Comet Well Tenements Granted
VANCOUVER, British Columbia, Dec. 13, 2017 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V:NVO); (OTCQX:NSRPF) is pleased to announce that tenements at Comet Well have been granted by the Department of Mines, Industry Regulation and Safety in Western Australia (“DMIRS”). Novo is now entitled to commence exploration work on the Comet Well Tenements directed at satisfying conditional farm-in rights Novo holds with respect to Comet Well. If those commitments are satisfied and other conditions under the Comet Well agreements are met, including seeking and obtaining consents as required under the Mining Act 1978, Novo will ultimately hold an 80% interest in the Comet Well tenements via two joint ventures. Novo will work diligently to satisfy those conditions and will report to the market as those conditions are satisfied. As previously announced, Novo has already obtained TSX Venture Exchange approval, required clearances under the Foreign Acquisitions and Takeovers Act 1975, and a heritage agreement covering the Comet Well project has been signed with Ngarluma Aboriginal Corporation. Novo expects to commence field exploration at Comet Well as soon as Programmes of Work are approved by DMIRS.
“Now that these tenements have been granted and subject to the approval of our proposed Programmes of Work, we can aggressively begin to explore the Comet Well project which we believe contains a continuation of prospective mineralization along strike from Purdy’s Reward,” commented Dr. Quinton Hennigh, Chairman, President and a director of Novo Resources Corp. “We look forward to providing updates as exploration progresses on the Comet Well project.”
About Novo Resources Corp.
Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 12,000 sq km. Novo also controls a 100% interest in approximately 2 sq km covering much of the Tuscarora Au-Ag vein district, Nevada. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, the statement as to the expected receipt of regulatory approval. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the receipt of TSX Venture Exchange approval.
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