14:38:19 EDT Fri 26 Apr 2024
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Novo Resources Corp
Symbol NVO
Shares Issued 188,262,399
Close 2020-06-18 C$ 3.47
Market Cap C$ 653,270,525
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Novo Resources to acquire mechanical sorting unit

2020-06-18 12:43 ET - News Release

Mr. Quinton Hennigh reports

NOVO ANNOUNCES PLANS TO ACQUIRE AND FIELD TEST A STEINERT MECHANICAL SORTER AT PURDY'S REWARD / COMET WELL

Novo Resources Corp. is in advanced discussions with Steinert Australia Pty. Ltd. to procure a one-metre-wide KSS 100F LIXT fine mechanical sorting unit, to be deployed at the company's wholly owned Purdy's Reward and Comet Well joint venture gold projects during the 2020 field season. The sorter will be manufactured by Steinert in Germany with an expected 18-week delivery time to Australia.

Approvals are being prepared for field testing of up to 10,000 tonnes of material from Purdy's Reward, Comet Well and 47K, respectively (total up to 30,000 tonnes). Novo also plans to utilize this sorter to test field exploration samples delivered from its other projects including Egina. Field test work will be designed to better understand gold grades, the extent and location of mineralized conglomerate units, evaluate mechanical sorter gold recovery at production throughput rates and of various sorted size fractions, and provide critical input concerning operational costs.

"This is a very exciting development for Novo," commented Rob Humphryson, Novo's chief executive officer and a director. "We have achieved outstanding laboratory-level mechanical sorting test results utilizing both Steinert and TOMRA sorters. It's now time to field test productivity and performance. This Steinert unit will be equipped with technology that is capable of testing material from all our coarse gold projects. It should be noted that both Steinert and TOMRA produce first-class sorting units, and the decision to initially deploy a Steinert unit into the field is more a reflection of local, non-technical factors than any distinct differentiation of capabilities. Should field testing of mechanical sorting prove successful, it is likely that the final utilization of this technology will involve a hybrid solution involving equipment from both suppliers. In light of this, we intend to maintain a close working relationship with both suppliers."

About Novo Resources Corp.

Novo's focus is primarily to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 13,750 square kilometres with varying ownership interests. In addition to the company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders.

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