Artemis Resources Ltd (ASX:ARV) has satisfied earn-in requirements to acquire a 70% interest in the Munni Munni Project in the West Pilbara.
Munni Munni hosts Australia’s largest JORC compliant palladium resource but recent exploration has been focussed on gold.
By investing $750,000 in exploration, a 70:30 joint venture with Platina Resources Ltd (ASX:PGM) is now live.
READ: Artemis Resources' multi-mineral Pilbara exploration yields potential for Radio Hill processing
Munni Munni is contiguous to Artemis tenements on all sides and is located 20 kilometres from the company’s 100% owned Radio Hill processing plant, the only facility in the Karratha region.
The joint venture is now reviewing all relevant exploration data including recently conducted aerial electromagnetic surveys.
This will help determine a gold focussed work program to test the structural setting for possible conglomerate or paleo-placer gold targets.
Second deep drill hole completed, assays pending
Artemis also has reached a final depth of 790.5 metres in its second hole in the West Pilbara deep hole drilling program within the Balmoral project area.
The second hole, ASD-2, is testing the base of the Fortescue Group of rocks, similar to the first hole ASD-1.
Results from the drilling of ASD-1 and ASD-2 will be released as they come to hand.
The timeframe for results will not be immediate as work by CSIRO using Minalyzer and GSWA using Hylogger is to be completed, before further interpretaions can be completed of the geological setting.
READ: Artemis Resources has drill spinning for conglomerate-hosted gold
Elsewhere, Artemis and 50:50 joint venture partner Novo Resources Corp (CVE:NVO) recently commenced drilling at the Purdy’s Reward Conglomerate Gold Project in the West Pilbara.
Novo, the project’s operator, is undertaking infill drilling and bulk sampling to further evaluate the gold deposit.
Purdy’s Reward is nearby to Novo’s Comet Well project where mapping and trenching has recently confirmed the gold-bearing conglomerate stretches across both projects.