@eastwest101
I did ask the same question as they clearly acquired exploration leases, but.
I copied and pasted some excerpts from the latest reports and found this little amount of info that supports everything that * report claims.
Firstly from this-
Farno McMahon Share Purchase Agreement
The Company entered into a share purchase agreement whereby (subject to satisfaction or waiver of customary conditions) the Company will acquire 100% of the issued and outstanding shares of Farno-McMahon Pty Ltd (“
Farno”
, an Australian proprietary limited exploration company (the “
Farno Transaction”
. Farno holds a 100% interest in four key tenements in the Egina region of Western Australia, including two mining leases. One of these (an exploration licence) is subject to an option with respect to a potential joint venture arrangement.
It is clear that they have two mining leases although I only see exploration leases in all the research I did.
As for the funding, I think ES will be happy to fork out the bucks to get started mining.
The wits? well we know it is the remnants of the UR so it has the geology that any other parts of the UR has but will have varied since the parting. Most still give reference to the wit.
Looks like they may get started sooner and independant of arv.
“Egina has long been known as an important Pilbara gold district,” commented Quinton Hennigh, President and Chairman of Novo Resources Corp. “Gold nuggets have been found in modern surface gravels over a vast area around Egina since the late 1800’s. Upon researching the distribution and nature of gold nuggets earlier this year, Novo has concluded these are largely derived from weathering and erosion of basal Fortescue conglomerates similar to those at Comet Well and Purdy’s Reward. This makes Egina particularly intriguing. In our view, not only is there potential for the discovery of gold-bearing conglomerates, there is also very good potential for significant surface gold deposits occurring in modern lag gravels. Acquisition of the core tenements at Egina consolidates Novo’s position in this potentially very important gold district.”
- Kangan Project Provides Exposure to the Emerging West Pilbara Sediment-hosted Gold Province
Interest in the Pilbara region for gold has surged as explorers engage with the exploration model proposed by Novo Resources Corp. President, Dr Quinton Hennigh1.
The Model postulates:
• Some of Earth’s earliest land masses (cratons), including Kaapvaal (Southern Africa), Dharwar, Singhbhum and Bastar (Indian subcontinent), and Pilbara (Australia) existed as a single continent, referred to as Ur by some authors including Hennigh;
- The remnants of the Ur continent have contributed approximately 1.85, 0.35 and 0.1 billion oz gold production, respectively, or about 39% of historic global gold production, estimated to be about 5.9 billion oz [World Gold Council, 2014]. About 75% of this gold has come from the Witwatersrand Basin;
- The hypothesis contends that huge quantities of gold were scavenged out of seawater by microbial mats starting at around 3.0-2.9 billion years before present (Ga), initiating a crustal gold depositional event. If this method of gold deposition extended throughout the proposed continent, the Pilbara region is under-represented as far as gold production is concerned.
- Lithified sediments within the 3.0-2.9 Ga age (being the age of the Witwatersrand Supergroup in southern Africa, and the age-equivalent De Grey Group in the Pilbara)2 are currently the targeted rock units receiving exploration interest in the Pilbara, and rocks of this age are mapped within Pioneer’s Kangan Project (Refer to GSWA 1:100,000 Satirist sheet.)
Kind regards, Wack.
(20min delay)