Novo Resources (NVO:TSXV) and its Purdy’s Reward prospect are rapidly becoming the latest darling of the TSX Venture. Stock in the company has climbed from below $1 to nearly $5 in recent weeks.
Novo Resources – 6 Month Chart
In a July that saw its shares rise from $1 to nearly $3, Novo has begun August on fire. There is something about a stock that hits consecutive highs day after day. There is nothing more bullish than a chart that keeps hitting new highs. Novo hit its latest all-time high today at $4.75 before closing at $4.58 per share. These kinds of moves change peoples lives and make investing in the TSX Venture fun.
Novo Resources Advances Purdy’s Reward Prospect
Novo Resources latest move up came on August 8th when the company announced analytical test results from a bulk sample of gold-bearing conglomerate from its Purdy’s Reward prospect. The prospect is covered by an earn-in/joint venture memorandum of agreement between Novo and Artemis Resources and part of Novo’s greater Karratha gold project. The company reported,
“As discussed in Novo’s news release dated July 12, 2017, this sample originates from the uppermost horizon of an 11-meter thick sequence of mineralized conglomerate beds. Purdy’s Reward is part of an 8 km trend that has recently been identified as highly prospective for conglomerate-hosted gold mineralization considered analogous to the Witwatersrand in South Africa.”
Click here to read more.
Developing a large mineralized trend builds in a degree of unknown potential that quickly proving up a resource does not. More and more companies are opting to continue exploring prior to first announcing a resource.
Dr. Quinton Hennigh, Chairman, President, and Director of Novo Resources stated, “Not only was the grade of this bulk sample encouraging, the Steinert XSS T sorting machine proved highly efficient at picking rock with coarse gold particles. We see value in its use for helping determine grade of this very unusual mineralization as well as potential use for future commercial applications.”
Furthermore,
“We look forward to working with Nagrom over the next few weeks to develop sampling and analytic protocols applicable to our upcoming trenching and drilling program. Novo has developed extensive experience testing unconventional conglomerate gold deposits at our Beatons Creek project…”
Click here to read the full quote and press release.
Purdy’s Reward is part of Novo’s greater Karratha gold project located in the West Pilbara, Western Australia. The company has one of the largest land packages we’ve seen in recent years. It’s gold projects in the Pilbara region of Western Australia total approximately 10,000 km2.
Pinnacle Member ‘samwin’ Riding High on Novo Pick
The Robstown native ‘samwin‘ is flying high with his selection of Novo Resources. A member for more than two years, his combined average return of 14.95% put him in 5th place overall Monday.
Member ‘heyjude‘ narrowed the distance between himself and our leader micronta Monday. Tomorrow marks the halfway point of the month with exceptional returns all around. 10th place ‘docfoot2‘ had managed a 41.84% return by Monday at the close.
August’s incredible average performance begins with Garibaldi Resources (GGI: TSXV) which is up nearly 100% thus far in August. Finally, six of the top ten members have selected the junior miner. To learn more about the breakout month Garibaldi is having read Garibaldi Resources Trades 1.6 Million Shares.
