24/03/2020 - 20:04

Novo finalises consolidation of Pilbara conglomerate gold play

24/03/2020 - 20:04

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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.

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. 

 

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