Novo Provides Egina Update
VANCOUVER, British Columbia, Aug. 01, 2019 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to provide an update of activities at its Egina Gold Project, Western Australia.
- Sampling and bulk sample processing are fully underway. At present, all sampling activities are being conducted in proximity to previously trenched areas in the northeastern corner of the Egina mining lease. Heritage clearances needed for working elsewhere on the mining lease have been delayed due to availability of aboriginal heritage clearance personnel. Novo has been advised that its requested clearances are now scheduled for the latter half of August.
- Two levels of exploration are currently being undertaken: 1) bulk sampling on 8 x 8 m panels in the immediate vicinity of existing trenches, and 2) exploratory trenching along the eastern margin of the disturbed area. Trenching conducted by the previous owner of Farno-McMahon focused on an area immediately adjacent to several low rolling hills along the margin of the terrace. In May of this year, Novo conducted ground penetrating radar surveys across the terrace outboard from these trenches that clearly identified a broad swale, or shallow valley, in which the Company believes gold-bearing gravels may be focused (Figure 1). This swale expands onto the broader terrace as it exits the mining lease along its eastern border.
- Novo is currently undertaking exploratory trenching across the targeted swale along the margin of previously disturbed areas in order to assess the gold potential of these gravels. Trenching is conducted by taking approximately 20 cm lifts, or slices of gravel, then thoroughly metal detecting the floor of each lift for nuggets. Once the first of these trenches has been excavated and thoroughly evaluated, Novo will discuss its assessment of the distribution of gold across the swale. Thus far, the first lift has revealed nuggets to be distributed across the entire 600 m width of the targeted zone. Novo believes detectable gold serves as a good indicator for the general presence of gold. Exploratory trenching will be invaluable to guide further bulk sampling work.
- Bulk sample sites near older Farno-MacMahon trenches have displayed several types of gravel within the 0.5-2 m near-surface profile. In a few locations, gravels are capped by residual laterite, a heavily weathered crust of iron oxides, suggesting they may be very old, perhaps mid-Miocene in age (about 12 million years ago) during a period when the region was last undergoing tropical weathering. Gold-bearing gravels often contain clasts of earlier lateritic material perhaps dating back to Eocene time around 40 million years ago. If the observations prove correct, the targeted gravels on the terrace were probably deposited between 12-40 million years ago. This information could be important to help guide exploration elsewhere across the terrace.
- In places, the gravels discussed above have either been found to be absent or displaced by other types of gravel. At present, Novo thinks this might be related to the proximity of the current working area to adjacent hilly terrain. More recent erosion appears to be active in this area. Novo hopes to see more continuous gravel profiles further east as it gains access to exploring the greater terrace away from local topographic effects. The presence of nuggets across the entire width of the first exploratory trench described above provides encouragement that gold-bearing gravels may be more continuous on the greater terrace.
- Novo personnel have detected nuggets embedded in rock matrix in some cobbles occurring in the gravel beds (Figure 2). Such clasts appear to be pieces of heavily weathered Archean conglomerate matrix material that has retained in situ gold nuggets. Interestingly, fine halo gold has been observed around such nuggets appearing much like that seen around nuggets from Fortescue age conglomerates at Karratha. This observation lends support to the view that much of the gold at Egina is derived from weathered and eroded Archean conglomerates.
“We are quickly learning a lot at Egina,” commented Dr. Quinton Hennigh, President and Chairman of Novo. “It appears the broad swale identified by ground penetrating radar is a primary target for us in the short term. We are currently opening exploratory trenches and see detectable gold across the entire 600 m length of the first one. Bearing in mind that the terrace target is absolutely immense, this initial work is important because it is a test to see how well our exploration strategy can be applied across the greater region. Novo controls nearly 2,000 sq km of terrace. As for further heritage clearance, we eagerly await assistance from the Kariyarra community to complete necessary surveys that allow us to work on other areas on the Egina mining lease.”
Dr. Quinton Hennigh, P. Geo., the Company’s, President, Chairman, and a Director, and a qualified person as defined by National Instrument 43-101, has approved the technical 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 13,000 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 planned exploration activities and the expected timing of the receipt of results and heritage clearances. 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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