Tuesday, July 24, 2018

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 June 28, 2018 the co released News

Novo Resources Corp. is pleased to announce that the upper gold-bearing unit at Comet Well displays strong continuity in outcrop and drilling.

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On March 13, 2018 the co released News

Novo's Comet samples return 10.4 g/t, 1.5 g/t Au

Novo Resources Corp. has provided results for the first two bulk samples from Comet Well, part of Novo's greater Karratha gold project in the Pilbara region of Western Australia. Sample KX157, a 7.143-tonne bulk sample previously reported to contain numerous gold nuggets, returned an impressive grade of 10.4 grams per tonne gold. Sample KX158, a 6.853-tonne bulk sample encompassing conglomerate and footwall dolerite, returned 1.5 g/t gold.
Shares of Novo Resources 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.