Novo (NVO.V): Makes Final Comet Well Payment and Provides Update on Mechanical Sorting Plans

VANCOUVER, British Columbia, Feb. 04, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. (“ Novo ” or the “ Company ”) (TSX: NVO & NVO.WT; OTCQX: NSRPF) is pleased to announce that it has made its final payment for the Comet Well Project in the Karratha region of Western Australia comprised of A$3 million cash and 1,198,395 common shares (the “ Consideration Shares ”) ( please see the Company’s news release dated August 3, 2017 for further details ). The Consideration Shares are subject to a statutory hold period expiring on June 5, 2021.

As discussed in Company news releases dated June 18, 2020 and December 8, 2020 , Novo is planning bulk excavation and field mechanical sorting tests utilizing its new Steinert KSS 100F LIXT fine mechanical sorting unit at Comet Well and the adjoining 100% controlled Purdy’s Reward property, both of which comprise the Karratha gold project. This program is slated for Q2 2021 subject to prerequisite approvals from the Department of Mines, Industry Regulation, and Safety and the Department of Water and Environmental Regulation. Novo sees this field test program as an essential step to move the Karratha gold project forward to production.

“We are happy to conclude the acquisition of Comet Well,” commented Quinton Hennigh, President and Chairman of Novo Resources. “We see the Karratha gold project, of which Comet Well is a part, as our next opportunity to build upon our strategy to grow Novo into a significant gold producer in the Pilbara region of Western Australia. We are now able to streamline processes to get our trial bulk sampling and mechanical sorting program permitted and underway. By late 2021, we hope to show the market a viable path forward for this very important project.”

CLICK HERE to read the full news release.