https://www.miningweekly.com

Novo shares still trading below May highs after disappointing drill results

5th June 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – The share price of TSX-listed Novo Resources was still trading well below its May highs, after the company last week reported disappointing drilling results from the first bulk sample at its Comet Well project, in the Pilbara.

While the first 7.143 t bulk sample returned grades of 10.4 g/t gold, a second 6.853 t bulk sample returned grades of only 1.5 g/t gold. The second bulk sample was collected immediately beneath the first.

Novo told shareholders on Wednesday that when compared with bulk samples collected from the Purdy’s Reward project, which yielded 10.6 g/t to 87.8 g/t gold results, the second sample from Comet Well was of notably lower grade, an indication that the basal contact was not as enriched at Comet Well, compared with that at Purdy’s Reward.

Following the release of the drilling results, Novo’s share price on the TSX plummeted from C$6.05 on Wednesday to a low of C$3.92 on Thursday. To date, the company’s share price has only marginally recovered, closing at a price of C$4.80 on Monday.

The Comet Well project is part of Novo’s larger Karratha gold project, which also includes a joint venture (JV) with ASX-listed Artemis Resources. The Artemis JV would see Novo earn a 50% interest in the Australian firm’s tenements in the region, which includes the Purdy’s Reward prospect.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

North Ridge Pumps
North Ridge Pumps

North Ridge Pumps is an independent manufacturer of pumps. We have a proven track record for product support and customer service throughout the...

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.049 0.84s - 110pq - 2rq
Subscribe Now