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July 28, 2015 11:56 AM ET

Metals and Mining

Company Overview of Novo Resources Corp.

Company Overview

Novo Resources Corp. engages in the evaluation, acquisition, and exploration of natural resource properties. It holds the right to earn a 70% interest in the Pilbara Paleoplacer gold project, including the Beatons Creek and Marble Bar paleoplacer gold projects covering approximately 1,800 square kilometers; and a right to earn a 70% interest in the Beatons Creek tenements covering approximately 10 square kilometers located in Western Australia. The company was formerly known as Galliard Resources Corp. and changed its name to Novo Resources Corp. in June 2011. Novo Resources Corp. was incorporated in 2009 and is headquartered in Vancouver, Canada.

1075 West Georgia Street

Suite 1980

Vancouver, BC V6E 3C9

Canada

Founded in 2009

Phone:

604-688-9588

Fax:

778-329-9361

Key Executives for Novo Resources Corp.

Chief Executive Officer, President and Director
Age: 48
Total Annual Compensation: $155.8K
Chief Financial Officer, Director and Member of Audit Committee
Age: 49
Compensation as of Fiscal Year 2014.

Novo Resources Corp. Key Developments

Novo Resources Corp. Appoints Ronan Sabo-Walsh as Vice-President of Finance

Novo Resources Corp. announced that Ronan Sabo-Walsh has been appointed as the Company’s Vice-President of Finance.

Novo Resources Corp. Announces High Grade 3-Kg Leachwell Results from Beatons Creek

Novo Resources Corp. announced new 3-kg LeachWell results from shallow oxide drill holes at its Beatons Creek gold project near Nullagine, Western Australia (please see table at the end of this release for a comparison between previously announced 1-kg LeachWell and the current 3-kg LeachWell results). These holes were drilled in late 2014 to te st a series of nearly flat-lying, oxidized gold-bearing conglomerate horizons (reefs) occurring at shallow depths, generally <20 meters. A grade-thickness comparison (interval length x grade) of directly comparable 3-kg and 1-kg LeachWell results from 300 intervals shows that grades increase in 191 cases, remain the same in two cases, and decrease in 107 cases. When comparing the sum of grade-thickness between the 3-kg and 1-kg LeachWell results from these same 300 intervals, gold grades increase 33% in the 3-kg over the 1-kg results. Forty-one intervals increase in length, 244 remain the same length and fifteen decrease in length. Several notable high-grade results include 2 m @ 21.00 gpt Au in hole BCRC14-098, 2 m @ 13.54 gpt Au in hole BCRC14-145, 1 m @ 16.42 gpt Au in hole BCRC14-190, 1 m @ 22.31 gpt Au in hole BCRC14-285, 1m @ 29.18 gpt Au in hole BCRC14-287, and 1 m @ 60.78 gpt Au in hole BCRC14-307. Also notable are several long intercepts including 5 m @ 9.89 gpt Au in hole BCRC14-098, 4 m @ 5.93 gpt Au in hole BCRC14-190, 6 m @ 2.27 gpt Au in hole BCRC14-266, 4 meters @ 5.57 gpt Au in hole BCRC14-285A, 4 m @ 8.01 gpt Au in hole BCRC14-287, and 7 m @ 2.52 gpt Au in hole BCRC14-292.

Novo Resources Corp. Provides Update on 3-Kg LeachWell Technique

Novo Resources Corp. announced the first 3-kg LeachWell Technique results from its shallow oxide drill holes at its Beatons Creek gold project near Nullagine, Western Australia. A direct comparison of 3-kg and 1-kg LeachWell results from 107 intervals shows that grades increase in 67 cases, remain the same in three cases, and decrease in 37 cases. Seventeen intervals increase in length, 82 remain the same length and eight decrease in length. Importantly, 60 new significant intervals emerged from the 3-kg LeachWell results (new intervals are ones in which there are numbers reported under the 3-kg LeachWell heading but not under the 1-kg LeachWell heading). Samples were collected on 1-meter intervals from reverse circulation drill holes at Beatons Creek. Reefs range in thickness from approximately 0.5-2 meters. As a consequence, drill samples tend to incur dilution from barren waste rock from above and below reef horizons. It is essential to have a clear understanding of the position of reefs. As the company receives all remaining 3-kg LeachWell analyses, it will carefully evaluate all data sets, spatial and analytical, in preparation for resource modeling. Novo drilled approximately 9,000 meters in 327 reverse circulation (RC) drill holes in late 2014 as part of a program to define a shallow, oxide resource that can potentially be quickly advanced toward production. The Company released initial 1-kg LeachWell results for all 327 drill holes by April 9, 2015. Initial analyses were mostly conducted on a 1 kg split of raw RC drill cuttings using the LeachWell technique, an accelerated CN leach (6 hour leach time). Samples containing appreciable gold (>0.15 gpt) are being subjected to a more rigorous analytic protocol utilizing a 3-kg split (6 hour leach time).

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
July 3, 2015
--
Merger/Acquisition
March 27, 2015
Beatons Creek Mining Leases
 

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