AUS
NZ
UK
CA
USA
IND
Highlights:
-
Novo Resources Corp is actively exploring its gold portfolio in Western Australia’s Pilbara region, focusing on the joint venture Egina Gold Project.
-
De Grey Mining Ltd is conducting an aggressive exploration program at the Becher Project, which is strategically located near the significant Hemi Gold Project.
-
Recent drilling results have indicated promising gold intercepts, and De Grey has met its initial expenditure commitment for the joint venture, positioning both companies for future exploration efforts.
Novo Resources Corp {OTC:NSRPF} has been making significant strides in exploring its gold portfolio located in Western Australia’s Pilbara region. In collaboration with De Grey Mining Ltd (ASX) at the Egina Gold Project, the companies are focusing on the Becher Project, which encompasses promising prospects such as Heckmair, Irvine, Lowe, and Whillans.
The Egina Gold Project is situated in proximity to De Grey’s impressive 12.7-million-ounce Hemi Gold Project, positioning it as a highly prospective area for discovering substantial gold deposits similar to those found at Hemi. In 2023, Novo Resources executed an extensive drilling campaign, completing approximately 60,000 metres of aircore and reverse circulation (RC) drilling. Subsequently, De Grey Mining has carried out a further 34,180 metres of aircore and 9,129 metres of RC drilling across the main prospects, yielding significant findings. Notable intercepts included 6 metres at 1.2 g/t gold at Heckmair, 4 metres at 2.1 g/t at Irvine, and 8 metres at 4.7 g/t at Lowe.
De Grey has successfully met its initial A$7 million expenditure commitment and is now on track to earn a 50% joint venture interest by investing an additional A$18 million by June 2027. Looking ahead to 2024, exploration efforts will concentrate on targeted RC and diamond drilling to further expand the resource base.
The Egina joint venture, which covers approximately 2,500 square kilometres in the Mallina Basin, remains a strategically important asset for both De Grey Mining and Novo Resources, positioning them well in the competitive gold exploration landscape in Western Australia.
