Search

Novo finalises consolidation of Pilbara conglomerate gold play

Novo Resources has finalised the acquisition of its remaining joint venture interests from Artemis Resources in its Purdy’s Reward and 47K gold leases south of Karratha in WA’s Pilbara. Novo issued 1,640,000 shares to Artemis and paid out A$820,000 in cash consideration for the remaining interests in the leases. Sorrento Resources, Artemis’ JV partner, has also been paid A$180,000 and issued with 360,000 Novo shares for the 47K leases.

The Purdy’s Reward and 47K gold leases are located near the eastern end of Novo’s extensive North Pilbara conglomerate gold fairway and are next door to Novo’s Comet well JV where it owns 80% of the mineral rights.  

Purdy’s Reward is covered by the E47/1745 exploration license and 47K is covered by exploration license E47/3443 where Novo held a 50% interest prior to the transaction. 

Chairman and President of Novo Resources, Dr. Quinton Hennigh previously said: “We are pleased to consolidate our Karratha land holdings.  This consolidation allows Novo to advance its Karratha gold project at its discretion and in tandem with our wholistic Pilbara conglomerate gold strategy”.

Novo originally acquired 50% of Artemis’ JV tenements back in 2017 under a farm-in deal that would see Novo spend A$2m on exploration of the conglomerate-hosted gold mineralisation over a two-year period. 

Novo must have liked what it found for its A$2m spend, given its decision to take on 100% of the project. 

 

Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au

Share Price

Closing price for the last 90 trading days
Powered by Morningstar ®

Top 10 Shareholders

Substantial shareholders as published in the annual report.
Powered by Morningstar ®

Total Shareholder Return as at 31/03/20

1 year TSR5 year TSR
109thEast Energy Resources34%-23%
341stGBM Resources-18%-27%
680thArtemis Resources-63%-12%
762ndIronbark Zinc-75%-42%
816thSheffield Resources-87%-36%
669 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Powered by Morningstar ®

Share Transactions

13/12/19
$115k Issued
23/10/19
$37k Bought
31/07/19
$15k Bought
Total value as at the date of the transaction
Powered by Morningstar ®

Revenue

199th↓Artemis Resources$230k
226th↓GBM Resources$149k
227th↑East Energy Resources$145k
229th-Ironbark Zinc$138k
230th↑Sheffield Resources$138k
478 listed resources companies ranked by revenue.
Powered by Morningstar ®