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NOVO SIGNS FARM-IN AND JOINT VENTURE AGREEMENT TO EARN A 70% INTEREST IN THE BEATONS CREEK GOLD PROJECT
(via Thenewswire.ca) August 17, 2011, Novo Resources Corp. ("Novo" or the "Company") (CNSX: N...
About this update from Novo Resources Corp.
[{"type":"text","content":"\nNOVO SIGNS FARM-IN AND JOINT VENTURE AGREEMENT TO EARN A 70% INTEREST IN THE BEATONS CREEK GOLD PROJECT\n\n(via Thenewswire.ca)\n\n \nAugust 17, 2011, Novo Resources Corp. (\"Novo\" or the \"Company\") (CNSX: NVO) is pleased to announce that it has entered into a farm-in and joint venture agreement (the \"Agreement\") with Millennium Minerals Ltd. (ASX: MOY) (\"Millennium\") that provides Novo with the exclusive right to earn a 70% interest (as to gold and minerals associated with and normally mined with gold) in the tenements comprising Mining Leases 46/9, 46/10 and 46/11 covering the Beatons Creek conglomerates located in Western Australia (the \"Beatons Creek Tenements\").\n\n\n \nAbout the Beatons Creek Gold Project\n\n\n \nThe Beatons Creek Tenements cover extensive exposures of the Beatons Creek conglomerates, a series of Archaean age pyritic conglomerates hosting gold mineralization similar to that of the Witwatersrand Basin in the Republic of South Africa. Shallow gold reefs were first identified and mined in this area beginning in the late 1800's.\n\n\n \nBeatons Creek has seen little modern exploration, but a few short RAB holes drilled in 2007 by Wedgetail Mining Limited encountered intercepts of pyritic conglomerates including 2 metres at 116 grams per tonne gold and 12 metres at 7.27 grams per tonne gold (announced in a press release by Wedgetail Mining Limited on July 27, 2007). Novo believes that these results indicate that potentially economic gold-bearing reefs underlie more of the property and are planning an aggressive drill program in 2011-12 to test this concept.\n\n\n \n\"Now that we have executed the Beatons Creek farm-in and joint venture agreement, we are looking forward to the next step, implementing our exploration program,\" comments Quinton Hennigh, President and CEO of Novo, \"We intend to undertake an aggressive exploration and drilling campaign at Beatons Creek over the next year.\"\n\n\n \n\"We are also pleased with the progress Millennium has made with development of their Nullagine Gold Project including ordering long-lead time components for construction of a 5,000 tonne per day CIL plant,\" continued Hennigh. \"The Beatons Creek Tenements are not integral to Millennium's Nullagine Gold Project, but could ultimately benefit from development of this key project.\"\n\n\n \nTerms of the Farm-in...