Novo Resources Corp Uncovers High-Grade Gold Potential at Nunyerry North

Novo Resources Corp (ASX: NVO, TSX: NVO) has identified significant upside potential at its Nunyerry North gold project in Western Australia, backed by a strong financial position and strategic partnerships.

Boasting a healthy A$17.4 million cash balance and an A$39.3 million investment portfolio, Novo has an exceptional funding platform to aggressively explore its projects and add value.

Recent success includes upgraded drill results at Nunyerry North, achieved through the reanalysis of larger samples using PhotonAssay technology.

High-Grade Intercepts Spark Exploration Advancements

The upgraded intercepts paint a promising picture for Nunyerry North, including:

  • 6 metres at 6.12 g/t gold from 37 metres depth
  • 11 metres at 2.52 g/t gold from 22 metres depth
  • 13 metres at 1.89 g/t gold from the surface
  • 4 metres at 5.71 g/t gold from 40 metres depth

Novo’s Executive Co-Chairman, Mike Spreadborough, highlighted the exciting grade increase and the project’s substantial potential.

He emphasized plans for a follow-up drilling program designed to explore extensions of known targets, structural features, and a potential mineralized porphyry intrusion.

Strategic Partnerships and Continued Exploration

The Nunyerry North project is part of the Egina Gold Camp, co-developed through a 70:30 joint venture with the Creasy Group, a group with a proven track record of successful discoveries, including the Jundee gold mine and the Nova nickel mine.

Notably, the Creasy Group also holds a significant stake (4.4%) in Novo, demonstrating further alignment.

Novo’s exploration focus expands beyond Nunyerry North. Planned activities include:

  • A 4,000-metre reverse circulation drilling program at Nunyerry North to test various targets
  • Diamond drilling to explore for deeper mineralized zones
  • Exploration drilling for gold, gold-copper, platinum, and palladium near Karratha in Q2 2024

De Grey Mining Strengthens Egina Gold Camp Potential

De Grey Mining (ASX: DEG) is a strategic partner with a 9.9% stake in Novo, secured through a $10 million farm-in and joint venture agreement for the Becher Project within the Egina Gold Camp.

De Grey has completed over 10,500 metres of drilling at Becher, with promising results. They are committed to spending up to A$25 million within 4 years to earn a 50% stake in the Egina joint venture.

 

 

Articles of Interest