RCKS Talk

Tuesday, March 20, 2018 Derek Macpherson

Novo’s +5-tonne Samples Expected in ~1 Month


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Novo Resources Corp. (TSXV:NVO) has provided an update on its exploration activities at Comet Well, which includes the expected announcement of +5-tonne bulk sample results in ~1 month. The samples were taken from the few meters of basal bouldery conglomerate that has been identified to be unique to the Powerline showing (Figure 1). It must be noted that Powerline differs from Purdy’s Reward in that detector strikes have been noted in multiple horizons above the basal contact whereas most gold nuggets at Purdy’s Reward were found at the base of the conglomerate sequence. As well, the company discovered an additional gold-bearing conglomerate at Powerline, which was exposed 20m up section from the basal bouldery unit. The thickness of the conglomerate is currently unknown, but several gold nuggets encased in a rock matrix have been recovered. We hope to learn more about these recent developments when we visit the project later this week. Novo plans to continue trenching and bulk sampling along the 2km of strike at Comet Well with plans to collect a total of 60 +5-tonne bulk samples. Since mid-February, Novo field teams have also drilled 39 vertical scout diamond drill holes on a ~200m grid at Comet Well with more tightly spaced holes in areas where trenching is expected to occur in order to better understand subsurface geology before bulk sampling takes place. With trenching, bulk sampling and scout diamond drilling underway, Novo is well on its way in unlocking the value of Comet Well and communicating it to investors. Importantly, this week we will be on site at Karratha and Beatons Creek, after which we plan to provide an update on our findings.




Derek Macpherson | VP Mining Analysis
Victoria Ellis Hayes | Associate
Alex Pitcher | Associate
 
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Novo Resources Corp. - TSXV:NVO - 1,2,3,4

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