Results from 1/3 of the drill holes released
Well we've got the results of the first 120 shallow holes. Quinton expounds on this recent news release:
"Our new RC results continue to demonstrate good grades and continuity of reefs in the shallow, oxide environment," commented Dr. Quinton Hennigh, President and CEO of Novo Resources Corp. "We are very encouraged and think this data further supports our goal of developing a simple, low-cost mining operation at Beatons Creek. We also eagerly await assay results from our deep diamond drill hole drilled approximately 4 kms southwest of our oxide target. This deep hole is the first test of its type in the Nullagine sub-basin and, should gold be encountered, will be our first indication of the possible extent of this system over the greater area."
My response? YAWN. Nothing to see here. No earthshattering revelations. Same as before. Mostly less than 1 gpt which is really not recoverable economically. A few barnburner intercepts which show the 'nugget' effect we are all aware of.
We have more questions than answers with this release. How big is that nugget effect. Where are they and how many are there. I think this makes the shallow mining plan just a crapshoot. How many tons of dirt do we have to scrape up to get those elusive nuggets is still unanswerable?
Deep drill results next week. We'll see.
Looks like the market is yawning with me. No movement in 2 hours since the release and only 600 shares traded.
Icarus