Novo: Egina Gold Project Update

New update from Novo today (May 21) that can be read HERE.

All in all, it sounds like a lot of stuff is happening with the Egina Gold Project and that there is infrastructure being built which would allow for more robust activities in this remote area. The IGR3000 gravity plant is getting upgrades which would allow for better recoveries and more accurate sampling of the lag gravels. One interesting endeavor is that Novo will be collecting detailed magnetic data in order to help identify where there are accumulations of  heavier material. Where there are heavier materials present, the odds of finding gold should get better as per the laws of physics.

The company also noted that the team has been finding gold nuggets that are “hackly and attached to quartz”. This suggests that the source of the gold is a) hardrock and probably b) that the source should be relatively nearby. De Grey Mining also released some news recently in regards to their Toweranna prospect drilling campaign. The company continues to hit gold, and Toweranna is located within the Mallina Basin boundary, some tens of kilometers west of the Egina mining lease. What is noteworthy is the presence of what could be described as vein swarms in the Toweranna prospect. I take this as further proof of Quinton’s geological model for Pilbara to be accurate. Remember, the theory is that vast areas of the Pilbara which hosted sedimentary packages got metamorphised and resulted in the formation of countless veins across the region. It is then believed that these sedimentary packages that were riddled with gold bearing veins got eroded over millions of years which led to the concentration of gold in vast lag gravel terraces.

Keep in mind that this is “just” one of the many projects that Novo are working on. I’ll leave you with this bold statement from the Novo news release:

“We are confident we will be working at Egina for a long time”.