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Novo Resources CorpNN

Novo Resources Corp

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[Long] Novo ResourcesNovo narrowly broke above a prior high on Friday. The long term chart shows a large descending wedge that has already broken out. At the margin, this confirms a trend with a higher high. Do buyers flood in and push the stock to its prior highs? Nobody knows for sure, but I believe the bullish ingredients are all there. Keep in mind that the price of Gold was much lower in 2017 than it is now as well. I have been positioned in this for more than a year, having added considerably in the mid $1 range.
OLong
by tangman
3
$NSRPF Positive prospecting results for Nova Resources CorpVANCOUVER, B.C., Oct 09, 2019 (GLOBE NEWSWIRE via COMTEX) -- VANCOUVER, B.C., Oct. 09, 2019 (GLOBE NEWSWIRE) -- Novo Resources Corp. ("Novo" or the "Company") (NVO)(otcqx:NSRPF) is pleased to announce it has recovered significant coarse gold from trenching and bulk sampling at its Egina gold project, Western Australia. Recent results further confirm Novo's view that surface gravels covering the vast erosional terrace at Egina have the potential to host a gold deposit. Novo currently controls approximately 2,000 sq km of prospective erosional terrace. Novo's most recent trench, Trench 4, is oriented north-south and situated approximately 70 metres west of Trench 1 and its associated bulk samples discussed in the Company's news releases dated August 13, 2019 (www.novoresources.com) and August 22, 2019 (www.novoresources.com). Three bulk samples collected adjacent to Trench 4 yielded 337.2 grams of coarse, natural gold nuggets from 222.2 cubic metres of lag gravel. Highlights: Metal detecting and gravity processing of 222.2 cubic metres of surface lag gravels yielded a total of 337.2 grams of coarse, natural gold nuggets (please refer to below table of results and Figure 1 for sample locations). Bulk sample EGBS025 contained a single gold nugget weighing 86.3 grams, the largest yet recovered from the 2019 field season.* Novo considers these results very encouraging because the weight of recovered gold excluding this one outlier nugget is 250.9 grams. Many alluvial gold deposits display grades significantly below one gram per cubic metre. All gold discussed in this news release is coarser than one mm and potentially amenable to low cost "dry" extraction methods such as eddy current separators and mechanical sorters. Novo discussed favorable preliminary test results using eddy current separators on Egina gold nuggets in a Company news release dated September 16, 2019 (www.novoresources.com). Bulk sampling was undertaken across a 48-m wide nugget-rich zone within a broad topographic depression, or swale, identified by ground penetrating radar. Additional trenching and bulk sampling is currently underway and will continue until the end of 2019. * This nugget is not necessarily indicative or representative of mineralization at the Egina project. Table of coarse gold recoveries from three bulk samples at Egina: Coarse Gold Fine Gold BulkSamplePit PositioninSwale Volume(cubic m) Gold NuggetsMetalDetectedWhileExcavatingBulk Sample(grams)A Gold NuggetsMetalDetected in+5 mmOversizeMaterial(grams)A Gold Nuggetsfrom Sluice+1 mm(grams)A Gold NuggetsRecovered byIGR 3000 +1 mm(grams)A Total CoarseGold Nuggets(grams)A Gold inShaker TableConcentrate(grams)B Gold inShaker Table Tailings(grams)C Gold in IGR 3000 Tailings(grams)C Total FineGold (grams) EGBS025 Middle 78.7 125.3 0.0 15.5 9.7 150.5 In Progress In Progress In Progress In Progress EGBS026 Middle 69.4 82.0 0.0 19.6 15.6 117.2 In Progress In Progress In Progress In Progress EGBS027 South End 74.1 27.8 0.0 22.4 19.3 69.5 In Progress In Progress In Progress In Progress Total 48 m Long 222.2 235.1 0.0 57.5 44.6 337.2 In Progress In Progress In Progress In Progress Notes: A - Gold purity has been assessed at Egina and falls within a range of 89% - 95%. B - Based on whole sample assays. C - Back-calculated from assayed sub-samples. "We are pleased to see consistently gold-rich gravels in the swale at Egina," commented Dr. Quinton Hennigh, president and chairman of Novo. "We now have seven bulk samples from this target that have yielded, in aggregate, 629.6 grams of coarse, natural gold nuggets from 504.1 cubic metres of surface lag gravels. Over the remainder of this year, we plan to undertake sufficient trenching to outline an area that can be subjected to test bulk extraction and processing next year." Novo's current Egina program is focusing on identifying terrace gravels that can be subjected to bulk extraction and processing tests next year. In conjunction with its field activities, Novo is also currently examining various types of equipment that can be used for continuous gravel excavation, mobile "dry" gold processing and immediate environmental reclamation methodology that could be field tested next year. In addition to the three samples discussed above, a fourth bulk sample, EGBS024, was collected adjacent to Trench 4 near it southern terminus. Although the trench immediately adjacent to EGBS024 yielded eight detectable nuggets, two of which were in the range of 1-5 grams, no detectable nuggets were found while excavating EGBS024. Processing yielded 3.7 grams of nuggets from 96.3 cubic metres of gravel. The contrast in nugget yield between the trench and bulk sample is illustrative of the irregular distribution of gold in these gravels. Bulk samples discussed in this news release were collected from pits approximately 4 m wide and 16 m long under the supervision of Novo personnel. Depth of pits varies from about 1-1.5 metres. Sandy soil overburden was generally stripped prior to gravel extraction. Some underlying bedrock material was excavated along with gold-bearing gravels to ensure capture of gold on the bedrock interface. Each sample was excavated in lifts approximately 20-30 cm thick. Every lift was detected for gold nuggets by Novo personnel prior to removal, and the location and weight of each nugget was recorded without limitation prior to being securely stored. Bulk sample gravel was transported to Novo's Station Peak camp where it was processed through the Company's IGR 3000 gravity gold plant. Various concentrates and tailings from the IGR 3000 plant are currently being analyzed to evaluate fine grain gold. Once these results have returned, the fine gold contribution will be added to the coarse gold tally. X-ray fluorescence analysis of nuggets indicates purities ranging from 89-95%. Densities of gravels vary widely generally ranging between about 1.4-2.1 tonnes per cubic metre. Unlike hard rock gold deposits, alluvial gold deposit grades are commonly reported in grams per cubic metres. Dr. Quinton Hennigh, P. Geo., the Company's president, chairman, and a director, and a qualified person as defined by National Instrument 43-101, has approved the technical contents of this news release. About Novo Resources Corp. Novo's focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 13,000 sq km with varying ownership interests. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com Novo Resources Corp. engages in the evaluation, acquisition and exploration of natural resource properties. It holds interest in Karratha Gold, Pilbara and Nevada projects. The company was founded on October 28, 2009 and is headquartered in Vancouver, Canada.
OLong
by OTCMarketsExpert