PDAC video: Novo Resources seeks copper amid exploration funding crunch, exec says

Novo Resources (TSX: NVO; ASX: NVO; US-OTC: NSRPF) is shifting from a pure gold play to include copper as it prepares to launch a drilling program in New South Wales, CEO Michael Spreadborough says.

It plans to advance drill-ready projects while managing data and quality control in-house to speed up decision-making across its portfolio of about 12 projects. The approach aims to cut delays in an environment where access to capital for greenfields exploration remains tight, according to Spreadborough.

“[It’s hard to get] the technical expertise that needs to go into the projects, and we are having a funding crisis in exploration,” Spreadborough said during the Prospectors and Developers Association of Canada’s annual event in Toronto.

Novo will test two high-grade projects in New South Wales while continuing gold exploration in Western Australia and Victoria. A recent joint venture with De Grey Mining (ASX: DEG) saw its partner commit A$7 million, setting the stage for De Grey to earn a 50% stake by spending another A$18 million by 2027.

Watch the full interview below with The Northern Miner western editor, Henry Lazenby.