Taylor refreshes Novo Resources buy -- 2014-08-07 19:01 ET - In the News
Jay Taylor, in the July 17, 2014, edition of Gold, Energy & Tech Stocks, refreshes his buy of Novo Resources Corp., recently $1.20. Mr. Taylor said buy twice -- on Aug. 16, 2013, at 80 cents and on Feb. 12, 2014, at 91 cents. Assuming a $1,000 investment for each of the two buys, the $2,000 position is now worth $2,817. Mr. Taylor says Novo may become one of the most successful exploration stories in his newsletter's history. He is placing his trust in president and CEO, Dr. Quinton Hennigh, a highly regarded "free thinker" geologist. Dr. Hennigh is after a Witwatersrand-like gold deposit at Novo's Pilbara project in Australia. He has thrown out the two prevailing theories on the origin of Wit's gold, stating that neither can explain the deposit's enormous size (1.6 billion mined ounces), and the fact that Wit hosts thin, fine-grained, gold-bearing reefs that cover many square kilometres. To date, no such reefs have been uncovered at Pilbara, but two minerals apparently ubiquitous in Wit's gold ores are "sometimes present." Newmont Mining Corp., Novo's 20-per-cent shareholder, is carrying out a bulk leach extractable gold sampling program, and expects to release assays by the end of August.