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Highlights
- Novo Resources achieves progress at Pilbara and Belltopper.
- Strong cash position supports continued exploration.
- De Grey Mining partnership advances Egina Project.
Novo Resources Corp (ASX:NVO) continues to push forward with its exploration activities in both Western Australia and Victoria, marking another productive quarter. With no debt and a solid cash balance of A$6.7 million as of September 30, 2024, the company is well-positioned to maintain its exploration focus. In addition to the cash reserves, Novo holds A$44.6 million in investments, which strengthens its capacity to pursue new drilling and exploration opportunities.
During the quarter, Novo received promising results from its drilling programs, particularly at its Pilbara targets and the Belltopper Project. The geological teams have been delivering notable progress, as highlighted by the company's acting CEO, Mike Spreadborough.
Progress in Western Australia and Victoria
Novo's exploration efforts in the Pilbara region of Western Australia, alongside its Belltopper Project in Victoria, are yielding encouraging outcomes. The definition of the Belltopper exploration target stands out, reflecting potential growth opportunities. Additionally, Novo’s joint venture with De Grey Mining (ASX:DEG) saw De Grey complete its A$7 million minimum expenditure commitment at the Egina Gold Project. De Grey will continue its investment to earn a 50% stake in the Egina tenements by committing an additional A$18 million through 2027.
Notable Drill Results and Future Exploration Plans
Exploration at the Egina JV, located near De Grey’s Hemi Project, remains active with significant drilling at four prospects. Novo has also identified antimony-gold potential at two early-stage exploration sites in the Pilbara. Ongoing work includes compiling and analyzing recent exploration data, while further sampling and mapping at other regional targets are planned.
Looking ahead, Novo intends to focus on emerging reef discoveries at Belltopper, particularly targeting world-class, anticline-related mineralization. However, drilling programs will be suspended until March 2025 due to high temperatures and cyclone risks typical during the summer season.
