Substantial Gold Discovery In Australia
Novo Resources has one the most talked about gold discoveries of the year.
Novo’s focus is to evaluate, acquire and explore gold properties. Novo owns the approximately 10 square kilometer Beatons Creek Tenements in Western Australia and has the right to earn a 70% interest in the approximately 1,800 square kilometer Pilbara Paleoplacer Gold Project (includes the Beatons Creek and Marble Bar paleoplacer gold projects) in Western Australia from the Creasy Group.
The Company’s present focus is its Beatons Creek and Marble Bar paleoplacer gold projects in Western Australia. The Beatons Creek Tenements cover extensive exposures of the Beatons Creek conglomerates, a series of Archaean age pyritic conglomerates hosting gold mineralization similar to that of the Witwatersrand Basin in the Republic of South Africa. Shallow gold reefs were first identified and mined in this area beginning in the late 1800’s.
The thirty two properties within the Marble Bar paleoplacer gold project cover an area of approximately 1,251 square km in the Nullagine embayment and 554 square km in the Marble Bar subbasin underlain by 2.74 billion year old siliciclastic sedimentary and volcanic rocks belonging to the Fortescue Group, the basal part of the Hamersley Basin located in the Pilbara region of Western Australia. These rocks are similar in age and character to the Central Rand Group of the Witwatersrand Basin, Republic of South Africa, the single largest gold region on Earth. The Fortescue Group hosts multiple conglomerate horizons known to contain gold. Although these rocks were mined locally in the late part of the nineteenth century, little modern exploration has taken place in the region.
Novo has recently acquired, through staking, a 100% interest in approximately 6,021 square km of mineral rights in the Karratha region. Aggressive staking was undertaken following the discovery of a new occurrence of conglomerate-hosted gold mineralization at Comet Well and nearby Purdy’s Reward approximately 45 km south of Karratha. On April 11, 2017, Novo announced the acquisition of an interest in the approximately 48 square km Comet Well property where local prospectors has recently been very active recovering gold from soil using metal detectors. On May 26, 2017, Novo announced a Farm-In/Joint Venture agreement with Artemis Resources Ltd, an ASX-listed exploration and development company, covering an additional 1,536 square km of prospective ground in the same region. Combined, Novo now has interests encompassing approximately 7,600 square km around this exciting new discovery.
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