I’ll post a chart for RNC here at some point today or over the weekend. The weekly chart looks potentially like a inverted head & shoulders is forming. If that’s the case, RNKLF will probably pull back over the next month or so to .27 - .24 which should bottom out the right shoulder. I’ll check the Canadian stock and see if it shows the same thing and post here as well.
Hope you are talking about U.S dollars and not Canadian because that would suck LOL. I’ve been buying on the way down but hoping we turn the other direction soon, I thought we would be sitting over $2 Canadian by now but this might just be a lull right now.
I’m not sure which post you’re responding to Taff, but yes I am talking US fiat currency.
Thanks that’s good then, if it drops that low I will won’t be to excited but would have to buy some more. Hoping these guys aren’t over there heads with so many properties going on.
MUX hit .765 today. If that sucker doesn’t fill my .76 order tomorrow I’m going to be a little upset. 62% retracement is just a tad above .75.
Here’s two charts for RNC (RNKLF)…
First is the weekly interval. The black horizontal lines are major support/resistance areas… self-explanatory. The 130 and 180 moving averages are currently showing support at .298 and .265 respectively. There’s probably a good chance that the lower MA may not get touched on this pullback, although it will be aligned nicely with horizontal support at about .27. If I were fishing for lower prices I might be a bit careful waiting for anything below .27 but we’ll see when/if it gets there. The first oval highlights the left shoulder of the IHS. The second oval highlights the “head”. The third is speculating on the formation of the right shoulder… if it should occur at all. So far, so good, but it’s very early. This will likely take pretty much the rest of the year to play out if it does.
The second chart is a daily interval with the ovals removed so you can see the formation made by the candles more clearly. I’ll probably end up drawing two necklines once the IHS is confirmed. That big red candle that hit close to .44 yesterday is where one line will be drawn from, but I expect that a different line will end up being more useful. Have to wait and see. Note the two moving averages at around .30 and .31. They could end up keeping the price from dipping any lower into the .20’s. Have to keep an eye on that. I’ll update as appropriate.
What is going on with MUX?
Someone posted these vids for RNC on Ihub so I’m copying them here…
Looks like MUX did .015 short of a 62% retracement. Earlier this morning I changed my .76 buy limit to a .78 and got filled just in time, at least for now.
Good, was wondering, glad to see it, I decided to cut my losses on MUX as I was in at 1.72, but then upped my investment in elygf.
I would have bought ELGYF but I can’t in the acct I have MUX in. 1.46 basis now. I’ve become a very patient person thanks in part to MDMN. Hopefully patience doesn’t = Stupid in this case!
And it looks like you’ve already made some folding green on MUX - let’s hope the trend continues.
Nice. TRADERICH. I should have followed and bought at <.8. Oh well. May average down this next week. Hope it does well for us!
Novo Discovers Broad Gold-Bearing Swale at Egina Mining Lease and Discusses Terrace Concept
May 26, 2020 08:26 ET | Source: Novo Resources Corp.
VANCOUVER, British Columbia, May 26, 2020 (GLOBE NEWSWIRE) – Novo Resources Corp. (“ Novo ” or the “ Company ”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce it has discovered a broad gold bearing swale in the northwestern part of its Egina mining lease. This new discovery ties in well with the Company’s overall interpretation regarding gold distribution across the greater Egina terrace.
Discovery of new gold-bearing swale at Egina mining lease
- Novo has identified a broad gold bearing swale in the northwestern quadrant of its Egina mining lease (Figure 1). This discovery is situated a few hundred metres west of the swale that was the subject of extensive test work by the Company in 2019. Identification of gold-bearing gravels comes from processing approximately 1 tonne bulk samples using Novo’s mobile alluvial Knudson (“ MAK ”) test plant. MAK sampling indicates the presence of a northwest trending swale up to 350 m wide that appears to extend off the mining lease onto Novo’s adjoining exploration licenses. Point counts of gold from these MAK samples are similar to those from the test swale to the east. Gravel thickness are also similar, 0.5-2 m thick.
- This 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.
- It is envisaged that the next phase of exploration will be to conduct bulk sampling in this area to confirm grade. Being situated on the Egina mining lease, this discovery may prove to be a suitable location for trial bulk extraction and processing of gravels.
Current interpretation of the greater Egina gold bearing terrace
- Through recent MAK sampling and ground penetrating radar data at Egina, the newly discovered Paradise area where multiple broad gold bearing swales have recently been discovered ( please refer to the Company’s news release dated May 15, 2020 ), Novo is beginning to assimilate an interpretive model of gold distribution across the terrace in areas north of the mining lease. Although this represents a small fraction of Novo’s overall land holdings in the region, this interpretation speaks to the potential size of the system.
- Figure 1 illustrates an area approximately 10 km wide extending approximately 17 km northward from a series of low rolling hills that marks the southern limit of the terrace. Novo believes this area potentially hosts an extensive system of swales that have a general trend from south to north. Multiple areas thought to be potential gold sources lie at the head of this swale system. This includes the recently discovered swale discussed above.
- This model helps present a picture that ties together the newly discovered gold bearing swales at Paradise with areas further south. Gold at Paradise may be originating from weathered and eroded Fortescue conglomerates as well as basement lode deposits in the region. If correct, this model implies that the gold-bearing swales discovered at Paradise extend for at least 10 km to the north and south.
“We are pleased to see a model coming together of gravel gold mineralization across the greater Egina terrace,” commented Quinton Hennigh, President and Chairman of Novo Resources. “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. 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. We have many other target areas to test across our terrace holdings this year. We are just getting started.”
Description of MAK sampling process:
MAK samples are collected from pits spaced approximately 50 metres apart across target areas. Pits are dug by track hoe and range up to 3 metres depth. Targeted sample size is approximately one tonne. Samples are placed in wooden crates lined with bulka bags and transported to Novo’s Station Peak camp where they are processed through a mobile alluvial Knudsen centrifugal concentrator. Concentrates are panned down to reveal gold for point counting and further study.
Dr. Quinton Hennigh, P. Geo., the Company’s President, Chairman, and a Director, and a qualified person as defined by National Instrument 43-101, has approved the technical contents of this news release.
About Novo Resources Corp.
ELYGF up about .15 today to 1.06!
I’m not sure why all of a sudden, but not arguing.
Its Kind of a slow time, so I thought some pictures would be of interest to some that have never seen a area where gold/AU is found.
*a note: Where gold can be found there can be a lot of other metal minimization also. These are mostly samplings for gold / or the abbreviation AU
What follows are some of samplings of rock outcroppings,
One must note GOLD bearing rock, is some of the ugliest rock to the untrained eye. Gold is very seldom shining out at you, bright as a Hip Hops
rappers front gold teeth “grillz” likes, they, likes, to call them. That is only in Hollywood. Or Perth AUSTRAILIA.
Areas like in these pictures get prospectors kind of dry mouthed and fuzzy inside.
The mind jumps way ahead to riches, and leapfrogs over the reality of costs to get those riches out of the ground and to the buyer.
The almighty great force played a mean ugly joke on mankind when he or she created precious metals, they were thinly dispersed, intermixed and plated onto challenging rock supstrate, and then Made it HEAVY as all hell.
Many a Spanish mining adventure in the new world, found gold", extracted it",
but failed in getting it back to enjoy it’s reward due to its weight.
Kind of like packing for a family vacation road trip. “what do you say Miguel maybe one more gold bar” ?
MUX: Congratulations on a nice move up today!
Thanks! Just need .52 more to be in the black! lol
After hours trading ain’t too shabby either
Ely Gold Royalties, picked up $10k of it at .88. Did DD from lessons learned from… well you know