NOVO Resources: Australia's Next Gold Producer

Au Report

Source: Maurice Jackson for Streetwise Reports 08/11/2020

Quinton Hennigh, CEO of NOVO Resources, sits down with Maurice Jackson of Proven and Probable to discuss how the company’s latest acquisition puts it on the fast track to production.

Maurice Jackson: Joining us for a conversation is the chairman and president of Novo Resources Corp. (NVO:TSX.V; NSRPF:OTCQX), Dr. Quinton Hennigh.

What a delight to have you back on the program today as Novo Resources has just positioned itself ‘On the Fast Track to Production.’ Dr. Hennigh, before we begin, please introduce Novo Resources and the opportunity the company presents to the market.

Quinton Hennigh: Maurice, you and I have interviewed several times over the past three years, and I’ve always talked about NOVO being an explorer, but now I get to talk about NOVO going into production. So, here we are! We are moving towards production through a new acquisition. We are focused in Northwest Australia, in a region called the Pilbara. The Pilbara is better known for iron ore, perhaps, but we’ve discovered conglomerate gold deposits, which are unusual with respect to most gold deposits, but they’re what we think is a very, very big prize, and we’re just delighted to be able to now put these into production.

Maurice Jackson: Speaking of the Pilbara, let’s go to the 100%-owned Beatons Creek Project where Novo Resources has some breaking news. Dr. Hennigh, what would you like to tell shareholders?

Quinton Hennigh: Novo has been advancing Beatons Creek now for 10 years. We acquired the project through an earn-in joint venture with Millennium Minerals, the neighboring company when we first started. Mark Creasy also put in some ground into NOVO through a joint venture. It was a ground that surrounded the Beatons Creek area. So, that’s really where we got our start. We started drilling there way back in 2011. We advanced it to a point where we had an initial resource in 2013. We upgraded that resource in 2015, and we’ve been diligently working on this deposit since. We’ve been doing a lot of hard yards around things like native title, getting a commercial agreement with the native corporations. We’ve also gotten our permitting done. We have our oxide permitted and so forth. These are things that we’ve been ticking away at on the background. They’re all done. They’re ready. Why are they ready? Because we wanted to put this in production.

There’s a mill very nearby, belonged to Millennium Minerals, which was an operating company until late last year. They mined their oxide deposits, depleted those. Got into their sulfide, had some struggles around recoveries around the sulfide mineralization. So, they had cash flow issues and went into administration around November 2019. The company then went through receivership, and came out the other end in May. We’ve just announced that we’re acquiring the Millennium company in its entirety, out of the private current …read more

Source:: The Gold Report