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. has reported promising gold exploration results from its drilling program in the Becher Area of the Egina District. Highlights include 20 meters at 0.67 g/t Au from aircore drilling, part of a 30,000-meter program. Over 650 holes have been completed, showing potential for significant mineralization aligned with De Grey Mining's Hemi gold deposit. Future reverse circulation drilling is scheduled for November 2022 to explore these findings further. The exploration indicates that the Egina District may develop into a standalone gold production hub.
Novo Resources Corp. has reported a strong performance for Q3 2022, with gold production of 13,137 ounces and gross revenue of C$28.0 million. This brings total production for the year to 39,125 ounces, exceeding operational guidance. The company maintains a robust cash balance of C$65.3 million, which will fund ongoing exploration and feasibility studies. No lost-time injuries were recorded, demonstrating a commitment to safety. However, the company faces challenges due to COVID-19 related cost increases and is preparing to address environmental appeal queries related to its Phase Two operations.
On September 6, 2022, Novo Resources Corp. (OTCQX: NSRPF) provided an update on its comprehensive exploration programs across its 11,000 sq km Pilbara portfolio in Western Australia. Key advancements include ongoing drilling at the Morto Lago and Milburn targets, with assays pending. A significant 30,000 m aircore drilling program is set to commence in the Becher area, potentially linked to De Grey Mining's Hemi gold discovery. High-grade results from Nunyerry North and the Malmsbury project bolster investor interest, with multiple ongoing and planned drilling programs expected to yield further positive outcomes.
Novo Resources Corp. (OTCQX: NSRPF) reported financial results for H1 2022, highlighting revenue of $61.6 million from gold sales of 25,742 ounces, averaging $2,394 per ounce. Q2 2022 revenue was $29.7 million with a net loss of $(18.8 million), resulting in a net loss of $(31.7 million) for H1 2022. The company held $74.9 million in cash and liquid assets. Production will pause due to operational adjustments, with expectations to produce 9-11koz Au by Q3 2022. Exploration remains a priority, with $11.4 million spent in H1 2022.
Novo Resources Corp. has commenced a 4,500m RC drilling program at Purdy’s North, targeting prospective gold and nickel-copper deposits. The drilling will focus on Milburn and Morto Lago, near significant discoveries by Azure and Artemis. Heritage surveys have been completed, allowing access to these sites. Advanced geophysical techniques, including IP and FLEM surveys, have refined target locations. The region is promising, with historical rock chip assays showing gold values up to 6.63 g/t, indicating potential for significant mineralization.
Novo Resources Corp. (OTCQX: NSRPF) announced that the Western Australian EPA determined that its approvals submission for the Fresh mineralization component of the Beatons Creek gold project does not require an assessment under the Environmental Protection Act. This allows Novo to initiate discussions with the Department of Mines for mining approval. The company aims to transition to Phase Two mining upon approval and final investment decision after a feasibility study. Cautionary statements highlight the risks of production and economic viability without prior feasibility studies.
Novo Resources Corp. (OTCQX: NSRPF) reported operational updates for Q2 2022, producing 12,610 ounces of gold, totaling 25,988 ounces for H1 2022, aligning with revised guidance. The company's revenue for Q2 2022 was C$29.7 million, reflecting sales of 12,378 ounces of gold. As of June 30, 2022, Novo's cash balance stood at C$74.8 million, supporting exploration efforts. The feasibility study for the Beatons Creek Fresh mineral resource is on track for completion in Q4 2022. However, the company is awaiting regulatory approval for Phase Two operations.
Novo Resources Corp. (OTCQX: NSRPF) announced that all proposed resolutions at its annual general meeting held on June 28, 2022, were passed. This included the election of all director nominees as outlined in the management information circular dated May 2, 2022. Key voting results showed strong support for the nominees, with percentages of votes in favor ranging from 82.16% to 98.23%. The company continues to focus on its flagship Beatons Creek gold project and exploring a land package of approximately 11,000 square kilometers in the Pilbara region of Western Australia.
Novo Resources Corp. (OTCQX: NSRPF) has announced details for its annual general meeting (AGM) set for June 28, 2022, at 4:00 p.m. PDT, followed by an investor presentation at 4:30 p.m. PDT. Shareholders must pre-register to attend the AGM by 9:00 a.m. PDT on the same day. Access to the meeting is limited to those who pre-register. The management presentation will be available via a live link, offering insights into the company's activities, particularly its flagship Beatons Creek gold project in the Pilbara region of Western Australia.
Novo Resources Corp. has completed its Phase Two mechanical sorting trial using samples from Comet Well, Purdy’s Reward, and Egina. The trial confirmed strong upgrade ratios from lower-grade material, achieving a mass pull to concentrate of 1.05%. The Phase Three trial at Comet Well has been deferred to H1 2023 due to increased costs and the need to focus on developing the Fresh mineral resource at the Beatons Creek Gold Project. Novo is prioritizing feasibility studies and exploration programs while maintaining a commitment to deliver shareholder value.