More or less. The problem is trying to define a JORC resource. Regular drilling doesn't work. Novo is drilling some wide diameter holes to try and get an idea of the continuity and depth of the mineralised conglomerate zones. Historically they have lacked continuity and have been difficult to estimate for production modelling/DFS. Novo will no doubt come up with a way to define the size.
Will be interesting to see where it all ends up. Momentum will drive the stocks higher until someone defines a resource. Once people can quantify and value the resources the rush will end. But that looks like some time away yet. Until then, it's raining gold
EGA Price at posting:
32.5¢ Sentiment: Buy Disclosure: Held
