JV Article: Novo Resources celebrates Pilbara gold project results

Novo Resources (TSX: NVO; ASX: NVO; US-OTC: NSRPF) is celebrating a series of positive results from its Becher and Nunyerry North gold projects in Western Australia’s Pilbara region. One highlight, reported in February, included 8 metres of 4.74 grams gold per tonne at Becher in drilling conducted by Novo’s joint venture partner, De Grey Mining (ASX: DEG). Drilling at Novo’s Nunyerry North returned a highlight of 6 metres grading 6.12 grams gold per tonne. 

De Grey signed an earn-in JV agreement with Novo last June for Becher, which is just 28 km southwest of its 11-million oz. Hemi deposit. De Grey can earn a 50% stake in return for a A$10 million up-front payment and A$25 million in exploration spending over four years.

“The Egina joint venture is a great outcome for our shareholders because we’re not spending the A$25 million and we still end up with 50% ownership of this exciting project right next to the large Hemi project,” Michael Spreadborough, Novo’s executive co-chairman, said. 

Novo started exploration at Becher in late 2022 and drilled 2,540 holes totalling more than 60,000 metres. It says the geology and geochemistry results are very similar to Hemi. 

De Grey took over management of the project last July, completing 10,500 metres of drilling in the fourth quarter, Spreadborough said. It’s now in the midst of another drill program.

At Nunyerry North, south of Becher, Novo completed an initial 30-hole reverse circulation program (2,424 metres) last year. It’s now carrying out a 4,500-metre follow-up program to test down plunge of existing intercepts and further along the 2 km strike extent defined by a strong surface soil anomaly. Mark Creasy’s privately owned Creasy Group owns a 30% stake in Nunyerry North.

Novo also holds the 1,200-sq.-km Balla Balla project along Western Australia’s northwest coast, and Belltopper, 120 km northwest of Melbourne.

“We have a whole series of early stage projects on which we’ll complete reconnaissance exploration the rest of the year,” Spreadborough said.

The company is gold-focused, but joint ventures out other projects its team finds. Chile’s SQM (NYSE: SQM) has a 75% stake in the Harding Battery Metals JV in the West Pilbara and privately-owned Liatam Mining has an 80% stake in the Quartz Hill lithium project.

“On top of that, we’re in excellent financial shape with A$13 million in cash and an investment portfolio of A$47 million that we can use as other opportunities arise,” Spreadborough noted. 

The preceding Joint Venture Article is PROMOTED CONTENT sponsored by Novo Resources and produced in co-operation with The Northern Miner. Visit: www.novoresources.com for more information.