Novo Resources Corp (TSX:NVO, OTCQX:NSRPF) is advancing its Australian exploration efforts in the second half of the year with an 8,000-metre drilling plan that targets key prospects in Western Australia's Pilbara region and at the Belltopper Gold Project in Victoria.
The surge in activity follows the A$10 million cornerstone investment the company secured alongside an earn-in and joint venture with De Grey Mining Ltd.
This new partnership, known as the Egina JV, serves as a catalyst for exploration at Novo's Becher prospects and allows the company to develop other prospective areas within its comprehensive exploration portfolio.
These concerted exploration efforts are seen as the groundwork for a proposed ASX dual listing process, planned for this quarter.
“Exciting and busy second half”
Novo executive co-chairman and acting CEO Mike Spreadborough said: “The first half of 2023 has been a transformative period for Novo, highlighted by our earn-in and joint venture agreement at our flagship Becher Project with leading Western Australian gold developer De Grey, who we also welcomed as our largest shareholder through a cornerstone investment of A$10 million.
“We are set for an exciting and busy second half. Importantly, our highly prospective 10,500 square kilometre exploration portfolio in the Pilbara and Belltopper in Victoria provides Novo with a strong platform for growth and we have several exploration programs planned to commence across key targets.
“We are also progressing our ASX listing plans and remain on track to hit the boards in Q3 2023."
Dual listing
Spreadborough adds: “The move to dual list on the ASX is the logical next step in our growth plans, considering local investor appetite for mining and exploration companies with projects located in Australia.
“We believe the listing would provide significant benefits to Novo including increased liquidity, access to potential new sources of equity and attracting institutional investment and equity research coverage as we seek to deliver on our growth strategy.”
News from Becher
Novo’s primary project, Becher, lies in the northern section of the Egina Gold Camp, 28 kilometres along the trend from De Grey’s 11.7-million-ounce Pilbara Gold Project.
By June, Novo completed more than 61,400 meters of drilling across 2,540 aircore holes at Becher, mapping a significant area of gold mineralization across five square kilometres.
The results from Becher continue to yield positive intersections, with an additional 89 holes pending assay results.
Meanwhile, the company has shifted its focus to the Nunyerry North project in the southern section of the Egina Gold Camp.
New area of interest
The Balla Balla project in the northern Pilbara is emerging as a new area of interest, covering more than 1,200 square kilometres centred on the major Sholl Shear structural corridor. Plans for reconnaissance drilling are set for the second half of 2023.
Novo is also eyeing prospects in the East Pilbara near Marble Bar, at the Bamboo-Strattons projects, where recently identified gold-anomalous intrusions present drilling opportunities.
In keeping with its commitment to ethical exploration, Novo maintains an ongoing collaboration with the Pilbara Traditional Owners.
The company has been adapting its practices to comply with the new Western Australian Aboriginal Cultural Heritage Act 2021.
Alongside these efforts, Novo is also examining the potential of the Nullagine Gold Project, exploring strategic avenues that can ensure maximum benefit for its shareholders.
At Belltopper
Over in Victoria, the Belltopper project has surfaced as a high priority for Novo with a number of targets emerging following a detailed review of recent and historic exploration data.
All targets at Belltopper are being ranked and prioritised against criteria that include, but are not limited to, structural complexity, alteration intensity, ME pathfinder zones, geophysical features, demonstrated high-grade gold and evidence for multiple styles that may indicate overprinting mineralization events.
The site is poised for diamond drilling, also scheduled for this year, and this will focus on the top-ranked targets delivered from current targeting efforts and any statutory drilling on the highly prospective Leven Star Reef.