NOVO RESOURCES COR COM NPV (OTCMKTS:NSRPF)
Shares of NOVO RESOURCES COR COM NPV (OTCMKTS:NSRPF) were up by 26.05% days after the mining company announced the acquisition of further interests in Karratha region, Western Australia. The company with its Australian subsidiary has signed an option agreement to acquire certain tenements.
NOVO Resources Stock Chart:
Novo Resources Bullish Run
NOVO RESOURCES COR COM NPV (OTCMKTS:NSRPF) has been on an impressive run since the start of the year, its shares having rallied by more than 400%. The bullish run that started in June shows no signs of slowing down as the stock continues to trade at the upper end of its $2.94-$3.70 trading range. The stock is also closing in on its 52-week high of $3.70
The mining company with its subsidiaries evaluates acquires and explores gold properties in Canada, Australia, and the United States. Its lead project is the Pilbara, Paleoplacer project in Western Australia. Build on a significant land project covering 10,000 sq. Km. Novo Resources also owns 100% interest in the 2 sq. km in the Tuscarora Au-Ag vein district Nevada.
The mining project where the company has acquired further interests consists of seven prospecting licenses, five exploration licenses, and six prospecting license application. NOVO RESOURCES COR COM NPV (OTCMKTS:NSRPF) is to make an option fee payment of 500,000 Novo common shares as part of the option agreement signed with the Optionor.
Novo will have 12 months from the signing of the agreement to decide whether to exercise its Option and purchase the Pipeline project outright. The Optionor is to retain non-gold rights to the Pipeline Project as well as 1% of gross royalty on production from the project.
NOVO RESOURCES COR COM NPV (OTCMKTS:NSRPF) has already announced its first bulk sample from the Karratha Gold project. The company has since announced plans to work with Nagrom to generate a refined protocol for sampling and analyzing the gold mineralization in the project. There are also plans to undertake a full systematic trench bulk sampling at Purdy’s reward, which is part of Karratha gold project in West Pilbara.
“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,” said Dr. Quinton Hennigh, Chairman, President, and Director of NOVO RESOURCES COR COM NPV (OTCMKTS:NSRPF).
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.