- Novo Resources Corp. (NVO) has hit pause on parts of its mechanical sorting program
- It finished its phase two mechanical sorting trial with thirty-three samples taken from Comet Well, Purdy’s Reward, and Egina projects
- Results confirmed strong upgrade ratios can be achieved by running lower grade material through the sorter
- Costs for the phase three trial has increased due to confirming gold inventory difficulties
- Comet Well will undergo phase three in 2023 while sorting begins at Beatons Creek Fresh
- Novo Resources Corp. (NVO) is down 8.82 per cent trading at $0.46 per share as of 2:46 p.m. ET
Novo Resources Corp. (NVO) has hit pause on parts of its mechanical sorting program.
The company has finished its phase two mechanical sorting trial with thirty-three samples taken from Comet Well, Purdy’s Reward, and Egina projects. Novo said the results confirmed that strong upgrade ratios could be achieved by running lower-grade material through the sorter in line with results from higher-grade material.
Following completion of phase two, the company stated its sorter was scheduled to be transported to Comet Well for the phase three trial. This next trial is designed to process up to 20,000 tonnes of potentially mineralized material from the Comet Well and Purdy’s Reward projects.
Novo stated that the cost of the phase three trial has significantly increased from earlier estimates due to the difficulty in confirming gold inventory. According to the company, using the sorter is the best course of action for determining potential gold accumulation and project finances.
Novo’s board of directors stated they had postponed the phase three trial at Comet Well until the first half of next year. Novo’s sorter project team has allegedly been reassigned to assist with the Beatons Creek Fresh feasibility study.
Novo announced it is focused on prioritizing resources at the Beatons Creek Fresh mineral resource including completion of the feasibility study, and continued resource and extensional drilling to expand potential for life-of-mine operations.
Additionally, Novo is focused on “aggressively advancing” the high-potential exploration targets at Becher for gold in the Egina district and at Purdy’s North for nickel in the West Pilbara district.
Novo Resources Corp. (NVO) is down 8.82 per cent trading at $0.46 per share as of 2:46 p.m. ET.
