Business
Novo Resources Signs Joint Venture Agreements with the Creasy Group in Western Australia
(via Thenewswire.ca) VANCOUVER, BRITISH COLUMBIA, July 19, 2012 - Novo Resources Corp. ("No...
About this update from Novo Resources Corp.
[{"type":"text","content":"\nNovo Resources Signs Joint Venture Agreements with the Creasy Group in Western Australia\n\n(via Thenewswire.ca)\n\n \nVANCOUVER, BRITISH COLUMBIA, July 19, 2012 - Novo Resources Corp. (\"Novo\") (CNSX:NVO) is pleased to announce that it has signed four farmin and joint venture agreements (each a \"JVA\") with the Creasy Group (\"Creasy\") of Western Australia whereby Nullagine Gold Pty Ltd (\"Nullagine Gold\"), an Australian subsidiary of Novo, is entitled to earn a 70% interest (as to gold and minerals associated with and normally mined with gold, being \"Gold Rights\") in the prospecting, exploration and mining tenements and applications related to Creasy's 100% controlled Pilbara Paleo-Placer project. This project covers ground in the Nullagine embayment and Marble Bar sub-basin located in Western Australia.\n\n\n \nNullagine Gold is held 100% by Conglomerate Gold Exploration Pty Limited (\"CGE\"), an Australian subsidiary of Novo. CGE and Creasy have also entered into a CGE Shareholders Agreement and a CGE Share Issue Agreement.\n\n\n \nThe Properties cover an area of approximately 1,200 square km in the Nullagine embayment and 1,000 square km in the Marble Bar sub-basin underlain by 2.74 billion year old siliciclastic sedimentary and volcanic rocks belonging to the Fortescue Group, the basal part of the Hamersley Basin located in the Pilbara region of Western Australia. These rocks are similar in age and character to the Central Rand Group of the Witwatersrand Basin, Republic of South Africa, and the single largest gold region on Earth. The Fortescue Group hosts multiple conglomerate horizons known to contain gold. Although these rocks were mined locally in the late part of the nineteenth century, little modern exploration has taken place in the region.\n\n\n \nMark Creasy, discoverer of the Jundee gold deposits (production to date approximately 5,300,000 ounces) and one of Australia's best known prospectors, recognized the potential for gold mineralization in these conglomerates while prospecting in the Pilbara region in the early 1980's. Over several years Mr. Creasy has, using his on-ground experience, assembled an extensive land package covering these highly prospective rocks. In 2012, Novo anticipates undertaking an aggressive exploration program to fully evaluate the potential of these projects.\n\n\n \n\"Now that ...