VANCOUVER, B.C., Aug. 08, 2017 (GLOBE NEWSWIRE) -- Novo Resources Corp. (TSX-V:NVO) (OTCQX:NSRPF) (“Novo” or the “Company”) is pleased to announce analytical test results from a bulk sample of gold-bearing conglomerate collected from a trench at the Purdy's Reward prospect, which is covered by an earn-in/joint venture memorandum of agreement between Novo and Artemis Resources Limited (see details below) and part of Novo’s greater Karratha gold project. As discussed in Novo’s news release dated July 12, 2017, this sample originates from the uppermost horizon of an 11-meter thick sequence of mineralized conglomerate beds. Purdy's Reward is part of an 8 km trend that has recently been identified as highly prospective for conglomerate-hosted gold mineralization considered analogous to the Witwatersrand in South Africa.
Given the extremely coarse nature of gold found in conglomerates at the Karratha gold project, Novo collected a trial bulk sample from the Purdy’s Reward prospect to help establish sampling and assay protocols. 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 and was shipped to Nagrom Metallurgical Laboratory (“Nagrom”) in Perth, WA.
Table 1 - Bulk Subsample Analytical Results:
|Subsample ID||Subsample Dry Weight (kg)||Sorted Concentrate Weight as % of Total Weight||Calculated Head Grade of Subsample (Au gpt)||% Contribution of Gold in the Sorted Concentrate to the Calculated Head Grade of the Subsample||% Contribution of Gold in the Sorted Tailings to the Calculated Head Grade of the Subsample|
Results from this testwork are encouraging at several levels.
With this data in hand, Novo plans to work with Nagrom over the next few weeks to generate a refined protocol for sampling and analysing conglomerate-hosted gold mineralization at the Karratha gold project. Novo and Artemis plan to undertake full-scale, systematic trench bulk sampling along the strike of the conglomerate package at Purdy’s Reward, beginning in a few weeks. Plans are also being made to test the use of large diameter reverse circulation drilling on down-dip projections of these conglomerates. Novo has been in discussions with a drill contractor with capabilities of drilling 17.5” (44.5 cm) diameter holes and is preparing necessary permitting to undertake a pilot program of around 30 shallow, 20-50 meter-deep holes.
“We are very pleased with results from our initial bulk sampling exercise,” commented Dr. Quinton Hennigh, Chairman, President, and Director of Novo Resources Corp. “Not only was the grade of this bulk sample encouraging, the Steinert XSS T sorting machine proved highly efficient at picking rock with coarse gold particles. We see value in its use for helping determine grade of this very unusual mineralization as well as potential use for future commercial applications. We look forward to working with Nagrom over the next few weeks to develop sampling and analytic protocols applicable to our upcoming trenching and drilling program. Novo has developed extensive experience testing unconventional conglomerate gold deposits at our Beatons Creek project. Traditional exploration and analytic techniques are not well suited to this style of gold deposit. We look forward to exploiting our many years’ experience at Beatons Creek to our and Artemis’ benefit at Karratha. While these initial results are encouraging, a systematic and careful work program drawing on our experience is required.”
Purdy's Reward is part of Novo’s greater Karratha gold project located in the West Pilbara, Western Australia. The Purdy’s Reward tenement is situated on lands that are subject to a binding earn-in/joint venture memorandum of agreement (subject to the execution, by August 23, 2017, of definitive agreements and the satisfaction of certain industry standard conditions) with Artemis Resources Ltd, an ASX-listed mining company (please refer to Novo’s news release dated May 26 for further details). Novo delivered draft long-form definitive agreements to Artemis several weeks ago and is currently working with Artemis to close out the documents. Novo and Artemis are each entitled to 50% of rights to conglomerate and paleoplacer gold on ground the subject of the Novo-Artemis deal, with Artemis having 100% of all other minerals (including all minerals in JORC reserves and resources announced by Artemis as at May 18, 2017).
Novo recently completed consolidation of the adjacent Comet Well project (please see the Company’s news release dated August 3, 2017). The Comet Well project covers 54.5 square km, the Novo-Artemis earn-in/joint venture covers 1,536 square km, and Novo has staked a 100% interest in 7,638 square km.
Dr. Quinton Hennigh, a qualified person as defined by National Instrument 43-101 and the Company’s Chairman, President and a director, has approved the technical contents of this news release.
About Novo Resources Corp.
Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia and built up a significant land package covering approximately 10,000 km2. 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 firstname.lastname@example.org.
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 statements as to planned exploration activities and the Company’s expectation that it will acquire the right to earn an interest in the Purdy's Reward prospect. 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 mineral resource industry as well as Novo having sufficient cash to fund the planned drilling and other activities, and the satisfaction or waiver of the conditions precedent of the earn-in/joint venture memorandum of agreement between Novo and Artemis Resources Limited relating to the Purdy's Reward prospect.
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.
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