Novo Resources (ASX:NVO) started air core drilling at the Balla Balla project in Western Australia in the March quarter, testing target zones of structural complexity and splay faults proximal to the Sholl Shear Zone, according to a Thursday filing with the Australian bourse.
Additionally, a reverse circulation drill program is set to begin at the Tibooburra project in New South Wales later this month to test the gold mineralized trend, the filing said.
As of March 31, the company has a cash balance of AU$10 million and investments of roughly AU$35.6 million, per the filing.
The company's shares tumbled 9% in recent Thursday trade.
Price (AUD): $0.10, Change: $-0.010, Percent Change: -9.09%
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