- Novo Resources (NVO) delivers five-year plan for the Beatons Creek conglomerate gold project
- A three-phase approach for the plan has been adopted for development and mining activities
- Novo Resources explores and develops gold projects in Australia
- Novo Resources (NVO) is up 4.72 per cent at C$1.33 per share at 4:30 PM EST
Following the completion of the mining review, Novo Resources released a five-year, three-phase plan for the Beatons Creek conglomerate gold project.
The Beatons Creek conglomerate gold project is located in Western Australia.
Novo Resources finished a detailed mining review of Beatons Creek and nearby projects in October 2021.
Novo Resources achieved mining and processing target rates but gold production has been below expectations. Due to wide-spaced grade control drilling at the high-nugget oxide mineralization.
A three-phase approach for the plan has been adopted for development and mining activities.
The first phase is to continue mining the Beatons Creek Oxide resource through 2022.
The second phase is to commence mining Beatons Creek free-milling Fresh Resource through 2026.
The third phase is to use the Golden Eagle deposit as a transition of production as preparations are completed for the Beatons Creek Fresh Resource.
Novo Resources expects to produce 27 koz – 33 koz Au in H1 2022.
Executive Co-Chairman, Mike Spreadborough, said,
“Our team now has a year of experience mining the Beatons Creek conglomerate gold resource and the learnings have been incorporated into our plan.”
Novo Resources explores and develops primarily gold projects in the Pilbara region of Western Australia.
Novo Resources (NVO) is up 4.72 per cent at C$1.33 per share at 4:30 pm EST.