Novo Resources Corp. (
Novo or the
Company) (TSX: NVO & NVO.WT.A) (ASX: NVO)
(OTCQX: NSRPF) is pleased to announce the Company has commenced its
maiden drill program at Nunyerry North located in the Egina Gold
Camp in the Pilbara, Western Australia (Figure 2), with ~ 2,000 m
of reverse circulation (RC) planned. The Nunyerry North project is
a 70:30 joint venture with the Creasy Group.4
In addition, De Grey Mining Limited (ASX:DEG)
(De Grey) is planning ~ 39,000 m of aircore,
reverse circulation and diamond drilling commencing at the Becher
project in September 2023.5
Drilling activities are also scheduled to
commence in the fourth quarter of 2023 at the Bamboo-Strattons and
Balla Balla Gold projects in the Pilbara, as well as the Belltopper
Gold project in Victoria.
Figure 2: Novo’s Pilbara tenure, showing priority
prospects and joint venture interests.
THE EGINA GOLD CAMP
The Egina Gold Camp, home to Novo’s most
prospective targets, is an 80 km contiguous tenement package,
targeted on a series of structurally complex, gold-fertile
corridors and 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 past eighteen months,
culminating in the Egina JV with De Grey (which provides for the
potential spend of up to A$25 million by De Grey on the project
within four years to earn a 50% JV interest), and delineation of
the orogenic gold target at Nunyerry North (Figure 3).
Figure 3: Egina Gold Camp tenure showing key
areas of focus and joint venture interests6
Nunyerry North
Prospect7
Nunyerry North is a compelling, high priority
exploration target with significant prospectivity, located in the
southern part of the Egina Gold Camp. This site boasts a high-grade
soil anomaly and presents substantial exploration potential (Figure
4). Situated just 36 km from a major regional road, Nunyerry North
also offers excellent long-term logistics.
Novo has initiated its maiden RC drill program
of approximately 2,000 m at Nunyerry North, expected to be
completed in the coming weeks.8
Mapping and rock chip sampling in the area
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 of strike over the main soil anomaly and peak rock chip
results, where mapped vein densities are also optimal. Hole spacing
over the main target area varies from a 20 x 40 to 60 m spaced
grid, with lower priority areas more broadly spaced. The average
depth of drilling is 95 m with a maximum depth of 120 m planned in
the first pass program. A north seeking gyro will be used for down
hole survey and samples will be dispatched initially for Au by
PhotonAssayTM for rapid turnaround, with pXRF analysis of
multielements conducted at site.
Figure 4: Contoured gold results from soil
sampling at Nunyerry North and high-grade gold results from rock
chip sampling9
Egina JV – Becher
The recent A$10 million cornerstone investment
and earn-in and joint venture with De Grey highlights the exciting
potential of Novo’s Egina Gold Camp region.
The Egina JV introduces De Grey’s proven
exploration success and experience within the region and provides a
strong platfrom to accelerate exploration programs at Becher. Being
free-carried to earn-in completion allows Novo to advance other
prospective areas within the Company's portfolio.
The combined Egina JV and De Grey’ tenure 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 on 1 July
2023 and plans to commence a detailed and targeted work program in
September 2023 including ~ 39,000 m of aircore, RC and diamond
drilling.10
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.
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.
_____________________________________________________________
ENDNOTES
1 Refer to Novo's news release dated 14 August 2023.
2 Refer to the Company’s news release dated 6 September
2022.
3 Works carried out under the De Grey earn-in arrangement. Refer
to the Company’s news releases dated June 21, 2023, June 28, 2023
and 14 August 2023.
4 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.
5 Refer to Endnote 1 above.
6 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.
7 Refer to Endnote 1 above.
8 Refer to Endnote 1 above.
9 Refer to Endnote 2 above.
10 Refer to Endnote 1 above.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/46d13ed9-3a8b-4364-81f0-459a072a1f67https://www.globenewswire.com/NewsRoom/AttachmentNg/24f4a002-bb3e-4c9e-b894-ff036f0c776ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/8b10fe30-2825-4c99-bdfe-8b323282f862https://www.globenewswire.com/NewsRoom/AttachmentNg/09e8bf00-8bd9-4151-bb52-6547596b4fbf
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