Novo Resources produces 49,364 oz gold in 2021, Australia

Novo Resources produces 49,364 oz gold in 2021, Australia

Novo Resources Corp.[NVO-TSXV; NSRPF-OTCQX] offered a Q4 2021 functional upgrade from Beatons Creek, situated in Nullagine, Western Australia.

During the 4th quarter of 2021, one lost-time injury was tape-recorded (the just lost-time injury for 2021). There was lower than projection gold production of 12,833 oz gold in Q4 2021 due to a modification in the December mining schedule and decrease in healing due to technical problems with the carbon regrowth kiln, providing production of 49,364 oz gold for the year ended December 31, 2021 (CY 2021) from the business’s Beatons Creek corporation gold job.

Q4 2021 profits was C$30 million (A$324 million) from the sale of 13,023 oz gold. Since December 31, 2021, money balance was C$324 million. Novo’s Investment portfolio has a reasonable worth of around C$146 million. A substantial expedition program and mechanical sorting Phase 2 screening continued, with C$ 6.1 million sustained in Q4 2021.

” The business continues to execute its enhanced mining method to assist functional efforts,” commented Mike Spreadborough, Executive Co-Chairman of Novo. “Mining for the quarter was on target, however processing and production were affected by some short-term plant and scheduling concerns. Nicely, our plant has actually resumed running at a target annualized rate of around 1.8 million tonnes per year. While the inescapable boost in COVID-19 cases in Western Australia might produce specific functional obstacles in the coming months, the group has actually been getting ready for this scenario and is devoted to accomplishing the business’s objectives.”

Mining rates at Beatons Creek attained projection in Q4 2021, with 434 kt of mineralized product mined from Beatons Creek. An overall of 1,563 kt of mineralized product were mined from Beatons Creek in CY 2021.

The business’s Golden Eagle Plant processed 395 kt in Q4 2021, with 1,363 kt crushed in CY2021 Q4 2021 head grade was 1.16 g/t Au. Processing rates in October and November were impacted by a variety of unscheduled short-term mill shuts, consisting of the longer shut in early November which accompanied substantial crusher upkeep (describe the Company’s press release dated November 1, 2021, and November 5, 2021 ). The Golden Eagle Plant resumed operation, with 155 kt processed in December 2021, which is in line with the Company’s projection to procedure at an annualized rate of around 1.8 million tonnes per year.

Novo’s production projection for the very first half of 2022 of 27 koz 33 koz gold stays affected by close-spaced drilling and mine-to-mill reconciliation efforts, presumes invoice of requisite approvals1, and is considerably based on very little effect to operations from COVID.

Further to the business’s press release dated November 5, 2021, Novoy has actually significantly finished significant works to raise its tailings storage center and has roughly 24 months of processing capability staying.

During Q4 2021, Novo continued to advance its expedition and mechanical sorting jobs and dedicated C$ 6.1 million to these endeavours.

In addition to its money reserves, Novo’s tactical portfolio of financial investments include its 9.5%financial investment in New Found Gold Corp.[NFG-TSXV] which deserved roughly C$135 million.

Novo runs its flagship Beatons Creek gold job while checking out and establishing its potential land bundle covering around 13,250 square kilometres in the Pilbara area of Western Australia.