Canada's Novo finds more land in WA
PERTH (miningweekly.com) – Canada-listed Novo Resources is hoping to expand its Western Australian footprint by acquiring the Comet Well gold project.
The project consists of three special prospect licences, an exploration licence and a 25% interest in a second exploration licence.
The company will pay the vendor of the Comet Well project an initial A$100 000, and subsequent payments of A$150 000 and A$350 000 in common shares, at the time of executing a definitive agreement.
Novo will also pay the vendor a bonus of A$1-million in either cash or shares once a measured, indicated or inferred gold resource of over 250 000 oz is published at the Comet Well project.
“The Comet Well project covers a key part of a newly discovered conglomerate-hosted gold discovery,” said Novo president and CEO Dr Quinton Hennigh, pointing out that Novo had recently submitted tenement applications over adjacent ground down dip from outcropping conglomerates exposed at Comet Well.
Novo, through subsidiaries, holds the Beatons Creek gold project, as well as a 70% interest in properties surrounding Beatons Creek and Marble Bar, as well as the Blue Spec gold antimony project, all in the Pilbara.
Meanwhile, Novo on Friday reported that it had raised some C$15-million in a private placement to explore and develop the Beatons Creek project.
“With over C$15-million in cash, Novo plans to aggressively move its Beaton Creek project towards production while also looking to develop its portfolio of highly prospective gold projects in Australia,” said Hennigh.
Some 22.72-million shares, each with an attached transferable warrant, were issued at a price of C$0.66 each.
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