Novo Resources Corp. (“Novo” or the “Company”)
(TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to
provide an update on exploration programs scheduled for the
remainder of 2023 across its extensive tenement portfolio in the
Pilbara, Western Australia and Belltopper in Victoria.
Following Novo’s recent application to dual list
on the Australian Securities Exchange (“ASX”) and
proposed IPO raising of A$4m by way of an issue of Chess Depositary
Interests (“CDIs”) pursuant to a prospectus lodged
with the Australian Securities and Investments Commission on 2
August 2023 (with the ability to accept over-subscriptions for an
additional A$3.5m), Novo is pleased to provide further details of
its planned exploration programs3. Novo’s exploration plans remain
subject to the successful completion of the proposed IPO capital
raising and ASX dual listing.
At the Egina earn-in and joint venture area, ~
39,000 m of aircore ("AC") and follow-up reverse
circulation ("RC") and diamond drilling is
expected to be conducted by De Grey (ASX:DEG) (“De
Grey”). All exploration programs across this area are
managed by De Grey under the terms of the earn-in arrangement.
Novo has a busy second half of exploration
planned across other key targets, including approximately 6,000 m
of drilling at Nunyerry North, Balla Balla, and Bamboo-Strattons in
the Pilbara (Figure 1), and 2,000 m at Belltopper in Victoria.
Figure 1: Novo’s Pilbara tenure, showing priority
prospects and joint venture interests.
EGINA GOLD CAMP
The Egina Gold Camp is a contiguous tenement
package, targeted on a series of structurally complex, gold-fertile
corridors, hosted by rocks of the Mallina Basin in the north and
mafic / ultramafic sequences further south. These corridors trend
towards De Grey’s Pilbara Gold Project to the north and
northeast.
This tenure has been one of the main focus areas
for Novo’s exploration programs over the last eighteen months,
culminating in the Egina JV with De Grey, and delineation of the
Nunyerry North orogenic gold prospect (Figure 2).
Egina JV
Novo recently completed a notable earn-in and
joint venture agreement with major ASX-listed Western Australian
gold developer De Grey for the Company’s Becher Gold Project and
the adjacent tenements within the Egina Gold Camp, with the
resultant joint venture to be known as the Egina
JV1. De Grey has been granted the right to earn a 50%
interest in the Egina JV by spending up to A$25 million on
exploration over four years.
The combined Egina JV and De Grey’ tenure3
(Figure 3) forms a strategically significant land position in the
Mallina Basin covering approximately 2,500 sq km. De Grey assumed
management control of the Novo area (under the earn-in
arrangements) from 1 July 2023 and has generated a detailed and
targeted work program for 2023, to commence imminently at the Egina
JV.
Figure 2 Egina Gold Camp tenure showing priority
prospects and joint venture interests.4
Figure 3 Map showing the aggregate Novo and De
Grey tenure in the Mallina Basin at the northern part of the Egina
Gold Camp (orange tenement outline) and De Grey’s targets5. The
Company has no interest in the De Grey areas (outlined in blue)
shown in this Figure.
Exploration at the Egina JV in the remainder of 2023 will follow
up on the results from Novo’s highly successful drilling campaigns
at Becher and explore new target areas. These programs include:
-
Progressing heritage and access agreements with various Native
Title groups and conducting heritage surveys as required.
-
Further testwork on AC samples, including follow up re-split assays
and resampling based on the results of Novo’s drilling, retrieval
of chip trays for photography, and TerraspecTM alteration
testwork.
-
AC drilling at Becher, expected to commence in September 2023,
initially following up previous drilling completed by Novo, with
targeted RC / diamond drilling testing more advanced
prospects.
-
Further AC and RC drilling as targets warrant and as new
exploration areas are developed.
-
Ground gravity surveys over the Mallina Basin to expand upon
detailed gravity surveys completed by Novo.
Nunyerry North Gold Prospect (Novo 70% /
Creasy Group 30%)
Nunyerry North is a high priority exploration
target with significant prospectivity, located in the southern part
of the Egina Gold Camp. Heritage approvals have been finalised for
Novo’s ~ 2,000 m of RC drilling scheduled to proceed in H2
2023.
Nunyerry North is characterised by a soil
anomaly extending over 1.4 km strike with a central coherent >
100 ppb Au anomaly extending over 640 m strike, and a second 1.3 km
long soil anomaly at > 30 ppb gold defined south of the main
target6. Eighteen soil samples assayed > 1 g/t Au, and rock chip
sampling by Novo included peak values of 30.3 g/t Au, 21.1 g/t Au
and 19.0 g/t Au (Figure 4). Numerous gold nuggets have been
detected during surface sampling.
Figure 4: Contoured gold results from soil
sampling at Nunyerry North and high-grade gold results from rock
chip sampling6
Mapping and rock chip sampling in the area have
identified sheeted quartz vein-related gold mineralisation within a
basement sequence of ultramafic komatiites and mafic rocks,
juxtaposed by regional shears and offset faults. The shears dip
north at 75 degrees, and offset faults are interpreted to dip to
the west at 75 degrees. The initial drilling plan covers an area of
600 m strike over the main soil anomaly and peak rock chip results,
where mapped vein densities are optimal.
Belltopper Gold Project, Victoria (Novo
100%)7
The Belltopper Gold Project in Victoria7 is
located in the Bendigo Tectonic Zone, where over 60 Moz Au were
produced historically. Belltopper displays many of the
characteristics of the epizonal orogenic gold deposit class that
includes Agnico Eagle’s Fosterville Mine, located 50km to the north
(Figure 5).
Novo exploration in 2023 has focussed on
integrating all regional to target-scale data sets to develop a 3D
geological and mineralisation model (Figure 6 and Figure 7).
Multiple high-grade gold targets and styles are recognised within a
corridor of alteration that hosts a network of gold reefs and the
mineralised Missing Link Intrusion.
A ~ 2,000 m diamond drilling program in H2 2023
is planned to test the high priority targets, which includes a high
order Induced Polarisation (“IP”) chargeability
anomaly north of the Missing Link Intrusion (Figure 8).
Figure 5: Location of the Belltopper Project,
Bendigo Tectonic Zone, Victoria
Figure 6: Geological mapping, production reefs,
and arsenic soil geochemistry which is coincident with the
extensive alteration footprint. Section A-A’ below shown as black
line
Figure 7: Cross sectional interpretation at
Belltopper Hill showing tight anticlinal structures and a network
of gold bearing reefs and key domain structures
Figure 8: Belltopper IP chargeability sections
and historical workings, part of Novo’s 3D geological and
mineralisation targeting model
Appointment of Advisor for Nullagine
Gold Project Strategic Review
The Company is pleased to announce that it has
appointed Argonaut PCF to act as financial adviser and undertake a
strategic review of the Nullagine Gold Project2.
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.
ABOUT NOVO
Novo explores and develops its prospective land
package covering approximately 10,500 square kilometres 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 stakeholders.
CONTACT
Investors:Mike Spreadborough +61 419 329 987
mike.spreadborough@novoresources.com |
North American Queries:Leo Karabelas+1 416 543
3120leo@novoresources.com |
Media:Cameron Gilenko+61 466 984
953cgilenko@citadelmagnus.com |
|
On Behalf of the Board of Directors,
Novo Resources Corp.“Michael
Spreadborough”Michael SpreadboroughExecutive Co-Chairman and Acting
CEO
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.
FOOTNOTES
1 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.
2 Refer to the Company’s news
release dated July 18, 2023.
3 Refer to the Company’s news
release dated August 2, 2023. Refer to the Company’s
prospectus which is available at www.novoresources.com and on the
Company’s SEDAR+ profile at www.sedarplus.ca. The IPO capital
raising is conditional on the Company raising its minimum
subscription (A$4.0 million, before costs) and ASX approving the
Company’s application for admission to the ASX. There is no
guarantee that the Company will list on ASX or be granted approval
to do so.
4 De Grey has reported that, at
the Pilbara Gold Project, its (i) Mount Berghaus deposit is
comprised of Indicated Mineral Resources of 1 Mt @ 1.7 g/t Au for
53 koz Au and Inferred Mineral Resources of 3.4 Mt @ 1.2 g/t Au for
128 koz Au, (ii) Wingina Well deposit is comprised of Measured
Mineral Resources of 3.1 Mt @ 1.7 g/t Au for 173 koz Au, Indicated
Mineral Resources of 1 Mt @ 1.4 g/t Au for 43 koz Au, and Inferred
Mineral Resources of 1.4 Mt @ 1.6 g/t Au for 72 koz Au, (iii)
Toweranna open pit deposit is comprised of Indicated Mineral
Resources of 8.3 Mt @ 1.6 g/t Au for 418 koz Au and Inferred
Mineral Resources of 2.5 Mt @ 1.5 g/t Au for 120 koz Au, (iv)
Toweranna underground deposit is comprised of Indicated Mineral
Resources of 0.1 Mt @ 3.0 g/t Au for 11 koz Au and Inferred Mineral
Resources of 0.5 Mt @ 2.9 g/t Au for 49 koz Au, (v) Mallina deposit
is comprised of Indicated Mineral Resources of 1.6 Mt @ 1.2 g/t Au
for 64 koz Au and Inferred Mineral Resources of 5.1 Mt @ 1.5 g/t Au
for 243 koz Au, (vi) Withnell open pit deposit is comprised of
Measured Mineral Resources of 1.3 Mt @ 1.5 g/t Au for 62 koz Au,
Indicated Mineral Resources of 3 Mt @ 1.8 g/t Au for 178 koz Au,
and Inferred Mineral Resources of 0.7 Mt @ 2.0 g/t Au for 43 koz
Au, (vii) Withnell underground deposit is comprised of Indicated
Mineral Resources of 0.1 Mt @ 4.3 g/t Au for 16 koz Au and Inferred
Mineral Resources of 2.4 Mt @ 3.9 g/t Au for 301 koz Au, and (viii)
Hemi deposit is comprised of Indicated Mineral Resources of 165.7
Mt @ 1.3 g/t Au for 6,876 koz Au and Inferred Mineral Resources of
70.2 Mt @ 1.2 g/t Au for 2,632 koz Au, as those categories are
defined in the JORC Code (as defined in NI 43-101). Refer to De
Grey’s public disclosure record for further details. No
assurance can be given that a similar or any mineral resource
estimate will be determined at Novo’s Becher Project.
5 Refer to De Grey’s public
disclosure record.
6 Refer to the Company’s news
release dated September 6, 2022.
7 Refer to the Company’s news
release dated April 24, 2023.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9ea80f9e-0f06-4e7b-a60e-924d6a178ae8
https://www.globenewswire.com/NewsRoom/AttachmentNg/6d166a9a-dddf-44b9-b3c9-74161f6f05b4
https://www.globenewswire.com/NewsRoom/AttachmentNg/2c4b1d9f-5f0b-433a-bdc6-266aef4aa250
https://www.globenewswire.com/NewsRoom/AttachmentNg/27fb6678-f5df-42af-9b73-f1836e449ef3
https://www.globenewswire.com/NewsRoom/AttachmentNg/c0abc7e2-a1e6-4780-b7f4-580e5d386cff
https://www.globenewswire.com/NewsRoom/AttachmentNg/744f4671-d34a-45c5-8d40-2f203056d65f
https://www.globenewswire.com/NewsRoom/AttachmentNg/c4696137-433f-4a44-8071-23b2c33db3e8
https://www.globenewswire.com/NewsRoom/AttachmentNg/f75f4e8e-0130-446b-b5bc-419bbb5db716
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