Liatam Quartz Hill Battery Mineral Earn-In Update
10 Oktober 2023 - 2:30PM
Novo Resources Corp. (
Novo or the
Company) (ASX: NVO) (TSX: NVO & NVO.WT.A)
(OTCQX: NSRPF) is pleased to provide an update in relation to the
earn-in agreement with Liatam Mining Pty Ltd
(
Liatam) relating to battery mineral rights at the
Quartz Hill project (
Quartz Hill).
In December 2022, Novo's wholly owned Australian
subsidiary, Nullagine Gold Pty Ltd, entered into an arrangement
with Liatam pursuant to which Liatam was granted the right to earn
an 80% interest in battery mineral rights within certain Novo
tenements at Quartz Hill by spending A$1.5 million over 24
months.i
Under the earn-in agreement, Liatam had a
one-time right to add additional tenements of its choosing at
Quartz Hill. Since commencing exploration activities in April 2023,
Liatam has exercised that right and added additional tenements to
the land package, which is the subject of the agreement, increasing
the earn-in area from 615 km sq to 818 km sq and increasing the
earn-in amount from A$1.5 million to A$1.7 million.
Commenting on the progression of the earn-in
agreement with Liatam, Mike Spreadborough, Executive Chairman and
Acting Chief Executive Officer, said, “Novo is pleased with the
early exploration work Liatam has completed at Quartz Hill and is
encouraged that additional tenements have been added to the Project
area.
“Novo retains a 20% interest in battery mineral
rights at Quartz Hill, a 100% interest in all other rights
including gold/silver and is free-carried to the earlier of a
Bankable Feasibility Study or A$20 million expenditure by
Liatam.
“Novo’s exposure to lithium and battery metals
through our existing and proposed JVs and investments is part of
our strategy to maximise value from our strong portfolio.”
Quartz Hill Project
The Quartz Hill battery mineral project area now
comprises 25 tenements covering approximately 818 km sq (Figure 1).
Liatam's field-based exploration is targeting LCT-style pegmatite
hosted lithium mineralisation.
The main project area ‘Lepidolite Fields’ is
located within the western section of E46/794 and is approximately
10 km from the Nullagine Gold Project processing plant and
infrastructure.
Figure 1: Quartz Hill Project area showing tenure
and priority exploration areas.
Forward Plans
Liatam will continue lithium exploration at
Quartz Hill with geological mapping and geochemical sampling
ongoing. Samples for petrographic verification have been dispatched
to assist in mineral identification and mapping.
Helicopter supported reconnaissance and mapping
by Liatam is to commence during October, in order to access the
more remote Quartz Hill areas and prioritise which areas warrant
immediate follow up sampling and mapping prior to drill
testing.
Discussions with the Traditional Owners for the
Quartz Hill Project area have continued, with heritage and
ethnographic surveys planned for the first half of 2024, contingent
on weather conditions and Traditional Owner availability.
On completion of the required clearances,
drilling is scheduled in Q2 2024 to test high-priority targets
identified from programs completed during 2023.
CONTACT
Investors:Mike Spreadborough +61 419 329 987
mike.spreadborough@novoresources.com |
North American Queries:Leo Karabelas+1 416 543
3120leo@novoresources.com |
Media:Cameron Gilenko+61 466 984
953cgilenko@citadelmagnus.com |
ABOUT NOVO
Novo explores and develops its prospective land
package covering approximately 10,000 square kilometres in the
Pilbara region of Western Australia, along with the 22 square
kilometre Belltopper project in the Bendigo Tectonic Zone of
Victoria, Australia. In addition to the Company’s primary focus,
Novo seeks to leverage its internal geological expertise to deliver
value-accretive opportunities to its shareholders.
Authorised by Michael Spreadborough, Executive
Co-Chairman and Acting CEO
FORWARD-LOOKING INFORMATION
Some statements in this news release contain
forward-looking statements. 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, customary
risks of the resource industry and the risk factors identified in
Novo’s annual information form for the year ended December 31,
2022, which is available under Novo’s profile on SEDAR+ at
www.sedarplus.ca and Novo's prospectus dated 2 August 2023.
Forward-looking statements speak only as of the date those
statements are made. Except as required by applicable law, Novo
assumes no obligation to update or to publicly announce the results
of any change to any forward-looking statement contained or
incorporated by reference herein to reflect actual results, future
events or developments, changes in assumptions or changes in other
factors affecting the forward-looking statements. If Novo updates
any forward-looking statement(s), no inference should be drawn that
the Company will make additional updates with respect to those or
other forward-looking statements.
__________________i Refer to the Company's announcement dated 15
December 2022; and relevant summaries in the Novo prospectus dated
2 August 2023 (including at section 9.6 and paragraph 16.18 of
section 8).
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/fc57b878-8ce8-40f1-a58f-46eb070997fc
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