Calidus Inks Novo JV and Exercises Haoma Option

THE BOURSE WHISPERER: Calidus Resources (ASX: CAI) has been busy across a couple of fronts, completing due diligence on the Novo Tenements and exercising an option to acquire the Haoma tenements.

Having completed due diligence on the Novo tenements, Calidus Resources has notified TSX.V-listed Novo Resources Corp. of its intentions to proceed with the transaction.

Calidus said its initial review of the tenements had highlighted multiple soil anomalies both along the main Klondyke trend and in alternate geological settings that it will investigate.

The company is commencing heritage surveys with the traditional owners to facilitate drilling on the Novo tenements this calendar year.

As per the deal Calidus will issue 20 million shares to Novo as consideration for an earn-in righ.

Calidus may earn a 70 per cent interest in the Novo tenements by expending $2 million over the next 3 years.

In other news, recent drilling results recorded on Haoma Mining’s (ASX: HAO) Warrawoona and Klondyke leases has led to Calidus exercising its option to acquire these tenements, ensuring 100 per cent ownership of what it considers to be a, “rapidly developing gold development project”.

Calidus explained the Haoma deal provides 100 per cent-ownership of the Klondyke trend and with the Novo JV, provides majority ownership of the entire Warrawoona greenstone belt.

The company will issue of 37.5 million shares and $500,000 cash to Haoma as consideration.

“Based on the outstanding results we have received so far in our maiden drill campaign, the consistency and grade of mineralisation we are defining and the large exploration upside we are seeing in the district, we have decided to proceed both with the Novo JV and to execute the right to purchase the Haoma tenements,” Calidus Resources managing director Dave Reeves said in ithe company’s announcement to the Australian Securities Exchange.

“This ensures that Calidus has full ownership over the main Klondyke shear and controls all exploration activities over the entire Warrawoona Greenstone Belt.

‘We have commenced heritage surveys over the planned drill areas on the Novo ground with the traditional owners and look forward to reporting further drill results in the very near term from the recently completed drilling that targeted the high-grade Copenhagen and Fieldings Gully deposits that are also located on tenements we have purchased today under the Haoma option.”