VANCOUVER, British Columbia, Aug. 24, 2017 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V:NVO) (OTCQX:NSRPF) is pleased to provide an update on its recent transactions in connection with the Karratha region of Western Australia.
Artemis Resources Limited
Further to the Company’s news release dated August 15, 2017, the Company has obtained TSX Venture Exchange approval to farm-in to 50% of gold (and other minerals necessarily mined with gold) in conglomerate and/or paleoplacer style mineralization in Artemis Resources Limited’s (“Artemis”) tenements within 100km of the City of Karratha, including at Purdy’s Reward (the “Gold Rights”). The Gold Rights do not include (i) gold disclosed in Artemis’ existing (at May 18, 2017) JORC compliant Resources and Reserves or (ii) gold which is not within conglomerate and/or paleoplacer style mineralization or (iii) minerals other than gold. As a result of receiving TSX Venture Exchange approval, the Company has issued 4,000,000 common shares to Artemis. The shares are subject to a contractual twelve month hold period (inclusive of the required four month statutory hold period expiring December 24, 2017) expiring on August 23, 2018.
Pipeline Project
Further to the Company’s news release dated August 11, 2017, the Company has obtained TSX Venture Exchange approval for the option to acquire the Pipeline project. As a result, the Company has issued 500,000 common shares as an initial option fee payment which are subject to a statutory hold period expiring on December 17, 2017.
Comet Well Project
Further to the Company’s news release dated August 3, 2017, the Company has obtained TSX Venture Exchange approval to acquire certain tenements comprising 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
On Behalf of the Board of Directors,
Novo Resources Corp.
“Quinton Hennigh”
Quinton Hennigh
Chairman and President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.