Welcome to our dedicated page for Novo Resources news (Ticker: NSRPF), a resource for investors and traders seeking the latest updates and insights on Novo Resources stock.
Novo Resources Corp. reports on an Australian mineral exploration portfolio focused on gold and selected battery-metal opportunities. Recurring updates cover exploration results, drilling programs, target generation, and project reviews across the Pilbara and Onslow districts of Western Australia, the Egina Gold Camp, the Becher and Teichman areas, the Wyloo gold-silver-antimony project, Balla Balla, Toolunga, and the Belltopper Gold Project in Victoria.
Company news also includes portfolio additions such as the Tibooburra Gold Project in northwestern New South Wales, joint venture activity including a Pilbara lithium joint venture with SQM, capital and presentation updates, and exploration leadership changes. The coverage reflects Novo's role as a multi-project exploration issuer listed in Canada, Australia, and the U.S. OTC market.
Novo Resources Corp. (OTCQX: NSRPF) has withdrawn its appeal against the Western Australia Environmental Protection Authority's decision related to its Phase Two Fresh operations at the Beatons Creek project. This proposal will now undergo assessment by the Western Australian Department of Mines, Industry Regulation and Safety. Novo is engaged in exploring and developing a 10,500 square kilometer area in the Pilbara region, focusing on the Beatons Creek gold project and other joint ventures in Victoria.
Novo Resources Corp. (OTC: NSRPF) announced that the GDXJ VanEck Junior Gold Miners ETF liquidated its entire 3.8% stake, approximately 9.6 million shares, on December 16, 2022. This coincided with a notable trading volume of 16.3 million shares. Despite this setback, Novo remains optimistic about the future, emphasizing its exploration-driven growth strategy in the Pilbara and Victoria regions. The company is poised to explore new targets and has welcomed Liatam Mining Pty Ltd as a significant shareholder with a C$5 million investment.
Novo Resources Corp. (OTCQX: NSRPF) has filed a technical report pursuant to NI 43-101 concerning its Beatons Creek gold project in Western Australia. This report, effective June 30, 2022, and issued on December 16, 2022, was authored by qualified professionals. It is available for review on SEDAR and the company's website. Novo continues to explore its extensive land package in the Pilbara region, aiming to enhance stakeholder value through geological expertise.
Diamond drilling at NRV06 intersected extensive zones of disseminated Ni and Cu sulphides, with preliminary assays indicating up to 0.95% Ni and 0.25% Cu. At Morto Lago, notable intercepts include: 3 m @ 3.35 g/t Au, 4 m @ 6.74 g/t Au, and 5 m @ 1.73 g/t Au. Drill results from the Milburn anomaly yielded significant Cu, Ni, and Co assays, providing optimism for future exploration in the Karratha District. Novo Resources is committed to ongoing drilling and downhole EM surveys to enhance its exploration strategy, reinforcing its position in the Pilbara region.
Novo Resources Corp. (OTC: NSRPF) faces challenges in 2022 due to supply chain issues and inflation affecting the mining industry. Operations at the Nullagine gold project are on care and maintenance pending approvals. Despite market volatility, the company secured C$125.9 million from selling shares in New Found Gold Corp., eliminating debt and bolstering a cash balance of C$52 million. Plans for 2023 involve aggressive exploration in Western Australia, including promising targets at Becher and Nunyerry North. Novo remains focused on ESG objectives and responsible operations.
Novo Resources Corp. has initiated reverse circulation drilling in the Becher Area, targeting potential gold deposits in the Mallina Basin. Two rigs have commenced testing within 216 sq km, following positive aircore drilling results, including 4 m @ 4.02 g/t Au. The RC drilling program has so far completed 12 holes totaling 1,109 m and identified multiple zones of alteration. With over 1,120 AC drill holes completed, the company aims to exceed its planned 30,000 m drilling target. The program will pause from mid-December 2022 until March 2023 due to wet season conditions.
Novo Resources Corp. announced high-grade assay results from its 11-hole, 3,162 m diamond drilling program at the 50%-owned Malmsbury gold project in Victoria, Australia. Notable results include:
- 3.1 m @ 9.27 g/t Au from hole MD20
- 8.1 m @ 5.79 g/t Au from hole MD21
- 6.2 m @ 3.92 g/t Au from hole MD21
- 45 m @ 0.23 g/t Au from step-out hole MD22
The results confirm the project's exploration potential, and an induced polarization survey is underway to further evaluate gold mineralization.
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Novo Resources Corp. reported financial results for the nine-month period ending September 30, 2022, revealing a revenue of $89.5 million from gold sales of 38,168 ounces. Q3 2022 yielded $28.0 million from 12,426 ounces sold at an average realized price of $2,255 per ounce. The company is now debt-free following the repayment of a $40 million credit facility. However, a non-cash impairment charge of $48.3 million occurred due to uncertainties regarding mining approvals at the Beatons Creek Project. Cash and equivalents stand at $65.3 million.
Novo Resources Corp. has released an updated Mineral Resource estimate for the Beatons Creek gold project effective June 30, 2022. The estimate indicates an Indicated Mineral Resource of 3.05 million tonnes at 2.4 g/t Au for 234,000 oz Au, and an Inferred Mineral Resource of 0.83 million tonnes at 1.6 g/t Au for 42,000 oz Au. The new estimate reflects a decrease in both open pit tonnes and ounces compared to previous estimates, primarily due to revised mineralization models. Mining operations have transitioned into care and maintenance pending further feasibility studies.