Cannabis penny stocks are seeing steep losses today on the TSXV. Surprisingly, blockchain stocks and mining stocks are shinning today instead. 2018 has been the year for cannabis stocks on US and Canadian exchanges. Still, there are a few Canadian mining stocks that pop up from time to time, as mining remains a solid industry in the Great North.
Today, we’ll take a closer look at one of these mining stocks booming on the TSXV.
Novo Resources Corp (TSXV:NVO)
Novo Resources is a mining and gold exploration company in Vancouver, British Columbia. The company explores gold properties in Canada, the US, and Australia.
This morning, Novo reported positive gold samples at its Karratha gold project. In addition to this, the company announced it received “encouraging” results from its gold recovery at its Egina project. These findings have caused the stock to soar on the TSXV today.
“Concentrate grades received from the recent Tomra mechanical rock sorting trials are impressive, reflecting the capability of the scanning and sorting technology to differentially select gold bearing rock,” commented Rob Humphryson, CEO and Director of Novo Resources.
The mining stock’s newest project is the Egina gold project. Both of these projects reported are in the Pilbara region, in Western Australia. Novo’s current focus will be on its projects in the country, and with its most recent positive findings, 2019 will most likely be centered around these two projects.
“The results of our first bulk sample at Egina are very encouraging,” Humphreys continued. “We are very excited about the possibility for this system to be laterally expansive, with obvious connotations for a future large scale and low cost mining operation.”
Mining Stocks Movement
According to Yahoo Finance, NVO is currently trading at $2.30 a share, up +$0.31 (+15.58%). The mining stock remains one of the top movers on the TSXV today.
Featured Image: LinkedIn