Novo Completes Full Repayment and Retirement of US$40 Million Sprott Lending Credit Facility

Novo Completes Full Repayment and Retirement of US$40 Million Sprott Lending Credit Facility

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to advise that it has completed repayment of its senior secured US$40 million credit facility (" Credit Facility ") with Sprott Resource Lending Corp. (" Sprott ") subsequent to the completion of the sale of the Company's New Found Gold Corp. investment 1 . The Company is now free of long-term borrowings, with an unaudited consolidated cash balance of C$76.6 million.

The Company paid an aggregate amount of US$40,144,029 to Sprott in satisfaction of all amounts outstanding, including all accrued interest, on the Credit Facility. No early repayment penalties were paid. The Company is in the process of discharging all security previously granted to Sprott in connection with the Credit Facility.

ABOUT NOVO

Novo operates its flagship Beatons Creek project while exploring and developing its prospective land package covering approximately 11,000 square kilometres in the Pilbara region of Western Australia. In addition to the Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com .

On Behalf of the Board of Directors,

Novo Resources Corp.

" Michael Spreadborough "

Michael Spreadborough

Executive Co-Chairman and Acting CEO


1 Refer to the Company's news release dated August 8, 2022 .



Primary Logo

News Provided by GlobeNewswire via QuoteMedia

NVO.WT:CA
The Conversation (0)
Significant Results From Malmsbury Victorian Projects Exploration Update

Significant Results From Malmsbury Victorian Projects Exploration Update

HIGHLIGHTS

  • New exciting high-grade assay results received from the 11-hole, 3,162 m diamond drilling program recently completed at the 50%-owned Malmsbury gold project (" Malmsbury Project ") located 50 km SSW of the high-grade Fosterville gold mine in Victoria, Australia.
  • Significant results generated from the last two holes drilled in the program at Queens Birthday (MD20) and Leven Star (MD21) reefs include:
    • 3.1 m @ 9.27 g/t Au from 400.9 m (MD20);
    • 8.1 m @ 5.79 g/t Au from 131.9 m (MD21); and
    • 6.2 m @ 3.92 g/t Au from 144.6 m (MD21).
  • Step-out hole MD22 returned 45 m @ 0.23 g/t Au from 134 m successfully intersecting the gold-mineralised felsic intrusive (Missing Link Monzogranite) 80 m north of previous reported drilling (MD17 1 ).
  • These new results together with previously released results affirm the success of this drilling program and support the exploration potential of the Malmsbury Project.
  • Induced polarization (" IP ") survey commenced on the Malmsbury Project and adjacent 50%-owned Queens gold project (" Queens Project "). Ground gravity and magnetic data to be collected concurrently with the IP survey. Novo expects this will take approximately six weeks to complete.
  • Diamond drilling planned for H1 2023 will test remaining high-priority mapping targets at the Malmsbury Project, in addition to developing high-grade shoot potential on the Leven Star Reef and key significant results from the recent diamond drilling campaign.

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an exploration update from the 50%-owned Malmsbury Project (RL006587) and adjacent 50%-owned Queens Project (EL007112), located approximately 50 km SSW of the high-grade Fosterville mine in Victoria, Australia (Figure 1). The Malmsbury Project is a joint venture with ASX-listed GBM Resources Ltd. (ASX:GBZ) (" GBM ") and the Queens Project is a joint venture with ASX-listed Kalamazoo Resources Ltd. (ASX:KZR) (" Kalamazoo ").

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Novo Releases Inaugural Sustainability Statement

Novo Releases Inaugural Sustainability Statement

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce that it has published its inaugural sustainability statement (the " Statement ") for the 12-month period ended June 30, 2022.

The Statement is available on the Company's website .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Novo Reports Q3 2022 Financial Results

Novo Reports Q3 2022 Financial Results

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) reports its financial results for the nine-month period ended September 30, 2022. All amounts are expressed in Canadian dollars, unless otherwise noted.

This news release should be read together with Novo's management's discussion and analysis (the " MD&A ") and condensed interim consolidated financial statements (the " Financial Statements ") for the nine-month period ended September 30, 2022 (" YTD 2022 ") which are available under Novo's profile on SEDAR (www.sedar.com). The three-month period ended September 30, 2022 is referred to as " Q3 2022 " in this news release.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Beatons Creek Updated Mineral Resource Estimate

Beatons Creek Updated Mineral Resource Estimate

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) announces an updated Mineral Resource estimate (the " 2022 MRE ") for the Beatons Creek gold project (" Beatons Creek ") located in the Nullagine region of Western Australia. The 2022 MRE incorporates extensive reverse circulation ( "RC" ) drilling completed between January 2020 and May 2022. The effective date of the 2022 MRE is June 30, 2022. A Technical Report (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (" NI 43-101 ")) in respect of the 2022 MRE will be filed under the Company's SEDAR profile upon its completion.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Standout Results From Becher Aircore Drilling Along Trend From Hemi Gold Deposit

Standout Results From Becher Aircore Drilling Along Trend From Hemi Gold Deposit

HIGHLIGHTS

  • Standout gold results have been intersected on the southern Irvine Shear corridor including 20 m @ 0.67 g/t Au , as part of the current aircore drilling program at the high priority Becher Area in the Egina District.
  • Over 650 shallow aircore holes for 16,500 m of the > 30,000 m program have been completed.
  • The aircore program will test multiple structural and intrusive targets along a series of significant mineralized corridors, some interpreted to extend to De Grey Mining Limited's (" De Grey ") Hemi gold deposit within the Mallina gold project (" Hemi ").
  • Several additional quartz veined, large-scale sericite-silica-sulphide alteration zones have been identified from drilling across the Irvine and Whillans Shear corridors, with assays pending.
  • Deeper reverse circulation (" RC ") drilling will commence in November 2022, designed to follow-up significant aircore results and test discrete drill targets within the Becher Area.
  • Numerous targets have been enhanced or newly identified from a recent high resolution aeromagnetic and radiometric survey, coupled with detailed ground gravity surveys which have advanced structural interpretation and geological understanding.
  • Two heritage surveys were recently completed, enabling infill and extensional aircore drilling traverses and RC drilling to be completed for the remainder of 2022 and first half of 2023.
  • Initial results from the Becher Area, combined with previously reported results from Nunyerry North 1 , reconfirm potential for the Egina District to be a standalone gold production hub.

" Our first aircore drill results have yielded strong gold results at the Becher Area, " commented Dr. Quinton Hennigh, Non-Executive Co-Chairman of Novo, " indicating that the Whillans and Irvine shear zones are indeed prospective for deposits similar to those at De Grey's adjacent Mallina project. Aircore drilling, a means of rapid, shallow drilling widely used across Australia as a first pass means of testing new areas for mineralization, is proving highly effective at Becher. Several large-scale anomalies are emerging, the largest of which is 650m across and situated along the southern Irvine shear zone. Alteration assemblages, lithologies, geochemical associations and size of these mineralized areas are similar to those observed in other nearby large gold discoveries. Although we have lots more drilling to complete and results to come in, the anomalies suggest that deeper drill testing is required. "

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Element79 Gold Corp Announces Update to Binding Option Agreement for Maverick Springs Silver Project

Element79 Gold Corp Announces Update to Binding Option Agreement for Maverick Springs Silver Project

(TheNewswire)

Element79 Gold Corp.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Steppe Gold Announces Board Changes

Steppe Gold Announces Board Changes

Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (" Steppe Gold " or the " Company ") announces the following Board changes.

Matthew Wood has resigned as a director of the Company. The President of the Company, Byambatseren Tsogbadrakh, has joined the Board, with both notifications effective immediately.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Silver North Announces $500,000 Non-Brokered Private Placement

Silver North Announces $500,000 Non-Brokered Private Placement

(TheNewswire)

Silver North Resources Ltd.

Not for distribution to United States Newswire Services or for dissemination in the United States.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Element79 Gold Corp Announces Completion of Debt Settlement and Closing of First Tranche of Private Placement

Element79 Gold Corp Announces Completion of Debt Settlement and Closing of First Tranche of Private Placement

(TheNewswire)

Element79 Gold Corp.

Vancouver, British Columbia TheNewswire - March 14, 2024 - Element79 Gold Corp (the "Company") (CSE:ELEM) (OTC:ELMGF) (FSE:7YS0) a mining company focused on the exploration for and production of gold and silver, is pleased to unveil updates on strategic initiatives aimed at bolstering the Company's financial position and enhancing shareholder value.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
White Gold Corp. Announces Upcoming Conferences

White Gold Corp. Announces Upcoming Conferences

White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA: 29W ) (the "Company") is pleased to announce participation in the OTC Markets Metals & Mining Virtual Investor Conference and in the Invest Yukon Investment Conference & Property Tour of the Company's flagship White Gold Project along with other events in 2024. The White Gold Project is located in west-central Yukon, Canada, and comprises 16 million tonnes averaging 2.23 gt Au for 1,152,900 ounces of gold in the Indicated Resource category and 19 million tonnes averaging 1.54 gt Au for 942,400 ounces of gold in the Inferred Resource category (1) . The Company's significant gold resources and other discoveries continue to demonstrate the expansiveness of gold mineralization on its extensive and underexplored land package in the emerging White Gold District, Yukon, Canada, with its exploration supported by strategic partners including Agnico Eagle Mines Limited and Kinross Gold Corporation.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Element79 Gold Corp Provides Updates on Advancing Multiple Corporate Initiatives

Element79 Gold Corp Provides Updates on Advancing Multiple Corporate Initiatives

(TheNewswire)

Element79 Gold Corp.

VANCOUVER, BC - TheNewswire March 11 2024 Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) ("Element 79 Gold", the "Company") is pleased to share the following summary and update on of corporate activities underway through the first half of 2024.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×