Novo Resources Corp T.NVO

Alternate Symbol(s): NSRPF | T.NVO.W.A

Metals & Mining Gold

Novo Resources Corp. is engaged in evaluating, acquiring, exploring, and developing natural resource properties with a focus on gold. The Company explores and develops its prospective land package covering approximately 7,500 square kilometers in the Pilbara region of Western Australia, along with the 22 square kilometer Belltopper project in the Bendigo Tectonic Zone of Victoria, Australia. The Company operates through two segments: care & maintenance operations and exploration operations.

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Novo Resources Corp > Nullagine Gold Project Production Update

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Post by Mineshackon Oct 12, 2021 8:27am

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Post# 33996477

Nullagine Gold Project Production Update

KEY POINTS

No lost time injuries at the Beatons Creek conglomerate gold project through Q3 2021 (“ Beatons Creek ”)
Minimal COVID-19 pandemic-related operational disruptions
Gold production of 18,144 oz Au in Q3 2021 (vs 14,890 oz Au in Q2 2021)
- Mining and milling targeted rates achieved
- Head grades have been lower than forecast due to previous reliance on wide-spaced grade control drilling which results in lower accuracy of the modelled Beatons Creek oxide mineral resource
- Higher mining dilution associated with the more complex mining areas of Beatons Creek also a contributing factor
- Continued progression of closer spaced grade control drilling combined with rapid assay turnaround is providing more certainty for forecasting Beatons Creek oxide mineralization grade, with the backlog of assays being mostly resolved through Q3 2021
Commencement of oxide mining study, focused on further optimizing production and profitability of mining of the Beatons Creek oxide resource
Batch test processing of Beatons Creek fresh mineralization confirmed processing throughputs and recovery with good grade prediction
Strong financial position
- Q3 2021 revenue of C$43 million (A$45.8 million) from the sale of 18,753 oz Au at an average realized gold price of A$2,483
- Quarter-end cash balance of C$44.1 million
- Investment portfolio fair value of approximately C$135 million 1