Novo Resources Corp. announced De Grey has been granted the right to earn a 50% interest in the Egina JV by spending up to AUD 25 million on exploration within four years. This strategic agreement between De Grey and Novo follows a successful period of exploration completed at Becher by Novo since September 2022.

The Egina JV will encompass, Novo’s Becher Gold Project (“Becher”) and adjacent tenements that cover approximately 1,000 sq. km of existing Novo tenements. Becher is located in the northern sector of the Egina Gold Camp, ~28 km along trend from De Grey’s Hemi deposit within the 11.7 Moz Au (JORC 2012)1 Mallina Gold Project.

The Egina JV tenements are considered highly prospective for large scale, intrusion-related gold deposits similar to the Hemi deposit, as well as shear-hosted orogenic deposits similar to De Grey’s Withnell and Mallina deposits. Over the last 9 months, Novo has prioritised work at Becher and completed a large amount of exploration drilling with 2,130 aircore drill holes completed for over 50,000 m. The results from this program have been very promising, with drilling highlighting mineralisation under shallow cover in both intrusions and sedimentary rocks and, importantly, displaying geological indicators of potential discovery success. Novo will now partner with De Grey to continue exploration efforts at Becher and is hopeful of discovering the next major Pilbara gold project.