VANCOUVER, British Columbia, June 11, 2020 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce that it has entered into a binding terms sheet to acquire three exploration licences (the “Mt. Elsie Project”) comprising an area of approximately 19 km2 located 75 km north-east of the town of Nullagine, Western Australia and adjacent to numerous Novo wholly-owned tenements (please see figure 1 below) (the “Acquisition”). The Acquisition is conditional upon receipt of any consents or approvals required under the Mining Act 1978 (WA) and the acceptance of the TSX Venture Exchange (the “Conditions”).
Subject to satisfaction of the Conditions, the Company will issue an aggregate 324,506 common shares (the “Consideration Shares”) and pay AU$100,000 in cash to the vendors of the Mt. Elsie Project. The Consideration Shares will be subject to a statutory hold period expiring four months from the date of issuance.
“The Acquisition further strengthens one of Novo’s goals, being consolidation of highly prospective gold projects in the East Pilbara region near the Company’s Beatons Creek project,” commented Quinton Hennigh, President, Chairman, and a director of Novo Resources. “Numerous high-priority bedrock and alluvial gold targets have been identified by Novo staff at the Mt. Elsie Project. Novo plans to soon undertake work designed to generate drill targets for testing later this year. We see the Mt. Elsie Project as a new, important part of our strategy to build a future hub of production around our well-advanced Beatons Creek gold project near Nullagine.”
About Novo Resources Corp.
Novo’s focus is primarily to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 13,000 square kilometres with varying ownership interests. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com
On Behalf of the Board of Directors,
Novo Resources Corp.
“Quinton Hennigh”
Quinton Hennigh
President and Chairman
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, the expected satisfaction of the Conditions. Forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the receipt of requisite consents or approvals under the West Australian Mining Act 1978 and from the TSX Venture Exchange.
Figure 1: http://ml.globenewswire.com/Resource/Download/9edca9dd-2748-4b91-8438-06453a8a3a1b
