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Exploration Program Update

 

VANCOUVER, British Columbia, June 03, 2021 (GLOBE NEWSWIRE) -- Novo Resources Corp. ( “Novo” or the “Company” ) (TSX: NVO & NVO.WT; OTCQX: NSRPF) is pleased to provide an update on its current A$12 million exploration program for the remainder of 2021. The program focuses on two primary objectives:
 

(i) advancing near mine exploration opportunities at its Nullagine Gold Project (“ NGP ”), and



(ii) following up at numerous greenfields conglomerate-hosted and basement targets across the Pilbara and in Victoria, Australia.

The program for the remainder of 2021 also includes mechanical sorting test work from multiple projects including Novo’s Karratha gold project.

Exploration programs in Victoria are already progressing with promising targets generated for drill testing in the latter half of 2021 on the Malmsbury project (“ Malmsbury ”) via the Company’s joint venture with ASX-listed GBM Resources Ltd. (ASX: GBZ) (“ GBM ”). The Company’s board of directors have approved an A$12 million budget for the remainder of 2021 to aggressively pursue the Company’s exploration strategy.

2021 Exploration Highlights:

´╗┐Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09a41a7e-b88d-4fde-b9d8-ebcfdb85d375 ´╗┐

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/15b321a1-6a6c-4e02-8868-f4a1e7451b5d

NGP Near Mine/District Exploration

Both conglomerate-hosted (Beatons Creek analogues) and basement (orogenic) targets are being developed in the NGP, with a view toward building additional gold resources.

Drill testing at the Beatons Creek Extended target ( refer to the Company’s news release dated October 6, 2020 ) has been completed as a preliminary test of the newly defined potential extensions to the Beatons Creek conglomerate gold resource. For details regarding the current Beatons Creek resource, which does not include Beatons Creek Extended, reference should be made to the technical report titled “Preliminary Economic Assessment on the Beatons Creek Gold Project, Western Australia” dated April 30, 2021 (with an effective date of February 5, 2021) prepared by Mr. Jason Froud, BSc (Hons), MAIG, Mr. Ian Glacken, FAusIMM, FAIG, Mr. Andrew Grubb, FAusIMM and Mr. William Gosling FAusIMM (the “ 2021 Beatons Creek Technical Report ”) which is available under the Company’s profile on SEDAR at www.sedar.com . Spot rock chip sample results from Beatons Creek Extended included 3.5 g/t Au, 2.7 g/t Au and 2.1 g/t Au from conglomerate similar to that within the resource area (these results are not necessarily representative of mineralization at Beatons Creek Extended). The drilling is designed to intersect the interpreted position of the mineralised ‘M1’ and ‘M2’ lodes under cover and will provide an indication of prospectivity for these resource extensions. Follow up drilling is anticipated based on initial results with all relevant approvals in place.

Additional rock sample results have confirmed and extended the Skyfall conglomerate target ( refer to the Company’s news release dated November 5, 2020 ), directly overlying the Beatons Creek resource. Reference should be made to the 2021 Beatons Creek Technical Report. The Skyfall target horizon was traced towards the Mosquito Creek Formation unconformity, where at Beatons Creek gold grades and number of mineralised lags tend to increase. Out of 46 rock samples collected since the Company’s news release of November 5, 2020, 30 samples returned results in excess of 0.5 g/t and 13 were greater than 1 g/t Au. Best results include 8.8 g/t Au and 5.4 g/t Au (these results are not necessarily representative of mineralization at Skyfall). The current RC drilling program at Skyfall is designed to provide indicative grades with a follow up program designed to expand strike extent.

Exploration in the Mosquito Creek Belt is dedicated to defining and quickly progressing a series of orogenic gold targets, primarily to provide additional sources of gold-rich oxide feed for the mill. Exploration, including 3D modelling, gridded soil sampling, mapping and on-ground target evaluation commenced in early February, testing a large number of advanced to grass roots targets, with RC drilling scheduled to commence in June 2021.

Conglomerate Hosted Gold Targets

Regional exploration for conglomerate hosted gold conducted over the last two field seasons has defined and/or advanced several prospective targets across the Pilbara, including:

Basement Hosted Gold Targets

Regional exploration and additional assessment by Novo during the last two field seasons has also been successful in defining and progressing multiple basement targets which are currently being advanced to drill stage.

Mechanical Sorting Program

In-house geological expertise of conglomerate-hosted gold has developed significantly during the last three years, with various large tonnage bulk sampling trials deemed successful by the Company ( refer to the Company’s news release dated February 4, 2021 ). Novo has identified a unique opportunity to leverage geological understanding from detailed work at Comet Well, Purdy’s Reward, Egina and Beatons Creek, including potential for upgrade via mechanical sorting. Novo’s Steinert mechanical sorter will be established at the NGP in preparation for testing of mineralized material from Beatons Creek, large scale bulk samples from Comet Well and Purdy’s Reward, and a series of regional targets deemed appropriate for mechanical sorting.

Victorian Assets

At Malmsbury, programs commenced during the quarter ended March 31, 2021 including detailed mapping and sampling, historical research and compilation, and commissioning of a detailed Falcon gravity survey, all of which are currently being incorporated in a 3D model. The latter is a major geological advance in this area and will be utilised during drill targeting in the second half of 2021. Peak rock chip samples to date include 180g/t Au from the Missing Link fault zone and 30.6 g/t Au from the Hanover Trend. Developments in geological understanding at Malmsbury will be extrapolated to the adjoining exploration tenement at the Queens Project, owned equally by Novo and ASX-listed Kalamazoo Resources Limited (ASX: KZR) ( refer to the Company’s news releases dated September 22, 2020 , September 29, 2020 , and March 22, 2021 ), for more dedicated test work in 2022.

Analytic Methodology

Rock chip samples from Talga Talga were submitted to Genalysis Laboratory in Perth, Australia. Given the occurrence of coarse gold on the property, analyses were performed on 1 kg pulverized charges subjected to LeachWell™ technique. Following LeachWell™ analysis, tailings from each sample were rinsed and dried. A 50-gram split was subjected to fire assay with OES-finish.

Spot rock chip samples from Beatons Extended, Skyfall and Catia were submitted to the Intertek Laboratory in Perth, Australia. Samples were crushed and pulverised and assayed using a 50-gram charge fire assay with an OES-finish.

Rock chip samples from Malmsbury were submitted to the ALS Laboratory in Brisbane. Samples were crushed and pulverised, and assayed using ore grade 30g charge fire assay with an AAS finish (Au-AA25) and 48 element four acid digest ICP-MS (ME-MS61).

There were no limitations to the verification process and all relevant data was verified by a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“ NI 43-101 ”) by reviewing analytical procedures undertaken by the various laboratories. Dr. Quinton Hennigh (P.Geo.) is the qualified person responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is President, Chairman, and a director of Novo.

About Novo

Novo is commissioning its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 14,000 square kilometres in the Pilbara region of Western Australia. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com .

On Behalf of the Board of Directors,

Novo Resources Corp.

Quinton Hennigh

Quinton Hennigh

Chairman and President

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, planned exploration and development activities. 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 11-month fiscal year ended December 31, 2020, which is available under Novo’s profile on SEDAR at www.sedar.com. 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.


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