Novo Resources Stock Price, News & Analysis

Novo Resources Corp. (ASX: NVO, TSX: NVO, OTCQX: NSRPF) has signed a Determination Wide Aboriginal Heritage Protection Agreement with the Nyamal Aboriginal , covering 1,500 sq km in the East Pilbara. This agreement allows Novo to begin exploration activities at the Bamboo and Miralga Projects. Key developments include:

1. Completion of a heritage site avoidance survey at Bamboo for drill testing.

2. Surface mapping and sampling at Miralga, focusing on porphyry-style and intrusion-related targets.

3. Rock chip samples from Gully Washer (Miralga Project) yielded peak results of 14.8 g/t Au, 10,083 g/t Ag, 3.8% Cu, 28.3% Pb, and 3.6% Zn.

4. Identification of potential gold mineralization associated with Bridget Suite intrusions at Bamboo-Strattons.

5. Plans for detailed mapping, soil sampling, and potential drill testing at both projects.

Novo ramped up exploration in its Pilbara targets during Q2 2024, with drilling at Nunyerry North and Becher Project. Over 3,200 m of RC drilling was completed at Nunyerry North, with assays expected in mid-August. De Grey Mining commenced 28,000 m of AC and RC drilling at Becher, following 10,500 m completed in Q4 2023.

In Victoria, significant intercepts from the Belltopper Gold Project include 5.6 m @ 3.14 g/t Au and 4.25 m @ 5.88 g/t Au. Novo maintains a strong financial position with A$11.7 million in cash and A$46.2 million in investments as of June 30, 2024.

Novo plans further drilling in the Karratha district and Balla Balla in late Q3 2024, and a series of RC drill programs to advance high-priority targets. Novo’s joint ventures in battery metals are also progressing, with significant lithium discoveries and planned RC drilling in H2 2024.

On June 26, 2024, Novo Resources Corp. announced the results of its Annual General Meeting (AGM) held on June 25, 2024, in Vancouver, BC, and June 26, 2024, in Perth, WA. All proposed resolutions were approved, including the election of director nominees. Key votes included Quinton Hennigh with 96.396% support, Greg Jones with 99.497%, Karen O’Neill with 99.515%, and Michael Spreadborough with 96.427%. Detailed voting results can be found on sedarplus.ca and asx.com.au.

De Grey Mining has recommenced aircore (AC) and reverse circulation (RC) drilling at Novo Resources' Becher Project. The project is part of the Egina Joint Venture, wherein De Grey is aiming to earn a 50% stake by spending A$25 million over four years, with a minimum of A$7 million by December 2024. Located near De Grey's substantial Hemi Gold Project, Becher has shown promising gold and base metal mineralisation. De Grey plans 28,000 meters of drilling in 2024, building on the 10,500 meters already completed. Concurrently, Novo is advancing a 4,000-meter RC drill program at Nunyerry North, expected to conclude in July 2024, with assay results due later in the month. Post this, exploration will move to other Pilbara targets, contingent on regulatory approvals. Significant past drill results include 10 m @ 0.12 g/t Au, 29.7 g/t Ag, and 1.5% Pb at Heckmair, and 8 m @ 4.7 g/t Au at Lowe. Further drilling aims to expand on these findings.

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+.