Novo Provides Corporate Update
VANCOUVER, B.C., July 31, 2017 (GLOBE NEWSWIRE) -- Novo Resources Corp. (TSX-V:NVO) (OTCQX:NSRPF) (“Novo” or the “Company”) is pleased to provide an update of corporate activities.
As described in the Company’s news release dated July 12, 2017, Novo collected a trial bulk sample from the Purdy’s Reward prospect to help establish sampling and assay protocols for future work on the project. Approximately 700 kg of mineralized conglomerate was collected from a 2x2 meter exposure of bedrock at the bottom of a half-meter deep trench. The sample was split into duplicate subsamples that were shipped to the Nagrom Metallurgical Laboratory (“Nagrom”) in Perth, WA, where they are currently being subjected to a series of tests including gravity gold recovery and CN leaching. This test work will provide the first indication of grade of this unusual deposit. Nagrom has indicated results from this test work will be available in approximately one to two weeks.
Novo has delivered definitive agreements to Artemis Resources Limited (please see the Company’s news release dated May 26, 2017). The Company is concurrently working toward completion of definitive agreements with two separate parties regarding the Comet Well project (please see the Company’s news releases dated April 11 and June 26, 2017). The Comet Well project covers 54.5 square km, the Artemis farm-in/joint venture covers 1,536 square km, and Novo has staked a 100% interest in 7,638 square km bringing Novo’s total land holdings at Karratha to 9,228.5 square km. The Karratha gold project encompasses a new discovery of conglomerate-hosted gold mineralisation in the Pilbara region.
With the support of Sumitomo Corporation (see the Company’s news release dated July 6, 2017), the Company continues to advance its Beatons Creek gold project, Western Australia. The Company is currently awaiting further assay results from reverse circulation drilling and trench bulk sampling conducted in May and June. Given the surprise return of significantly thicker gold intercepts from some long trenches (please see the Company’s news release dated June 14, 2017), additional long trenches were excavated and bulk sampled in July. Novo plans to provide a comprehensive overview of results and progress at Beatons Creek by late August.
In July, Novo completed 24 reverse circulation drill holes testing two conglomerate-hosted gold targets at its Marble Bar project approximately 100 km north-northwest of Nullagine. Thirteen holes were completed at Virgin Creek and eleven holes were completed at Contact Creek. Samples were submitted for gold analyses to Genalysis Laboratory in Perth. Results are expected back by late-August.
About Novo Resources Corp.
Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia. Novo also controls a 100% interest in approximately 2 sq km covering much of the Tuscarora Au-Ag vein district, Nevada. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail email@example.com.
On Behalf of the Board of Directors,
Novo Resources Corp.
Chairman and President
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, the statement as to the expected consummation of the Comet Well Project transactions and results expected from various testing and sampling exercises 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, the receipt of TSX Venture Exchange approval.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.