Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) executive co-chairman and acting CEO Mike Spreadborough joins Proactive’s Tylah Tully to discuss the company’s September quarterly, which proved productive with significant exploration progress in Western Australia and Victoria.
The company is in a strong financial position, holding A$6.7 million in cash and A$44.6 million in investments as of September 30, 2024.
Novo's focus remains on its highly prospective portfolio, particularly the Belltopper Project In Victoria and Pilbara region in Western Australia.
Drilling at the Nunyerry North Project in the Pilbara achieved positive results, including extending the high-grade Main Lode over 500 metres and identifying high-grade gold along the Estrid Fault. Key results included 13 metres at 2.68 g/t gold and 11 metres at 2.20 g/t gold, among others.
Novo's joint venture partner De Grey Mining completed its A$7 million minimum expenditure commitment on exploration at the Egina Gold Project and will continue investing an additional A$18 million by 2027.
Looking ahead, the company will analyse recent results and continue developing new targets. However, Pilbara drilling activities will pause until March 2025 due to seasonal weather risks.
The Belltopper Project will remain a priority, with a focus on world-class, Fosterville-style targets.