Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) has reported making considerable progress in its exploration activities across Western Australia, delivering compelling results from its gold portfolio there and forging ahead in Victoria too.
Drilling programs in two states
In WA, the company has executed drilling programs at its Egina Gold Camp, which includes the Becher and Nunyerry North Projects.
At the Belltopper Gold Project in Victoria, a 2,300-metre diamond drill program is underway, with assays anticipated in the first quarter of 2024.
In the meantime, at the Egina earn-in/joint venture, partner De Grey Mining Limited (ASX:DEG) has undertaken a comprehensive campaign, conducting aircore drilling across more than 7,500 metres and more than 4,000 metres of reverse circulation drilling at the Becher Project.
These efforts are expected to culminate in final assay results by the first quarter of 2024.
Diversifying into battery metals
Novo's strategic collaboration with SQM (NYSE:SQM) through the transformative Battery Metals Joint-Venture Agreement has resulted in a A$10 million investment for a 75% interest in promising lithium-nickel tenements in the West Pilbara, forming the Harding Battery Metals Joint Venture.
This venture diversifies Novo's portfolio, exposing it to the growing battery metals market.
Novo has further strengthened its exploration footprint by joined forces with Liatam Mining on the Quartz Hill Joint Venture. Liatam surpassed the required expenditure and increased its stake in Novo, pointing to its robust confidence in the project's potential.
The sale of the Nullagine Gold Project to Calidus Resources Limited for A$250,000 in shares, with a deferred consideration of A$5 million, has allowed Novo to reallocate resources to its core exploration activities while ensuring responsible project transition.
Robust financials
Financially, Novo has maintained a strong position, with no debt and a healthy cash and investment balance, ensuring sustained exploration endeavours.
The company's commitment to sustainability and community engagement is demonstrated in its comprehensive 2023 Sustainability Report, which highlights significant contributions to community programs and the company’s receipt of the Gold Industry Group Award for Company of the Year 2022.
With these developments, Novo is poised for continued exploration success in Western Australia and Victoria, leveraging strategic partnerships and maintaining a strong focus on sustainability and community collaboration.