VANCOUVER, British Columbia, Feb. 20, 2019 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce advancements in resource work including wireframe modeling and receipt of initial results from its bulk sampling program at the Company’s Beatons Creek project in Nullagine, WA. Final bulk sample assays are expected soon at which time work on a new resource model will be completed. Novo anticipates announcing a new resource for Beatons Creek around the end of the first quarter, 2019.
In the Company’s news release dated October 10, 2018, Novo announced a global resource including 345 Koz Au (4.594 Mt @ 2.3 gpt Au) in the measured and indicated categories and 322 Koz Au (3.790 Mt @ 2.6 gpt Au) in the inferred category at Beatons Creek. Reference should be made to the technical report entitled “NI 43-101 Technical Report Resource Update, Beatons Creek Gold Project, Pilbara Region, Australia” issued on November 20, 2018, which was prepared for Novo by Leonel Lopez (AIPG- Geol. Eng. QP, SME-RM) of Tetra Tech, Golden, Colorado. This technical report is available under the Company’s profile on the SEDAR website at www.sedar.com (filing date: November 21, 2018) and on the Company’s website at www.novoresources.com. Since that time, Novo has completed considerable additional work including diamond drilling, downhole imaging of reverse circulation drill holes and bulk sampling. Results to date include:
- An expanded wireframe model (Figure 1) constructed utilizing high-resolution data gathered from detailed diamond core logging and visual/acoustical imaging of reverse circulation drill holes. Such high-quality data allows for greater confidence in interpreting continuity of gold-bearing conglomerate beds from one hole to the next while also allowing for tighter constraint of the upper and lower boundaries of each bed.
- Better domain definition than utilized in previous models. Diamond core holes, often drilled at an angle, enable discernment of fault zones thus helping establish well-defined domains within the model.
- Return of assays from 45 bulk samples (Please see Table 1 below). Bulk samples, each weighing approximately 2 tonnes, were collected from outcropping areas across the project (Figure 2, Figure 3, and Figure 4). Assays from these 45 samples range between 0.49 and 6.16 gpt Au and display a weighted mean value of 2.55 gpt Au. Results from another 20 bulk samples are awaited. Bulk sample data are expected to help verify resource grades in the updated resource model.
Table 1 - Calculated Head Grades for 45 Bulk Samples from Beatons Creek:
|Sample ID||Sample Mass (kg)||Head Grade (g/t)||Sample ID||Sample Mass (kg)||Head Grade (g/t)|
In addition to results discussed above, Novo personnel collected 50-kg bulk samples from long, continuous channels cut across subordinate conglomerate units occurring between the principal targeted conglomerate beds as part of an effort to determine the gold grade of these layers. Should the lower-grade subordinate conglomerate assays yield positive results, such rock layers may become part of the overall resource at Beatons Creek.
“We are eager to receive final assays and complete our new resource model for Beatons Creek,” commented Dr. Quinton Hennigh, President and Chairman of Novo Resources. “This new resource will be the culmination of a long, iterative process whereby we refined our geologic understanding as well as our bulk sampling techniques to better tackle this layered, coarse-gold deposit. It will establish a blueprint for how to approach such unusual deposits thus unlocking their economic potential.”
Bulk Sample Processing
Novo staff collected bulk samples discussed in this news release. Each sample weighs approximately 2 tonnes. Bulk samples were submitted to SGS Minerals in Perth, Australia. Processing encompasses coarse crushing and screening, followed by impact milling and screening, then processing through a gravity concentrator. Concentrates are analyzed in the entirety whereas tails are split and analyzed. A head grade is calculated based upon the gold recovered from each of sample streams (Figure 5).
Results presented here are preliminary results. Various tails splits are undergoing further assays as a matter of checks. Final assays including all sub-splits will be presented in their entirety upon receipt.
Dr. Quinton Hennigh, P. Geo., the Company’s, President and Chairman and a qualified person as defined by National Instrument 43-101, has approved the geological content of this news release. Dr. Simon Dominy, FAusIMM (CP), a consultant geometallurgist to the Company and a qualified person as defined by National Instrument 43-101, has approved the processing and bulk sample grade content 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 Novo has built up a significant land package covering approximately 12,000 sq km with varying ownership interests. 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.
President and Chairman
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.
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, statements as to the expected timing of the receipt of exploration results and that Novo is expecting a significant increase in the Beatons Creek conglomerate-hosted Au deposit resource. 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 the performance of services by third parties.
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