Sumitomo Converts Egina Interest to 1.36% Interest in Novo
21 Abril 2022 - 9:16AM
Novo Resources Corp. (
“Novo” or
the
“Company”) (TSX: NVO, NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) is pleased to report that Sumitomo has converted its
notional interest in the Company’s Egina project in Western
Australia to a 1.36% shareholding (the
“
Conversion”) pursuant to a farmin and joint
venture agreement (the “
Agreement”)1. A total of
3,382,550 common shares of the Company were issued upon the
Conversion, all of which are subject to orderly sale restrictions
and a twelve-month contractual hold period expiring on April 21,
2023. The Agreement was completed as a result of the Conversion.
Pursuant to the MoU, Novo and Sumitomo are
discussing new exploration opportunities across Novo’s 12,500
square kilometre tenure package.
“We are delighted to welcome Sumitomo as a Novo
shareholder,” commented Dr. Quinton Hennigh, Non-Executive
Co-Chairman of Novo. “Novo and Sumitomo have been working together
since mid-2017, and we welcome Sumitomo’s collaborative approach to
exploration. Novo holds over 12,000 sq km of highly prospective
tenure covering not only gold, but also significant base metal
potential, across the Pilbara. Novo and Sumitomo are committed to
furthering discussions on new opportunities to work
together.”
Novo intends to advance basement gold targets at
the Egina project, including multiple discrete untested
aeromagnetic anomalies with characteristics comparable to the
“Hemi-style” gold-bearing sanukitoid intrusions being developed by
De Grey Mining Ltd.3. Novo’s conglomerate gold focus remains at
Comet Well and Purdy’s Reward where Novo intends to relocate its
mechanical sorter in mid-2022 to test up to 20,000 tonnes of
potentially mineralized material4. In addition, Novo intends to
advance base metal opportunities at the Company’s recently
identified Au-Cu and Ni-Cu-Co targets at the Southcourt and Andover
targets near Karratha, Western Australia5.
QP STATEMENT
Dr. Quinton Hennigh (P.Geo.) is the qualified
person, as defined under National Instrument 43-101 Standards of
Disclosure for Mineral Projects, responsible for, and having
reviewed and approved, the technical information contained in this
news release. Dr. Hennigh is the non-executive co-chairman and a
director of Novo.
ABOUT NOVO
Novo operates its flagship Beatons Creek Project
while exploring and developing its prospective land package
covering approximately 12,500 square kilometres in the Pilbara
region of Western Australia. In addition to the Company’s primary
focus, Novo seeks to leverage its internal geological expertise to
deliver value-accretive opportunities to its shareholders. For more
information, please contact Leo Karabelas at (416) 543-3120 or
e-mail leo@novoresources.com.
On Behalf of the Board of Directors,
Novo Resources Corp.
“Michael Spreadborough”
Michael Spreadborough
Executive Co-Chairman and Acting CEO
Forward-looking information
Some statements in this news release contain
forward-looking information (within the meaning of Canadian
securities legislation) including, without limitation, (1) that
Novo intends to advance basement gold targets at the Egina project,
(2) that Novo intends to relocate its mechanical sorter in mid-2022
to Comet Well and Purdy’s Reward to test up to 20,000 tonnes of
potentially mineralized material, and (3) that Novo intends to
advance base metal opportunities at the Company’s recently
identified Au-Cu and Ni-Cu-Co targets at the Southcourt and Andover
targets near Karratha, Western Australia. These statements address
future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the statements. Such factors include,
without limitation, customary risks of the resource industry and
the risk factors identified in Novo’s management’s discussion and
analysis for the year ended December 31, 2021, which is available
under Novo’s profile on SEDAR at www.sedar.com. Forward-looking
statements speak only as of the date those statements are made.
Except as required by applicable law, Novo assumes no obligation to
update or to publicly announce the results of any change to any
forward-looking statement contained or incorporated by reference
herein to reflect actual results, future events or developments,
changes in assumptions or changes in other factors affecting the
forward-looking statements. If Novo updates any forward-looking
statement(s), no inference should be drawn that the Company will
make additional updates with respect to those or other
forward-looking statements._____________________
1 Refer to the Company’s news release dated June 7, 2019.2 Refer
to the Company’s news release dated January 7, 2019.3 Refer to the
Company’s news release dated November 4, 2021 and February 24,
2022.4 Refer to the Company’s news release dated December 21, 2021.
5 Refer to the Company’s news release dated November 30, 2021.
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