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Novo Receives Comet Well Programme of Works Approval

Cory
January 23, 2018

Here is the latest news out of Novo Resources. I think we are all anxiously awaiting the results from their trenching program and some more clarity on exactly what Novo has int he Karratha gold project. I will be chatting with Quinton and his team in the coming weeks. If you have any questions please email me at Fleck@kereport.com.

Click here to listen to our last interview.

Click here to visit the Novo website for more information.

Novo Resources Corp. (“Novo” or the “Company”) (TSX-V:NVO) (OTCQX:NSRPF) is pleased to announce that the Programme of Works (“POW”) submission for exploration activities at Comet Well has been approved by the Department of Mines, Industry Regulation and Safety of Western Australia. To date, Novo’s exploration activities at the Karratha gold project have been focused on the Purdy’s Reward tenement, part of a 50-50 joint venture with ASX-listed Artemis Resources Limited. Following heritage clearance activities and granting of the Comet Well tenements in late 2017 (please refer to the Company’s previous announcement dated December 13, 2017), the POW approval now clears the way for Novo to commence exploration activities in this highly prospective area of tenure. Comet Well represents a significant extension of the targeted gold-bearing conglomerate sequence encompassing an additional 5km strike southwest of Purdy’s Reward.

Trenching, bulk sampling and diamond drilling are scheduled to commence at the end of the month and will complement ongoing work at Purdy’s Reward.

Novo CEO and Director, Mr. Rob Humphryson commented, “Exploration to date has centred on Purdy’s Reward, pending tenement permitting, Aboriginal heritage access and government departmental approvals at Comet Well. With access now granted, Novo has the ability to access new, high priority target areas. We look forward to further exploring this unique gold system across a much broader footprint.”

About Novo Resources Corp.

Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 12,000 sq km. Novo also controls a 100% interest in approximately 2 sq km covering much of the Tuscarora Au-Ag vein district, Nevada. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com

On Behalf of the Board of Directors,

Novo Resources Corp.

“Quinton Hennigh”
Quinton Hennigh
President and Chairman

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-looking information 
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, statements as to planned exploration activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource industry as well as the performance of services by third parties.

PDFs accompanying this announcement are available at:
http://resource.globenewswire.com/Resource/Download/e517f86c-e4bb-4458-b5b2-75cfe7dd9782
http://resource.globenewswire.com/Resource/Download/b5954ba8-c941-4743-b6dd-a0f081ba6191

Discussion
72 Comments
    Jan 23, 2018 23:23 PM

    Why did this positive news cause Novo to plunge .25 today when other gold stocks rose, except for Pretium which was down $3 ? Doc, Matthew, and LPG, when will you buy NSRPF and PVG?

    Jan 23, 2018 23:34 PM

    Doc, do you still see the PM’s pulling back in the near term and presenting another buying opportunity or are they on the way up with very little in the way of a pull back?

    CFS
    Jan 23, 2018 23:08 PM

    I notice Pretivm (PVG) dropped 26% today, despite an increase in Gold today,

      Jan 23, 2018 23:30 PM

      I guess 8.6 grams per ton was disappointing to some.

      Jan 23, 2018 23:53 PM

      Regarding Pretium (PVG) – We discussed this one about 2 years ago that it was nuggety, (like raisin bread) and that once they got throwing the “jewelry box” at things to kick off initial production that they would run into serious challenges with continuity (like Rubicon did).

      That appears to be what we are starting to see now as things come home to roost. There is no doubt there is scattered high grade gold in their deposit, but they are going to need to improve their grade control a bit better to restore confidence.

        Jan 23, 2018 23:17 PM

        Here are a few thoughts from other investors today:

        > @RareDollars – “Guidance was missed. Right now any company missing is getting worked accordingly. On the flip side the stock is down 25% on 3M shares traded which is 1.6% of shares out. I think this is purely ETF managers selling today. There are some real loser precious metal funds out there.”

        >> @dirkdiggler – “Investors in this arena REALLY do NOT like a miss, in earnings, production or grades ~ $PVG”

        http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=CA%3Apvg&insttype=&freq=1&show=&time=5

        >>> @Kevin – “Interesting to read the comments here. Most people seem to believe this is a grade control issue. It is not, its a grade modelling issue, that cannot be solved by grade control. The predicted quantity of gold is not in the ground.”

        >>>> @ocotilloredux – “If you review Snowdens statements wrt to underground grade control carefully you will see that they don’t put much faith in it. The dozens of sections I reviewed of tight spaced drilling also showed an inability to improve stope boundary determination. We used to say “why ruin a good orebody by drilling it?” and that appears to be the case here. Recall that most of the resource has been determined from wide spaced surface drilling so I have little faith that the situation will get better.”

        >>>>> @tomszabo – “Is this an imprecise stope boundary issue or a stope size issue? It looks to be the wrong mine, not necessarily wrong to mine.”

        >>>>>> @Kevin – “@tomszabo the issue is that they used a resource modelling method called Multiple Indicator Krigging. It was incorrectly applied to an underground sublevel open stope mining method. The MIK method assumes a seperability of ore and waste that was not possible given the bulk mining method. If they mined in the same area with a highly selective method then the grade might be achieved, but the tonnage would not. they cant have both.. although they did on paper for years…”

          Jan 23, 2018 23:18 PM

          (PVG) Pretium shares tank after Brucejack ramp up disappoints

          Frik Els | about 10 hours ago

          http://www.mining.com/pretium-shares-tanking-brucejack-ramp-disappoints/

            Jan 24, 2018 24:22 AM

            @DanO – “$pvg It is not about the wrong geostatistical method used in estimating mineral resources. Also there is no issue with the mining method. It has to be bulk mining in order for them to make money. It is not the mining dilution that represents a problem. It is the fact that there is not enough gold within the boundaries of the designed stope. As ikn has rightfully noted “Grade reconciliation to the reserve model for the period August 1, 2017 to December 31, 2017 was approximately 75% to 80%.” That IS a problem. They blame lower drill density in that specific part of the deposit but see that going forward they want to drill in advance the heck out of every planned stope to make sure that they are not sending waste rock to the mill anymore.”

            “In the end the issue is the type of deposit that they have brought into production nothing else.” – DanO

    Jan 23, 2018 23:00 PM

    Novo……..$8.51…….to $2.85……..what a deal………

      Jan 23, 2018 23:04 PM

      these guys need to figure out how to add crypto to their name…..and they will double the existing price……Novolocriptic

    Jan 23, 2018 23:17 PM

    I don’t follow PVG but it is nothing but a weekly chart (important) sell. Let’s see if the 200 and 233 week MAs provide any support.

    http://stockcharts.com/h-sc/ui?s=PVG&p=W&yr=5&mn=3&dy=0&id=p66153585186&a=478780453

    Jan 24, 2018 24:10 AM

    US Dollar – 89.63

    Gold – $1351.70

    Silver – $17.28

    Oil – $64.73

    Inflation – rumble rumble….

    Jan 24, 2018 24:11 AM

    Finally , a pop in gold………let see 1375…….

    Jan 24, 2018 24:14 AM

    Platinum………..looking good……over 1000 again….

      Jan 24, 2018 24:17 AM

      HOT NEWS……….HELLO>>>>>>>>>>>>

    Jan 24, 2018 24:54 AM

    The Canadian dollar jumped right to a couple of fork resistances and is very likely going much higher:

    http://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=0&mn=9&dy=0&id=p58614303682&a=560437012

    Jan 24, 2018 24:11 AM

    Matthew, I sold 1/3 of my PVG at the opening. What do your charts tell you about NSRPF?
    It has dropped even more than Bitcoin! Thanks.

    Jan 24, 2018 24:28 AM
    Jan 24, 2018 24:35 AM

    Thanks, Matthew. I missed that Novo chart you posted last night. If Novo does fall to 2 Cannadian or 1.60 US, that will be where Newmont sold 10% of its shares to KL last summer. Maybe NEM would buy back some shares at that price as they tried to wiggle out of the deal to sell to KL. Is there any price at which you would buy? I guess Doc and Excelsior are glad they sold their Novo even though they missed the ride up to 7.10 US.

      Jan 24, 2018 24:12 AM

      I wish I would have held onto my Novo a little longer as I pulled the trigger way too fast. Oh well I sure didn’t loose any money. Stocks are like good looking women, they play you and then they leave you. LOL!

      On another note I’m watching JAG, it sure looks like a heartbreaker to me, get in get out but not too soon on either count.

      Jan 24, 2018 24:31 AM

      I have no plans to buy it but that has nothing to do with my opinion of the company or its project(s). I still don’t know much about it and have never owned it. I sure should have bought when you did and not gambled on the turnaround of Primero!

      The short term problem for Novo is the result of its recent success. So many paid so much and are now way underwater that the decline can continue even in the face of renewed bullishness for the sector.

      The current market cap is C$381M and I have no idea if that represents a bargain or not. It’s self-serving of me but, at C$128M, JAG represents a much more obvious value, albeit a less exciting one.

        Jan 24, 2018 24:53 AM

        Great points all around Matthew. Yes, I went in pretty heavy on the Primero turn-around as well, but the First Majestic takeover is the escape hatch to save my hind end. Once my shares covert over to FR, I just need it to double, but the opportunity cost of being trapped in this one for the last 6 months has been a bummer.

        I also agree that JAG looks set up to really break out. If it can close up in the low $.40’s where that fund liquidated their position, then it is game on!

      Jan 24, 2018 24:57 AM

      Bonzo Barzini – No doubt I sold out of Novo Resources way too early, but made 100% on part of the position and 160% on the remaining portion, so that seemed reasonable to me post metal detector youtube videos.

      It never crossed my mind how that story would just capture the entire sector all year long, so miscalculated the madness of crowds 🙂

      However, compared to many of the bagholders that got in on the newsletter writer pumps at loftier levels, that are now sitting on a big loss, then I don’t feel too bad.

      _______________________________________________________________

      This video from Joe Mazumdar points out how odd 2017 was on many of these stocks the sailed and sank like Arizona Silver, GT Gold, Novo Resource, Garibaldi, Aurion Resources, New Nadina, etc……

      > Joe Mazumdar “A year of living dangerously…”
      January 2018, Metals Investor Forum: #MIF #VIDEO

      https://www.youtube.com/watch?v=xR0eGa50Oqc

    Jan 24, 2018 24:40 AM

    Gold smelling bond troubles………a little inflation maybe…
    https://www.zerohedge.com/news/2018-01-23/warning-financial-system-just-made-tectonic-shift

      Jan 24, 2018 24:49 AM

      from the article
      The impact this will have on all asset classes will be massive. And it’s about to blow up the Everything Bubble.

      Bonds trade based on inflation.

      If inflation rises, so do bond yields.

      When bond yields Rise, bond prices FALL.

      And when bond prices FALL, the massive debt bubble begins to burst.

      On that note, the yield on the most important bond in the world: the 10-Year Treasury, has already broken above its 20-year trendline.

      Jan 24, 2018 24:33 AM

      Tanashian sticking with his thoughts that we’re likely to head down shortly, due to his 3 Amigos analysis. Guess we’ll see: http://news.goldseek.com/GoldSeek/1516804050.php

        Jan 24, 2018 24:24 AM

        interesting…………

        Jan 24, 2018 24:29 AM

        My perception of Tanashian’s work has been generally positive for years but I think he’s missing some pretty basic stuff this time.

          Jan 24, 2018 24:32 AM

          thanks for the input……..

            Jan 24, 2018 24:33 AM

            btw, what do you think he is missing……..

            Jan 24, 2018 24:23 AM

            What he’s missing is the reading of the price charts themselves as well as the momentum oscillators that go with them. He calls this a “selling opportunity” which is pretty vague but, in context, has to mean sell heavily/aggressively rather than “trim into strength” to take profits — which would be reasonable.

            The weekly and monthly charts for silver and the miners scream that we should be bullishly biased while human nature screams that newsletter peddlers should always have a bearish – er, “cautious” bias. Yes, his subscribers are human so they will ALWAYS forgive cautious and wrong more readily than bullish and wrong. Similar to a posh British accent, caution looks conservative, intelligent, and mature even when it represents none of those things.

            Real caution means respecting the charts as they are and, currently, the dollar’s looks objectively bad while gold’s looks objectively good. Charts, btw, reflect the fundamentals. So when an individual claims that the fundamentals point lower while the charts point higher, always go with the chart. Of course, the trick is to make sure that you know which way the chart is really pointing!

            Jan 24, 2018 24:28 AM

            Great comments there Matthew.

            Especially the point about people that speak with a posh British accent. 🙂

            Jan 24, 2018 24:50 AM

            Ditto……..and appreciate the reply Matthew… !!

            Jan 24, 2018 24:52 AM

            currently, the dollar’s looks objectively bad while gold’s looks objectively good

            Jan 24, 2018 24:54 AM

            I think those are the take away for the day………….jmo

      Jan 24, 2018 24:59 AM

      OOTB – Good post Kimble Charting post on Silver. Thanks.

      Jan 24, 2018 24:27 AM

      The Best in Crypto – 1/23/18
      By Goldfinger on Tuesday, January 23, 2018

      http://321ethereum.com/the-best-in-crypto-1-23-18/

        Jan 24, 2018 24:35 AM

        321ethereum…..should have been Bobby’s site…….. 🙂

          Jan 24, 2018 24:00 AM

          How do you know it isn’t? 🙂

            Jan 24, 2018 24:02 AM

            I bet it is John R’s………. 🙂

            Jan 24, 2018 24:02 AM

            Only kidding but he and Goldfinger are good pals.

            If I had a website based on cryptos I’d love to let the Ceo Technician run things. He’s an incredibly sharp guy.