Novo Resources has signed binding term sheets for two option agreements with TechGen Metals and Manhattan Corporation to acquire significant interest in two high-grade gold projects in New South Wales (NSW), Australia.
These projects align with Novo’s strategic focus on ‘drill ready’ exploration targets with stand-alone development potential exceeding 1moz of gold.
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The agreement with TechGen Metals for the John Bull Gold Project includes an option to acquire an 80% stake in the Micks Bull tenement and a 70% stake in the John Bull tenement.
The John Bull Gold Project, an advanced exploration prospect, is located in the New England district of NSW. The tenure consists of two tenements covering an area of 32km².
The agreement with Manhattan Corporation includes an option to acquire a 70% interest in the tenements comprising the Tibooburra Project.
The Tibooburra Gold Project, covering the historical Albert Goldfield in north-western NSW, includes six granted exploration licences over 630km². It features more than 200 historic workings and multiple mineralised trends with two advanced drill-ready target areas.
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By GlobalDataThe tenure comprises five tenements located within and along the strike of the Albert Goldfields, along with an additional tenement (EL 9094) positioned further to the west, which encompasses a significant magnetic high accompanied by a coinciding gravity low. This tenure is owned by Awati Resources, a fully owned subsidiary of Manhattan.
These acquisitions complement Novo’s recent landholding consolidation in the Onslow District of WA, to form the Toolunga Project, and its existing Pilbara exploration portfolio.
Novo Resources executive co-chairman and acting CEO Mike Spreadborough said: “Novo is pleased to complete option agreements on the John Bull Gold Project with TechGen Metals and the Tibooburra Gold Project with Manhattan Corporation.
“Both projects are drill-ready, high-grade gold opportunities, located in excellent mining jurisdictions and most importantly, meet the specific project criteria required by our standout geological team to identify stand-alone gold projects with >1moz development potential.
“High-grade gold projects are rare, and both the John Bull and Tibooburra Gold projects have reported previous high-grade results. We are looking forward to getting on the ground early in 2025 and commencing both exploration programmes.”
Earlier this year, Liatam Mining announced an investment of A$1.8m ($1.2m) in Novo Resources, increasing its stake in the company.
As per the terms of the deal, Liatam acquired an additional 9,000,000 common shares by paying A$0.20 for each share. With this deal, Liatam has increased its stake in the company from 3% to 6%.
