sprott, who has a reputation for seeing value early, has missed the point. What is the point you ask? This thing is ostensibly at surface, so it is like mining placer gold! [..] Quinton has a unique deposit which presents a unique opportunity. You just have to stop applying the usual logic to it and think outside the box […] Let me make a prediction. The Novo Discovery will be the lowest cost gold mine in the industry, by a massive margin. Maybe sub $100/ oz! That’s what should be attracting people’s attention. I can tell you that if this play were anywhere in Africa, Asia or South America, there would be 100,000 plus artisanals on top of it using sledge hammers, pneumatic drills, or pluggers and dynamite to get at the nuggets…and bugger the grade numbers. It is there, it’s going to be mined by someone, and the ultimate grade and origins for the time being are just White Noise.’ This boom- bust scenario is remarkably similar to the first phase of development of the Witwatersrand, home to the richest gold fields on Earth. The Wits has produced over 1.6 billion ounces of gold since the late 1800s, and one billion ounces of gold remain to be mined in current reserves. In the Pilbara, currently no gold mines exist.

The capital of Johannesburg was founded on top of the conglomerate gold discovery in the 1880s. In 1888, four years after the initial discovery, there were already 3,000 people living in Johannesburg. Two years later, there were 30,000, and by 1895, the city had grown into a larger city than Cape Town, with over 100,000 inhabitants. Novo Resources recently added a large land package near Egina, over 100km east of Karratha. In 2019, Novo needs to prove, by test mining the Egina grounds, that they have found a profitable new Wits.

Willem Middelkoop is the founder of the Dutch-based Commodity Discovery Fund. The fund own shares in Novo and Artemis Resources.
Inmiddels is het een vaststaand feit dat de halve of de hele Pilbara vol zit met goud in een paar meter dikke laag conglomorate en dat dit goud met een kostprijs van ca 100 USD per ounce uit de grond gehaald kan worden.

Alle Pilbara-koersen zijn weer enorm gedaald nu de hype totaal verdwenen is, blijkbaar komt dit omdat men niet begrijpt hoe dit goud uit de grond gehaald moet worden.

DeZwarteRidder schreef op 16 november 2018 22:08:

Inmiddels is het een vaststaand feit dat de halve of de hele Pilbara vol zit met goud in een paar meter dikke laag conglomorate en dat dit goud met een kostprijs van ca 100 USD per ounce uit de grond gehaald kan worden.

Alle Pilbara-koersen zijn weer enorm gedaald nu de hype totaal verdwenen is, blijkbaar komt dit omdat men niet begrijpt hoe dit goud uit de grond gehaald moet worden.

Dat is wel het punt ja. Traditioneel mijnen gaat niet. Dit lijkt een stuk eenvoudiger maar is dat ook zo? Dat moet je dus over een groot oppervlak een paar meter verwijderen.

seadoc schreef op 17 november 2018 10:40:

Dat is wel het punt ja. Traditioneel mijnen gaat niet. Dit lijkt een stuk eenvoudiger maar is dat ook zo? Dat moet je dus over een groot oppervlak een paar meter verwijderen.

Het is bijna exact hetzelfde als placer mining en dat kun je iedere maandag zien op Discovery Channel.
Maar die hebben geen resource estimate. Da's ook wel een beetje een probleem.
Beste is dus gewoon beginnen en kijken waar het schip strandt??
Artemis’s Armada Project surrounds Greatland Gold Plc’s new Haverion Project on 3 sides
Artemis Resources Limited (“Artemis”) is pleased to provide an update on the Armada Prospect, a 600km2 tenement application (ELA 45/5276) within the highly prospective Proterozoic Paterson orogen, located approximately 40km east of the Telfer Gold-Copper mine, and contiguous to the Haverion gold and copper discovery by Greatland Gold Plc, in the Pilbara region of Western Australia.
• The Armada Prospect covers an area of 600km2 in the highly prospective Paterson Ranges region of Western Australia.
• The Armada Prospect surrounds Greatland Gold Plc’s (Greatland)(a London listed company) Haverion Project on 3 sides (Figure 1).
• Exploration drilling results reported by Greatland on 25 June, 4 July and 19 November 20181 from Haverion, include:
• 121m at 2.93g/t gold and 0.23% copper from 497m. HAD001
• 21m at 3.78g/t gold and 0.44% copper from 418m, including 1m at
29.12g/t gold and 0.4% copper from 428.5m. HAD003 -
• 275m at 4.77g/t gold and 0.61% copper from 459m. including: 118m at 3.08g/t gold and 0.84% copper from 459m, and 157m at 6.04g/t gold and 0.44% copper from 660m. HAD005 -
• A review of all geophysical data on the Armada Prospect tenement has been completed by Southern Geoscience Consultants with magnetic features in coarse airborne magnetic data confirming structures of interest exist (Figure 1).
• A high resolution airborne magnetic survey is being planned. Ed Mead, Artemis’ Executive Director, commented;
“With increasing newsflow about Rio Tinto’s exploration efforts in the Patersons Range and the recent excellent gold/copper results from Greatland Gold’s Haverion Project that is contiguous to Artemis’ Armada Prospect, the time to further investigate our ground is right. To kick off our exploration in this highly prospective region a detailed high resolution magneti
27 November 2018
Please Contact:
Wayne Bramwell – Chief Executive Officer
Edward Mead – Executive Director
David Tasker – Media Advisor
Or visit the Artemis Website or follow us on Twitter.
Artemis Resources Limited
Suite 1, 11 Ventnor Ave, West Perth WA, Australia, 6005
P : +61 8 6319 0000
E : Twitter - @Artemis_ARV
CARLOW CASTLE METALLURGICAL UPDATE Gravity gold and high copper-gold concentrates produced
Artemis Resources Limited (“Artemis”) is pleased to provide an update on the metallurgical programme underway on the company’s Carlow Castle Au-Cu-Co Project in the Pilbara region of Western Australia.
? Preliminary metallurgical testwork on the Carlow Castle Au-Cu-Co Project is focussed upon recovery of:
o Gold – from both gravity and leaching processes to produce a gold product suitable for smelting and production of gold dore, and
o Copper and Cobalt – via conventional flotation to produce separate copper and cobalt concentrates
? Preliminary results from two Carlow Castle metallurgical composites are summarised below:
Metallurgical Parameter

COM-01 avg grade
COM-02 high grade
Gravity recoverable gold (GRG)

% AuR
Copper concentrate recovery
% Cu

Copper concentrate grade
% Cu

Au recovery to Copper concentrate
% AuR
Au grade in Copper concentrate
Au g/t

Total Au Recovery to date *
% AuR

* Gold not recovered via gravity or copper concentrate will report forward to cobalt flotation and conventional leach – testwork pending.
? Options to maximise the total gold and copper recovery are being investigated now
? Cobalt flotation testwork is at an early stage - the focus of this programme is reagent screening to maximise cobalt recovery
? Results of this programme are expected in December with reporting post evaluation of all assay data.
Artemis Chief Executive Officer Wayne Bramwell commented;
“This first pass metallurgical programme indicates Carlow Castle is amenable to low cost gravity gold recovery and base metal flotation processes. The high grade copper concentrates (with gold credits) produced are encoraging and cobalt
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