Excerpt from Jay Taylor's Monthly Newsletter This is an excerpt from Jay Taylor's Monthly Newsletter:
Novo Resource Corp. - Novo is well financed but has chosen to pause operations at its Beatons Creek Mining operation pending receipt of government permits to mine higher grade fresh rock. Labor shortages post-COVID have delayed permits.
Meantime, management has an aggressive drill program on its exciting Becher gold project at Egina and a highly
prospective nickel target at Purdy's North.
Great news on Phase 2 of the mechanical sorting tests where 100% of the gold has been sorted from just 1.05% of the rock mass.
Novo is using the down time for aggressive drilling and to complete a feasibility (due Q4) study on fresh rock project at Beatons creek.
On 8/2 it announced the beginning of drilling at Purdy's North of gold as well as nickel-copper targets.
On 8/12 announced repayment of all debt owed to Sprott Resources Lending.
On 10/11 management announced production of 13,137 oz. of gold during Q3 from Beaton's Creek and cash balance of C$65.3 million on 9/30. It also held investments valued at C$20.5 million.
On 10/27 management announced encouraging first pass aircore drilling along the Irvine Shear corridor from the 5.1 million oz. gold deposit at Hemi in the Becher area in the Egina District.
@afarmer I think the biggest news for me was that Novo had completed Phase 2 mechanical sorting tests where 100% of the gold was sorted from just 1.05% of the rock mass. This is a truly amazing result.
@Jag468 Those sort of results bolster my thoughts on how it should be a profitable stand alone producer
@afarmer Makes sense @Jag468. Would like some guidance from management as to whether there is a regulatory hurdle (e.g., permitting issue) for why Novo has not proceeded to Phase 3 or actual ore sorting.