Hi all.
Any one trying to sell heads today will get settlement on Wed.
They will need to B-Pay and have it in the account by Friday.
Today is the last opportunity to be done and it is cutting it fine.
I would expect some increase from tomorrow onwards but one never knows and that's the insanity of the market sometimes.
Now to the burning question, did Chalice miss what was under their nose?
By the way, it also suggests the previous deg board missed it too.
We are gathering lots of valuable info on what so many other companies have missed over the years.
Including what Quinton Hennigh is proposing for processing such as the Tomra.
As Bob Moriaty says, QH is doing a fine job deciphering all this.
This Equipment is now in the eyes of a major producer as noted by The Hedgeless Horseman aka @WhackyWolly.
But does the Tomra miss any nuggets?
This is from Novo about what they found at Egina but before the introduction of the Tomra which QH says is as exciting as the original conglomerate discovery for him.
Novo Discusses Plans for Egina
VANCOUVER, British Columbia, Oct. 30, 2018 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company” (TSX-V: NVO; OTCQX: NSRPF) is pleased to discuss recent findings and exploration plans at its recently acquired Egina gold project, Western Australia.
Like Novo's Karratha gold project, Egina is an important part of the Pilbara conglomerate gold province. Not only does Egina have potential to host significant deposits of gold-bearing conglomerates, weathering and erosion appear to have liberated considerable gold from these rocks and redeposited it into extensive surficial lag gravel deposits blanketing much of the area. Gold-bearing gravels can easily be explored as described in Novo's aggressive exploration program described below. Egina Exploration Model Highlights:
Egina lies in the heart of the Pilbara conglomerate gold province approximately 120 km east of Novo’s Karratha gold project (please refer to Figure 1). Upon recognizing its conglomerate gold potential, Novo began applying for multiple exploration licenses covering much of the core area beginning in 2017. On September 17, 2018, Novo announced two transactions; the acquisition of private company Farno-McMahon Pty Ltd (“FM”, and a joint venture with ASX-listed Pioneer Resources Limited, increasing Novo’s Egina project to 948 square km. Importantly, purchase of FM included granted mining leases M47/560 and M47/561 covering approximately 11.8 square km of key target areas.
Three styles of gold mineralization are recognized at Egina: 1) basal Fortescue gold-bearing conglomerates like those at Novo’s Karratha gold project, 2) gold-bearing, deflationary and/or marine lag gravels blanketing an erosional terrace covering most of the Egina area, and 3) lode gold mineralization hosted by the underlying Mallina Basin assemblage.
Given the large size of the target, Novo considers the gold-bearing terrace lag gravels to be the most important immediate target at Egina. Gravel deposits form a continuous sheet across much of the terrace, and their origin is depicted in Figure 1. Where they have been trenched, they are up to 1.5 meters thick and weakly consolidated. Lag gravels rest on weathered Mallina Group sedimentary rocks, and up to 1 meter of soil and sand overlie them.
Novo has discovered considerable cobbles and boulders of weathered Fortescue-type conglomerate within the lag gravels. Particulate gold has been observed in the matrix of some conglomerate boulders. A few gold nuggets that have been recovered from trenches at Egina remain partially encased in ferruginous rock matrix, some of which display a distinctive melon seed shape similar to nuggets observed at Karratha. Remarkably, halos of fine-grained gold are evident in the residual rock matrix surrounding these nuggets, again strikingly similar to that observed around in situ nuggets at Karratha. Novo firmly believes much of the gold in lag gravels is derived from geologically recent weathering and erosion of Fortescue-type conglomerates that once blanketed this area.
Most gold found at Egina is coarse and water-worn. During the 2018 exploration season, FM focused entirely on metal detecting nuggets within a series of trenches covering an area roughly 500 x 200 meters. Detected nuggets range in size from approximately 0.5-104 grams. As a test for the presence of fine-grained gold, Novo recently assessed gravel from these trenches. Significant numbers of small nuggets up to 4 mm across were recovered along with appreciable very fine gold particles down to approximately 10 microns in size (please refer to Figure 1). Novo finds the presence of fine gold particularly encouraging and believes it may be derived, in part, from weathering of halo gold associated with Fortescue-type nuggets.
2018 Exploration Plans
° Systematic sampling of
• largely unworked areas of lag gravel within M47/560
• gravels already excavated but not processed by FM that have shown appreciable fine gold in preliminary testing (please refer to Figure 1)
° Geophysical testwork including ground penetrating radar and ground magnetics to define terrace and channel geometries
° Trench mapping and survey pickup to delineate gravel horizons for input into a 3D model
° Conduct broader-spaced program of alluvial sampling for fine gold and develop coarse gold assessment strategy
° Assess Novo’s IGR3000 alluvial processing plant for suitability and engineering modifications ahead of bulk sampling of the terrace gravels in 2019
° Regional 1:2,500 scale mapping to define areas of conglomerate gold and basement gold potential
Novo plans to engage the Kariyarra and Mugarinya Traditional Owner Groups to seek permission to explore on Novo-controlled exploration licenses surrounding M47/560. Environmental regulators will also be engaged regarding permitting requirements for the project, laying the groundwork for Novo to conduct test mining of lag gravels on mining lease M47/560 at Egina beginning after the rainy season, approximately second quarter of calendar 2019.
“Egina is a very special gold-property,” commented Dr. Quinton Hennigh, Chairman and President of Novo Resources Corp. “Upon recognizing the potential for conglomerate gold here, we diligently assembled a large land position covering the area. What really caught our attention was the presence of appreciable gold in the lag gravels covering the vast flat terrace system covering the region. Our research over the past few months has led to compelling evidence this gold is likely derived from basal Fortescue conglomerates like those 120 km west at Karratha. We find this particularly intriguing because it suggests there was, in recent geologic time, a potentially large source of detrital gold that has been weathered, eroded, then reconstituted into lag gravels. These unconsolidated gravels are situated within a meter of surface allowing for easy exploration and assessment.”
Dr. Quinton Hennigh, P. Geo., the Company’s President and Chairman and a qualified person as defined by National Instrument 43-101, has approved the geological content of this news release.
Here is a link from Chalice back on April 9 2008 referring to same area and note the rock chips and suggestion of possible VMS targets.
Her is an excerpt from a previous ann on Jan 22 2008.
Newly appointed Managing Director Gary Brabham said “Samples from copper showings assaying 50g/t Ag and 1g/t Au, and samples from gold prospects returning significant copper and silver assays clearly indicate potential for high-value polymetallic mineralisation at Yandeyarra. The fact that we can go to an area known as a copper anomaly and get a sample grading over 7g/t Au tells us that this exploration is far from over in this belt. We’re gearing up for a program that will use fresh geological thinking and good old-fashioned field work to do this area justice.”
And here is another excerpt from the same.
Sampling of a pyritic quartz vein within ultramafic rocks from the historic Teichman gold workings returned an assay of 25.5g/t. The prospect has not been drill tested to date.
The following excerpt is from a later ann on April 21 2008.
Note the reference to gravel. ( is this referring to Lag Gravel? )
Other Gold Workings
High grade gold assays up to 45.5g/t and 14.9g/t were also returned from sampling at the Foochow, Hong Kong and Empress Well North workings located 3km west of the John Bull Shear Zone (Figure 1). Gold is hosted by laminated quartz carbonate veins within extensively chlorite-carbonate altered dolerite and basalt.
The workings at Hong Kong include shafts to 20m depth and extend over a 300m strike length. Bedrock to the south of Hong Kong is obscured by calcrete and gravel, leaving potential for a larger mineralised system.
Significantly, there has been no drilling at any of these prospects. Detailed geological mapping and further sampling will allow De Grey to rapidly prioritise prospects for initial drill testing.
The relatively unexplored status of the Yandeyarra area is well illustrated by the almost complete lack of drilling beneath historic gold workings and along known gold mineralised structures. The absence of soil sampling over many areas and the focus of previous explorers on only gold or nickel exploration contributes further to the high residual prospectivity of the region.
I have found no mention of this tenement or the jv between them and deg after this ann.
What I did find is that Gardner Mining Pty Ltd owned it at the time Pac acquired it. A good old mate of ours informs me that Chalice let the lease lapse.
Who owns Friendly Creek now?
Why do they want it?
Canadian-listed Pacton Gold (TSX-VAC) has discovered gold nuggets from initial prospecting at the Egina area of its Friendly Creek tenements, located south of Port Hedland and abutting fellow gold explorer Novo Resources’ (TSX-V:NVO) tenements.
Missed opportunities and they aren't the only ones that missed it over the years.
What else did they miss or not follow up?
Farno McMahon? we may soon find out.
Kind regards, Wack.
DEG Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
(TSX-V: NVO; OTCQX: NSRPF) is pleased to discuss recent findings and exploration plans at its recently acquired Egina gold project, Western Australia.
(20min delay)
