Aussie Explorer Wants To Eat No Crow

Gold exploration investors this summer and autumn have few triumphs about which to crow.

One caw comes from a Canada company’s Pilbara discovery in western Australia.

Doug McGay of IG Copper in way eastern Russia this week was chatting about his homeland of Australia.

Specifically, Novo Resources’ unearthing of what appear to be chunks of gold from trenches outside the town of Karratha in northwestern Australia. That company’s stock, NVO/NSRPF, is now worth more than $1.1 billion USD, and without a single “core” exploration drill yet to break ground and yield data.

A July 2017 company report spoke of coarse, nuggety gold at an area called Purdy’s Reward (Purdy’s Well) and triggered a three-month climb that now has NVO shareholders (Canada ticker) enjoying better than a quintupling of the stock price.

Down Under: Sheila Crow

More to come from this corner about the Novo hullabaloo. For now, a little history.

Up there in far eastern Russia,  Doug McGay is an Aussie surveyor who now spends all of his time with IG Copper, a developer of the Malmyzh copper porphyry along the Amur River.

That’s Doug second from left in a photo (a few inches down, folks, and not the crow here) from about a year ago, when we were posing with the mayor of a fishing village at frosty Malmyzh.

Mr. McGay is an amateur historian with a flair for truth and color.


Quinton Hennigh, an active USA geologist with ties to a half-dozen companies, and a few others,
including longtime writer and investor Bob Moriarty of 321gold.com, have been trying to get me
interested in Novo Resources for about six years.
See this article our TCR Network audience; it tracks Mr. Hennigh and me in west Africa:
​​
https://www.stockhouse.com/opinion/independent-reports/2011/06/03/these-gold-prospectors-might-be-on-the-cusp-of-lar

I believe folks at high-flying Novo Resources (geochemist/geologist Hennigh, Perth investor Mark Creasy, et al) will find this anecdote something to crow (about).

One of the folkloric tales  in western Australian mining runs like this, says Mr. McGay:

In mayor’s office in Russia with Mr. McGay, second from left, and IG Copper team


About 130 years ago, brothers Audrey and Harding De Witt Withnell took out lease 69/69 of 170,000 acres on the Peawah River and named their station Mallina. 

 

A map shows Mallina directly east about 50 kms of the old copper mining town of Whim Creek and Sherlock Station.  Well, Jimmy (brother James Withnell) found gold at Mallina in January 1888, when a pick showed signs of gold. 

 

Roebourne became a hive of activity as one of the first gold strikes in western Australia after gold was first discovered between Cossack and Roeborne by Alexander McRae in 1882, (and) Hall’s Creek in 1885 … before gold was found at Coolgardie in 1892.


After the Hall’s Creek find proved disappointing to Charlie Hall and Jack Slattery, who discovered the Kimberley find, they traveled south, stopping off at the Withnell brothers Harding DeWitt and James Withnell’s homestead.


The discussion turned to gold and how it was found. Later James showed them a quartz reef, but no gold was found
.

In January 1888, James and Hardy De Witt Withnell were splitting logs for a humpy* at Mallina. James picked up a rock to shy some crows when to his amazement the rock glittered in the sun.Jimmy’s father John collected some specimens of the gold-bearing rock and went to Roebourne to confirm with the resident magistrate it was actually gold. A telegram by Government Resident Colonel Angelo was dispatched: “Jimmy Withnell picked up a stone to shy a crow.” 

In his excitement and possibly being interrupted, the colonel forgot to add anything else.

Back from Perth came the reply: “Did he really? What happened to the crow?

 

This telegram started the first gold rush in the North-West Pilbara region, 80 miles east of Roebourne. 

The bush telegraph worked fast and surface finds were picked clean by prospectors. A lot of gold found was not recorded due to government regulations on mining leases and export duties. Much went east when prospectors left or to pay for supplies. 

In 1890, 20,000 fine ounces were produced by the state — most from the Pilbara but much more is understood to have been found than that.

Nothing ever came of the find in the area, and it was soon completely overshadowed by the Eastern Goldfields finds – until perhaps now with Novo Resources’ discoveries.

“What happened to the crow?” entered into the region’s mining parlance even to this day.

Thanks for that, Doug McGay.

I know shareholders in Canada, Australia, London, USA and South Africa are holding their breath as Novo Resources begins its drill program at Purdy’s Reward.

I’ll have more investment information regarding Novo Resources (NSPRF ticker in USA) for subscribers of TCR Network.

* A humpy in Australian aboriginal usually refers to a shelter of some sort.

Answers For Your Questions

 

The New Orleans Investment Conference starting October 25 says its room block at the Riverside Hilton is just about full. That is usually a sign the four-day show will be busy. I’ll have a 40-minute workshop for its opening day.
I’ll be posing questions and giving answers about any and all investing topics and taboos.  Hopefully, the session will develop into a free-for-all.
I look to have a couple of guests there at the workshop talking about uranium, about democracy, about gold and copper. One of those confirmed will be Peter Dasler of CanAlaska Uranium. Peter hails from New Zealand, has been in mining his entire life and lives in British Columbia, Canada.
The Wednesday October 25 workshop follows an opening Precious Metals Panel I am overseeing earlier in the day.The workshop is in the evening and the title is: ‘Investing Questions You Are Dying To Get Answered.’The conference registration is here at New Orleans Conference. That link will get you a discount on admission.
I hope to see some of our TCR Network there asking questions and giving answers.
NOTES: This week just past (October 2017), I added to my shares of Trilogy Metals, the Alaska copper project developer. Rick Van N., CEO, told me the large seller of TMQ shares the other day was RCP Resource Capital of Denver. The project at Bornite in Alaska, says Rick, no longer fits RCP’s preferred investment style now that another development partner is in the books.

… I also added to shares of Nouveau Monde Graphite, a Quebec developer. … I sold shares of Alexandria Minerals earlier in the week for a loss.

… We await drilling assays from several companies, including copper holes from Cambodia’s Angkor Gold. Let’s hope some structural signs of copper in initial drilling at the Halo project puts my own and TCR Network members’ pummeled Angkor Gold shares more on a trajectory with the choppy but overall rising price of copper.

… I will be getting an update from another copper (with gold) project developer next week in San Francisco: Seabridge Gold’s Rudi Fronk; Seabridge is active in British Columbia.

… Finally, now that Virginia Energy Resources (as reported to TCR Network) is in the running for a U.S. Supreme Court date regarding its Coles Hill uranium project, the approximately $6 million CAD worth of stock out there, including my own, (VUI in Canada and VEGYF in USA) has to be worth at least … what you think, $7 million? Tough crowd, these uranium investors.

 

— Thom Calandra

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