PERTH (miningweekly.com) – ASX-listed Nova Minerals has made a cornerstone investment into fellow-listed Torian Resources that could result in the company holding 19.9% stake in Torian and becoming its largest shareholder.
Nova on Thursday said that it would invest A$413 325 as a convertible note, with the note being convertible into Torian shares at Nova’s election within a 12-month term.
“This strategic investment provides Nova with exposure to over 400 km2 tenement package in the prolific Kalgoorlie Leonora Greenstone gold belt regions in Western Australia,” said Torian nonexecutive director Angus Middleton.
“In turn, Torian will greatly benefit from Nova’s technical team’s expertise in unlocking significant value economically. Testament to this is Nova’s flagship 2.5-million-ounce Estelle gold project in Alaska, with discovery costs reported at under A$1 per discovery ounce.”
Funds drawn under the loan facility will be used to advance exploration activities at the Mt Stirling and Diorite projects, Middleton said.
Meanwhile, Nova on Thursday announced that drilling at Estelle has been deferred until the Covid-19 pandemic subsides or health officials advise that it is safe to return.