Precious Metals

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
High-Quality Gold Targets Advanced at Purdy's North, Becher Area, and Nunyerry

High-Quality Gold Targets Advanced at Purdy's North, Becher Area, and Nunyerry

  • Comprehensive exploration update regarding large-scale exploration programs underway across Novo's highly prospective 11,000 sq km portfolio of Pilbara tenements ( Figure 1 ).
  • Purdy's North reverse circulation (" RC ") drilling is ongoing at the Morto Lago gold-copper target with drilling intersecting several zones of quartz-veining and alteration, with assays pending. Morto Lago is adjacent to Azure Minerals Limited's (" Azure ") Andover nickel-copper-cobalt discovery (" Andover ") and Artemis Resources Limited's (" Artemis ") Carlow Castle gold-copper-cobalt discovery (" Carlow Castle ").
  • Purdy's North RC drilling underway at the Milburn target, also adjacent to Andover and Carlow Castle, where the first three holes have highlighted a moderate dipping interpreted thrust fault with zones of pyrrhotite, chalcopyrite and pentlandite (visual identification confirmed by pXRF), with assays pending.
  • Several high priority West Pilbara targets including Southcourt, NRV06, and Bushmill nickel-copper targets are drill ready.
  • > 30,000 m aircore drilling program to commence this month in the Becher area within the Egina District testing multiple targets delineated along a significant mineralized corridor potentially extending to De Grey Mining Limited's (" De Grey ") Hemi gold discovery (" Hemi ").
  • High-order gold soil anomaly at Nunyerry North now extends over 1.4 km strike, with a second 1.2 km long soil anomaly at > 30 ppb gold defined south of the main target. Rock chip sampling returned peak high-grade results from quartz veins including 8.81 g/t gold, 7.39 g/t gold and 1.23 g/t gold . Further detailed mapping has defined additional swarms of quartz veins and specimen gold has been detected.
  • Over 20,000 m of RC drilling completed in near-mine exploration programs at the Nullagine Gold Project (" NGP ") in H1 2022, advancing several satellite prospects.
  • Reconnaissance programs commenced on regional districts in the East Pilbara with rock samples up to 94.7 g/t gold collected at Little Elsie .
  • Expansive high resolution aeromagnetic and radiometric geophysical survey programs completed across Purdy's North and Egina ( Becher area ) have advanced structural interpretation and geological understanding, and detailed ground gravity geophysical surveys at Egina and the Mosquito Creek Belt (" MCB ") have commenced.
  • Significant diamond drilling program totalling 3,162 m for 11 holes completed at the 50%-owned Malmsbury gold project (" Malmsbury Project ") joint venture with ASX-listed GBM Resources Ltd. (" GBM ") (ASX:GBZ), located 50 km SSW of the high-grade Fosterville gold mine in Victoria, Australia.
  • Additional significant results received to date from the Malmsbury Project program include 7.75 m @ 2.8 g/t gold from 87 m (MD15); 0.95 m @ 10 g/t gold from 102.65 m (MD17). Step-out hole MD22 successfully intercepted the Missing Link Monzogranite 80 m north of the gold-mineralized intrusive in MD17 1 . Gold and multi-element assays for MD20, MD21 and MD22 (final hole) are pending.
  • At the Malmsbury Project , close-spaced ground magnetic and ground gravity surveys are being designed to sharpen previously identified geophysical targets. An induced polarization (" IP ") survey is also planned to define sulphide rich granite-related targets and disseminated sulphide haloes around the high-grade gold reef targets.

https://www.globenewswire.com/NewsRoom/AttachmentNg/959b23ba-b5d4-422b-a9ec-84a337639b7f
Figure 1: Location map showing Novo Pilbara tenement holding with prospect type, location, and priority target areas labelled.

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an exploration update on the Company's highly-prospective, multi-commodity portfolio of projects based in Western Australia and Victoria.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Novo Reports Q2 2022 Financial Results

Novo Reports Q2 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 six-month period ended June 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 six-month period ended June 30, 2022 (" H1 2022 ") which are available under Novo's profile on SEDAR (www.sedar.com). The three-month period ended June 30, 2022 is referred to as " Q2 2022 " in this news release.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Drilling Commences on Purdy's North Gold and Nickel-Copper Targets

Drilling Commences on Purdy's North Gold and Nickel-Copper Targets

  • RC drilling has commenced at Purdy's North, testing a series of prospective gold and nickel-copper targets adjacent to Azure Minerals Limited's ( "Azure" ) Andover nickel-copper-cobalt discovery ( "Andover" ) and Artemis Resources Limited's ( "Artemis" ) Carlow Castle gold-copper-cobalt discovery ( "Carlow Castle" ).
  • Drilling program will start at the Milburn nickel-copper-gold and Morto Lago orogenic gold targets, as part of a large campaign testing multiple targets across the district.
  • Heritage surveys have been completed at Morto Lago, Milburn and the Southcourt prospects at Purdy's North and the Bushmill prospect in the Maitland Intrusion.
  • Additional targets for drilling include 47K, Thorpe, Bob's Well VHMS and the Bullock Park area. Work on these targets is awaiting final heritage clearance.
  • Geophysical Induced Polarisation ( "IP" ) and Fixed Loop Electromagnetic ( "FLEM" ) survey results used at several prospects to finesse high priority targeting from previous programs 1 .
  • High resolution aeromagnetic and radiometric survey across Purdy's North and the Bob's Well trend have enabled advances in structural interpretation and understanding geological setting.

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on gold and nickel-copper targets at Purdy's North on EL471745 and on the Maitland Intrusion (EL473443) in the West Pilbara region of Western Australia. Purdy's North is adjacent to Azure Minerals Limited's ( "Azure" ) Andover VC-07 nickel-copper-cobalt massive sulphide discovery ( "Andover" ) and Artemis Resources Limited's ( "Artemis" ) Carlow Castle gold-copper-cobalt discovery ( "Carlow Castle" ). It should be noted that there is no certainty that EL471745 nor EL473443 contains the same levels of mineralization as either of these discoveries 1 .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Beatons Creek Fresh Approvals Update

Beatons Creek Fresh Approvals Update

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) advises that the Chair of the Western Australian Environmental Protection Authority (the " EPA ") has determined that the Company's approvals submission regarding the Fresh mineralization component of the Company's Beatons Creek gold project (" Beatons Creek ") does not require assessment under Part IV of the Western Australian Environmental Protection Act 1986 .

The Company will now promptly initiate discussions with the Western Australian Department of Mines, Industry Regulation and Safety (" DMIRS ") to seek approval to mine the Beatons Creek Fresh mineral resource. The Company expects to transition to Phase Two mining of the Beatons Creek Fresh mineral resource upon receipt of requisite approval from DMIRS and a make final investment decision post receipt of results of the feasibility study 1 .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Nullagine Gold Production Update

Nullagine Gold Production Update

  • No lost-time injuries were recorded during Q2 2022 or H1 2022
  • Q2 2022 production of 12,610 oz Au, which totals 25,988 oz Au for H1 2022 and is in line with revised guidance0F 1
  • Q2 2022 revenue of C$29.7 million (A$32.6 million)1F 2 from the sale of 12,378 oz Au
  • Q3 2022 production forecast of 9 – 11 koz Au, with drawdown of inventory expected to add an additional 1 koz Au in Q4 2022 as Phase One Oxide operations at Beatons Creek wind down through October 2022 1
  • Cash balance as at June 30, 2022 of C$74.8 million 2 , which will support ongoing and extensive exploration programs and completion of resource and extension drilling at the Beatons Creek Fresh mineral resource 1
  • Novo still awaiting a response from the Western Australian Environmental Protection Authority on requisite approval pathway to commence Phase Two operations of the Fresh mineral resource at Beatons Creek 1
  • Beatons Creek Fresh mineral resource feasibility study progressing as planned and expected to be completed in Q4 2022 3

Table 1: Key Operational and Financial Figures 2

Q4 2021 Q1 2022 Q2 2022
Mining (tonnes) 434,133 395,824 421,981
Processing (tonnes) 395,310 394,382 398,830
Grade (g/t Au) 1.16 1.15 1.02
Recovery (%) 91.5% 91.4% 93.5%
Gold Production (oz Au) 12,833 13,378 12,610
Revenue (C$M) $29.9 $31.9 $29.7
Cash and Cash Equivalents (C$M) $32.5 $22.0 $74.8

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) provides a 2022 second quarter (" Q2 2022 ") operational update from the Beatons Creek gold project (" Beatons Creek ") and the Golden Eagle processing facility (" Golden Eagle Plant "), located in Nullagine, Western Australia.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
CORRECTION FROM SOURCE: Steppe Gold Announces Gold Prepayment Facility

CORRECTION FROM SOURCE: Steppe Gold Announces Gold Prepayment Facility

This document corrects and replaces in its entirety the previous release that was issued by Steppe Gold Limited earlier today, where it should have read, "The Triple Flag Gold Prepay Facility will be repaid over 6 months starting December 23, 2022 by six monthly deliveries of 500 oz of gold for a total of 3,000 oz." instead of  "December 23, 2023." The corrected release is found below and all other content within this release is unchanged:

Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce that it has entered into an agreement with Triple Flag International Ltd ("Triple Flag") for a short-term gold prepay facility (the "Triple Flag Gold Prepay Facility").

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Red Pine Closes C$5.5 Million Bought Deal Financing

Red Pine Closes C$5.5 Million Bought Deal Financing

/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES /

All monetary amounts are expressed in Canadian Dollars, unless otherwise indicated.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Steppe Gold Announces Gold Prepayment Facility

Steppe Gold Announces Gold Prepayment Facility

 Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce that it has entered into an agreement with Triple Flag International Ltd ("Triple Flag") for a short-term gold prepay facility (the "Triple Flag Gold Prepay Facility").

One of the consequences of the zero covid policy in China and the attendant China/Mongolia border closures has been a shortage of available US dollars with banks in Mongolia. Steppe Gold sales revenue is received in Mongolian Tugrik. While most of its operating costs are also paid in local currency, we require US dollars to acquire reagents and to fund deliveries to Triple Flag. The Triple Flag Gold Prepay Facility allows Steppe Gold to continue to meet all of its obligations during this temporary market disruption.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
New Break Identifies High-Grade Gold, up to 70.60 g/t Au, via Grab Sampling at Moray

New Break Identifies High-Grade Gold, up to 70.60 g/t Au, via Grab Sampling at Moray

New Break Resources Ltd. ("New Break" or the "Company") (CSE: NBRK) is pleased to report the results of grab and channel sampling programs conducted from June to August 2022, at its 100% owned Moray property ("Moray") located approximately 49 km south of Timmins, Ontario and 32 km northwest of the Young-Davidson Gold Mine operated by Alamos Gold Inc. Gold mineralization at Moray occurs in second order structures interpreted as splays off the Cadillac Larder-Lake Fault Zone, part of the famous Abitibi greenstone belt.

New Break engaged Orix Geoscience Inc. ("Orix") to oversee the grab and channel sampling programs and complete detailed structural mapping of the Voyager and Fiset areas, which included taking 74 grab samples from various areas of the Moray property, including in and around the historical Trench 12, stripped by SGX Resources Ltd. ("SGX") in 2012 at the Voyager showing ("Trench 12"). The highest-grade grab sample of 70.60 grams per tonne gold ("g/t Au") was located at the south end of the main Trench 12. Five samples from New Break's program yielded assays higher than the highest 21.8 g/t Au assay from the 2012 SGX prospecting and trenching program.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Puma Exploration Hits Multiple High-Grade Gold Intercepts at Williams Brook

Puma Exploration Hits Multiple High-Grade Gold Intercepts at Williams Brook

Puma Exploration Inc. (TSX-V: PUMA, OTCQB: PUMXF) (the "Company" or "Puma") is pleased to announce the results from its 2022 drilling program at its 100%-owned Williams Brook Gold Project in Northern New Brunswick. Every hole intersected gold-bearing quartz veins with some returning additional high-grade intersections such as 14.90 gt Au over 3.60 m in hole WB22-96 and 10.96 gt Au over 3.75 m in hole WB22-91 . High-grade intersections are typically included within a wider gold intersection such as 2.17 gt Au over 25.10 m in WB22-96 and 2.00 gt over 21.95 m in WB22-94 (see Figure 1).

FIGURE 1: High-grade gold drilling intersections and surface grab samples at the Lynx Gold Zone ( latest assay results in yellow )

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Bathurst Metals Corp. Obtains Water Permit for Diamond Drilling the Turner Lake Project, Nunavut, Canada

Bathurst Metals Corp. Obtains Water Permit for Diamond Drilling the Turner Lake Project, Nunavut, Canada

(TheNewswire)

Bathurst Metals Corp

VANCOUVER, BRITISH COLUMBIA TheNewswire - September 29, 2022 Bathurst Metals Corp. ( the "Company") (TSXV:BMV) (OTC:BMVVF) announces it has been awarded the required water permit for diamond drilling on the Turner Lake Project.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×