Novo Resources (NVO-V) bulk sampling results from Comet Well, a part of its Karratha project in the Pilbara district of Western Australia. The first sample, which weighed 7.14 tonnes and was previously reported to contain "numerous gold nuggets" up to two centimetres in diameter, "returned an impressive grade" of 10.4 grams per tonne. The second test, which weighed 6.85 tonnes, averaged 1.5 grams per tonne.
Dr. Hennigh, chairman and president, says that he and his crew are "very encouraged" by the initial bulk sample results from Comet Well, adding that they are a "seminal step forward" for the company and its project. Investors had other ideas and many shareholders took a seminal sidestep to the sidelines. Novo ran to a high of $8.83 last fall, up from 78 cents in summer, on the strength of its nuggety promotion of Karratha, with exuberant investors chatting of grade expectations topping 30 grams per tonne. Stock guru John Kaiser has been following Nova and its hunt for nuggety gold in conglomerate rock in the Pilbara district. In February, he suggested that grades less than 15 grams per tonne would not be good news, at least at the Purdy's Reward part of its project.
Dr. Hennigh acknowledged that the results from Comet Well yielded lower grades than its bulk sampling at Purdy's Reward, which returned grades from 10.6 to 87.8 grams per tonne, suggesting that the gold at Comet Well is scattered through a thicker section of conglomerate than at Purdy's Reward. Ralph Humphryson, chief executive officer, chimed in, saying that Novo's ultimate aim was to "achieve integrity of data," including auditable and reliable results. In that regard, another comment from Dr. Hennigh may bode ill for Purdy's Reward: He says that in light of the successful implementation of Novo's bulk sampling protocols at Comet Well, the company is considering a resample of Purdy's Reward to "ensure consistency of procedures and resulting data."
The Colorado-based Dr. Hennigh, who has been with the company since 2009, had been receiving $150,000 (U.S.) in salary as president and CEO. His remuneration rate apparently remained unchanged after he dropped the CEO role a year ago and picked up the role of chairman. The salary received by the new CEO, Mr. Humphryson, is unknown, but Novo's payments to key management are considerably higher now than they were a year ago. |
