Novo Resources continued drilling and fieldwork has identified the Upper Conglomerate over 2.5km, which supports our view that a large gold deposit is possible at Purdy’s Reward and Comet Well. Key highlights from this release include:
Geologic markers have been identified (Mafic tuff bed and chlorite alteration) which should help guide future exploration.
Results support our view of that a large gold deposit could be found.
Aggressive bulk sampling continues with a goal to generate sufficient data for trial mining.
We expect ongoing exploration of the upper conglomerate horizon and further bulk sampling results to be important catalysts for the stock. We continue to believe that Novo is worth between C$4.70-17.90/sh, suggesting upside from the current share price.