NOVO RES CORP - NSRPF STOCK NEWS

Novo Resources Corp. has completed a preliminary economic assessment (PEA) for its 100%-owned Beatons Creek gold project in Western Australia. The PEA indicates a potential production of 627,000 ounces of gold over six years, with a competitive all-in sustaining cost of US$974 per ounce. A pre-tax NPV of US$318 million is projected at a gold price of US$1,700 per ounce. The company is ramping up mining at Beatons Creek and seeking to explore additional gold resources within its extensive 1,250 km² land holdings.

Novo Resources Corp. has updated the sale of a portion of its Blue Spec project to Calidus Resources Limited. To date, Calidus has paid AUD $7.7 million. The total consideration for the transaction is AUD $19.5 million, which includes a cash payment of AUD $5 million due by March 31, 2021, and the issuance of 13,333,333 shares to Novo by April 16, 2021. Additionally, Calidus will transfer a 100% interest in a prospecting license adjacent to Novo's Talga Talga project. The transaction awaits certain regulatory approvals and documentation.

Novo Resources Corp. has exercised its option to acquire a 50% interest in the Queens gold project in Australia, held by Kalamazoo Resources Limited. In exchange, Novo issued 584,215 common shares to Kalamazoo. The company can earn an additional 20% by investing AUD$5 million over five years in exploration. The first year's commitment is AUD$75,000, escalating in subsequent years. If Novo meets its investment goals, it can either increase its stake or retain its current interest. The project is seen as a high-value target with geological similarities to the Fosterville deposit.

Novo Resources Corp. (OTCQX: NSRPF) has successfully poured its first gold bar from the Beatons Creek project in Western Australia, marking a significant milestone just six months after acquiring Millennium Minerals Limited. The company completed the refurbishment of the Golden Eagle mill ahead of schedule and under budget. With a projected plant throughput rate of 1.5 million tonnes per annum, Novo will continue its growth strategy, focusing on further exploration in the Pilbara and Victoria regions in 2021.

Novo Resources Corp. has finalized its acquisition of the Comet Well Project, paying A$3 million and issuing 1,198,395 common shares. This project, part of the Karratha gold initiative, is set for bulk excavation and mechanical sorting tests in Q2 2021, pending regulatory approvals. President Quinton Hennigh emphasized the project's significance, aiming to establish Novo as a notable gold producer in Australia's Pilbara region. The company currently oversees a substantial land package of around 13,750 square kilometers in this area.

Novo Resources Corp. (OTCQX: NSRPF) has received all regulatory approvals for its Beatons Creek gold project and the Golden Eagle Mill. Key developments include progress on commissioning activities and ongoing excavation at Beatons Creek. The company has finalized contracts for material transportation and completed refurbishment of the processing plant ahead of schedule and within budget. With 128 personnel on site, Novo is poised for commercial production. Additionally, American Pacific Mining now owns 100% of the Tuscarora gold project, while Novo retains a 0.5% net smelter returns royalty.

Novo Resources Corp. (OTCQX: NSRPF) announced a second A$5 million payment from Calidus Resources Ltd. for the Blue Spec project, increasing Calidus's stake to 25%. To finalize a 75% interest acquisition, Calidus must pay A$10.3 million and issue A$1.5 million in shares by March 31, 2021, pending shareholder approval. Additionally, Novo sold its 30% interest in the Warrawoona joint venture to Calidus for a 1% gold royalty. Novo is focused on advancing its Beatons Creek gold project and exploring its extensive land package in Western Australia.

On October 15, 2020, Novo Resources Corp. (OTCQX: NSRPF) announced progress updates on its Beatons Creek gold project and Millennium infrastructure refurbishment. Key highlights include a contract with GR Engineering Services for AUD $8.3 million to refurbish processing infrastructure. Power restoration and camp upgrades are underway, enhancing operational readiness. Initial site establishment and grade control drilling at Beatons Creek have commenced, with contracts awarded to experienced companies. New personnel appointments aim to strengthen operations. CEO Rob Humphryson expressed optimism about advancing conglomerate gold production in Western Australia.

Novo Resources Corp. (OTCQX: NSRPF) reports promising developments at the Beatons Creek gold project. Recent mapping and surface rock sampling indicate potential extensions of the M1 and M2 conglomerate gold lodes, extending the surface strike length by 1.6 km. Spot rock chip samples returned grades of 2.7 g/t Au, 3.5 g/t Au, and 2.1 g/t Au, hinting at significant mineralization. The company's future plans include trenching and RC drilling to confirm these findings and expand the resource base further.