- Write by:
-
Wednesday, May 27, 2020 - 10:06:54 PM
-
631 Visit
-
Print
Mining News Pro - Novo Resources announced on Tuesday it has discovered a broad gold-bearing swale in the northwestern part of its Egina mining lease in Australia’s Pilbara region.
The discovery is situated a few hundred metres west of the swale that was the subject of extensive test work by the company in 2019.
Earlier this month, Novo recommenced its exploration program at Egina and identified another gold-bearing channel in an area southwest of the Paradise prospect.
The recent discovery is located immediately north of a series of low hills that are capped in places by Fortescue Group gold-bearing conglomerates.
Novo believes these conglomerates were once far more extensive in this area and that as they eroded away, gold was reworked into the modern gravel terrace.
“We are starting to see a pattern of gravel gold distribution that appears robust around Egina. Recently discovered broad gold-bearing swales discovered at Paradise likely tie back to areas further south,” Quinton Hennigh, Novo’s president said in a media release.
“This implies we have a network of swales nearly 10 km wide and 17 km from south to north to further explore around Egina, a small part of our large land holdings across the expansive terrace,” Hennigh added.
On Tuesday afternoon, Novo’s stock was down 0.3% on the TSXV. The company has a C$635 million market capitalization.
Short Link:
https://www.miningnews.ir/En/News/536373
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
Gold rose after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the ...
Executives from Saudi Arabian mining company Manara Minerals are in Islamabad to continue talks about buying a stake in ...
Harmony Gold said on Thursday an employee working on planned rail maintenance had died at its Mponeng mine in South ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
Gold fell, with market watchers saying the previous day’s rally in response to Federal Reserve Chair Jerome Powell’s ...
Canadian miner Barrick Gold on Wednesday beat first-quarter profit estimates on higher bullion prices and said it has ...
Barrick Gold faced criticism outside its annual general meeting on Tuesday in Toronto for supporting Malian rulers with ...
Gold wavered as traders looked ahead to a week with a Federal Reserve rate decision meeting and key US jobs data.
No comments have been posted yet ...