Novo Resources surges on ASX debut, Octava acquires remaining stake in Talga

  • Investing.com
Novo Resources surges on ASX debut, Octava acquires remaining stake in Talga

On Monday, shares of Canadian gold miner Novo Resources Corp. soared by 25% in their debut on the Australian Securities Exchange (ASX), following a A$7.5m initial public offering (IPO). The company holds one of the largest prospective tenures for gold and battery metals in Western Australia's Pilbara region, spanning over 10,500km2. The firm is currently focusing on the development of its Egina joint venture with its largest shareholder, De Grey Mining (ASX:DEG). Shares were listed at 20c and reached 25c on the first day of trading.

In June, De Grey Mining invested A$35m to secure up to a 50% interest in Novo's Becher gold project, located 28km from DEG's massive Hemi gold deposit, which forms part of the 11.7Moz Mallina gold project. Novo also owns the Belltopper project in Victoria.

Meanwhile, Octava Ltd saw its shares rise by 27% in early trade to 8.9c/share after acquiring the remaining 30% stake in its Talga lithium project in the WA Pilbara from First Au (ASX:FAU). This purchase included a 20% free carried interest held by FAU through a A$200,000 cash payment, the issuance of 1.25 million shares to FAU to be escrowed for six months, and a 0.75% net smelter royalty. Octava's Talga project holds significant gold prospects and is said to have geology similar to the nearby Archer lithium deposit held by Global Lithium (ASX:GL1).

Odessa Minerals continued its strong performance after completing mapping of more than 46km of pegmatite strike at its Yinnetharra project at Lockier Range in WA's emerging Gascoyne mining district. The explorer announced last week that groundwork would be completed by the end of the month, with targets for an upcoming drill campaign to be identified. Shares in Odessa were up nearly 20% in early trade today and more than 100% over the past week, trading at 1.6c/share.

In other news, Killi Resources Ltd announced high-grade copper and gold findings from the Baloo prospect of its Mt Rawdon West project in Queensland, with shares up by 17% on open today to trade at 6.2c/share. The company collected rock chip samples showing up to 7.2% Cu and 12.4g/t, identifying a 5.5km long x 2.5km wide copper-gold-silver corridor and suggesting a larger system of mineralisation than previously thought.

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