- Novo Resources (TSXV:NVO) has entered into an option agreement with Bellary Dome regarding an exploration property in Western Australia’s Pilbara region
- Novo has agreed to an initial fee of approximately C$23,279 in the first year, with further tranches increasing in cost thereafter
- At any time during this period, Novo may exercise its option and acquire 100 per cent of the gold rights by paying Bellary Dome a further $931,311
- Furthermore, Novo has asked for the tenement to be listed under Bellary Dome’s name by July 31 this year, for the agreement to stand
- Novo Resources (NVO) is up 1.8 per cent and is trading at $3.24 per share
Novo Resources (TSXV:NVO) has entered into an option agreement with Bellary Dome regarding an exploration property in Western Australia’s Pilbara region.
Known only as exploration licence 47/3555, Nova has agreed to pay Bellary approximately C$23,279, for an initial 12 months on the property.
At any time during this period, Novo may exercise its option and acquire 100 per cent of the gold rights by paying Bellary Dome approximately $931,311.
Furthermore, Novo has asked for the tenement to be re-listed under Bellary Dome’s name by July 31 this year, for the agreement to stand.
Novo Resources President and Chairman Quinton Hennigh appears pleased with the agreement.
“This agreement gives Novo rights to one of the most prospective areas in the region, the site of the significant gold nugget discoveries by previous landholders within the past few years.
“I reviewed samples of conglomerate material with in-situ gold nuggets from exploration license 47/3555 and these appear very similar to material from out Pilbara gold projects further north and East.
“Over the past few years, Novo has developed the in-house protocols to explore and advance projects like Bellary, and we are delighted to have yet another high-quality asset to add to our stable of conglomerate gold projects,” he said.
Novo Resources Corp (NVO) is up 1.8 per cent and is trading at $3.24 per share at 12:15 pm EDT.