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 completed a mining review of the Beatons Creek Gold Project, resulting in an optimized five-year plan through 2026. The revised approach has led to higher processing grades of 1.58 g/t Au from 117 kt processed in November 2021, yielding 5,498 ounces of gold. The plan involves a phased mining strategy, including continued mining of existing resources and transitioning to the higher-grade Beatons Creek Fresh resource. The company maintains a strong financial position with C$39.1 million in cash and a C$119 million investment portfolio, positioning it for effective execution of the new plan.
Novo Resources Corp. (OTCQX: NSRPF) is advancing its greenfields exploration program, focusing on Ni-Cu-Co targets near Azure Minerals and Artemis Resources in the Pilbara region. The 100%-owned exploration license EL47/1745 has identified several high-order soil geochemical anomalies related to previously defined VTEM conductors. Ground EM surveys are planned to further investigate these targets, aligning with Novo’s strategy to enhance its portfolio of gold and battery metals prospects.
Novo Resources Corp. (OTCQX: NSRPF) announced the launch of a 15,000 m reverse circulation drilling program at the Parnell-Vulture trend, part of its Nullagine gold project. The drilling began in early November 2021, aiming to explore oxide opportunities in a region with a rich history of gold mineralization. Historical drill results showed significant gold intercepts, including 12 m at 14.6 g/t. First assay results are expected by early December 2021, promising advancement in the company's exploration strategies.
Novo Resources Corp. (NSRPF) announced the commissioning of its Steinert KSS 100F LIXT fine mechanical sorting unit, which will be installed in Nullagine, Australia. Phase 2 mechanical sorting trials are set to begin in early December 2021 and will extend through Q2 2022. The trials aim to process bulk samples from Novo's Pilbara gold deposits, focusing on the Comet Well and Purdy’s Reward sites for potential commercialization. This project highlights Novo's innovative technology and commitment to advancing its mining operations.
Novo Resources Corp. (OTCQX: NSRPF) has resumed operations at its Golden Eagle processing facility after completing maintenance on its main crushing unit. The facility underwent about seven days of downtime, during which mining operations continued, resulting in a stockpile of approximately 370,000 tonnes. Additionally, the first phase of the tailings storage facility has been completed, providing an estimated 12 months of processing capacity, with the second phase anticipated to finish in early 2022.
Novo Resources Corp. (OTCQX: NSRPF) has pinpointed new exploration targets at the Egina project in the Pilbara region of Western Australia. Key highlights include the discovery of multiple untested aeromagnetic anomalies similar to those at De Grey Mining’s Hemi gold site, along with two significant Au-As-Sb soil anomalies. Historical drilling by another issuer intersected up to 4.38 g/t Au, although this data remains unverified by Novo. Upcoming exploration efforts for 2022 will focus on high-resolution aeromagnetics, soil sampling, and drilling to validate these promising targets.
Novo Resources Corp. (OTCQX: NSRPF) announced an unforeseen extension of maintenance at its Golden Eagle processing facility due to greater wear on the pitman/swing stock bearing housing than expected. This maintenance commenced on October 30 and is projected to conclude by November 5. While the mill is shut down, mining operations continue unaffected. The company plans to provide an update once the maintenance is complete.
Novo Resources Corp. (OTCQX: NSRPF) announced promising preliminary results from its maiden reverse circulation drilling program at the Genie prospect in Western Australia. Significant findings include 8 m at 4.6 g/t Au and 10 m at 3.0 g/t Au, among others, highlighting the prospect's potential for valuable oxide feed to the nearby Golden Eagle Plant. The mineralization remains open in all directions, with further drilling already underway to expand the discovery. The exploration team focuses on defining the extent of the new style of gold mineralization related to dolerite intrusion.
Novo Resources Corp. (OTCQX: NSRPF) has reported a Q3 2021 operational update highlighting significant gold production of 18,144 oz Au, a 22% increase from 14,890 oz Au in Q2 2021. Despite achieving targeted mining and milling rates, lower head grades were noted due to previous drilling methods, impacting accuracy. Financially, Q3 revenue reached C$43 million, a 36% increase, with a cash balance of C$44.1 million. The company is optimistic about ongoing grade control drilling and has initiated an oxide mining study to enhance production efficiency.
Novo Resources Corp. announced promising results from the Talga Gold Project in Western Australia, where drilling yielded significant gold intersections. Notable results include 3 m at 25.5 g/t Au from 28 m and 3 m at 23.3 g/t Au from 11 m. The drilling program consisted of 65 shallow RC holes totaling 3,240 m, defining a corridor of mineralized structures approximately three kilometers long. Follow-up drilling is planned for early 2022 to further explore these high-grade gold plunging shoots. The company is leveraging PhotonAssay technology to expedite sample analysis.