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Wednesday, December 13, 2017 Derek Macpherson

Comet Well Tenements Granted; Work Likely to Shift from Purdy’s

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Novo Resources Corp. (TSXV:NVO) has announced that the company has been granted its tenements at Comet Well from the Department of Mines, Industry Regulation and Safety in Western Australia (DMIRS). It enables Novo to begin exploration work on Comet Well and satisfy its conditional farm-in rights. Once these commitments are satisfied in addition to other commitments, the company will have an 80% interest in the tenements via two joint ventures. As soon as the DMIRS approves Novo’s plan of work, the company plans to commence field work at Comet Well. We expect that once Novo is able to start fieldwork at Comet Well, the ongoing work at Purdy’s Reward is likely to be materially reduced as Novo has completed earning its 50% interest. In the near-term, we are expecting initial bulk sample results from Purdy’s Reward, which we expect to be a material catalyst for Novo’s share price.  read more


Friday, December 01, 2017 Derek Macpherson

RCKS Charts: NVO, GSC, PGE, RPX, BTR & TK

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In this edition of RCKS Charts, Keith has evaluated Novo Resources (TSXV:NVO), Golden Star Resources (TSX:GSC), Group Ten Metals (TSXV:PGE), Red Pine Exploration (TSXV:RPX), Bonterra Resources (TSXV:BTR) and Tinka Resources (TSXV:TK).  read more


Friday, November 24, 2017 Derek Macpherson

NVO Exploration Update Shows Progress & Challenges

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Novo Resources Corp. (TSXV:NVO) has announced an update on exploration activities in Australia at its Purdy’s Reward tenement and Karratha gold project. The company has reported that the Western Australian Government’s Department of Mines, Industry Regulation and Safety (DMIRS) has granted a 20,000-tonne excess tonnage permit for the extraction of a bulk sample from Purdy’s Reward tenement. The company has indicated that the desired results from large diameter drilling were not achieved. Therefore, the company is going to have to rely on the ongoing bulk samples for grade estimation. Scanning electron microscopy of the gold-bearing conglomerate has indicated that the fine-grained gold previously reported occurs as halos of particles within a few millimeters of the coarser grained gold nuggets. While early, this suggests that the grade of any future resources is going to rely solely on the nuggets and there may not be a background fine gold component. At Novo’s current share price, the market is pricing in a sizeable resource at Novo’s Karratha project, which based on the data to date, we continue to view as very possible. However, additional data, including additional diamond drilling to determine conglomerate thickness (ongoing) and assay results from the ongoing systematic bulk samples (early 2018), is needed to fully understand this projects potential.  read more


Thursday, November 16, 2017 Derek Macpherson

NVO Advances Comet Well Permitting

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Novo Resources Corp. (TSXV:NVO) and Ngarluma Aboriginal Corporation (NAC) have signed a binding terms sheet to advance the heritage agreement and heritage clearance processes with respect to Comet Well and surrounding tenements. Novo will issue 100,000 shares to NAC, upon completion of the heritage agreements and regulatory approvals. Subsequently, the company can move onto the grant stage, finalizing its joint ownerships in the tenements and begin the approval process for work programs. At Novo’s current share price, the market is pricing in a sizeable resource at Novo’s Karratha project, which based on the data to date, we view as very possible. However, additional data, including additional diamond drilling to determine conglomerate thickness (ongoing) and assay results from the ongoing bulk samples and planned large diameter drilling (early 2018), is needed to fully understand this projects potential. read more


Wednesday, November 08, 2017 Derek Macpherson

RCKS Charts: GSC, NVO, TK, AGLD, ECC, PGE & TRA

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In this edition of RCKS Charts, Keith has evaluated Golden Star Resources (TSX:GSC), Novo Resources (TSXV:NVO), Tinka Resources (TSXV:TK), Austral Gold (TSXV:AGLD, ASX:AGD), Ethos Capital (TSXV:ECC), Group Ten Metals (TSXV:PGE) and Teras Resources (TSXV:TRA). read more


Tuesday, November 07, 2017 Derek Macpherson

NVO Announces Strategies for Non-Core Assets

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Novo Resources Corp. (TSXV:NVO) has announced its strategy for its ancillary assets including the company’s 100% owned Tuscarora property in Nevada and several tenements in Marble Bar, Western Australia. Novo has signed an option agreement with American Pacific Mining (“APM”) where it has the option to acquire the Tuscarora property’s 24 unpatented mining claims in Nevada. American Pacific will initially pay to Novo C$375k and issue C$200k worth of shares to Novo once the company is listed on the CSE. Beginning on the one-year anniversary of American Pacific’s listing date, APM will be required to incur annual expenditures of $100k on the property. American Pacific will also grant Novo a 0.5% NSR, which can be repurchased for $500k. As for Novo’s tenements in Western Australia, further to forming a joint-venture with Calidus Resources Ltd. (ASX:CAI), the company will be issued 20M fully paid ordinary shares of Calidus upon the receipt of all necessary environmental approvals. This strategy allows Novo to focus on its Karratha projects, which represents the most value to the company. At Novo’s current share price, the market is pricing in a sizeable resource at Novo’s Karratha project, which based on the data to date, we view as very possible. However, additional data, including additional diamond drilling to determine conglomerate thickness (ongoing) and assay results from the ongoing bulk samples and planned large diameter drilling (early 2018), is needed to fully understand this projects potential.  read more


Thursday, November 02, 2017 Derek Macpherson

Fine Gold, Not as Sexy but Just as Important as Nuggets

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Novo Resources Corp. (TSXV:NVO) provided an exploration update from the Purdy’s Reward tenement (earning 50%), which is part of Novo’s greater Karratha gold project in Western Australia. The company noted that core drilling has progressed further down-dip, and the company has opened 7 trenches with an 8th underway. All but one of which encountered the conglomerate. To investigate the presence of fine grained gold, some grab samples were taken from areas untested by a metal detector and yielded significant fine grain gold (Figure 1). While, these results are not conclusive with respect to grade, we view a component of fine grain gold to be an important element for the company to establish a sizeable compliant resource statement. These results, along with the bulk sample results released in August, suggest that a significant fine grain component is likely. At its current share price, the market is pricing in a sizeable resource at Novo’s Karratha project, which based on the data to date, we view as very possible. However, additional data, including additional diamond drilling to determine conglomerate thickness (ongoing) and assay results from the ongoing bulk samples and planned large diameter drilling (early 2018), is needed to fully understand this projects potential.  read more


Thursday, October 19, 2017 Derek Macpherson

RCKS Charts: FM, KL, RIC, TECK, KDX and NVO

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In this edition of RCKS Charts, Keith has evaluated First Quantum Minerals Ltd. (TSX:FM), Kirkland Lake Gold Ltd. (TSX:KL), Richmont Mines Inc. (TSX:RIC), Teck Resources Ltd. (TSX: TECK.A and TECK.B, NYSE:TECK), Klondex Mines Ltd. (TSX: KDX), Novo Resources Corp. (TSXV:NVO).  read more


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