Novo Resources expands land holdings

Novo Resources Corp. (ASX:NVO) has enhanced its exploration portfolio by acquiring approximately 1,520 square kilometers of land in the Onslow District of Western Australia. This includes the underexplored Toolunga Project, which holds promise for precious and base metal discoveries. The company secured this land through an agreement with OD4 Rocklea Pty Ltd and by pegging six new exploration licenses.

Novo's strategic outlook and exploration plans

Novo Resources Corp. is strategically expanding its exploration portfolio in the Onslow District of Western Australia by acquiring a significant land position. This includes the Toolunga Project, which shows potential for gold and copper deposits. Novo's exploration strategy focuses on identifying targets with over 1 million ounces of gold potential. The company plans to conduct regional exploration campaigns, including geophysical surveys and geochemical sampling, to advance drill targets swiftly. Novo is committed to engaging with traditional landowners and adhering to environmental regulations, aligning with its corporate ESG commitments. This acquisition supports Novo's goal to develop a robust gold exploration portfolio and pursue additional opportunities in Western Australia and Victoria.

Executive commentary on Novo's strategic expansion

The Onslow District represents a strategic opportunity for Novo to significantly expand its exploration portfolio with highly prospective ground in a vastly underexplored region of Western Australia.