Novo Resources Corp. (
Novo or the
Company) (ASX: NVO) (TSX: NVO & NVO.WT.A)
(OTCQX: NSRPF) is pleased to announce promising results from the
first six holes of the Company’s maiden RC drill program at
Nunyerry North, located in the southern Egina Gold Camp in the
Pilbara, Western Australia (Figures 1 and 2). The Nunyerry North
project is a 70:30 joint venture with the Creasy Group.3
Previous reconnaissance work completed by Novo
highlighted Nunyerry North as a high priority exploration target,
with potential to become a significant gold project and delineated
> 1.4 strike km of high-tenor gold anomalism at surface. The
primary focus of this current drill program is to target
significant mineralised zones defined by surface exploration along
the sizeable known strike extent.
Figure 1: Novo’s Pilbara tenure showing priority
prospects, joint venture interests and the location of drilling at
Nunyerry North
Figure 2: RC drilling at Nunyerry North looking
to the southwest. The RC rig is drilling hole NC009, and holes
NC001 to NC006 are shown in the left side of the photo.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/95d75403-2988-4c81-ac5e-0c6177e88a31
https://www.globenewswire.com/NewsRoom/AttachmentNg/ca19dd67-f029-41f4-b66d-967ef1784433
Nunyerry North Drill
Program4
Novo commenced its maiden RC drill program of
approximately 2,000 m at Nunyerry North on 12 September 2023 and to
date, 24 holes for 2,028 m (average depth of 84.5 m) have been
completed. The program has been extended to 2,300 m on the basis of
early results, with four holes remaining to be drilled. The program
is anticipated to be completed by late October 2023.
Importantly, significant zones of quartz veins
and variable sulphides have been intersected. Drilling has been
conducted at 40 to 60 m spaced sections, with holes approximately
20 m apart on section.
Results received from the first six drill holes
include best intercepts of 13 m @ 1.18 g/t Au, 7 m @ 1.12 g/t Au
and 3 m @ 1.37 g/t Au (intercepts calculated using up to 3 m
internal dilution and 0.3 g/t Au cut-off) (Table 1 and Appendix for
hole locations).
First pass drilling has initially targeted the
western part of the main high-grade gold-in-soil anomaly (Figures 3
and 4) and was aimed at testing vein densities and grade, potential
controls on mineralisation and establishing the dips of major shear
zones such as the Skadi and Freyda Shears and the crosscutting
Aurora Fault.
Hole |
Width m |
Au g/t |
From m |
intercept |
NC001 |
13 |
0.48 |
1 |
13 m @ 0.48 g/t Au from 1 m - NC001 |
NC002 |
1 |
4.64 |
2 |
1 m @ 4.64 g/t Au from 2 m - NC002 |
NC002 |
4 |
1 |
17 |
4 m @ 1 g/t Au from 17 m - NC002 |
NC002 |
5 |
0.49 |
26 |
5 m @ 0.49 g/t Au from 26 m - NC002 |
NC002 |
4 |
0.36 |
61 |
4 m @ 0.36 g/t Au from 61 m - NC002 |
NC003 |
7 |
0.75 |
0 |
7 m @ 0.75 g/t Au from 0 m - NC003 |
INCLUDING |
3 |
1.37 |
4 |
3 m @ 1.37 g/t Au from 4 m - NC003 |
NC003 |
4 |
0.64 |
32 |
4 m @ 0.64 g/t Au from 32 m - NC003 |
NC004 |
13 |
1.18 |
0 |
13 m @ 1.18 g/t Au from 0 m - NC004 |
NC005 |
4 |
0.9 |
3 |
4 m @ 0.9 g/t Au from 3 m - NC005 |
NC005 |
2 |
1.04 |
24 |
2 m @ 1.04 g/t Au from 24 m - NC005 |
NC005 |
1 |
0.51 |
79 |
1 m @ 0.51 g/t Au from 79 m - NC005 |
NC005 |
1 |
0.8 |
90 |
1 m @ 0.8 g/t Au from 90 m - NC005 |
NC006 |
7 |
1.12 |
38 |
7 m @ 1.12 g/t Au from 38 m - NC006 |
NC006 |
1 |
0.61 |
52 |
1 m @ 0.61 g/t Au from 52 m - NC006 |
3m internal dilution and 0.3 g/t Au cut-off |
Table 1: RC drill results from first six holes
drilled at Nunyerry North
The remaining four holes are focused on the
eastern edge of the northern soil anomaly, where multiple shear
zones intersect, and siliceous alteration is present at surface. On
completion of the maiden drilling program, approximately 600 m of
strike of the northern soil anomaly will be partially tested,
leaving 700 m to the west and the 1.3 km long southern soil anomaly
still to be tested.
Exploration is progressing on other structurally
controlled gold targets along the major fault corridors extending
towards the Becher area, to the northwest of Nunyerry North (Figure
5). Mineralisation defined along these fertile structures, includes
shale-hosted gold and quartz vein related gold in sandstone, shale
and gabbro.
Further work at Nunyerry North will include:
-
3D targeting and detailed geological and structural modelling, once
all results from the maiden drill program are available.
-
Intercepts from the first four drill holes have been sent for 1 kg
screen fire-assay to assess if there is any coarse gold
variability. Results will direct future analytical procedures at
the Nunyerry North Prospect.
-
Targeting additional RC and diamond drilling to test the southern
and western soil anomalies in H1 2024, which will require expanding
the cleared heritage areas.
-
Detailed mapping and rock chip sampling in areas outside of the
current limit of mapping.
Figure 3: Nunyerry North geological
interpretation, soil gold geochemistry and drill hole location
plan.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4fcfde72-f5ad-41b9-989e-df2a6b06b045
The Egina Gold Camp
The Nunyerry North Prospect is located in the
southern region of Novo’s highly prospective Egina Gold Camp
(Figure 5) that consists of 80 km of contiguous tenements.
In the north of the Egina Gold Camp is Novo’s
highly prospective Becher Project, which is located only 28 km from
De Grey Mining’s 9.5 million ounce Hemi gold deposit.5 In June
2023, Novo announced an earn-in arrangement that will result in the
formation of the Egina JV with De Grey. De Grey is required to
spend A$25 million within four years to earn a 50% JV interest
(including a requirement for a minimum spend of A$7 million in the
first 18 months).6
De Grey recently commenced AC drilling at Becher
as part of its planned initial 39,000 m program of AC, RC and
diamond drilling.7
There are several other gold targets at various
stages of exploration maturity, along the main structural corridors
within the southern part of the Egina Gold Camp (Figure 5).
Figure 4: The broader Nunyerry North Project area
highlighting contoured gold results from soil sampling at Nunyerry
North and current drilling area.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4e9a359f-f5f3-4fd4-98cc-3ba585c5a707
Novo Pilbara Landholding
Novo currently controls (through 100% ownership
and various Joint Venture or Option Agreements) approx. 9,000 sq km
of tenure in the Pilbara District of Western Australia. The size of
the tenement package has been reduced from approx. 10,500 sq km
over the past 18 months as field reconnaissance programs have
allowed a better understanding of geological prospectivity.
Drilling at Belltopper in Q4
Diamond drilling of multiple high-grade targets
at the Belltopper Gold project in Victoria is imminent, with
drilling scheduled to start in early November 2023. Approximately
2,200 m of drilling will test structural and intrusion
hosted/related gold targets, including strong induced polarization
(“IP”) geophysical anomalies.
Figure 5: Southern Egina Gold Camp tenure showing
significant Au prospects, location of Nunyerry North, and joint
venture interests.2
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/447d421c-a61f-4237-b98e-a4050b4eebf4
ABOUT NOVO
Novo explores and develops its prospective land
package covering approximately 9,000 square kilometres8 in the
Pilbara region of Western Australia, along with the 22 square
kilometre Belltopper project in the Bendigo Tectonic Zone of
Victoria, Australia. In addition to the Company’s primary focus,
Novo seeks to leverage its internal geological expertise to deliver
value-accretive opportunities to its shareholders.
Authorised for release by the Board of
Directors.
CONTACT
Investors:Mike
Spreadborough +61 419 329 987
mike.spreadborough@novoresources.com |
Media:Cameron
Gilenko+61 466 984 953cgilenko@citadelmagnus.com |
|
QP STATEMENT
Mrs. Karen (Kas) De Luca (MAIG), is the
qualified person, as defined under National Instrument 43-101
Standards of Disclosure for Mineral Projects, responsible for, and
having reviewed and approved, the technical information contained
in this news release other than information concerning De Grey’s
Pilbara Gold Project. Mrs De Luca is Novo’s General Manger
Exploration.
JORC COMPLIANCE STATEMENT
The information in this news release in relation
to results from rock chip sampling at Nunyerry North Is extracted
from Novo's Prospectus dated 2 August 2023 (which includes an
Independent Geologist's Report at Annexure 1) that was released to
ASX on 7 September 2023 and which is available to view on
www.asx.com.au. The Company confirms that the form and context in
which the Competent Person's findings are presented have not been
materially modified from the original market announcement.
FORWARD-LOOKING INFORMATION
Some statements in this news release contain
forward-looking information (within the meaning of Canadian
securities legislation) including, without limitation, that
exploration programs will be advanced as described in this news
release. These statements address future events and conditions and,
as such, involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the statements.
Such factors include, without limitation, customary risks of the
resource industry and the risk factors identified in Novo’s annual
information form for the year ended December 31, 2022, which is
available under Novo’s profile on SEDAR+ at www.sedarplus.ca.
Forward-looking statements speak only as of the date those
statements are made. Except as required by applicable law, Novo
assumes no obligation to update or to publicly announce the results
of any change to any forward-looking statement contained or
incorporated by reference herein to reflect actual results, future
events or developments, changes in assumptions or changes in other
factors affecting the forward-looking statements. If Novo updates
any forward-looking statement(s), no inference should be drawn that
the Company will make additional updates with respect to those or
other forward-looking statements.
APPENDIX
Nunyerry North RC drill hole locations
in MGA_2020 zone 50
HOLE_ID |
EASTING (m) |
NORTHING (m) |
RL (m) |
AZI |
DIP |
DEPTH (m) |
NC001 |
590752 |
7619490 |
277.0 |
331 |
-46 |
52 |
NC002 |
590757 |
7619480 |
274.4 |
333 |
-49 |
78 |
NC003 |
590764 |
7619461 |
269.0 |
334 |
-49 |
90 |
NC004 |
590792 |
7619495 |
269.4 |
337 |
-45 |
52 |
NC005 |
590801 |
7619477 |
268.5 |
332 |
-50 |
120 |
NC006 |
590809 |
7619460 |
266.5 |
338 |
-53 |
120 |
NC007 |
590809 |
7619459 |
266.5 |
281 |
-44 |
66 |
NC008 |
590703 |
7619451 |
275.4 |
337 |
-54 |
48 |
NC009 |
590719 |
7619513 |
282.6 |
160 |
-78 |
48 |
NC010 |
590689 |
7619484 |
281.3 |
327 |
-43 |
54 |
NC011 |
590693 |
7619474 |
282.5 |
329 |
-58 |
102 |
NC012 |
590770 |
7619450 |
267.2 |
337 |
-56 |
102 |
NC013 |
590817 |
7619438 |
263.5 |
337 |
-55 |
102 |
NC014 |
590836 |
7619493 |
270.3 |
332 |
-43 |
54 |
NC015 |
590844 |
7619475 |
267.0 |
331 |
-60 |
114 |
NC016 |
590848 |
7619464 |
266.0 |
333 |
-70 |
102 |
NC017 |
590878 |
7619490 |
264.8 |
339 |
-54 |
102 |
NC018 |
590892 |
7619475 |
262.9 |
341 |
-57 |
102 |
NC019 |
590651 |
7619471 |
270.9 |
333 |
-45 |
54 |
NC020 |
590627 |
7619425 |
266.8 |
332 |
-43 |
102 |
NC021 |
590613 |
7619465 |
270.6 |
91 |
-50 |
54 |
NC022 |
590665 |
7619436 |
269.0 |
335 |
-51 |
120 |
NC023 |
590769 |
7619448 |
267.2 |
331 |
-74 |
102 |
NC024 |
590712 |
7619430 |
268.0 |
337 |
-45 |
88 |
1 Refer to Table 1 and Appendix: for results.2 Refer to the
Company’s news release dated 6 September 2022.3 Novo holds 70%
interest in gold rights, other mineral rights, legal interest and
mining information pursuant to the Croyden JV agreement as
announced previously in Novo news release dated 15 June 2020.4
Refer to Endnote 2 above.5 Refer to De Grey Mining Limited's ASX
Announcement dated 15 June 2023. No assurance can be given that a
similar or any commercially mineable deposit will be determined at
Novo’s Becher Project.6 Refer to the Company's news release dated
21 June 2023.7 Works carried out under the De Grey earn-in
arrangement. Refer to the Company’s news releases dated June 21,
2023 and June 28, 2023.8 Nullagine Gold Project area comprises
approximately 1,080km2 of Novo’s total tenure package of
9,000km2.
Novo Resources (TSX:NVO.WT)
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Novo Resources (TSX:NVO.WT)
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