I’ve written about Novo Resources at some length. They released an important press release on the 10th of December that was technically significant but pretty boring to most investors. There was one giant revelation. We are going to have to wait until January or early February but this is big.
“Of particular note, a section from approximately 530-550 meters displayed repetitiously bedded pyritic pebble and conglomerate believed to represent a distal facies of the gold-bearing pyritic conglomerates of Beatons Creek (see Figure 2 below). Detrital “buckshot” pyrite occurs in intervals up to 50 cm thick scattered through these conglomerates. Pyrite contents reach 20% in places. Core from this hole was packed and shipped to a laboratory in Perth where it will be logged in detail, sawn, sampled and submitted for assay. Analytic results are expected back in late January or early February.“
This was one of two holes the Australian government contributed $200,000 in a grant to help defray drill expenses. The 2nd hole didn’t get drilled because of a lack of water given the 45-degree temperatures in the summertime there.
One of the giant technical issues was if there was an underground component potential. While Beaton’s Creek has a nice oxide resource that would make for a nice small mine, most of the gold from this Wit’s lookalike washed off into the Indian Ocean. But if they have a major intercept in the 5-10 grams per ton range or higher over 20 meters, that would be giant and would make the company. Now all we have to do is wait for 6-8 weeks on the edge of our chairs. Patiently wait on the edge of our chair.
I am a shareholder. I am biased. Novo is an advertiser. Do your own due diligence.