Canadian explorer Novo Resources, which started a gold rush in Western Australia, has announced plans to consolidate its mineral property holdings in the Karratha region by buying licences from its joint venture (JV) partner, Artemis Resources.
The company will be acquiring a 100% interest in exploration licences E47/1745 (Purdy’s Reward) and E47/3443 (47K). The remaining Novo-Artemis JVs will be dissolved.
As consideration for the Transaction, Novo will issue two-million common shares and pay A$1-million in cash for the Purdy’s Reward and 47K tenures. Novo will also grant a 1% net smelter returns royalty over the 47K project to one of Artemis’ 47K JV partners.
“This consolidation allows Novo to advance its Karratha gold project at its discretion and in tandem with our holistic Pilbara conglomerate gold strategy. It has been a pleasure to work with Artemis over the past few years, and we wish them well with their future endeavours,” said Novo chairperson and president Dr Quinton Hennigh.