Pilbara Conglomerate gold

Big land grab up that way with gold being found in the conglomerate.

Got some targets in the ground there aye?
Keep an eye on the purity of the gold from these locations, Purdy's nuggets are better than 99% gold. That is the key to being Witwaterswand chemically deposited gold.
https://en.wikipedia.org/wiki/Witwatersrand
Cheers
Curley

Thanks Curley. Imagine finding a patch like that !!!

Thanks Curly, for sharing this Vid.  

you're not wrong Pete that area is a big patch. The Guy with the SDC said there was over 300 targets marked still in the rock.        I can see a new Super Pit forming in that area.  

Cheers.

Mike.

That's awesome for sure.

Novo Resources is a Canadian company and not on the Australian stock exchange, they are in a JV with Artemis Resources (ARV) which trade on the Australian stock exchange.  Their shares closed on Friday at 24 cents each with over 10 million traded.


If this area in Pilbara is like the Witwatersrand in South Africa then this is what has been found there. https://en.wikipedia.org/wiki/Witwatersrand

"The abundance of this gold is without equal anywhere else in the world. Over 50 000 tons have been mined from these rocks since this precious metal was first discovered here in 1886. This accounts for approximately 50% of all the gold ever mined on earth."


cheers dave

Would they continue to use a Jackhammer to recover 300 targets?

piston broke wrote:Would they continue to use a Jackhammer to recover 300 targets?

G'day Pete,

I would think they would bring in the heavy duty one which would attach to the big kato (digger) that's in the background.  

Cheers.

Mike.

300 Targets!!! just the thought of it brings a smile to your face don't it, there's a space to watch for sure.

Wayne.

I might of missed it, is that area directly on the surface, or did they doze the area and then discovered the deposit, a bloody rich one at that( lucky rascals). It seems W.A. is the land of the shiny yellow stuff after all!!!

Seems like more big gold nuggets from up there are popping up everywhere. 1.3kg nugget in this ASX report released today.



Here is the ASX report from today
http://www.asx.com.au/asxpdf/20171003/pdf/43mx55pyjsg1x0.pdf

This looks like the exact same nugget Gypsy has in her story in the Members Gold Album here back on Feb 13 this year, well done and I hope you have that ground locked up because it looks like it's gonna be a bonanza up that way .
https://golddetecting.forumotion.net/t24844p30-members-gold-album-lets-get-this-topic-going-again-please

cheers dave

davsgold wrote:Seems like more big gold nuggets from up there are popping up everywhere. 1.3kg nugget in this ASX report released today.



Here is the ASX report from today
http://www.asx.com.au/asxpdf/20171003/pdf/43mx55pyjsg1x0.pdf

This looks like the exact same nugget Gypsy has in her story in the Members Gold Album here back on Feb 13 this year, well done and I hope you have that ground locked up because it looks like it's gonna be a bonanza up that way .
https://golddetecting.forumotion.net/t24844p30-members-gold-album-lets-get-this-topic-going-again-please

cheers dave

This is the same nugget.....

See...
I copied this from Gypsy's post...

https://thewest.com.au/business/mining/are-we-on-the-verge-of-another-wa-gold-rush-in-the-pilbara-ng-b88637767z

Are we on the verge of another WA gold rush?

Sounds more interesting than Bitcoin.

“This gold rush isn’t bullshit. It’s real. We’ve found the biggest deposit in the world. Put that in the bloody paper.”

http://www.perthnow.com.au/news/western-australia/pilbara-gold-punt-the-key-players-and-discoveries-in-was-new-gold-rush/news-story/169b7508b6ca01a17e8ef5980fbefe73

https://amp.perthnow.com.au/news/western-australia/pilbara-gold-rush-wa-man-who-found-gold-strikes-deal-of-a-lifetime/news-story/711d10e05d715d67e2798b5ac0f68991
Here's a interesting read on the Pilbara and the man who kicked it off...
Cheers
Curley

I bought Artemis 10 days ago at 0.38 and sold it today at 0.56 (45% profit in 10 days). This is still gold prospecting right?

My best trade ever.

And I bet you did not need passwords, ID codes, Secret questions n memory sticks to buy and sell it.

Nice quick return there Onthehunt. Having prospected the area of Artemis's gold find before it was well known and seeing first hand what is there, plus knowing what is on some of the other leases they have, there is only one direction I see their share price going

Pb_Haze wrote:Nice quick return there Onthehunt. Having prospecting the area of Artemis's gold find before it was well known and seeing first hand what is there, plus knowing what is on some of the other leases they have, there is only one direction I see their share price going

Im with you pbhaze, no way im getting rid of my shares just yet, still reckon theres plenty of growth to be had. Like you i was there early on and saw it in all its glory.

And now Artemis has picked up a 70% stake in Elysium Resouces lease that holds the 47km patch. I'm guessing Chad, you know how much gold was picked up there.

I was tempted to hold on but as my Dad always reminded me "You can't go broke taking a profit". I've held on before many times and ending up doing my A*s*. I'll be content even if it continues to climb. The profit I made is going to buy me a mini excavator. I might get back into Artemis if it falls back.

You've done well. The best approach - the only approach - to really making money on the market is wisely put by Warren Buffet "Be fearful when others are greedy, and greedy when others are fearful" Now with this Artemis and Novo story, everyone is getting greedy - that means its time to get out, so you did the right thing. I followed this since Artemis was 4c and novo 83c. I did not heed my own advice, and buy when others were fearful as I was myself. 10k in June would've been 100k now. Too bad, its history

Also, if you really have a look at the data, and at the maps, and announcements they have made, then there is real cause to be fearful now. All of the points they plot (if you have a really close look at the map), you will see hundreds - thousands of fine red points. They are essentially all clustered in the 'cross shaped' trenches. That shape might also turn out to be quite prophetic too. It might be the cross upon which the notice "RIP Artemis and Novo, the great Pilbara Gold Rush lies here" Because the area of the most intense gold strike is about 100m diameter maximum. You can see Landcruisers parked in there for scale. In short, its a tiny area.

A couple of thousand ounces of surface gold, 3000, 4000, 5000 oz even, especially so tightly clustered in the form of small to large nuggets does not make for a gold deposit the size of the Witwatersrand, which has produced 1/3 to 1/2 of all gold ever mined. The only common trait this shares with the Wits deposit, is that it is in an old conglomerate. However, the type of conglomerate is completely different. This is more a type of conglomerate found in river systems, with multiple rock types, such as those in California, Alaska, Russian far east (Kolyma), and most of the other great alluvial rushes the wold has seen. THe Wits conglomerates are very mature quartz pebble-dominant conglomerates.

They have been drilling up there too - large diameter holes which are required to get a sufficient sample to to get a meaningful result. When you have really coarse fold (anything over 1mm in size - in reality, anything visible) it makes the task of assessing the grade very difficult. If I drill a hole and get one 5g nugget in the core (say diameter of the core is 63mm, called in the industry HQ), then I sample that meter of core, I will get a fantastic grade. If another hole is drilled right next to the same hole and gets no gold nugget, my grade is zero. Which one is correct?

Well, they both are, but they both also mean nothing. The sample size is the issue. To get a representative sample is what is needed, and that sample size is determined by the size of the gold particles. I've heard reports of individual nuggets up to many ounces weight being found at Purdy's. For a placer field, equally for a mesothermal vein system with lots of coarse gold, that means to try to ascertain the average grade you would need to take a sample of probably 10 - 50 tonnes and process it all to get a better estimate - and you'd need to collect samples of this size every 20m or so all the way along the target zone.

The company is doing some such work, but they are producing a 'concentrate' but this is from an undisclosed amount of rock/earth from which they then derive a weight of gold contained (by physically weighing the gold they recovered from the concentrate), and back calculated grades of between 43 to 73 g/t Au thereabouts. Quite spectacular. However, this is the grade of the concentrate, which is derived from an undisclosed volume of rock.

When you target a sample site, based on using a metal detector to locate detectable gold, you are biasing the sample to the most extreme level possible buy targeting the coarsest gold you can find.

What about sampling a site 20m away, 100m away, 200m away, in the same position in the conglomerate, but where no gold was able to be detected? If you do that at regular intervals, you soon get an idea of how continuous the zone of mineralisation is. Having the same conglomerate traceable over hundreds to thousands of metres to kilometres and 10's of kilometres is a great start -the host rock unit is there, but if the host doesn't have the gold uniformly all the way along, then it means nothing. That is the horizontal surface dimension - easy to get to and easy to sample. Just drive along, detect, dig a hole. To test the vertical dimension requires drilling, that gets expensive. It gives you a small sample - a sample that is not representative. To take a large sample, requires drilling much larger diameter holes. They've stated they are drilling 16.5" diameter holes now. Great, but also much more expensive. But still, its not really a large enough sample. Next step is then to start excavating shafts and drives to collect bulk samples in the order of tonnes of material, but that comes after drilling confirms there is something there.

All this determines the grade, the distribution, and the uniformity of the gold mineralisation. And that part is really key. The Witwatersrand is so uniform in grades of 10's of kilometres that its possible to predict grade with great confidence, with literally one or two holes per square kilometre. It is uncanny, just how uniform the gold grade is. It also does not, for the most part contain anything like nuggets. The gold is often not even visible, yet is very, very high grade. All that remains to be seen in the Purdy's and other conglomerates of the Pilbara.

The question is why, with all the drilling done to date, have there been no announcements of grade in drill holes? Probably, because they have not intersected any significant grade - nothing to substantiate the very high - indeed spectacular - grades derived from these zones at surface that were found with metal detectors.

That is a worry, and things start to smell fishy. Indeed I smell a rat sniffing around as well. When the results are finally announced, if the grades are confirmed you can expect these shares to skyrocket. If however, there is nothing of significance to report, then you can expect the opposite - the share prices will crash, and the great new discovery, the meteoric share price rise will even more quickly fall off a cliff. Then the share price enters the real roller coaster phase that can last months to years - a new hit will see the shares rocket up again, negative results will see them tumble just as fast, as punters wait eagerly for the next round of fortune making - or fortune breaking - results.

I really hope it stacks up to something real, tangible, and overall game changing for the gold mining industry, and for WA and Australia in general. If it was somehow, even 1/10th the size of the Witwatersrand it would equal in size any gold producing area in Australia.

But, I've been here before, seen and heard all the spruiking and when I look at the tiny area they are sampling, I just can't help but think even my initial enthusiasm and excitement has been checked somewhat. To slightly modify the statement made earlier " this gold rush isn’t bullshit": well that much is true – a bonafide metal detector gold rush, metal detector discovery. However, “We’ve found the biggest deposit in the world”: That is almost certainly bullshit and will take a hell of a lot longer to prove than disprove, so “Put that in the bloody paper.”

A life changer for a prospector to discover is absolutely 100% given, but it doesn't mean at this stage any more than that, but that chance of discovery is what keeps us all out there prospecting, right?

Pb_Haze wrote:And now Artemis has picked up a 70% stake in Elysium Resouces lease that holds the 47km patch. I'm guessing Chad, you know how much gold was picked up there.

Yeah spent a bit of time there and did ok

onthehunt wrote:I was tempted to hold on but as my Dad always reminded me "You can't go broke taking a profit". I've held on before many times and ending up doing my A*s*. I'll be content even if it continues to climb. The profit I made is going to buy me a mini excavator. I might get back into Artemis if it falls back.

Yeah cant argue with that, there growth has been phenomenal and obviously cant keep going up at the same rate. Only time will tell when the best time to cash out was.

GoldnQuartz wrote:You've done well. The best approach - the only approach - to really making money on the market is wisely put by Warren Buffet "Be fearful when others are greedy, and greedy when others are fearful" Now with this Artemis and Novo story, everyone is getting greedy - that means its time to get out, so you did the right thing. I followed this since Artemis was 4c and novo 83c. I did not heed my own advice, and buy when others were fearful as I was myself. 10k in June would've been 100k now. Too bad, its history

While i agree its definately been overhyped (read a story the other day where some guy said its the biggest gold deposit in the world lol) im still hopefull the soon to be released drill results will be pretty good, on top of purdys theyve also got carlow castle which is supposed to be very high grade cobalt (plus gold and copper),weeriana and a few other bits and pieces including radio hill processing plant. Ive been hearing some interesting rumours and have to say im just as impressed by the way they are doing things as i am with the ground they hold. Definately interesting times ahead.

GoldnQuartz wrote:You've done well. The best approach - the only approach - to really making money on the market is wisely put by Warren Buffet "Be fearful when others are greedy, and greedy when others are fearful" Now with this Artemis and Novo story, everyone is getting greedy - that means its time to get out, so you did the right thing. I followed this since Artemis was 4c and novo 83c. I did not heed my own advice, and buy when others were fearful as I was myself. 10k in June would've been 100k now. Too bad, its history

Hey GoldnQuartz- quick question for you if you dont mind ( you sound like you know what youre talking about). What kind of grades and what total size deposit do you think they need to confirm to justify current price and growth trends, very interested in your response.

Cheers

GoldnQuartz wrote:You've done well. The best approach - the only approach - to really making money on the market is wisely put by Warren Buffet "Be fearful when others are greedy, and greedy when others are fearful" Now with this Artemis and Novo story, everyone is getting greedy - that means its time to get out, so you did the right thing. I followed this since Artemis was 4c and novo 83c. I did not heed my own advice, and buy when others were fearful as I was myself. 10k in June would've been 100k now. Too bad, its history

Hi Goldnquartz,

Whilst the Buffet philosophy is indeed the best approach one can perhaps also make money on the situation as it stands by trading the stocks. If we consider that many people have invested both at the wrong time and also on a punt that grades will be good and projects can move forward one can simply keep an eye on developments and then be quick in pulling the trigger and shorting the stock if the news is bad and selling quickly. If it is better than expected then buy and only hold for a short time perhaps even less than a minute. To be honest im not sure if any brokers on derivative platforms list these small cap businesses but there is one that gives full access to the markets but they require a 100k account.
Cheers

Wasn't the Super Pit found by somebody scratching around on the surface with a pick n shovel. If they had metal detectors in those days then that is likely what would have found it.

Yeah you have to take a lot of samples over a wide area and depths to get a reasonably accurate assay and then either mine it yourself or sell it to a company that has got the gear to do it properly. One thing is for sure which is if it is going to continue as a scrape and detect mine then I have lost interest.
Is any of this on aboriginal land? or including sacred sites?

There are no sacred sites or heritage areas in the area.
So far as I can see the sampling has only been done on a small area of Artemis live lease where the host rock is close to the surface. The rest of the gold strike, 3-4km long is on a pending lease awaiting approval.

Goldnquartz...your post is about the first sensible post I have read about the Pilbra 'goings on'.
There is a good saying in prospecting/explortion...' the best way to ruin a good exploration project is to put a drill rig on it'
The little I have seen on the find puts it as nothing more than a prospectors show. Lisa and I specifically chase 'conglomerate gold' and have found several such patches (not as rich)...it's nothing new...nothing special and not something you would be founding a company on. It demonstrates one of the things I love about prospecting...nothing has really changed since the early day's....gold rush's...'salesman'...winners ...loosers.
Good post.