RCKS Talk

13-Dec-2018

Novo Resources Corp

Bulk Samples Coming to Town

Impact: Mildly Positive

Novo provided an update on multiple projects, suggesting steady news flow through year-end and into 2019. The news is expected to include bulk sample results from Egina, Karratha and Beatons Creek, the mineralization report from Karratha, a resource update at Beatons Creek and additional exploration results from the new Talga Talga prospect. In our view the share price, does not reflect value the potential of the company’s Karratha, Egina or wider Pilbara projects and is mostly underpinned by Beatons Creek.

Highlights: 
  • Egina – heading in to systematic bulk sampling. Novo has completed initial bulk sampling as it prepares to begin much larger sampling across the Egina gravels in 2019. The company completed a 170t bulk sample which is being processed with results expected before year-end. Detailed metallurgical test-work is being completed on smaller samples to develop a processing scheme for the Egina gravels. 
  • Karratha – approaching a mining lease. While more bulk sample results are pending, the next key catalyst is the creation of a mineralization report for Comet Well and Purdy’s Reward (Karratha project), which is a key element needed to convert these exploration leases into mining leases. The report is expected to be delivered in Q1 2019. 
  • Beatons Creek – resource update expected to add significant value.
    We expect the pending exploration results could result in a material grade increase (25-50%) which could make Beaton’s Creek a stand-alone project. The resource update is expected in Q1/19 and we highlight that our current value estimate of C$1.10-1.40/sh does not include higher grades at Beaton’s Creek.  
  • Talga Talga – a new hardrock target. Located 110 km north of Beatons Creek, this project adds a hard-rock exploration target to the company’s portfolio. Rock chip sampling and detailed mapping have defined a 3km long mineralized corridor (Figure 1). The company expects to pursue diamond drilling in 2019 following further geological interpretation. 
Valuation:
Adding Egina to our estimates would be accretive to our preliminary valuation of C$2.40-4.80/sh. We currently ascribe no value for Egina or Talga Talga in our estimate; however pending exploration results may alter our view, in particular the pending bulk sample results from Egina. With Karratha likely 6-12 months away from larger scale bulk samples, news flow from the company’s other projects is expected to be key. Upcoming catalysts include, 1) Larger scale bulk sampling (H2/19), 2) Ramp-up of exploration work at Egina (Q1/19) and 3) Beatons Creek resource update (Q1/19).

 

19-Nov-2018

Novo Resources Corp

Sorting Things Out

Impact: Mildly Positive

Successful ore sorting of bulk samples at Novo’s Karratha Project should benefit grade definition efforts and long-term project economics. Using a new supplier, the company has re-tested ore sorting technology, with initial results suggesting exceptional mass pull (~0.3%). This has positive implications for both ongoing grade definition efforts, as it could make assaying larger samples simpler and has the likely benefit of simplifying mining at Karratha, by eliminating the need for selective open-pit methods, on the narrow gold-bearing conglomerate zones.

Highlights: 
  • Third round of sorting work has much better results. It appears that mechanical sorting using X-Ray and Electromagnetic induction (EM) is sensitive to crush size. Previous testing, was completed on a sample that was crushed to fine (~2mm). This round, using between material crushed between 10-63mm (+63mm deemed to be too large) reduced material from the mineralized conglomerates to ~0.3% of the original mass (i.e. 5 tonnes to 15kg). Assays are pending for both the concentrate and the tail to determine final effectiveness.
  • Success expected to have significant impact on grade determination work and eventual mining. If this process effective, we expect it to speed up grade determination efforts (smaller samples to assay) and should allow the company to bulk mine the ~25m thick conglomerate package versus trying to mine two ~1m zones (with the surrounding rock). In the mining scenario, this should both reduce gold loss and costs.
  • Knock-on effect from Karratha to Egina. With Karratha transitioned in to permitting and exploration underway at Egina, which we visited last week, we would expect that if ore sorting technologies prove effective, it could be used on other conglomerate deposits in the Pilbara, including Egina. 
Valuation:
Simplified mining/processing for Karratha could improve our preliminary valuation of C$2.40-4.80/sh. With the Karratha shifting to permitting (6-12 months till trial mining can start), near-term catalysts are likely to be from the exploration program at Egina. Following our site visit last week, we intend to refine our overall estimates for the company. Upcoming catalysts include, 1) Final assays from ore sorting (Q1/19), 2) Additional 5-tonne bulk sample results 3) Larger scale bulk sampling (H2/19) and 4) Ramp-up of exploration work at Egina (Q4/19) 
30-Oct-2018

Novo Resources Corp.

Shifting to the Egina

Impact: Mildly Positive

Novo intends to aggressively explore it’s Egina tenements (948 km2), to which we currently ascribe no value in our preliminary valuation. As such, any success would be accretive to our estimates. Following recent bulk sample results , Karratha has transitioned to permitting ahead of large scale bulk sampling, shifting the company's exploration focus to Egina where it has laid out an aggressive program.

Highlights: 
  • Three interrelated mineralization styles at Egina. The schematic of the property’s mineralization, shown in Figure 1, indicates multiple mineralization types at Egina, which includes the basal Fortescue group gold conglomerates (like Karratha), gold bearing marine lag gravels and lode gold mineralization. Given the scale of the lag gravel blanket and the potential for fine gold, Novo sees this mineralization style as the most prospective.
  • Ramping up on the Egina. The company has laid out a comprehensive plan to explore the project, using multiple methods of geophysics, trenching, along small and larger scale sampling. The plans to assess its IGR3000 alluvial processing plant ahead of planned bulk sampling in 2019. A portion of the Engina project (11.8km2) is already covered by mining leases, and is planned to be be the first area where work is completed.
  • Upcoming site visit should provide us a view on the initial valuation of Egina. We currently ascribe Egina no value in our estimates; however, the multiple deposit styles on this project, the fine-grained gold content and the pervasiveness of gold suggest this could be one of the more prospective projects in Novo. We highlight the Pacton Gold’s (TSXV:PAC) recent success in the area adds to our positive view on this project. 
Valuation:
Adding Egina to our estimates is likely accretive to our preliminary valuation of C$2.40-4.80/sh. We believe, that with the Karratha project shifting a permitting phase, leaving 6-12 months be larger bulk samples can commence, near-term catalysts are likely to be from the exploration program at Egina. We intend to refine our overall estimates for the company and incorporate a value for Egina following our site visit in November. Upcoming catalysts include, 1) Larger scale bulk sampling (H2/19) and 2) Ramp-up of exploration work at Egina (Q1/19). 
10-Oct-2018

Novo Resources Corp.

Bulk Sample Results Coming in October

Impact: Mildly Positive

Novo Resources announced an improved resource at Beatons Creek and has guided to an October release of the bulk samples results from its Karratha project. While we view the resource update as positive, we believe the market has been disappointed by the frequency and amount of data from the conglomerate target so far. Ultimately, we expect the results of the bulk sample to support our thesis of +10 mln ounces of gold at Novo’s Karratha project. We also believe results from the bulk samples will have an impact on all conglomerate gold players in the Pilbara. 

Highlights:
  • Comet Well bulk sample results are coming in October; stock expected to move on the news. This news is something the market has been waiting for, and we expected it to be a material release for both Novo and other Pilbara players (Figure 1)
  • All bulk sample results to-date have returned an average value of 7.4 g/t Au. This weighted average includes all the 5-tonne (2) and 300kg (9) samples released to date, including the released samples that returned zero grade. To maintain our current view that Comet Well & Purdy’s Reward could be between 10-25Moz at 10-15g/t Au, we expect grades to remain at or slightly above the current average.
  • Beatons Creek grows and modestly improves our valuation. Based on work since 2015, Novo has increased its Beaton’s Creek near surface resources by 26%, while overall grade decreased by 10%. We have adjust our preliminary valuation for Beaton’s Creek based on the results and now estimate its value between C$175M-C$225M (was C$150-200M), which equates to C$1.10-1.40/sh.
Valuation:
Minor lift to valuation following resource update; pending bulk sample results is the key catalyst. By applying our increased valuation for Beatons Creek to our, rough valuation for Karratha (C$3.25-16.25/sh ) and a cash balance of ~C$0.43/sh, we believe Novo is worth C$4.80-18.00/sh (was C$4.70-17.90/sh). As a result, we believe there is significant upside from the current share price of C$2.58/sh.  

17-Sep-2018

Novo Resources Corp.

Novo Eyes Egina Region for Conglomerate Gold

Impact: Mildly Positive

Novo Resources has announced that it has entered into two property transactions in the Egina region of Western Australia, expanding its dominant land position, and bringing a new conglomerate are within the Pilbara into focus.

  • Both land packages were acquired following in-depth research into the potential conglomerate gold-bearing nature of the Egina region, where gold nuggets have previously been discovered similar to those at Comet Well and Purdy’s Reward
  • For the 100% interest in the Farno-McMahon proprery, Novo plans to pay A$2.5M in cash and A$5.5M in shares (deemed price of C$4.107/sh)
  • For the ability to earn a 70% interest in Pioneer Resources (ASX:PIO) Kangan gold project, Novo plans to pay A$200,000 in cash and issue 100,000 shares to Pioneer, along with subscribing to a A$1M in Pioneer shares
  • We view these transactions favourably as, Novo is expanding its already dominant land position in the Pilbara; however, we believe the market is likely to remain focused on bulk sampling results from the Comet Well and Purdy’s Reward projects
Now that the company has overcome the processing challenges encountered for the first large tonnage bulk samples, we expect steady news flow from bulk sampling going forward (24 samples currently in the queue). We continue to believe that Novo is worth between C$4.70-17.90/sh, suggesting upside from the current share price.

 

17-Aug-2018

Novo Resources Corp.

Conglomerate Continuity Supports our View on Scale Potential

Impact: Mildly Positive

Novo Resources has provided an exploration update based recent surface mapping and trenching at the Comet Well and Purdy’s Reward properties in the Pilbara.

  • Recent exploration at Comet Well indicates that the upper gold-bearing conglomerate appears to be continuous with the basal gold bearing conglomerate at Purdy’s Reward, the Novo - Artemis Resources 50-50 joint venture, for a current explored strike of 3.4km
  • The apparent continuity of the gold-bearing conglomerates which are generally shallow and accessible for bulk sampling is an encouraging sign and 5-10 tonne bulk samples are currently being collected from newly opened areas
  • Novo and Artemis have re-commenced exploration activities at Purdy’s Reward, which includes infill diamond drilling to collect data on the depth and thickness of the gold-bearing conglomerate
Now that the company has overcome the processing challenges encountered for the first samples, we expect steady newsflow going forward (24 samples currently in the queue). We continue to believe that Novo is worth between C$4.70-17.90/sh , suggesting upside from the current share price. 

16-Jul-2018

Novo Resources Corp.

Novo Exercises ROFR on Half of Comet Well Royalty

Impact: Mildly Positive

 

Novo Resources has exercised its right of first refusal (ROFR) to purchase half of a 1% NSR royalty on its Comet Well property in the Pilbara, matching the terms of an offer made by International Prospect Ventures Ltd. (TSXV:IZZ).
  • Payment to the holder of the NSR includes $1,750,000 cash payable in three increments ending 1 year from the approval date, as well as Novo common shares equivalent to 9% of IZZ’s issued share capital at the date of execution
  • Additionally, Novo has agreed to pay a sub-royalty to the holder based on announced resources or mined resources of gold, of $0.50/oz up to 5,000,000oz and $1.00/oz for over 5,000,000oz
  • Novo stated that the use of the company’s ROFR was to minimize potential profit dilution from future operations
Now that the company has overcome the processing challenges encountered for the first samples, we expect steady newsflow going forward (24 samples currently in the queue). We continue to believe that Novo is worth between C$4.70-17.90/sh, suggesting upside from the current share price.

 

10-Jul-2018

Novo Resources Corp.

Heritage Agreement Paves the Way for Regional Exploration

Impact: Mildly Positive

Novo Resources has announced that the Ngarluma Aboriginal Corporation (NAC) has signed a heritage agreement including 37 exploration licenses covering 6,645sq km in the West Pilbara region (Figure 1), which represents over half of the company’s total land package in the Pilbara of Western Australia.
  • With the execution of the agreement, Novo’s exploration license applications should be granted without undue delay, which clears the way for exploration on the company’s wider land package in the Pilbara
  • A strengthening relationship with the NAC allows for a smooth transition to commence negotiations to enter into a Native Title agreement with respect to mining, which we highlight is essential in obtaining an exploitation license
  • Novo has previously highlighted that there are 24 samples (120-168 tonnes) at SGS waiting to be processed and additional samples at a secure yard in Karratha. The company expects to be able to process 50 tonnes per month now that the processing challenges have been ironed out. We expect the next set of results to be released within the next few weeks
Now that the company has overcome the processing challenges encountered for the first samples, we expect steady newsflow going forward (24 samples currently in the queue). We continue to believe that Novo is worth between C$4.70-17.90/sh, suggesting upside from the current share price.

28-Jun-2018

Novo Resources Corp.

Work-to-Date Suggests Upper Conglomerate is Continuous over ~2.5km of Strike

Impact: Positive

Novo Resources continued drilling and fieldwork has identified the Upper Conglomerate over 2.5km, which supports our view that a large gold deposit is possible at Purdy’s Reward and Comet Well. Key highlights from this release include:

  • Geologic markers have been identified (Mafic tuff bed and chlorite alteration) which should help guide future exploration
  • Results support our view of that a large gold deposit could be found
  • Aggressive bulk sampling continues with a goal to generate sufficient data for trial mining
We expect ongoing exploration of the upper conglomerate horizon and further bulk sampling results to be important catalysts for the stock. We continue to believe that Novo is worth between C$4.70-17.90/sh, suggesting upside from the current share price.

28-Jun-2018

International Prospect Ventures Ltd.

IZZ Acquires 0.5% NSR on Comet Well

Impact: Very Positive

International Prospect Ventures has entered into a non-binding letter of intent to acquire a 0.5% net smelter royalty (NSR) on Novo Resources Corp. (TSXV:NVO) Comet Well Property, located in the Pilbara region of Western Australia.

  • As consideration, the company has agreed to pay the third-party vendor an aggregate of C$1.75M, as well as an issuance of common shares equivalent to 9% of its issued share capital
  • Additionally, the company has agreed to pay a discovery bonus (cash or shares) based on announced resources or mined resources of gold, within 10 years of the deal, of $0.50/oz up to 500,000oz and $1.00/oz for over 500,000oz
  • We have previously noted that Comet Well could be a significant new gold discovery, which suggests this royalty could end up being of significant value. Our thoughts on Comet Well’s potential scale can be found here
This acquisition reflects the significant potential of Novo Resources discovery at Comet Well and represents a positive step forward for IZZ whose share price is likely to be sensitive to Novo’s ongoing exploration results.

05-Jun-2018

Novo Resources Corp.

NVO Continues to Progress; Still Early Days in Karratha

The recent conference call with Novo Resources management has supported our views that it is still early days and that company continues to progress towards identifying a very large gold system at Karratha. We have summarized our takeaways from the call below and provided a link to the audio below. Our key takeaways were:

  • Lots of samples pending; news flow expected to become more regular
  • Increased sampling size suggested to be more representative; samples spread over 3km
  • Working towards trial mining, management highlights steps needed to go mining
Now that the company has overcome the processing challenges encountered for the first samples, we expect steady newsflow going forward (24 samples currently in the queue). We continue to believe that Novo is worth between C$4.70-17.90/sh, suggesting upside from the current share price. 

03-Jun-2018

​Novo Resources Corp.

Good Initial Bulk Sample Results but Below Expectations

Impact: Neutral

Novo Resources announced the first complete assays from its large (>5t) bulk sampling program at Comet Well, which includes 10.4g/t Au in bulk sample KX157. We expect there is likely to be a steady stream of bulk sample results to follow.

  • Very good grades at surface, but below our rough estimates and market expectations
  • Results do not change our thesis on a significant gold system being present
  • Steady stream of results expected
First results have demonstrated a lower-grade, thicker system than expected, however it is still early days and it does not change our thesis on the potential for a very large gold system. We continue to believe that Novo is worth between C$4.70-17.90/sh, suggesting upside from the current share price.

13-May-2018

RCKS Charts

Catalysts are Key

In this edition of RCKS Charts, Keith has evaluated Toachi Mining Inc. (TSXV:TIM), Avidian Gold Corp. (TSXV:AVG), Aurania Resources Ltd. (TSXV:ARU), Novo Resources Corp. (TSXV:NVO), Golden Arrow Resources Corp. (TSXV:GRG) and NxGold Ltd. (TSXV:NXN).

11-May-2018

Pilbara Update

Kirkland Lake Increases Investment in the Pilbara

Impact: Positive

Kirkland Lake Gold (TSX:KL) announces its third investment in Novo Resources Corp. (TSXV:NVO) by acquiring 4 million shares from Artemis Resources (ASX: ARV) at C$5.00/sh to bring the company’s total investment to 29.83 million common shares of Novo at an average price of C$3.18/sh.

  • Kirkland Lake announces third investment in Novo Resources
  • Kirkland Lake continues to back a Pilbara discovery
  • Novo Resources and De Grey Mining remain our preferred companies for making a Pilbara discovery 
Kirkland’s continued investment in the Pilbara district indicates its ongoing confidence and commitment to a potential world-class discovery. We expect the next catalyst for Novo in addition to other Pilbara players to be Novo’s large bulk sample results expected at the end of May.

25-Apr-2018

Novo Resources Corp.

Preliminary Results from Larger Bulk Sample Look Good; Grade Expected by End of May

Impact: Positive

Novo Resources announced preliminary results from its larger bulk sample program at Comet Well, and while the market appears to have expected grade, a rough estimation of grade and location of the sample are very encouraging in our view.

  • Based on the limited data provided sample is likely to grade ~15-40 g/t, excluding the fine gold component
  • Good results, off the basal contact important resource development and mining
  • Final grade results expected end of May; results likely to be steady after that
Despite bulk sample grades and widths being towards the top end of our expected range it is only one sample, so we continue to believe that Novo is worth between C$4.70-17.90/sh, suggesting upside from the current share price.

05-Apr-2018

Industry Report

Pilbara Playbook

We recently visited 5 conglomerate gold projects and a conglomerate gold conference over a two-week period in Australia. Based on our site visits and the recent conference, these are the three key names that we like based on the work to date and the next steps planned by each company:

  • The Technical & Financial Leader – Novo Resources (TSXV:NVO)
  • One Step Behind with Hardrock Assets to Underpin – De Grey Mining (ASX:DEG)
  • An Impressive Newcomer – NxGold (TSXV:NXN) 

01-Jan-2018

Novo Resources Corp. (TSXV:NVO)

RCKS Talk Blog Archive

We updated the look & feel of our RCKS Talk Research Blog in March 2018.

To access the historical archives of our original blog format, please click on the link(s) below to be re-directed. Please note that we no longer update those archive blog pages.

Click here to access the RCKS Talk Blog Archive for Novo Resources Corp. (TSXV:NVO)


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Red Cloud Klondike Strike Inc. is registered as an Exempt Market Dealer (EMD) in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland & Labrador, and Yukon.

 

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Red Cloud Klondike Strike Inc. connects mining companies with suitable investors that qualify under available regulatory exemptions. For example, in Canada, according to National Instrument 45-106, Prospectus and Registration Exemptions. Similar laws and regulations apply in other jurisdictions. Companies presented on this website are considered to be highly speculative and, as such, are suitable only for purchasers who can tolerate the highest level of risk including the loss of their entire investment.

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