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Novo Resources Corp T.NVO

Alternate Symbol(s):  NSRPF

Novo Resources Corp. is a gold explorer focused on discovering gold projects. The Company is engaged primarily in the business of evaluating, acquiring, exploring, and developing natural resource properties with a focus on gold. It has a land package covering approximately 5,500 square kilometers in the Pilbara region of Western Australia, along with the 22 square kilometer Belltopper project in the Bendigo Tectonic Zone of Victoria, Australia. Its key project area is the Egina Gold Camp, where De Grey Mining is farming-in to form a JV at the Becher Project and surrounding tenements through exploration. The Company is also advancing gold exploration at Nunyerry North. It focuses on undertaking early-stage exploration across its Pilbara tenement portfolio. It has also formed a lithium joint venture with SQM Australia Pty Ltd (SQM) in the Pilbara, which provides shareholder exposure to battery metals. Its Belltopper Gold Project comprises the adjacent Malmsbury and Queens projects.


TSX:NVO - Post by User

Bullboard Posts
Comment by goldhunter11on May 01, 2018 11:04am
210 Views
Post# 27964270

RE:“likely to grade 15-40 g/t, excluding the fine gold” !

RE:“likely to grade 15-40 g/t, excluding the fine gold” !Thanks SilverW for the link. I registered and pull out the full report to check out their calculation.

Redcloud produced a reasonable estimate based on the limited public information available in NOVO NR of 25 April 2018. It would appear that Redcloud has access to and used the same information that we all have in the NR (nothing extra from insiders). Their resuts are shown in Figure 2 with the average value of 36.5gpt (for an average size nugget having a dimension of 0.75cm x 0.75cm x 0.3cm). This was rounded up to ~40gpt.
 
In a previous post I have estimated the weight the largest nugget (#5 on first row of Figure 2 of the NR) to be ~30g, and the weight of 4 largest nuggets on the 80 nugget board to be approximately 100g. For the sake of a conservative estimate, let's just ignore the weight of the rest of the 76 nuggets. Hence the grade of the 7.143 tonne sample: 100g/7.14 tonne = 14gpt (about the same as the lower limit of 15gpt estimated by Redcloud). This result is ultra conservative, since only 4 largest nuggets out of 80 were counted.

Susequently, I did another estimate using #3.8 nugget (i.e. #8 nugget on the 3rd row on that board) and the grade results came out to be 1cm x 0.625cm x 0.3cm x 19.3 x 80/7.143 tonnes = 40.5gpt., which is almost the same as Redcloud average nugget of 0.75 x0.75x 0.3cm on its Figure 2. It may be just a coincidence to have almost the same result, but eye-balling is not a bad tool for an estimate (at least for an order of magnitude estimate).

So, it would appear that an estimate in the range of 15-40gpt by Redcloud is reasonable, given the public info available (One can extract tons of information from the NR, especially the 2 figures for some dimension of the nuggets and apply some simple math... just have to work a bit harder measuring the nuggets with a finely divided scale).

15gpt is very good for an OP operation. Of course, 40gpt grade is much better. Even the fine gold component (which was not included in the above estimate) is important. If it is  of the order ~10% (WWH used 14% in a previous post). Fine gold would yield 1.5-4gpt. If the tonnage is large enough a  fine gold grade of 1.5gpt would contribute significantly to an economical OP operation at CW.
Cheers,
GH
----------------------------


Silverwhere wrote: Thats an Apr 25 RedCloudKS report quote. Scroll down here for link to full RedCloudKS article . . . . https://www.redcloudks.com/blog-archive/april-2018


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