Novo Announces Inaugural Commissioning Gold Pour at Beatons Creek Gold Project

Novo Announces Inaugural Commissioning Gold Pour at Beatons Creek Gold Project

Novo Resources Corp. is pleased to announce that it has poured its first gold bar from the Company’s Beatons Creek gold project in Nullagine, Western Australia . The Company’s inaugural commissioning gold pour was achieved following refurbishment of the Golden Eagle mill and rapid development of the Project, both of which have been completed on time and under budget. Key recent project milestones: February 16, …

Novo Resources Corp. (“ Novo ” or the “ Company ”) (TSX: NVO & NVO.WT; OTCQX: NSRPF) is pleased to announce that it has poured its first gold bar from the Company’s Beatons Creek gold project (the “ Project ”) in Nullagine, Western Australia ( Figure 1 and Figure 2 ).

The Company’s inaugural commissioning gold pour was achieved following refurbishment of the Golden Eagle mill and rapid development of the Project, both of which have been completed on time and under budget.

Key recent project milestones:

  • February 16, 2021 – Novo pours first gold bar (within six months of acquisition of Millennium Minerals Limited (“Millennium”))
  • February 2021 – Novo receives final project approvals and commences plant commissioning ( refer to the Company’s news release dated February 3, 2021 )
  • January 2021 – Novo completes graduation from TSX Venture Exchange to Toronto Stock Exchange and commences haulage of material from the Project to the Company’s Golden Eagle mill ( refer to the Company’s news releases dated December 17, 2020 and December 30, 2020 )
  • December 2020 – Novo receives final mining approval and mobilizes Iron Mine Contracting to develop the Project
  • October 2020 – Novo appoints GR Engineering Services to initiate A$8.3M refurbishment of the operating infrastructure of Millennium and commences grade control drilling at Beatons Creek ( refer to the Company’s news release dated October 15, 2020 )
  • September 2020 – Novo completes fully-funded acquisition of Millennium ( refer to the Company’s news releases dated August 4, 2020 and September 7, 2020 )

“This first gold pour marks over ten years of dedicated commitment from Novo’s team and its shareholders to advance towards conglomerate gold production,” commented Dr. Quinton Hennigh, President, Chairman, and a director of Novo. “When Novo entered the Pilbara region looking for gold in ancient conglomerates, it was on the basis that it had potential to host deposits of similar age and geology to those of the Kaapvaal Craton of South Africa, host to the Witwatersrand Basin, the single largest gold deposit on Earth. We found that conglomerates of the Pilbara are quite nuggety making them particularly difficult to explore and determine grade for purposes of resource modeling. Nonetheless, through ingenuity, perseverance and dedication, our team has overcome these challenges to reach this historic inaugural conglomerate gold pour milestone. And this is just the beginning! With approximately 14,000 square kilometres of tenure, Novo has laid a sustainable foundation upon which it plans to unlock much more conglomerate gold over coming years.”

“Achieving first gold pour within six months of acquiring Millennium is nothing short of remarkable,” commented Mr. Rob Humphryson, CEO and a director of Novo. “This is testament to the calibre of the Novo team and contract service providers who have worked seamlessly and tirelessly to get us to this milestone. Activities at site are now concentrated on optimizing the operation, which is expected to achieve a plant throughput rate of 1.5 million tonnes per annum.”

Novo will also continue to pursue its aggressive growth strategy in 2021, with ongoing exploration activities in the Pilbara and Victoria, including a mechanical sorter program scheduled to commence at the Company’s Purdy’s Reward and Comet Well projects in the Pilbara in Q2 2021.

About Novo Resources Corp.

Novo is advancing its flagship Beatons Creek gold project to production while exploring and developing its highly prospective land package covering approximately 14,000 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.

Quinton Hennigh

Quinton Hennigh
President and Chairman

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, the anticipation of commercial production from the Project, the expectation that the Golden Eagle mill will reach a throughput rate of 1.5 million tonnes per annum, and the plan to commence a mechanical sorter program at the Company’s Purdy Reward and Comet Well projects in the second quarter of this year. Forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, unforeseen commissioning and development issues and customary risks of the resource industry.

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/5ad0a972-f684-4b30-a0e4-45fc766312a5
https://www.globenewswire.com/NewsRoom/AttachmentNg/bc6e4a9b-d6b1-4788-8bec-1ab1a942fbfd


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

Petratherm Limited Announces Filing of Early Warning Report Related to the Disposition of Common Shares of Outback Goldfields Corp.

Petratherm Limited (ASX: PTR) (“Petratherm”) announces that it has filed an early warning report (the “Report”) announcing that it has disposed of 33,333,333 common shares (the “Disposed Shares”) of Outback Goldfields Corp. (CSE:OZ) (formerly, Skarb Exploration Corp.) (“Outback Goldfields“). Petratherm acquired the Disposed Shares as consideration for the sale of its gold projects located in Victoria, Australia. Unless permitted under securities legislation, Petratherm must not trade the common shares before April 16, 2021. Following the expiry of this restriction period, Petratherm distributed all of the Disposed Shares in specie to its shareholders effective today. Following the disposition of the Disposed Shares, Petratherm holds nil shares of Outback Goldfields.

This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the filing of the Report by Petratherm.

Keep reading... Show less

AU$4 Billion Galaxy/Orocobre Merger to Create Top 5 Lithium Company

Australia’s Orocobre (TSX:ORL,ASX:ORE) and Galaxy Resources (ASX:GXY,OTC Pink:GALXF) agreed this week to join forces in a AU$4 billion “merger of equals.” The deal comes as demand for lithium for electric vehicle (EV) batteries continues to pick up pace.

Once the merger is complete, the new company will become a top five lithium chemicals company globally — and top three outside of China — with production capacity of around 40,000 tonnes of lithium carbonate equivalent per year.

“The merged entity’s growth opportunities in both brine and hard rock position it uniquely to take advantage of expected rising EV demand for lithium,” Galaxy Chairman Martin Rowley said.

Keep reading... Show less

IIROC Trading Halt – TMRR

The following issues have been halted by IIROC:

Company: Tempus Resources Ltd.

Keep reading... Show less

Cleantech Investing in Australia

Climate change is a looming issue for Australians, with 82 percent concerned about bushfires and 81 percent worried that drought or flooding will affect crop production and food supply.

This is where conscious investors look to the cleantech sector, which covers everything from renewable energy to low-emission technologies to water technology to battery storage and more.

What should investors know about cleantech in Australia before they jump in? Read on for a look at key factors, including market size, the industries encompassed by cleantech and big players to watch.

Keep reading... Show less

Galaxy Resources Limited Announcement

Galaxy Resources Limited (ASX: GXY) ( Company ) advises that the following announcement has been made to the Australian Securities Exchange which appears on the Company’s platform (ASX):

  • Becoming a substantial holder

The announcement can be viewed at:
https://www2.asx.com.au/markets/trade-our-cash-market/announcements.gxy

Keep reading... Show less

Top News

Related News