Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) has sold its remaining 20% interest in the Quartz Hill Joint Venture (JV) Project in Western Australia to Austroid Australia Pty Ltd, an entity related to Liatam Mining Pty Ltd, for A$850,000 in cash.
The company opted to divest the asset to focus on its gold exploration assets at a time when gold has consistently set new all-time highs.
Shareholders in NVO will retain exposure to the battery metal sector via the company’s interest in the Harding Battery Metals JV with SQM (NYSE:SQM) Australia Pty Ltd, a wholly owned subsidiary of Sociedad Química y Minera de Chile SA.
Exciting time for gold exploration
“Novo would like to thank the Liatam group for the work they have done on the joint venture and their ongoing support as a major shareholder. We wish them well with their ongoing work at Quartz Hill,” Novo Resources executive co-chair and acting CEO Mike Spreadborough said.
“This transaction aligns with Novo’s strategy to focus on our gold exploration in the Pilbara which includes the Egina JV.
“It is an exciting time to be in gold exploration with gold at record prices.
“Notwithstanding this transaction, our shareholders still retain significant exposure to the battery metals space through our Harding Battery Metals Joint Venture with SQM (NYSE:SQM) Australia Pty Ltd in the West Pilbara.”
Novo is focused on the Egina Gold Camp in Western Australia, and more specifically a farm-in agreement covering the Becher Project with De Grey Mining.
The company is also exploring the Nunyerry North prospect, part of the Croydon JV (Novo 70%: Creasy Group 30%), as well as early-stage exploration across its entire Pilbara tenement portfolio. It also holds the Belltopper Gold Project in Victoria, which has a conceptual exploration target of 320,000 to 570,000 ounces of gold.