VANCOUVER, British Columbia, June 25, 2018 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo”) (NVO.V) (NSRPF) is pleased to announce that it has agreed to an AUD $5.4 million exploration budget for the year beginning July 1, 2018 (the “Period”) with its 50-50 joint venture partner, ASX-listed Artemis Resources Limited, on joint venture tenure in the Karratha region of Western Australia.
During the first four months of the Period, Novo and Artemis intend to focus on bulk sampling, diamond drilling, and costeaning activities, primarily at Purdy’s Reward. Large bulk samples will be collected and treated to provide necessary grade data needed to file a mineralization report, an important step toward converting the current exploration license to a mining license. Additionally, environmental and heritage studies will be undertaken in conjunction with similar work at Novo’s nearby Comet Well joint venture in order to move the collective area toward bulk sampling. Lastly, follow-up exploration will be undertaken on the wider tenement package under the joint venture to identify further areas of conglomerate gold prospectivity.
The Novo-Artemis 50-50 budget of AUD $5.4 million comprises approximately one-third of Novo’s planned $15.4 million Pilbara conglomerate exploration budget.
Quinton Hennigh, Novo’s Chairman and President, commented, “Novo is pleased to work with Artemis as we commence the new field season at Purdy’s Reward. Our joint venture program is designed to quickly accelerate the project toward bulk sampling.”
David Lenigas, Artemis’s Executive Chairman, commented, Artemis is up to date on all joint venture expenditures under the joint venture through June 30, 2018, and is pleased that Novo and ourselves have agreed on an aggressive exploration budget for the coming year beginning July 1, 2018.”
About Novo Resources Corp.
Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 12,000 sq km. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail firstname.lastname@example.org
On Behalf of the Board of Directors,
Novo Resources Corp.
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.
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, statements as to planned exploration activities. These 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, customary risks of the mineral resource industry as well as the performance of services by third parties.