NOVO RESOURCES COR COM NPV (OTCMKTS:NSRPF) has been more or less the hottest thing since sliced bread over the past few weeks. NSRPF stock has flown higher from a half-buck per share to well over $4/share just since the beginning of July. The company just announced that it has signed definitive agreements to farm-in and joint venture gold rights with Artemis Resources Limited, an ASX-listed exploration and mining company, on Artemis’ 1,256 square km exploration package in the Karratha region of Western Australia.
According to the release, mineral holdings subject to this agreement are part of Novo’s greater Karratha gold project that includes Novo’s 100% land holdings, the Comet Well property and the recently announced option agreement covering the Pipeline property.
NOVO RESOURCES COR COM NPV (OTCMKTS:NSRPF) trumpets itself as a company focused on the evaluation, acquisition, and exploration of gold properties.
Indirect subsidiaries of NSRPF hold a 100% interest in the Beatons Creek gold project, a 70% interest in properties surrounding Beatons Creek and Marble Bar, a 100% interest in the Blue Spec gold-antimony project, and options covering approximately 400 square km over the Mosquito Creek Basin, all in the Pilbara region, Western Australia. Novo also controls a 100% interest in approximately 2 sq km covering much of the Tuscarora Au-Ag vein district, Nevada.
According to NSRPF materials, “Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia and built up a significant land package covering approximately 10,000 km2. Novo also controls a 100% interest in approximately 2 sq km covering much of the Tuscarora Au-Ag vein district, Nevada.”
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As discussed above, NSRPF shares have been on a rip-roaring tear up the charts over the past 6 weeks. The company’s latest announcement continues the string of aggressive, expansionist action.
According to the company’s release, Novo will farm-in to 50% of gold (and other minerals necessarily mined with gold) in conglomerate and/or paleoplacer style mineralization in Artemis’ tenements within 100km of the City of Karratha, including at Purdy’s Reward (“the Gold Rights”). The Gold Rights do not include (i) gold disclosed in Artemis’ existing (at 18 May 2017) JORC compliant Resources and Reserves or (ii) gold which is not within conglomerate and/or paleoplacer style mineralization or (iii) minerals other than gold. Artemis’ Mt Oscar tenement is excluded from the definitive agreements.
“We are very pleased to execute definitive agreements with Artemis,” commented Dr. Quinton Hennigh, Chairman, Director and President of Novo Resources Corp. “Novo and Artemis will soon be undertaking an aggressive program of large diameter drilling and trenching at Purdy’s Reward. Bulk sampling will be key to establishing grade of this very nuggety gold system, and Novo’s extensive experience with similar mineralization at its Beatons Creek gold project in the East Pilbara will prove valuable. We look forward to working with Artemis to advance this exciting new gold discovery.”
David Lenigas, Executive Chairman of Artemis Resources, commented, “Artemis is pleased to have expedited the definitive agreements which now enables Novo, with their demonstrated experience in exploring for this new style of gold mineralisation in the Karratha area, to fast track the exploration efforts on Purdy’s Reward and progressively advance this exciting new project and other conglomerate gold targets on Artemis’s tenements for the benefit of both company’s shareholders.”
Traders will note 240% added to share values of the stock over the past month of action. Market participants may want to pay attention to this stock. NSRPF has evidenced sudden upward volatility on many prior occasions. In addition, the listing has registered increased average transaction volume recently, with the past month seeing nearly 350% over the long run average.
Earning a current market cap value of $484.4M, NSRPF has a chunk ($1.6M) of cash on the books, which is balanced by virtually no total current liabilities. The company is pre-revenue at this point. We will update the story again soon as further details emerge. For continuing coverage on shares of $NSRPF stock, as well as our other breakout picks, sign up for our free newsletter today and get our next hot stock pick!
Disclosure: We hold no position in $NSRPF, either long or short, and we have not been compensated for this article.