Novo Resources (TSX-V: NVO) announced on Monday that it has entered into an agreement with prospector Mark Creasy to consolidate sole ownership of 510km2 of existing tenure and acquire ownership of an additional 2,390km2 of highly prospective new tenure in the Pilbara region of Western Australia.
“Mark Creasy, arguably Western Australia’s foremost prospector, helped Novo get established in the Pilbara region ten years ago,” said Quinton Hennigh, Novo Resources’ president.
“Since that time, we have worked, with the Creasy Group’s help, to build Novo into the dominant player in the Pilbara region. We look forward to continuing our strong relationship with Mr. Creasy, a major shareholder, as we move Novo towards becoming a gold producer,” Hennigh said.
Novo will issue to Creasy Group 2,590,700 common shares, of which 8,431 consideration shares will not be issued until the Australian Foreign Investment Review Board approval has been obtained.
The announcement comes a month after Novo recommenced its exploration program at Egina and identified another gold-bearing channel in an area southwest of the Paradise prospect.
Midday Monday, Novo’s stock was up 5.8% on the TSXV. The company has a C$645 million market capitalization.