Novo Resources embarks on promising exploration ventures and strategic partnerships
Melbourne, Victoria
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February 15, 2024 02:15 PM Eastern Standard Time
Novo Resources CDI (ASX:NVO) executive chairman Mike Spreadborough joins Jonathan Jackson in the Proactive studio to talk through the highlights of the company's December quarter and the promising initial results from the Egina project, a joint venture with De Grey Mining. The partnership has seen De Grey complete more than 10,500 metres of drilling at Becher, with a significant investment of up to A$25 million in exploration efforts to secure a 50% interest in the Egina JV.
Spreadborough shared insights into the December quarter achievements across Novo's gold and battery metals portfolio, highlighting strong exploration progress in Western Australia and Victoria, alongside strategic partnerships, including a Battery Metals JV with SQM and its Liatam JV.
Looking ahead to the first half of 2024, Novo is well-positioned with a cash reserve of A$21 million to continue its exploration endeavours across key sites and explore value-accretive mergers and acquisitions.
On the Egina JV work, Spreadborough said: "What excites us the most at Novo is that the Egina JV tenements are considered highly prospective for significant intrusion related gold deposits, with similar attributes to the 12.7-million-ounce (JORC 2012) Hemi Gold Project. De Grey understand the enormous potential of this ground, and this is just the start of an exciting exploration partnership.”
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