Cliff notes from the Kereport interview with Quinton Hennigh

    • Novo is back to (full) work at Egina since a few weeks
    • Planning to test 20 targets around Egina this field season
    • Few tens of gold particles per tonne in the MAK samples within the Egina Mining Lease test area
    • Out at the Paradise target, in very large swales that are several hundred meters across, they see tens to hundreds of particles per tonne
        • Consider it very encouraging and will be followed up with large bulk samples (like at Egina Mining Lease)
        • Very large swales compared to the Egna Mining Lease swale that has been tested
        • Seeing evidence that these large swales go on for kilometers
    • By the end of this year we should see that the thesis for this big gold system is panning out
    • Novo plans field testing with mechanical (ore) sorters this year
        • Probably a Steinert sorter
        • Will not only test Egina ore but also Beaton’s Creek ore
        • Don’t see problem with dust/finer particles since it will be screened out
        • Looking to replicate the outstanding lab results from Egina with up to 99%+ recoveries in the field
    • Egina is not only an exploration project since they are also doing engineering at the same time
    • Looking at continuous miners for Egina
        • Proven technology and considered Low Risk
    • Mechanical sorting considered to probably be the most important aspect since it’s a dry process which does not require water
        • “Very very attractive solution”
    • 47K Patch
      • See my coming article
    • “East Well” target
      • It’s basically a bedrock source
      • A high grade lode deposit in the basement, underneath the Comet Well area
      • Up until March Novo didn’t control a lot of the ground that is considered prospective for this East Well target since it carried on into “47K Patch”
      • Now that they have 100% ownership in 47K they got a team out there right now doing work
    • Some quartz boulders in the Comet Well and Purdy’s Reward conglomerates contain conventional vein gold
    • Kairos Minerals
      • Primarily ground east of the Egina area
      • Have looked at it and looks like there is more overburden in that area (lag gravels buried deeper than at Egina)
    • QH believes they know where the “low hanging fruit” is in the Greater Terrace
      • … Where the gravels are shallow with little cover
      • “Effectively control that we think will be the absolute lowest hanging fruit”
    • Kirkland Lake are free to exercise their $6 warrants
      • Thus allowed to go over 20%
      • QH thinks there might indeed be a situation where they do exercise these warrants
    • Novo got lag gravel targets all over the Greater Terrace
      • Paradise is just the first one
    • Expected news from Egina this year;
      • Bulk samples (assess grade)
      • Should be clear to people by the end of this year that this target is big, robust and that the grades are there (hopefully)
      • “We can start to see a trial mining phase”
      • Aiming to have at least five large scale areas ready for trial mining that could take place next year
      • Looking to mine at least a few hectares to get a grip on how economic the mining of these gravels could be
    • Expected mechanical sorting news this year;
      • Field tests of mechanical sorting
        • Testing Egina material
        • Likely testing of Beaton’s Creek and other materials
    • Other expected news this year;
      • Path to production for Beaton’s Creek
    • … “Lots coming”
    • “I’m delighted that we are in a position where we can advance these things in a very robust gold market, one that’s going to generate… Potentially…  incredible margins…” 


Updated Novo Value Tree (June 1)

Note: This is not investment advice. Always do your own due diligence. I am not a geologist nor am I a mining engineer. This article is highly speculative and it’s just my opinions. Novo is my largest position and the company is a banner sponsor.

Best regards,

The Hedgeless Horseman

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