Novo Resources Co.

At the Noosa Mining Conference Novo Resources presented its greenfield exploration strategy and emphasized that drilling is decisive to confirm target areas. The company has around A$10m in cash and a liquid investment portfolio of about A$20m, a dual listing on the TSX and ASX, and a market capitalization of about A$26m. Key projects are Belltopper (Victoria) with an exploration target of 880,000 ounces, Wyloo (Pilbara) with a confirmed hydrothermal system, and Egina, which returned with CAD 10m in cash; drilling is scheduled to resume in September and continue through Christmas. » More on de.investing.com

Novo Resources has mandated an institutional placement of about C$5.8m (A$6m), covering up to 59.1m units and/or CDIs at issue prices of C$0.10 per share and A$0.105 per CDI. Each unit comprises one share and a half warrant; warrants have an exercise price of C$0.15 and a three‑year term. The raise represents roughly 17% of a market capitalization of $35m and is intended to fund exploration work in the Pilbara and at the Belltopper gold project, as well as general working capital. The placement is being led by Canaccord Genuity (Australia) Limited and Alpine Capital, is subject to TSX approval and prompted a temporary trading halt on the ASX. » More on de.investing.com

Novo Resources identified coherent antimony anomalies over more than two kilometres at its Wyloo project in the southern Pilbara and plans to advance the prospect to drilling. Stream sediment sampling prompted follow-up fieldwork and rock chip results at Wyloo Southeast returned anomalous antimony, silver and gold, including up to 1.29% antimony alongside elevated lead, zinc and gold. The company says sulphide-rich vein systems host multiple commodities, expanding the target beyond antimony alone. » More on finance.yahoo.com