RooGold, a Canadian with 13 Nice Aussie Gold & Silver Projects
Quinton Hennigh and I made a visit to the Pilbara to look at the Novo Resources projects a few years back. He found out about a mining project that had actually begun to mine rock that contained a lot of visible gold before shutting down and going bankrupt. We drove east from Nullagine into the bush to see what we could find from the rock pile. We did pick up some nice specimens. We may have outstayed our visit.
Quinton realized the sun was well past the yardarm. The dark in WA comes like the flip of a light switch. One moment it is daytime, the next it is the dark of night. Quinton began a long involved story about how the Roos like to come out right at sundown.
We ran into a suicidal Roo. Literally ran into it as in smash. I’m convinced the Roo was suicidal, after all who in their right mind would jump in front of Quinton driving a rental truck through the outback of WA? That alternative of course was that if the Roo wasn’t suicidal, that it would be a clear case of Roo murder. I just have a hard time believing Quinton would deliberately murder a poor little Roo out for a stroll.
While it was a cute little joey, when you are depressed, you are depressed. At times jumping in front of a truck driven by Quinton may seem like a great idea. In any case, since Novo was an Australian project I have always felt that to honor that cute little Roo, we should have changed the name of Novo to Roo Gold.
Alas, no one listens to me. Novo remains a really boring name when they had the opportunity to remind everyone of the greatness of little Roos.
Someone came to me a year ago that wanted to put together a new Canadian junior with a focus on outstanding Aussie properties that all had a history of prior production. They wanted a good name for the new company. How could I resist honoring my friend the departed little Joey from WA?
So RooGold began.
Dr. Chris Wilson put together a package of thirteen 100% owned, all prior mined projects in NSW when no one else was interested. Initially all the projects were in three different private companies but management made the decision to bundle them all into one public company called RooGold. Crescat is a serious investor as is Quinton Hennigh who is a technical advisor as well.
Carlos Espinosa, formerly the head of Global Mining Business Development at the TSX was recently selected as the President and CEO.
The company is based around thirteen gold and silver prospects in New South Wales. The total land position is 1,380 square km. Records indicate there were about 137 different mines across the various projects which were worked by artisanal miners eighty to a hundred years ago.
RooGold has just under $2 million in cash with a market cap of $9.4 million. Their plan is to look at all thirteen projects and to pick the top three to focus on. Currently they are arranging landowner permissions for access and planning on starting their surface programs soon.
I have been a shareholder in Roo since it was in three pieces. Roo is an advertiser and I have participated in several private placements. Do your own due diligence.