Exploration Success in Western Australia

Novo Resources Corp (ASX: $NVO) has reported significant exploration results in its Western Australian gold portfolio, particularly at the Becher and Nunyerry North Projects. The company is in a strong financial position with a cash balance of A$16.7 million (C$14.7 million) and investments of A$47.7 million (C$42.1 million) as of 31 March 2024.

Executive Commentary on Exploration Progress

Novo's Executive Co-Chairman and Acting CEO, Mike Spreadborough, highlighted the company's exploration progress, emphasizing the encouraging high-grade results from Nunyerry North. He expressed the company's focus on maintaining momentum at Nunyerry North with a ~4,000 m RC drill program set to commence soon. Additionally, De Grey Mining Pty. Ltd., Novo's partner, has made significant progress at the Becher Project, with excellent results generated from the Lowe and Heckmair prospects.

Summary of Exploration Results and Future Plans

The exploration program in Western Australia has delivered high-grade gold intercepts at the Nunyerry North and Becher Projects. Novo is well-positioned financially to continue its aggressive exploration push, with plans to commence drilling in the Karratha district in the coming months. The company's forward programs include follow-up drill planning at Nunyerry North and Becher, as well as a maiden RC drill program at newly generated prospects in the Karratha district. Novo has also initiated a project generation and consolidation program to identify value accretive opportunities across targeted precious and base metals assets.