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NOVO RES CORP (NSRPF) is a leading mineral exploration company with a focus on gold projects. The company has achieved significant exploration success in its Nunyerry North project, with high-grade results indicating the potential for a major gold project. Novo is also involved in the Becher Project through its Egina earn-in/JV with De Grey, showing promising results. With a strong financial position, Novo is set to continue aggressive exploration across its Karratha district, aiming to deliver exciting news throughout 2024.
Novo has initiated a strategic project generation program to identify valuable opportunities in precious and base metals assets that complement its current portfolio. The company's dedication to exploration and development is evident in its ongoing drilling programs and promising results, positioning Novo as a key player in the mining industry.
Novo Resources Corp. (OTCQX: NSRPF) announced the resignation of Mr. Ross Hamilton as a director, effective immediately. Mr. Mike Spreadborough, Executive Co-Chairman, expressed gratitude for Mr. Hamilton's 3.5 years of service as a Non-executive Director and Chair of the Sustainability Committee. In addition, Ms. Lisa Smith has completed her term as Joint Company Secretary. She was recognized for her significant contributions, particularly in the ASX listing completed in September 2023. The announcements reflect personnel changes aimed at refining the leadership structure for future endeavors.
Novo Resources has completed a six-hole, 2,529-meter diamond drilling program at the Belltopper Gold Project in Victoria, yielding significant gold intercepts and discovering two new reefs. Key results include: 2m @ 15.18 g/t Au from 9m in BTD004, 4.25m @ 5.88 g/t Au from 274.75m in BTD001, and 12.26m @ 1.45 g/t Au from 185m in BTD005. The program extended mineralization on the Leven Star Reef and indicated new high-priority targets. Further exploration and resource review are planned for Q3 2024. The company is well-funded to continue its exploration activities.
Recently, Novo Resources completed a six-hole, 2,529-meter diamond drilling program at the Belltopper Gold Project in Victoria, yielding significant gold intercepts across multiple targets. Notable results include 5.6 m @ 3.14 g/t Au from 219.8 m and 4.25 m @ 5.88 g/t Au from 274.75 m, with the discovery of two new, high-potential gold reefs. The program identified a new high-priority target corridor and extended known mineralization zones, particularly on the Leven Star Reef. Anomalous gold in BTD003 suggests potential for further exploration. The company plans to focus on reviewing and re-logging historic drill holes and new high-grade targets throughout 2024.
Novo Resources and Liatam Mining Pty 's joint venture, Quartz Hill, will see an investment of ~A$6 million in lithium exploration in 2024. Initial exploration has revealed promising lithium mineralization at Lepidolite Fields, with notable surface sample results including 2.71% Li2O and 828 ppm Cs2O. A second LCT pegmatite swarm was identified at Quartz Hill West and The Gap. Approximately 9,000 meters of RC drilling is planned for H2 2024. Exploration activities to date have included detailed geological mapping and sampling.
Novo Resources has transitioned its auditor from Ernst & Young to Deloitte Touche and Tohmatsu, effective May 6, 2024. This change was requested by the company and approved by its Audit, Risk and Corporate Governance Committee and Board of Directors. There were no modifications of opinion in Ernst & Young's reports for the fiscal years 2022 and 2023, nor were there any reportable events between Novo and Ernst & Young. The required documentation has been filed on SEDAR+.
Novo Resources Corp. delivers significant exploration results across its Western Australian gold portfolio, including upgraded drill intercepts from the Nunyerry North project and positive results from the Becher project. The company is financially strong with no debt, holding a cash balance of A$16.7 million (C$14.7 million) and investments of A$47.7 million (C$42.1 million) as of 31 March 2024.
Novo Resources Corp. (ASX: NVO) announces a follow-up drilling program at Nunyerry North and defines new targets near Karratha. The program aims to test multiple targets for gold mineralization. The company plans a maiden RC drilling program at Karratha District to explore gold and gold-copper targets in early Q3 2024. De Grey Mining, the Earn-in/JV partner, is set to start exploration programs in Q2 2024.
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