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Gold

Novo Resources Corp and De Grey Mining Ltd Accelerate Gold Exploration in Western Australia

Strategic Insights

— 2 min read

Novo Resources Corp and its joint venture partner, De Grey Mining Ltd, are ramping up exploration efforts at the Egina Gold Project in Western Australia's Pilbara region. The joint venture, which acquired a combined land position of approximately 2,500 square kilometres in the Mallina Basin, is targeting significant gold deposits similar to De Grey's 12.7-million-ounce Hemi Gold Project. Recent drilling has yielded promising results, including gold mineralization at Heckmair, Irvine, Lowe, and Whillans prospects. As the joint venture partners progress with their exploration program, they are set to expand the resource base through targeted drilling.

Key Takeaways:

  • Novo Resources Corp and De Grey Mining Ltd are jointly exploring the Egina Gold Project in Western Australia's Pilbara region.
  • The Egina Gold Project is considered highly prospective for significant gold deposits similar to De Grey's 12.7-million-ounce Hemi Gold Project.
  • In 2023, Novo Resources completed approximately 60,000 metres of aircore and reverse circulation (RC) drilling, with De Grey following up with 34,180 metres of aircore and 9,129 metres of RC across the four main prospects.
  • Notable drilling results include 6 metres at 1.2 g/t gold at Heckmair, 4 metres at 2.1 g/t at Irvine, and 8 metres at 4.7 g/t at Lowe.
  • De Grey has met its initial A$7 million expenditure commitment, securing the right to earn a 50% joint venture interest by spending an additional A$18 million by June 2027.
  • Exploration efforts in 2024 will focus on targeted RC and diamond drilling to expand the resource base.
  • Kas Da Luca, general manager of exploration, and Mike Spreadborough, executive co-chairman and acting CEO, are highlighting the importance of this joint venture in their exploration efforts.

Statistics:

  • Approximately 2,500 square kilometres: Combined land position of the Egina Gold Project in the Mallina Basin.
  • 60,000 metres: Drilling completed by Novo Resources at the Egina Gold Project in 2023.
  • 34,180 metres: Drilling completed by De Grey across the four main prospects at Heckmair, Irvine, Lowe, and Whillans.
  • 9,129 metres: Drilling completed by De Grey through reverse circulation (RC) drilling at the Egina Gold Project.
  • 12.7 million ounces: Gold reserve at De Grey's Hemi Gold Project.
  • A$7 million: Initial expenditure commitment by De Grey to secure a 50% joint venture interest.
  • A$18 million: Additional expenditure required by De Grey to earn a 50% joint venture interest by June 2027.

Sources:

  • [Novo Resources Corp and De Grey Mining Ltd, press release, date not specified]

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