Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) is stepping into 2024 with its foot on the gas pedal, building on a successful 2023 marked by key discoveries, joint ventures (JV) and a solid ASX debut.
The gold explorer outlined its aggressive plans for the year ahead in a message to shareholders, prioritising targeted drilling across its Western Australian and Victorian gold projects.
“Looking forward to 2024, Novo is in an exciting position, and we have a busy year planned across our projects,” the statement read.
“Our focus will remain on targeted exploration and (we) are well-funded for executing our planned programs.”
Drilling deeper
The exploration company has promised to step up its hunt for gold at priority projects within the Egina Gold Camp and Balla Balla, both in Western Australia’s Pilbara region, this year.
The first six months will see the Novo exploration team continue its focus on Nunyerry North and Balla Balla in WA as well as the Belltopper project in Victoria as well as extending reconnaissance exploration on the Pilbara tenements.
These will include:
- The Egina joint venture, spearheaded by Novo and De Grey Mining, will keep the drill rigs humming at the Becher project, where more than 10,500 metres of drilling have been completed. Assay results are expected early in the year, promising to shed further light on the project's gold potential;
- Building on the initial success at Nunyerry North, Novo plans a comprehensive follow-up drilling program in the first half. This targeted exploration aims to expand the known gold mineralisation and potentially unlock further surprises;
- The 100%-owned Balla Balla project will undergo focused exploration efforts after several areas of interest were identified;
- Diamond drilling for a total of 2,300 metres is underway at the Belltopper Project in the regional-scale Bendigo zone in Victoria. The maiden program targets high-priority structural and geophysical anomalies, with results expected around March; and
- Novo's vast Pilbara tenements totalling about 7,500 square kilometres hold immense potential not just for gold but also for base metals and battery metals such as lithium and nickel. The company is actively seeking opportunities to leverage these diverse mineral resources to maximise value for its shareholders.
Strong position for growth
Well-funded with no debt, Novo is poised to aggressively execute its exploration plans this year through an experienced team with a track record of recent discoveries.
Its extensive Pilbara and Victorian portfolios offer significant upside potential for gold and other valuable minerals, which will provide strong news flow in the new year.
“(Furthermore), we remain committed to acting in an ethical and responsible way in the best interests of all our stakeholders, including shareholders, employees, the traditional owners of the lands we work on, governments, suppliers, and the communities in which we operate.”