- Novo Resources (NVO)is ramping up operations at the Beatons Creek conglomerate gold project in Western Australia
- A total of 7,375 fine troy ounces of gold have been poured since February
- A total of 1,158 fine ounces of silver have been sold during that time as well
- Novo plans to further increase throughput at its Golden Eagle Mill
- Novo Resources is up 7.56 per cent on the day, with shares of the company trading at $2.42 at 1:29 pm ET
Novo Resources (NVO) is ramping up operations at the Beatons Creek conglomerate gold project in Western Australia.
Since pouring first gold on February 16th, 29 additional gold bars have been poured for a total of 7,375 fine troy ounces of gold, with gold production steadily increasing in line with the company’s ramp-up schedule.
A total of 1,158 fine ounces of silver have been sold during that time as well.
The company is experiencing significant delays in third party assay turnaround with only around half of all grade control sample results returned to date.
Novo geologists have compensated for the delays by successfully visually identifying mineralization bands to guide selective mining operations.
Throughput at the Golden Eagle Mill has been steadily increasing to an annualized production rate of approximately 1.5 million tonnes per annum annum as mill operating parameters are optimized.
Novo plans to further increase throughput at the Golden Eagle Mill.
Recoveries at the Golden Eagle Mill have varied between 87 and 98 per cent since start-up. As steady state throughput is expected to be reached over the coming months, recoveries are expected to stabilize in the mid 90 per cent range.
"Novo is delighted to have assembled a high calibre team in such a short timeframe and in a buoyant commodity market. Considerable progress has been made to date and we continue to generate positive momentum as we ramp up production at Beatons Creek to steady state," said Novo CEO Rob Humphryson.
Novo is commissioning its flagship Beatons Creek gold project while exploring and developing its highly prospective land package covering approximately 14,000 square kilometres in the Pilbara region of Western Australia.
Novo Resources is up 7.56 per cent on the day, with shares of the company trading at $2.42 at 1:29 pm ET.