Novo Provides Further Update ON Partial Sale of Blue Spec Project
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Suite 880, 580 Hornby Street
Vancouver, BC, Canada V6C 3B6
NOVO PROVIDES FURTHER UPDATE ON PARTIAL SALE OF BLUE SPEC PROJECT
VANCOUVER, BC, March 23, 2021 - Novo Resources Corp. (“Novo” or the “ Company”) (TSX:
NVO & NVO.WT; OTCQX: NSRPF ) is providing an update on the previously announced sale (the
“Transaction”) of a portion of its Blue Spec project comprising mining leases 46/115 and 46/244 and
related mining information (the “ Subject Blue Spec Tenements”) in Western Australia to ASX -listed
Calidus Resources Limited (“ Calidus”) (please see the Company’s news release s dated September 21,
2020, November 25, 2020, and February 1, 2021 for further details).
Calidus has paid AUD $7.7 million to the Company to date. The Company and Calidus have executed a
letter deed ( the “Deed”) and agreed to a path to completion of the Transaction for the originally agreed
consideration of AUD $19.5 million as follows:
- Calidus will make a cash payment totaling AUD $5 million to the Company by March 31, 2021;
- Calidus will issue 13,333,333 ordinary shares to Novo by April 16, 2021; and
- Calidus will transfer a 100% interest in prospecting license 4 5/3065, adjacent to the Company’s
Talga Talga project in the East Pilbara region of Western Australia, to the Company’s wholly -
owned subsidiary, Beatons Creek Gold Pty Ltd.
The Transaction is still su bject to the satisfaction of certain conditions precedent including the execution
of various deeds of assignment between the Company, Calidus, and relevant third parties , and customary
regulatory approvals for transactions of this nature.
“The conclusion of the sale of a portion of the Blue Spec project helps both Calidus and Novo align their
production goals in the region,” commented Quinton Hennigh, Chairman and President of Novo
Resources. “Calidus has plans to conduct underground mining and develop a milling circuit for sulfide
ores making the high -grade Blue Spec resource compatible with their production model. Novo retains
areas of shallow oxide prospectivity around Blue Spec and secures land at Talga Talga that potentially
hosts down dip continuations of the gold system there.”
About Novo Resources Corp.
Novo is advancing its flagship Beatons Creek gold project to production while exploring and developing
its highly prospective land package covering approximately 14,000 square kilometres in the Pilb ara
region of Western Australia. In addition to the Company’s primary focus, Novo seeks to leverage its
internal geological expertise to deliver value -accretive opportunities to its shareholders. For more
information, please contact Leo Karabelas at (416) 543-3120 or e-mail [email protected]
On Behalf of the Board of Directors,
Novo Resources Corp.
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“Quinton Hennigh”
Quinton Hennigh
President and Chairman
Forward-looking information
Some statements in this news release contain forward -looking information (within the meaning of Canadian
securities legislation) including, without limitation, the satisfaction of certain conditions precedent to the
Transaction. Forward -looking statements address future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to
be materially different from any future results, performance or achievements expressed or implied by the statements.