Vancouver-based Novo Resources has purchased a 70% interest in 103 separate tenements and tenements applications from Australia's Creasy Group, the gold exploration company announced March 4.
The tenements cover approximately 18,000 square kilometers of the Fortescue Formation and other prospective rock formations in Western Australia. Novo said the geology of the new claims is similar to that in the company's Beatons Creek and Marble Bar projects – locations where Novo has discovered multiple gold-bearing conglomerates.
"This transaction simplifies the structure of the existing Pilbara paleoplacer gold agreements with the Creasy Group and thereby makes Mark Creasy a significant shareholder of Novo," said Dr. Quinton Hennigh, president, CEO and director of Novo.
"Mr. Creasy, arguably the most famous present day Australian prospector, recognized the potential for significant conglomeratic gold mineralization in this region over 30 years ago."
In consideration for the Pilbara assets, Novo will issue 9 million common shares.
