Australia's Kalamazoo rises on option grant to Novo Resources over gold project

Novo Resources

23/09/2020 06:09

** Shares of gold and copper explorer Kalamazoo Resources
Ltd  KZR.AX  rise as much as 3.6% to A$0.715
    ** KZR grants options to Canada-based gold explorer Novo
Resources Corp  NVO.V  for a 50% stake in Queens Project in
Central Victoria in exchange for 24,883 Novo shares  urn:newsml:reuters.com:*:nASN000D8K
    ** Says Novo has six months to exercise option by paying
additional A$2 mln ($1.43 mln) for stake
    ** Says further grant of 20% stake to Novo is to form a JV
by incurring A$5 mln of exploration expenditure over a 5-year
period 
    ** Stock set to snap a five-day losing streak
    ** Stock is up 151% so far this year, as of last close
    
($1 = 1.4033 Australian dollars)

 (Reporting by Vasudha Kaukuntla in Bengaluru)
 ((Vasudha.Kaukuntla@thomsonreuters.com))