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Novo Resources (TSXV:NVO) recently announced that it has intersected high grade gold at its Talga Talga Gold Project and accelerated the near-mine exploration program at its Nullagine Gold Project in Western Australia. Novo Resources Executive Co Chairman Michael Spreadborough says the company has a strong balance sheet to keep advancing their projects towards production.
“We are sitting at approximately $50 million cash at the moment, have a strategic investment portfolio, that’s worth roughly C$150 million. Our balance sheet is very, very strong with enough horsepower to do the exploration work. We are in a very strong position to keep us moving forward,” shared Novo Resources Executive Co Chairman Michael Spreadborough.
Novo Resources’ exploration program has been accelerated with additional funding of up to AU$2.5M to support near-mine exploration. The amount is on top of the previously approved AU$12 million. Novo Resources aims to accelerate the delineation of targets in the Mosquito Creek Basin that have the potential to provide additional oxide mill feed to the Golden Eagle processing facility
“We like to play with innovation, we like to be leaders in some of the things that we’re doing. So we’re very focused on ore sorting. Innovation is a big focus in our culture. We’re putting over $15 million a year into exploration as we develop more targets to bring into production,” said Spreadborough.
“We’ve already found good gold discoveries, we’ll probably find more as we do more work. We’ve got the horsepower financially and we’ve got that ability. We’ve demonstrated now that we can take exploration projects all the way through to development and into production. We have the complete skill set. We think we’re in a good position right now to move the company forward,” shared Novo Resources Executive Co Chairman Michael Spreadborough.
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