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Novo Resources to Acquire Remaining 50% Interests in Belltopper Gold Project, Victoria, Australia
Novo to acquire remaining 50% interests in the adjacent Queens and Malmsbury gold joint ventures in Victoria, Australia As a result, Novo will have sole ownersh
About this update from Novo Resources Corp.
[{"type":"text","content":" Novo to acquire remaining 50% interests in the adjacent Queens and Malmsbury gold joint ventures in Victoria, Australia As a result, Novo will have sole ownership of the Belltopper gold project (“Belltopper”) in the prolific Bendigo Tectonic Zone of Australia’s Victorian Goldfields Consolidation of Belltopper will provide Novo with a central, strategic position in the region located approximately 50 km SSW from Agnico Eagle’s high-grade Fosterville gold mine Novo has identified a strong pipeline of developing gold targets at Belltopper supported by an abundant network of historic and newly discovered high-grade gold reefs Multiple high-grade gold targets identified at Belltopper within a priority corridor of alteration that hosts a mineralised porphyritic intrusive at its core Evidence for numerous gold mineralisation styles including structurally controlled Epizonal gold (potentially analogous with Fosterville) in addition to potentially Intrusion Related Gold (IRG) Additional opportunities to test for mineralisation beneath Tertiary basalt cover – “blind” basement targets Currently integrating regional through to target-scale datasets to enable smarter drill targeting of the wider gold system and its associated higher-grade zones by diamond drilling in 2023 Novo to pay A$0.75 million cash and issue 2,088,554 common shares (with a contractual 12-month hold period) to Kalamazoo Resources (ASX:KZR) worth approximately A$0.75 million for its 50% joint venture interest in the Queens project Novo to pay A$1 million cash and issue 4,037,872 common shares (with a contractual 12-month hold period) and 2,018,936 common share purchase warrants to GBM Resources (ASX:GBZ) worth approximately A$1.6 million for its 50% joint venture interest in the Malmsbury project, with each warrant entitling GBM to purchase one additional common share of the Company at a price of C$0.60 for a period of 24 months from the date of issuance Mike Spreadborough, Novo’s Executive Co-Chairman, Acting Chief Executive Officer and a director, said, “Consolidation of Belltopper will give Novo a central and strategic position in the prolific Bendigo Tectonic Zone of Australia’s Victorian Goldfields. “Diamond drilling planned in 2023 will test remaining high-priority mapping targets at Belltopper, in addition to developing high-grade shoot potential on th...