Mr. Quinton Hennigh reports
NOVO REPORTS PILBARA EXPLORATION BUDGET FOR UPCOMING 12 MONTHS
Novo Resources Corp. has agreed to a $5.4-million (Australian) exploration budget for the year beginning July 1, 2018, with its 50/50 joint venture partner, Australian Securities Exchange-listed Artemis Resources Ltd., on joint venture tenure in the Karratha region of Western Australia.
During the first four months of the period, Novo and Artemis intend to focus on bulk sampling, diamond drilling and costeaning activities, primarily at Purdy's Reward. Large bulk samples will be collected and treated to provide necessary grade data needed to file a mineralization report, an important step toward converting the current exploration licence to a mining licence. Additionally, environmental and heritage studies will be undertaken in conjunction with similar work at Novo's nearby Comet Well joint venture in order to move the collective area toward bulk sampling.Lastly, follow-up exploration will be undertaken on the wider tenement package under the joint venture to identify further areas of conglomerate gold prospectivity.
The Novo-Artemis 50-50 budget of $5.4-million (Australian) comprises approximately one-third of Novo's planned $15.4-million Pilbara conglomerate exploration budget.
Quinton Hennigh, Novo's chairman and president, commented: "Novo is pleased to work with Artemis as we commence the new field season at Purdy's Reward. Our joint venture program is designed to quickly accelerate the project toward bulk sampling."
David Lenigas, Artemis's executive chairman, commented, "Artemis is up to date on all joint venture expenditures under the joint venture through June 30, 2018, and is pleased that Novo and ourselves have agreed on an aggressive exploration budget for the coming year beginning July 1, 2018."
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 square kilometres.
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