Novo Resources Corp

Description

Novo Resources Corp (TSX:NVO) is engaged in the exploration, development, and acquisition of precious metal properties in Canada, the United States and Australia.

The company focuses on developing and exploring gold projects in Western Australia’s Pilbara region.

The portfolio consists of Tuscarora, Marble Bar, Blue Spec, Beatons Creek, Comet Well and Egina projects.

The mining firm has 100 per cent interest in the Beatons Creek gold project and Purdy’s Reward gold project.

Novo Resources claims to implement innovative exploration techniques in the Egina gold project through a joint venture partnership with Japan’s Sumitomo Corporation.

Karratha Gold Project

The 6,021-square kilometer consists of several mineral rights in the Karratha region. The company acquired 100 per cent stake in the property owing to a new occurrence at the Comet Well in April 2017.

The 48 square kilometer property hosts local prospects that actively recovers gold using metal detectors. The company and Artemis Resources Ltd co-operate the project.

The gold nuggets from two principal properties exhibit striking characteristics, including +96 per cent purity, flattened with round edges, subject to thermal metamorphism and are generally not attached to other minerals or quartz, Novo Resources claims.

Comet Well

The TSX-listed firm acquired 80 per cent stake in this property in 2017. The conglomerate-hosted gold discovery is situated 45 kilometer south of Western Australia’s Karratha region. The first gold nugget at the site was reportedly discovered by prospectors around mid-2016.

Pilbara Project

The mining firm owns a portfolio of three projects in Western Australia’s Pilbara region through gold mineralization conglomerates.

Novo Resources claims that gold-bearing conglomerates were discovered in Hammersley Basin, including Marble Bar and Beatons Creek.

The mining company’s geologists has conducted exploration activities that indicate similar gold occurrences at two targets like in South Africa’s Witwatersrand Basin. In addition, it operates on three mining leases in Beatons Creek through a joint venture partnership with Millennium Minerals.

Geology of the region

Pilbara Craton is an ancient crust consisting of metamorphic and igneous rock formations. The ancient crust was reportedly connected with Kapvaal craton, which together the first continent on the Earth, Vaalbara.

It is reported that thick layers of volcanic and sedimentary rocks were deposited in South Africa between 3.1 and 2.7 billion years ago. During the same period, the studies claim that similar rocks were deposited in the Australia’s Hammersley Basin. Sometime later, the Vaalbara continent broke into two separate crusts: Kapvaal and Pilbara.