Novo Resources signed a memorandum of understanding (MoU) with Sumitomo Corporation to further develop the Company’s Beatons Creek project, according to a July 7 news release. Sumitomo will provide assistance with preparation of Novo’s internal study, including basic engineering design work and other studies. Novo is also earning in to Artemis Resources Purdy Reward prospect as part of an overall $2 million farm-in and 50/50 joint venture on Artemis; conglomerate gold targets on its Karratha tenement package. Initial exploration activity at Purdy’s Reward involved a trenching program, with the first trial trench identifying in situ gold nuggets up to 4cm long in Archean conglomerates. Most recently, Novo put out a press release on July 12, sending the stock soaring 55.2 percent. The release was the first that the TSX has allowed a YouTube video to be attached to – the first video shows someone using a metal detector to find the signal of a nugget in the test pit, while the second video shows someone using an air chisel to pry out a rock containing several gold nuggets, writes Bob Moriarty for Streetwise Reports. Novo’s share price surged 58 percent upon the discovery of the gold nuggets.
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