Novo Resources (ASX: NVO) reports that follow-up drilling has commenced at the Becher Project in WA, which is part of the Egina earn-in and joint venture (Egina JV) with De Grey Mining Limited (ASX:DEG).
De Grey completed its maiden aircore (AC) and reverse circulation (RC) drill programme at the Becher Project in Q4 2023, testing the Heckmair and Lowe intrusions, and the Irvine and Bonatti shear corridors, with over 10,500 m completed. Significant results were returned from both the Lowe and Heckmair prospects, which have been deemed as priority prospects.
De Grey has commenced follow-up programmes, with approximately 28,000 m of combined AC and RC drilling planned through the use of two rigs. Assay results from these programs are anticipated in H2, 2024.
“This is an exciting time for the Egina JV with the recommencement of AC and RC drilling programs at our flagship Becher Project,” Novo Executive Co-Chairman and Acting CEO, Mike Spreadborough, said.
“De Grey are focused on undertaking a further 28,000m of combined drilling, which of course is a follow on from the initial program completed at the end of 2023 and will continue to advance key targets identified by Novo historically.
“Becher is a highly prospective and high priority exploration target. We eagerly await the results of the drilling programs and look forward to updating shareholders in due course.”
The Egina Gold Camp is Novo’s highly prospective gold belt located in the Pilbara region of Western Australia and includes the priority Becher and Nunyerry North projects.
In June 2023, Novo completed an earn-in and joint venture agreement with De Grey Mining for the company’s Becher Project and the adjacent tenements within the Egina Gold Camp, with the resultant joint venture to be known as the Egina JV.
De Grey is earning into the Egina JV with a minimum spend of $7 million to December 2024, as part of a required $25 million spend over four years to earn 50% of the joint venture.
