Beatons Creek Fresh Approvals Update
July 11 2022 - 7:33AM
Novo Resources Corp. (
“Novo” or
the
“Company”) (TSX: NVO, NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) advises that the Chair of the Western Australian
Environmental Protection Authority (the “
EPA”) has
determined that the Company’s approvals submission regarding the
Fresh mineralization component of the Company’s Beatons Creek gold
project (“
Beatons Creek”) does not require
assessment under Part IV of the Western Australian Environmental
Protection Act 1986.
The Company will now promptly initiate
discussions with the Western Australian Department of Mines,
Industry Regulation and Safety (“DMIRS”) to seek
approval to mine the Beatons Creek Fresh mineral resource. The
Company expects to transition to Phase Two mining of the Beatons
Creek Fresh mineral resource upon receipt of requisite approval
from DMIRS and a make final investment decision post receipt of
results of the feasibility study1.
The Company appreciates the efforts of the EPA
to diligently progress the Company’s submission while managing the
impacts of COVID-19 and workforce shortages.
Commenting on the EPA’s decision, Executive
Co-Chairman, acting Chief Executive Officer, and director Mike
Spreadborough said, “We are very pleased with the response from the
EPA and will now turn our attention to advancing discussions with
DMIRS to progress key documents and our approval to ensure we can
commence Phase Two mining at the Beatons Creek fresh mineral
resource. We are aware of the importance of this process and will
keep stakeholders regularly updated.”
CAUTIONARY STATEMENT
The decision by the Company to produce at the
Beatons Creek Project was not based on a feasibility study of
mineral reserves demonstrating economic and technical viability
and, as a result, there is an increased uncertainty of achieving
any particular level of recovery of minerals or the cost of such
recovery, including increased risks associated with developing a
commercially mineable deposit. Production has not achieved forecast
to date. Historically, such projects have a much higher risk of
economic and technical failure. There is no guarantee that
anticipated production costs will be achieved. Failure to achieve
the anticipated production costs would have a material adverse
impact on the Company’s cash flow and future profitability.
The Company cautions that its declaration of
commercial production effective October 1, 20212 only indicates
that the Beatons Creek Project was operating at anticipated and
sustainable levels and it does not indicate that economic results
will be realized.
QP STATEMENT
Dr. Quinton Hennigh (P.Geo.) is the qualified
person, as defined under National Instrument 43-101 Standards of
Disclosure for Mineral Projects, responsible for, and having
reviewed and approved, the technical information contained in this
news release. Dr. Hennigh is the non-executive co-chairman and a
director of Novo.
ABOUT NOVO
Novo operates its flagship Beatons Creek gold
project while exploring and developing its prospective land package
covering approximately 11,000 square kilometres in the Pilbara
region of Western 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. For more
information, please contact Leo Karabelas at (416) 543-3120 or
e-mail leo@novoresources.com.
On Behalf of the Board of Directors,
Novo Resources Corp.
“Michael Spreadborough”
Michael Spreadborough
Executive Co-Chairman and Acting CEO
Forward-looking information
Some statements in this news release contain
forward-looking information (within the meaning of Canadian
securities legislation) including, without limitation, that the
Company will promptly initiate discussions with DMIRS to progress
approval to mine the Beatons Creek Fresh mineral resource, and that
the Company expects to transition to Phase Two mining of the
Beatons Creek Fresh mineral resource upon receipt of requisite
approvals from DMIRS and a final investment decision post receipt
of results of the feasibility study. 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 management’s discussion and
analysis for the three months ended March 31, 2022, which is
available under Novo’s profile on SEDAR at www.sedar.com.
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.
_________________________________________1 Refer
to the Company’s news releases dated June 14, 2021 and June 14,
2021.2 Refer to the Company’s news release dated
October 12, 2021.
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