Nova News
Nova Uranium (TSX VENTURE:NUC - News) is pleased to update the ongoing Phase One Nova Showing drill program at its Mont Laurier Uranium Property. The Phase One drill program is currently testing limited portions of the Nova "A" and "B" Zones with a planned 30 vertical, large diameter HQ drill holes. To date, a total of 992 metres of core have been drilled in nine holes on the Nova "B" Zone. An additional three holes are planned for the "B" Zone, followed immediately by initial drill testing of the Nova "A" Zone with 18 holes. Core sampling of the first nine holes has been slower than anticipated because of a combination of logistical, technical and personnel issues. Nova has recently doubled both the size of its field geological staff and its core cutting capacity in order to provide a more rapid pace of results. To date only samples from the first hole have been logged, cut and submitted to the laboratory for analyses. Nova has not received any analytical results from this first hole.
Nova is also pleased to announce that it has completed a detailed compilation of its extensive Mont Laurier Uranium Property's large historical data set. Nova plans to commence its summer field season program before the end of May. The program will focus on follow up of the additional known 20 surface uranium showings on the property and investigation of airborne radiometric and ground geochemical anomalies with a goal of preparing additional high priority targets for drill testing by late summer.
This news was enough to push the stock a little higher so far today. As long as this holds we should be OK.
The selling that may go on right now before we get the results is primarily by people who are scared of bad results.
That is completely understandable considering this is a pure drill play.
But let me remind you of something that makes me quite confident that the drill tests will do well.
Nova's management team is paid primarily by stock holdings and options. To make money, the stock has to go up.
So when I look at the latest insider transactions, there are only some very small sells by one of the insider's companies.
IF there was something wrong then we would see major insider selling. Right now I don't see that so I am pretty sure everything will go well with Nova and we will continue our great gains after drill results.