The Egina Gold Camp has exceptional prospectivity with potential to add significant shareholder value. The 80 km long tenement package contains multiple fertile mineralised gold corridors trending NE-SW, stretching between Becher and Nunyerry North. The project is proximal to and borders De Grey Mining Limited’s (ASX:DEG) 11.7 Moz Mallina Gold Project[1], where intrusion-hosted and shear-related orogenic gold deposits occur along district scale fertile structural corridors.
In June 2023, following its success with its exploration results at its Becher project in the Pilbara, Novo entered into the Egina Joint Venture De Grey for the advancement of exploration at Becher and surrounding tenements. Under the Egina JV, De Grey Mining Ltd will spend up to A$25 million within four years to earn a 50% direct stake in the relevant tenements, at which time the 50/50 Egina JV will be established.
Nunyerry North is a joint venture with ownership breakdown of 70% Novo and 30% Creasy Group. This previously untested structurally controlled orogenic gold target has significant potential. High-grade rock chip samples and highly anomalous gold-in-soil anomalies were defined in 2021-22 and initial heritage surveys have been conducted in preparation for RC drilling in the second half of 2023.
[1] De Grey has reported that its Hemi deposit at the Mallina Gold Project is comprised of Measured Mineral Resources of 4.7 Mt @ 1.7 g/t Au for 265 koz Au, Indicated Mineral Resources of 184.1 Mt @ 1.3 g/t Au for 7,798 koz Au, and Inferred Mineral Resources of 89.2 Mt @ 1.3 g/t Au for 3,684 koz Au, as those categories are defined in the JORC Code (as defined in NI 43-101). Refer to De Grey’s public disclosure record for further details. No assurance can be given that a similar or any mineral resource estimate will be determined at Novo’s Becher Project.
