Novo Reports Pilbara Exploration Budget for Upcoming 12 Months
VANCOUVER, British Columbia, June 25, 2018 (GLOBE NEWSWIRE) – Novo Resources Corp. (“Novo”) (TSX-V:NVO) (OTCQX:NSRPF) is pleased to announce that it has agreed to an AUD $5.4 million exploration budget for the year beginning July 1, 2018 (the “Period”) with its 50-50 joint venture partner, ASX-listed Artemis Resources Limited, on joint venture tenure in the Karratha region of Western Australia.
During the first four months of the Period, Novo and Artemis intend to focus on bulk sampling, diamond drilling, and costeaning activities, primarily at Purdy’s Reward. Large bulk samples will be collected and treated to provide necessary grade data needed to file a mineralization report, an important step toward converting the current exploration license to a mining license. Additionally, environmental and heritage studies will be undertaken in conjunction with similar work at Novo’s nearby Comet Well joint venture in order to move the collective area toward bulk sampling. Lastly, follow-up exploration will be undertaken on the wider tenement package under the joint venture to identify further areas of conglomerate gold prospectivity.
The Novo-Artemis 50-50 budget of AUD $5.4 million comprises approximately one-third of Novo’s planned $15.4 million Pilbara conglomerate exploration budget.
Quinton Hennigh, Novo’s Chairman and President, commented, “Novo is pleased to work with Artemis as we commence the new field season at Purdy’s Reward. Our joint venture program is designed to quickly accelerate the project toward bulk sampling.”
David Lenigas, Artemis’s Executive Chairman, commented, Artemis is up to date on all joint venture expenditures under the joint venture through June 30, 2018, and is pleased that Novo and ourselves have agreed on an aggressive exploration budget for the coming year beginning July 1, 2018.”
Novo Reports Pilbara Exploration Budget for Upcoming 12 Months
Hi Folks. A technical head’s up on MUX. (I own a few shares at 2.20 as you may notice on the following chart).
The chart is a weekly interval. I think MUX is coiled up and ready to move out of that triangle pattern. I suspect it’s going up, but you know how that goes. The RSI indicator looks prime for some upside. I don’t have the 30 MA on this chart, which is a good one to watch on the weekly interval, but it’s at 2.15, so watch for it to close at or above 2.15 Friday afternoon to give you another sense of strength or weakness.
Right now my take is it is good for a move up to 2.50 - 2.60. If it breaks down you’re looking at 2.04, 1.94 and 1.82 for support. This is one I don’t mind holding if it drops.
After spending some more time with the charts I realized I should have taken a closer look at the daily interval. The first chart has a lot of candles crammed into it but the point is simply to show the origin of the blue uptrend line. The second chart is a closer view to show the test and nice bounce off said uptrend line in yesterday’s trading…
You can also see in this second chart that MUX pushed up through the black 130 moving average but closed below it. This morning gold is up $9, hanging around the $1250 price and MUX has had a trade at 2.21, so perhaps we’ve had our low and can test first resistance at 2.25. The last 3 swing highs, which are now resistance areas to watch, are 2.32, 2.43, and 2.55. Those last two highs were both stopped by the weekly 130 MA which has a nice upward slope to it and is currently at 2.69, so keep an eye on that.
Thanks for the charts on MUX. Yesterday I added to my position at $2.09. Let’s hope gold hangs in there. I was going to add to my position on Artemis but canceled my order when I
realized Ameritrade was going to charge an additional $15 commission for a foreign company.
Ameritrade’s website is very user unfriendly compared to Scottrade.
Hey Rich,
When you have an opportunity and the inclination, could you superimpose a gold price line with MUX? Im curious how closely MUX follows the POG. I thought MUX was holding up relatively well given the pull back on gold recently.
Here’s a 1 year comparison of MUX to gold futures. Looks like they move fairly closely, although MUX held up better on this last drop of gold, which technically makes sense and is reassuring based upon how that old trend line held. Mux is the red line, gold futures blue.
Here’s a daily interval MUX update. Although volume was nothing to chirp about, it’s back above the uptrend line and both MA’s, as well as the 30 MA on the weekly. It seems to be lined up perfectly with what appears right now to be an imminent drop in the dollar/rise in gold. Watch the grey horizontal lines for resistance. I still think we have a shot to 2.55 - 2.70 over the next month or so.
TR - look at it this way - you’re only in the hole for 1.45 million dollars if you sold your position today. but just wait until “next week”…!!! mouaaahahahahahaaa
This thread doesn’t have that much traffic, so I see no problem posting your charts here. If someone strongly opposes, we’ll hear them out and see if there is a more appropriate area to post it.
You know I don’t really know what she thinks about me because we haven’t spoken since she caught me buying another couple million Medinah shares over the last couple of weeks. She seems to prefer using hand gestures instead of talking. Actually it’s more finger gestures than hand gestures. I fear that she’s becoming a bit arthritic as she can only straighten out 1 finger any more.
