Monday, September 25, 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 September 21, 2017 the co released News

Novo Resources Corp. has provided an update on exploration activities at its Karratha gold project, Western Australia.

Novo recently received necessary plan of work approvals for core drilling at the Purdy's Reward prospect. The Purdy's Reward tenement is part of a farm-in and joint venture Novo has with Australian Stock Exchange-listed Artemis Resources Ltd. and is part of Novo's greater Karratha gold project. As discussed in the company's news release dated Aug. 31, 2017, Novo envisions a two-pronged approach to drilling at Karratha. Scout diamond core drill holes will help allow initial assessment of the depth and thickness of targeted gold-bearing conglomerates.
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.
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On July 12, 2017 the company released News

Novo Resources Corp. is pleased to announce that it has found in situ gold nuggets up to 4cm long in primary conglomerates from its first trench at its Purdy's Reward prospect and has collected a bulk sample of these gold-bearing conglomerates for analytical test work. The sample originates from a one meter thick reef near the top of an 11 meter thick stacked sequence of mineralized conglomerate horizons.