Since its dual listing on the ASX in September, Novo Resources Corp’s shares have been downward, trading at A$0.14, down 43% from its offer price – despite the surging gold prices (Figure 1).
However, at the field, the company is making some headway at its Egina Gold Camp, where over 10,500 metres of combined aircore and reverse circulation drilling was completed by De Grey Mining at Becher as part of the Egina earn-in / JV.
Notably, the Egina Gold Camp is Novo’s highly prospective gold belt in the Pilbara and includes the priority Becher and Nunyerry projects.
“What excites us the most at Novo is that the Egina JV tenements are considered highly prospective for significant intrusion-related gold deposits, with similar attributes to the 12.7Moz Au (JORC 2012) Hemi Gold Project,” says Novo co-chairman and acting CEO Mike Spreadborough.
“De Grey understands the enormous potential of this ground, and this is just the start of an exciting exploration partnership.”
Figure 1: Share price chart (Source: Google Finance)
Significant drill results at Becher
Novo’s JV partner, De Grey, kicked off AC and RC drilling at the Becher Project in the December quarter of 2023.
During this period, the company tested the Heckmair and Lowe intrusions and the Irvine and Bonatti shear corridors, completing over 10,500 metres.
RC drilling at Lowe confirmed gold mineralisation associated with a deformed intrusive sill, with a best intercept of 8 metres at 4.74 g/t gold from 96 metres, including 3 metres at 11.88 g/t Au from 100 metres.
Follow-up RC drilling into a base metal-gold corridor previously defined by Novo at Heckmair intersected a significant zone of base metal-gold mineralisation from the two RC holes targeting the corridor.
Moving forward, De Grey plans to target the Becher area with follow-up AC and RC drilling to be completed at priority targets Heckmair and Lowe during the course of the year.
About Egina Gold Camp
The Egina Gold Camp is Novo’s highly prospective gold belt in the Pilbara and includes the priority Becher and Nunyerry projects.
Novo’s early-stage reconnaissance work at Egina successfully identified the Becher Project as highly prospective and a high priority.
The company kicked off AC drilling in late 2022 and continued into 2023, generating excellent results and indicators of potential discovery success.
In June 2023, De Grey recognised Becher's potential as a key growth asset and entered into the Egina JV. Under this JV, De Grey will fund an exploration program over four years for up to A$25 million, earning a 50% interest in the project.
Figure 2: Location of Novo tenements, the Egina JV area and priority projects in the Pilbara. (Source: ASX Release).
Spreadborough added: “This ground will get some focused exploration attention with De Grey required to spend up to A$25 million at Becher and adjacent tenements within 4 years to earn a 50% direct interest in the Egina JV.
“In this programme, a minimum of $7 million will be spent within 18 months, so we expect a good flow of results going forward.”
Things kicking off at Belltopper
Novo’s Belltopper Gold Project is situated within the prolific Bendigo Zone, approximately 50 kilometres SSW of the high-grade, world-class Fosterville Gold Mine and 120 kilometres northwest of Melbourne.
In March 2023, the company consolidated Belltopper by acquiring the remaining 50% interests in the Malmsbury Project from GBM Resources (ASX: GBZ) and the Queens Project from Kalamazoo Resources (ASX: KZR).
Exploration efforts are focused on first-order high-grade gold targets generated from drilling, geophysics, mapping, structural and mineralisation studies, geochemical vectoring, and 3D modelling of historic (known) and newly discovered gold reefs that occur across the project area.
Novo has commenced a diamond drilling program consisting of ~2,300 metres with six primary planned drill collars designed to test the highest priority targets at Belltopper.
Drilling is expected to take around three months, with assays to be reported throughout the first half of 2024.
Figure 3: Belltopper Gold Project location. (Source: Novo Website)
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