Nullagine Gold Project Update
24 Maio 2022 - 9:00AM
Novo Resources Corp. (
“Novo” or
the
“Company”) (TSX: NVO, NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) advises that as a result of operational issues with
the SAG mill trunnion seal at the Nullagine gold project’s Golden
Eagle processing facility (the “
Golden Eagle
Mill”) the Company’s previously stated production
forecast1 from the Company’s Beatons Creek gold project (the
“
Beatons Creek Project”) for the first half of
2022 has been revised to 25 – 27 koz Au.
Issues with a trunnion seal in the Golden Eagle
Mill were encountered in mid-May 2022 which will require additional
time to maintain. Replacement parts are expected to be installed
upon arrival in mid-June. Intermittent downtime will be required
during this period and in order to install the parts once they
arrive.
CAUTIONARY STATEMENT
The decision by the Company to produce at the
Beatons Creek Project was not based on a feasibility study of
mineral reserves demonstrating economic and technical viability
and, as a result, there is an increased uncertainty of achieving
any particular level of recovery of minerals or the cost of such
recovery, including increased risks associated with developing a
commercially mineable deposit. Production has not achieved forecast
to date. Historically, such projects have a much higher risk of
economic and technical failure. There is no guarantee that
anticipated production costs will be achieved. Failure to achieve
the anticipated production costs would have a material adverse
impact on the Company’s cash flow and future profitability.
The Company cautions that its declaration of
commercial production effective October 1, 20212 only indicates
that the Beatons Creek Project was operating at anticipated and
sustainable levels and it does not indicate that economic results
will be realized.
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 gold
project while exploring and developing its prospective land package
covering approximately 12,000 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, that
replacement parts for the SAG mill trunnion seal at the Golden
Eagle Mill will be received and installed in mid-June 2022. 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 three months ended March 31, 2022,
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 April 7, 2022. 2
Refer to the Company’s news release dated October 12,
2021.
Novo Resources (TSX:NVO.WT)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Novo Resources (TSX:NVO.WT)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024