Impact: Mildly Positive
Novo Resources announced coarse gold recovery results from a portion of the ongoing trenching and bulk sampling program at its Egina Gold Project in Western Australia. Work at Egina continues to deliver good grades (>1 g/m³) and further trenching demonstrating scale, could prove to be a significant alluvial gold deposit, considering the expansive area over which these gravels extend. While the market typically ascribes little value for this type of asset, we believe that as Novo continues to produce gold from its trenching work and subsequent larger scale sampling, we expect that to change.
