Novo Resources expands its territory with new land seizure in Western Australia
- Novo Resources has acquired a significant strategic position in Australia's Onslow District, totaling approximately 1,520 sq km.
- The acquisition involves a combination of owned licenses and an option for a major interest in another project, bolstering Novo's exploration portfolio.
- This land acquisition aligns with Novo's strategy targeting deposits with the potential of more than 1 million ounces of gold.
In Western Australia, Novo Resources announced securing a significant new ground position of approximately 1,520 sq km at the Toolunga Project in the Onslow District. This strategic move involves a binding term sheet, allowing Novo to acquire a 70% interest in OD4 Rocklea Pty Ltd's Cane River Project. The acquisition entails combining 634 sq km of 100% owned land pegged as six exploration license applications, alongside an additional 890 sq km in four exploration license applications from OD4 Rocklea Pty Ltd. Novo's total landholding in the region now encompasses 1,524 sq km, termed the Toolunga Project. The project area remains underexplored yet shows potential for discovering precious and base metals. This aligns with Novo's corporate strategy focusing on targets with over 1 million ounces of gold potential, indicating a significant opportunity for mineral exploration in the district. Historical exploration data suggests this area may harbor valuable mineralization, even though not all previous efforts by other parties have been fully appraised. The importance of the exploratory work is highlighted by the involvement of companies like West Australian Metals NL, which previously conducted significant drilling and mapping within the region, providing insights into mineralization styles. Novo’s recent land acquisitions correspond with its broader corporate strategy aimed at expanding its exploration portfolio. With approximately 5,500 square kilometers of land in the Pilbara region and additional projects like the Belltopper project in Victoria, the company is positioned to leverage its diverse exploration activities effectively. The new landholding with no native title claims further facilitates the exploration process, allowing for a more streamlined approach to assessing the geological prospects of the Toolunga Project. As Novo Resources advances its exploration activities, the strategic land acquisition will help enhance its competitive edge in the minerals sector. With ongoing historical data compilation and geophysical assessments, the company is optimistic about the potential discoveries that could emerge from this significant investment in the Onslow District.