Novo Scores +1 Gram Per Meter At Egina

TM Editors' Note: This article discusses one or more penny stocks and/or microcaps. Such stocks are easily manipulated; do your own careful due diligence.

It’s been eight months since I last delivered an update on Novo Resources Corp. (NSRPF). While Novo has put out a fair number of press releases since then, I have been waiting for some solid red meat. They have just put out red meat that should satisfy the Novo faithful and really irritate all the naysayers who live to pee on Novo’s parade.

In the piece I wrote in December of 2018 I covered the important numbers about alluvial production so any nitpickers should reread the piece. Basically it’s really cheap to process alluvial gravel and is always done with heavy equipment so is measured in cubic meters or cubic yards because that’s how heavy equipment is used. A dump truck or front-end loader will hold X meters or yards. All you are doing is moving dirt.

I was at Egina last year. I made it clear that what I saw was exceptional. Novo owns two mining licenses that cover 5 square km apiece.

Due to very sensitive issues about native title and control, you simply cannot just wander about the desert taking samples. Illegal prospectors will often sneak onto the reserve at night with metal detectors to snipe. If the locals catch them in the act they will give them a thumping, destroy their equipment and throw them off the property. So Novo has been highly limited in what they can and can’t do before coming to an arrangement with the natives.

I think I did a good job of explaining the theory last year but now that Novo has delivered solid numbers I can talk about the practice.

Novo used GPR (Ground Penetrating Radar) to identify a swale or depression in the subsurface terrain on one of their two concessions. In theory that is where you should find the richest gold.

As I write the bid on gold is $1498.70 making a gram of pure gold worth $48.19 USD. In their initial tests, Novo found 292.38 grams of 89% to 95% purity gold nuggets out of 281.9 cubic meters of gravel from surface. Please note that these were gold nuggets of 1 mm or larger. There will be some small gold but Novo has not determined the quantity yet.

1 2
View single page >> | is not a registered advisory service and does not give investment advice. Our comments are an expression of opinion only and should not be construed in any ...

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.