November 24, 2017 6:00 PM ET

Metals and Mining

Company Overview of Novo Resources Corp.

Company Overview

Novo Resources Corp., together with its subsidiaries, evaluates, acquires, and explores for gold properties in Canada, Australia, and the United States. It focuses on its Pilbara paleoplacer gold project that includes the Beatons Creek and Marble Bar paleoplacer gold projects covering an area of approximately 1,800 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


Founded in 2009





Key Executives for Novo Resources Corp.

Chairman and President
Age: 50
Total Annual Compensation: C$197.5K
Chief Operating Officer
Age: 54
Total Annual Compensation: C$290.8K
Compensation as of Fiscal Year 2017.

Novo Resources Corp. Key Developments

Novo Encounters Fine Gold in Trenching at Purdy's Reward

Novo Resources Corp. provided an update on exploration activities at the Purdy's Reward tenement, a farm-in and joint venture Novo has with ASX-listed Artemis Resources Limited and part of Novo's greater Karratha gold project, Western Australia. As core drilling has progressed to areas further down dip, Novo has commenced a program of systematic trenching in areas of outcropping and sub cropping gold-bearing conglomerates. Novo has opened seven trenches with an eighth underway and many more planned. Trenches are being dug with a 40-tonne excavator and range in depth from one to three meters. All trenches have encountered targeted conglomerate units with the exception of trench 5 which encountered older basement rocks. Upon opening, the geology of each trench is mapped and marked in preparation for sampling. Select walls and floors are swept with a metal detector, and strikes are marked with paint and geo-referenced with a differential GPS system. Sampling is generally conducted in areas that have not been swept with a metal detector so as to avoid sampling bias. Samples are collected in sealable steel drums. Novo has hired full-time, independent scrutineers to oversee all sampling activities and seal sample drums. As observed in recent core holes, conglomerate horizons are interbedded with thin sandstone layers. Beds dip at shallow angles, generally less than five degrees, southeast. The lowermost conglomerate unit rests unconformably atop older basement rocks including gabbro, metabasalt and metasedimentary rocks. Up to eight discrete conglomerate beds are evident with some displaying characteristics of a fluvial (river) origin and others displaying traits suggesting reworking in a shallow marine environment. Novo considers the depositional environment to be near-shore with sea level rising and falling over time, an environment suited for reworking of gravels and concentrating gold. Gold mineralization at Purdy's is generally coarse and nuggety. A bulk sample collected in July 2017 was subjected for metallurgical test work and was found to contain appreciable fine grained gold. To further investigate the presence of fine-grained gold, Novo personnel collected, sieved and panned several grab samples from recently opened trenches. As an example, three grab samples from the lower two conglomerate units exposed in trench 2 yielded significant fine-grained gold. While it is important to note that these samples do not provide quantitative gold analyses, they serve to confirm a component of fine-grained gold is present in the system and results to date have not provided Novo with clarity. A deportment study is currently underway that should help provide such understanding.

Novo Resources Corp. Announces the Appointment of Mr. Eric Sprott to its Board of Directors

Novo Resources Corp. announced the appointment of Mr. Eric Sprott to the company's board of directors. Mr. Sprott entered the investment industry as a research analyst at Merrill Lynch and Company Inc. In 1981, he founded Sprott Securities (now Cormark Securities Inc.). After establishing Sprott Asset Management LP. in December 2001. He is the Chair of the board of Kirkland Lake Gold Ltd.

Novo Resources Corp. Announces Director Changes

Novo Resources Corp. reported the appointment of Messrs. Rob Humphryson and Michael Barrett as directors of the company, replacing Messrs. Luca Bechis and Herrick Lau who have resigned. Mr. Michael Barrett has over 26 years' international experience in top-rated organisations, including Deloitte, Rio Tinto, WMC Resources and PWC. Mr. Barrett is a highly-regarded former CFO with extensive board level strategic experience, combined with hands-on operational experience and deep international capital markets experience. From 2004 until 2015, Mr. Barrett was based in the US with Rio Tinto's energy business unit. Promoted to CFO in 2007, he was instrumental in leading Rio's divestment of the division. From 2009 to 2015, Michael was CFO of Cloud Peak Energy. After returning from the US to Perth in 2015, Mr. Barrett spent two years as National Lead Partner for Deloitte's Risk Advisory Energy and Resources practice, where he specialised in corporate governance, board advisory and risk management for many of the mining and energy and resources companies nationally. Mr. Rob Humphryson was appointed as the company's Chief Executive Officer on June 5, 2017. Mr. Humphryson has over 25 years of experience within ASX- listed companies in the Australian mining industry, gaining broad exposure to underground and open pit mining operations from both a contractor and owner miner's perspective. Mr. Humphryson is a member of the AusIMM.

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