Mike Spreadborough, Executive Co-Chairman of Novo Resources (TSX:NVO – OTCQX:NSRPF – ASX:NVO) (“Novo” or the “Company”) joins me to highlight the most recent, December 18th, news release reporting the forming of a strategic Joint Venture with SQM Australia (“SQM”) for 5 of Novo’s lihtium-nickel tenements in West Pilbara. SQM will pay Novo A$10million for a 75% interest in the 5 tenements. Novo will have a 25% free carried interest until a decision to mine has been made. 

Mike and I discuss the terms of the deal, including the possibility of more tenements being added to the Joint Venture within 12 months and a possible contingent success payment to Novo based on a JORC compliant ore reserve report. I also have Mike update us on other lithium deals that SQM has entered into in Australia.

To wrap up I have Mike provide an update on Novo’s ongoing gold exploration in Australia. He highlights 3 Projects that the Company either has ongoing drilling, just wrapped up drilling or is going to be drilling early next year.

Please email me with any further questions you have for Mike at Novo. My email address is Fleck@kereport.com.

Click here to visit the Novo website and read over the full news release.

Discloser – Cory is a shareholder of Novo Resources.