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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. has completed its acquisition of the remaining 50% interests in the Queens and Malmsbury gold joint ventures, part of the Belltopper gold project in Australia's Bendigo Tectonic Zone.
A total of A$0.75 million in cash and 2,088,554 shares were issued to Kalamazoo Resources for the Queens project, while A$1 million in cash, 4,037,872 shares, and 2,018,936 warrants were issued to GBM Resources for the Malmsbury project, totaling approximately A$1.6 million. The shares come with a 12-month hold period. The transaction has been conditionally approved by the Toronto Stock Exchange, although final consents from the Victorian Department of Jobs, Precincts and Regions are pending.
Additionally, CFO Ronan Sabo-Walsh will resign by July 2023.
Novo Resources Corp. has initiated a 3,000 m reverse circulation drilling program at the Catia Prospect, part of its Bellary Dome Project in Western Australia. The project covers a significant 10,500 sq km area, with high-grade gold mineralization indicated by previous rock chip samples showing peak results of 556 ppm and 117 ppm gold. The drilling aims to explore the strike potential of the Catia Trend for 700 m east of the main target. Novo plans to release drilling results as they come in, with this program being the first of several planned for the exploration season.
Novo Resources Corp. has announced the acquisition of the remaining 50% interests in the Queens and Malmsbury gold joint ventures located in Victoria, Australia. This acquisition grants Novo sole ownership of the Belltopper gold project within the Bendigo Tectonic Zone, a historically significant gold-producing area. The strategic consolidation of Belltopper positions Novo for enhanced exploration and development opportunities, with multiple high-grade gold targets identified. The acquisition involves cash payments of A$0.75 million to Kalamazoo Resources and A$1 million to GBM Resources, along with share issuances. The transaction is pending approval from regulatory authorities.
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