- Novo Resources (NVO) announced gold production has increased on a month-to-month basis at its Nullagine Gold Project
- The company reported a record month with 5,064 ounces of gold poured during May 2021
- The record gold production of 5,064 ounces for May 2021, returned revenue of C$10.8 million
- Gold production is anticipated to continue to increase due to improved throughput rates and recovery in the mill combined with improved grade
- Novo Resources is down 1.17 per cent, trading at $2.54 at 12:20 pm ET
Novo Resources (NVO) announced gold production has increased on a month-to-month basis at its Nullagine Gold Project.
The Vancouver-based mineral exploration company reported a record month with 5,064 ounces of gold poured during May 2021.
The record gold production of 5,064 ounces for May 2021, returned revenue of C$10.8 million from the sale of 4,754 ounces at an average realized gold price of Au$2,407.
The company expects mining and processing rates to continue to increasing month-on-month.
Gold production is anticipated to continue to increase due to improved throughput rates and recovery in the mill combined with improved grade as higher grade conglomerates at Grant’s Hill are accessed and brought into the mine schedule.
Mill throughput has continued to increase month-to-month.
The processing plant is currently operating at an annualized rate of 1.5 million metric tonnes per annum (mtpa) with demonstrated capacity to achieve a throughput rate of approximately 1.8 mtpa.
Mining productivities have continued to improve as the operation matures, with the operation gradually transitioning from constrained mining areas on ridges to broader benches that allow for larger equipment to operate more productively.
“The company has navigated a complex and rapid project commencement without recording a lost time injury which is a testament to the site culture and calibre of the team. Despite a resources boom across the resources hotspot of Western Australia, Novo has attracted a group of team-oriented, practical, and resilient people that have put their collective shoulders to the wheel, negotiated challenging operational conditions, and extreme heat and rain events to continually drive the project forward. The team continues to identify and resolve operational challenges as they arise, whilst importantly building the foundations for solid relationships with local stakeholders,” said Novo Chief Executive Officer Rob Humphryson.
Novo Resources is down 1.17 per cent, trading at $2.54 at 12:20 pm ET.
