Business
Novo Resources' Egina Gold Project Update
HIGHLIGHTS Northern Star Resources Ltd (Northern Star) (ASX: NST) has informed Novo that they are withdrawing from the earn-in under the Egina Earn-In and
About this update from Novo Resources Corp.
[{"type":"text","content":"\n \nHIGHLIGHTS\n\nNorthern Star Resources Ltd (Northern Star) (ASX: NST) has informed Novo that they are withdrawing from the earn-in under the Egina Earn-In and Joint Venture Agreement\nAll data gathered by Northern Star’s exploration activities will be retained by Novo\nThe Egina Gold Project is located within 30 km of Northern Star’s Hemi Gold project and is a strategically significant land position in the Mallina Basin\nNovo intends to continue exploration activities on the Egina tenements\n\nPERTH, Western Australia, May 26, 2026 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQB: NSRPF) reports the exploration activities on the Egina Gold Project will revert to Novo following the withdrawal from the earn-in of the Egina Joint Venture by Northern Star (ASX: NST).\nCommenting on the update, Mike Spreadborough, Executive Co-Chairman and Acting Chief Executive Officer stated: “As a major shareholder in Novo Resources, Northern Star maintains a very supportive and strategic relationship with our Company. \n“The return to Novo of all Egina Gold Project data from Northern Star will allow our geological team to undertake a fresh assessment of Egina, its priority in our portfolio, and the best pathway to advance what we believe is an outstanding asset for a gold explorer. Egina forms part of Novo’s rich portfolio of potential projects that highlights Novo as a genuine project incubator with extensive exploration activities underway. We plan to work collaboratively with all stakeholders to commence exploration within the Egina Gold Project tenements in the second half of 2026.\n“We take our mandate to methodically explore and grow asset value very seriously and we thrive on this responsibility, and I look forward to bringing progressive operational news to our shareholders through the rest of 2026.” \nEgina Joint Venture\nIn June 2023, Novo entered into an earn-in and joint venture agreement with De Grey Mining (subsequently acquried by Northern Star) for the Company’s Becher Project and adjacent tenements within the Egina Gold Camp (Figure 1). Under the arrangement, NST was required to satisfy initial expenditure requirements of A$7 million (which was achieved in October 2024). NST then had the right to earn a 50% joint venture interest in the Egina tenements by spending an additional A$18 ...