Tickers: XOTC:NSRPF, PINX:NSRPF, XTSX:NVO
VANCOUVER, BC / TheNewswire / November 17, 2016 - Novo Resources Corp. ("Novo" or the "Company") (TSX-V: NVO; OTCQX: NSRPF) is pleased to provide an update on the progress of drilling at its 100% controlled high-grade Blue Spec gold-antimony project and processing of bulk sample material from Beatons Creek.
Novo currently has three drill rigs operating at Blue Spec, a truck mounted reverse circulation ("RC") drill and a diamond core drill that are focusing on targets in the immediate vicinity of the historic Blue Spec and Gold Spec mines, and a track mounted RC drill testing distal targets along the Blue Spec shear zone.
Several RC holes testing extensions of the Gold Spec deposit have encountered notable mineralization including quartz-pyrite veins, some with appreciable stibnite, an antimony sulfide. One hole in particular, 16BSDH034, drilled about 80 m down plunge on the Gold Spec shoot, encountered several meters displaying significant stibnite. Due to a backlog of assays at the laboratory, Novo has recently prioritized assays from select intervals and expects results for several important holes within a week.
Three additional holes have recently been completed immediately east of the Blue Spec high grade zone where hole 16BSDH004 encountered 59.1 grams per tonne gold over 2.55 meters (refer to the Company's news release dated November 1, 2016 for further details). A fourth hole is currently being drilled in this area. Additionally, five holes have been completed between the Blue Spec and Gold Spec deposits and several holes have been completed in areas where historic drilling suggests additional gold zones may be present along the Blue Spec shear zone.
At present, the track mounted RC rig has drilled six new targets along the greater Blue Spec shear zone including Magic Mountain and Mt. Hays. Two more targets remain to be drilled. Novo plans to cease all drilling activities at Blue Spec over the next couple weeks due to increasing summer temperatures. Further drilling will be undertaken once assays have returned and data can be assessed.
Gravity processing activities have recently been completed at Beatons Creek. The goal of this exercise is to better define the grade of recently mined bulk sample material (refer to the Company's news release dated September 6, 2016 for further details). Novo implemented a rigorous system of collecting feed and tailings samples for assay in order to accurately determine grade. Samples have been sent to Genalysis Laboratory, Perth, for analysis. Gold concentrates are being shipped to a refiner in Kalgoorlie, WA, where they will be processed and smelted into a dore bar. Results are expected to return within a few weeks at which time Novo will discuss results.
Quinton Hennigh (Ph.D., P.Geo.) is the Qualified Person pursuant to National Instrument 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is President, CEO and a Director of Novo Resources Corp.
About Novo Resources Corp.
Novo's focus is to evaluate, acquire and explore gold properties. Indirect subsidiaries of Novo hold a 100% interest in the Beatons Creek gold project, a 70% interest in properties surrounding Beatons Creek and Marble Bar, a 100% interest in the Blue Spec gold-antimony project, and options covering approximately 400 square km over the Mosquito Creek Basin, all in the Pilbara region, 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 firstname.lastname@example.org.
On Behalf of the Board of Directors,
Novo Resources Corp.
CEO and President
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 receipt of results from various exploration and testing activities. Forward-looking 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 exploration industry as well as Novo having sufficient cash to fund the planned drilling and other exploration activities.
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