Thursday, December 21, 2017

Novo Resources Inc - NVO.v

Novo Resources Inc - NVO.v owns the approximately 10 square kilometer Beatons Creek Tenements in Western Australia and has the right to earn a 70% interest in the approximately 1,800 square kilometer Pilbara Paleoplacer Gold Project in Western Australia.

On December 21, 2017 the co released News

Novo Resources Corp. (TSX-V:NVO) (OTCQX:NSRPF) is pleased to provide an update on exploration activities at Purdy’s Reward, a farm-in and joint venture Novo has with ASX-listed Artemis Resources Limited (“Artemis”) and part of Novo’s greater Karratha gold project, Western Australia.
Shares of Novo Resources (TSXV: NVO; USOTC: NSRPF) have been on a climb since the company announced on July 12 it had found gold nuggets up to 4 cm long during trenching at its Purdy’s Reward paleoplacer gold prospect in Western Australia. The company’s stock nearly tripled from 96¢, only to gain another 33¢ to $3.15 per share on Aug. 8, when assay results of a 700-kg bulk sample delivered 87.8 grams gold per tonne and 46.1 grams per tonne. The sample represents the top metre of an 11-metre thick stacked sequence of mineralized conglomerates, similar in style to deposits seen within South Africa’s 1.5 billion oz. gold Witwatersrand Basin.

The watermelon-seed shaped nuggets were originally eroded out of an ancient gold system and re-deposited via rivers in a large outwash zone. Novo has traced the nugget-rich, 2.7 billion year old conglomeratic package almost continuously along an 8-km strike length. The rocks dip 10 degrees to the southeast under a cover of basalts.