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Canada-based gold explorer Novo Resources Corp (ASX:NVO) has boosted its West Australian exploration portfolio, picking up a landholding of 1,520 square kilometres in the Onslow district.
The company has brought together 634 square kilometres of 100% owned tenure pegged as six Exploration License Applications with a further 890 square kilometres in four Exploration License Applications.
Taking on the latter was achieved through an option arrangement with OD4 Rocklea Pty Ltd concerning its Cane River Project, under which Novo would acquire a 70% interest if the option is exercised.
The 1,524sqkm landholding is to be termed the “Toolunga” Project.
Executive Co-Chairman and Acting Chief Executive Officer Mike Spreadborough said the steps taken by Novo were guided by the impressive prospectivity of the area.
“We are delighted to announce as part of Novo’s concerted project generation program and after extensive due diligence, we have pegged new ground and taken steps to acquire further strategic interests in landholdings in the Onslow District that we believe have strong exploration potential,” he said.
“The Toolunga Project is in a highly prospective and under-explored district with substantial
areas of untested shallow cover where prospectivity for intrusion-related systems is deemed
high.
“This land package provides Novo with a platform to build a strategic position in the district, where we can deploy the expertise of our highly experienced exploration team and
deliver on our targeted growth objectives.”
Novo shares have been trading flat at 9.2 cents.
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