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Egina

Novo’s Egina project lies in the heart of the Pilbara conglomerate gold province approximately 120 km east of Novo’s Karratha gold project. Upon recognizing its conglomerate gold potential, Novo began applying for multiple exploration licenses covering much of the core area beginning in 2017. In September 2018, Novo announced two transactions; the acquisition of private company Farno-McMahon Pty Ltd (“FM”), and a joint venture with ASX-listed Pioneer Resources Limited, increasing Novo’s Egina project to 948 square km. Importantly, purchase of FM included granted mining leases M47/560 and M47/561 covering approximately 11.8 square km of key target areas. The farm-in and joint venture with Pioneer was finalized in September 2018 and the acquisition of FM was finalized in October 2018.

Egina Tenement Slide

Like Novo's Karratha gold project, Egina is an important part of the Pilbara conglomerate gold province. Not only does Egina have potential to host significant deposits of gold-bearing conglomerates, weathering and erosion appear to have liberated considerable gold from these rocks and redeposited it into extensive surficial lag gravel deposits blanketing much of the area. Gold-bearing gravels can easily be explored as described in Novo's aggressive exploration program described below.

Egina Exploration Model Highlights:

2018/2019 Exploration Plans

Novo plans to engage the Kariyarra and Mugarinya Traditional Owner Groups to seek permission to explore on Novo-controlled exploration licenses surrounding M47/560. Environmental regulators will also be engaged regarding permitting requirements for the project, laying the groundwork for Novo to conduct test mining of lag gravels on mining lease M47/560 at Egina beginning after the rainy season, approximately second quarter of calendar 2019.

Sampling Update (January 2019)

A total of 107.88 grams of raw gold were recovered from 95 cubic meters of gravel. Gold was found to be dominantly coarse suggesting simple processing techniques can likely be employed during potential future large-scale gold recovery at Egina. Novo thinks lag gravels mantling the vast erosional terrace at Egina could host a significant gold deposit, the shallow nature of which makes it a particularly attractive target.

Work at Egina is on hold during the rainy season lasting until late March, 2019. Plans are currently being made to resume aggressive bulk sampling and processing on the Egina mining lease to evaluate the geologic potential of the terrace gravels as well the best means of processing. Current permitting allows for up to 50,000 tonnes of gravel to be excavated and processed at Egina, subject to appropriate heritage clearances.

Egina Model

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