Novo Resources Corp. (
“Novo” or
the
“Company”) (TSX: NVO, NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) is pleased to report significant assay results
received from the current diamond drilling program on RL006587 at
the Malmsbury Project, approximately 50 km SSW of the high-grade
Fosterville mine in Victoria, Australia.
Novo exercised its option over the Malmsbury
Project to earn a 50% interest and the right to earn an additional
10% interest by incurring A$5 million in exploration expenditure
over a four-year period1.
“These preliminary, high-grade results from the
Malmsbury Project are very promising,” commented Ms. Kas De Luca,
Novo’s GM, Exploration. “Following the early success and results
from the first 3 holes of this drill program, further work to
confirm potential for mineralization extension, including IP and
additional drilling, are planned for 2022 and early 2023. We look
forward to working with our partner, GBM, to continue advancing the
exciting potential of the Malmsbury Project.”
https://www.globenewswire.com/NewsRoom/AttachmentNg/68431e01-59d1-4d08-b43e-2428978f0ec0(Figure
1: Location of drill holes MD13 – MD18 from current
diamond program on RL006587 with key target gold reefs (red lines)
and solid geology. Refer to Appendix 1 for full geology
legend.)
DETAILS
Drilling Program 2021 -
2022
Approximately 2,000 m (7 holes, 1 in progress)
of a circa 2,650 m planned diamond drilling program have been
completed to date at the Malmsbury Project. At the time of writing,
gold, and multi-element assays from three of six holes completed
have been returned in full. Significant results from these early
holes are highly encouraging and include, but are not limited
to:
- 14 m @ 6.1 g/t
Au from 120 m; including 3 m @ 11.1 g/t Au from 131 m (MD16)
- 10 m @ 4.9 g/t
Au from 173 m; including 7 m @ 6.8 g/t Au from 175 m (MD16)
- 4 m @ 8.6 g/t Au
from 188 m (MD16)
- 7.8 m @ 3.6 g/t
Au from 32.2 m; including 1.85 m @ 12.5 g/t Au from 34.15 m
(MD13)
- 4 m @ 2.9 g/t Au
from 80 m; including 0.4 m @ 24.4 g/t Au from 81.2 m (MD13)
- 9.1 m* @ 2.4 g/t
Au from 65.4 m; including 2.5 m* @ 5.9 g/t Au from 70.4 m
(MD14)
*Interval not closed owing to 0.5 m core loss
from 72.9 m – 73.4 m
Table 1 below provides a list of significant
intersections (reporting >1 gram metre) using parameters that
include a 0.3 g/t Au cut-off and no more than 2 m internal waste
for drill holes MD13, MD14 and MD16. Reported intersections for
MD14 and MD13 are considered at (or close to) true widths, with
exception to the Leven Star Reef intersection in MD13 ca. 32 m – 40
m that will have an oblique component. Reported intersections for
MD16 are considered to have an oblique, down-dip component, and
thus true widths will have reduced intersections.
https://www.globenewswire.com/NewsRoom/AttachmentNg/8924d7ab-6595-485e-b34b-4730e5089d2a(Figure
2: Location of current diamond holes MD13 – MD16 with
targets, geology, historic workings, and significant intercepts.
Refer to Appendix 1 for detailed geology legend.)
Drill holes MD13, MD14 and MD16 were drilled to
target high-grade potential shoot zones and other high-order gold
targets, including the Missing Link Gold Reef. In addition, these
holes will provide material for metallurgical test-work from the
Leven Star mineralization. All three holes were drilled as larger
core diameter HQ3 (triple tube method) to provide a bigger sample
size and maximise core return. All holes successfully intersected
the Leven Star Reef mineralization.
Drill hole MD14 was planned to drill beyond the
interpreted Leven Star Reef position to test extensions to the
Missing Link and Panama South historic gold reef workings
(Figure 2 and 3).
Significant gold mineralization within multiple puggy, sulphide
rich, sericite altered shears in distinctly bleached sediments from
65 m – 74 m (Refer to Table 1 for significant
intercepts), strongly suggest that the Missing Link Reef has been
intercepted in this hole, and add a significant strike and down-dip
extension to the known extent of this gold reef target.
The Missing Link Reef was also likely
intersected in MD13 within similarly bleached and sericite altered
sediments from 71 m – 84 m, returning 4 m @ 2.9 g/t Au from 80 m,
including a narrow high-grade interval of 0.4 m @ 24.4 g/t Au from
81.2 m, and confirming the high-grade potential for this reef
(Refer to Table 1 for additional significant
intercepts).
https://www.globenewswire.com/NewsRoom/AttachmentNg/ca1ac273-9fbe-416e-9e0e-d66bb2c76529(Figure
3: MD13 cross section highlighting intersection of the
Leven Star (upper) and potentially Missing Link (lower)
mineralization.)
Drill hole MD16 targeted a complex potential
splay and high-grade shoot zone on the Leven Star mineralization
where previous historic reverse circulation (“RC”)
drilling conducted by GBM intersected 7 m @ 5.4 g/t Au (LSCR015)
including 2 m @ 16 g/t Au from 67 m2 (the “GBM
Results”) (not verified by Novo), on-section and up-dip
from MD16. Three distinct zones of high-grade gold mineralization
were returned from MD16, including:
- An upper zone
characterized by wide limonitic tectonic fault breccia in strongly
oxidized material from 73 m – 96 m (refer to Table
1 for significant intercepts);
https://www.globenewswire.com/NewsRoom/AttachmentNg/4cab65a6-f4f9-40cb-a5b3-b0a613f24f6d(Figure
4: MD16 Tray 21, 22 & 23. Oxidised upper Leven Star
intersection. 6.8 m @ 2.5 g/t Au from 73 m incl. 1.3 m @ 5.6 g/t Au
from 73.6 m & 0.9 m @ 8.7 g/t Au from 75.7 m. Limonitic
tectonic fault breccia (TBXH). Interval ends in 1.1 m of core
loss.)
- A middle, fresh
sulphide zone within a sulphide-rich (arsenopyrite stringers and
disseminations) and moderately silicified, sericite altered and
distinctly bleached siltstone and fine sandstone package from 120 m
– 141 m (refer to Table 1 for significant
intercepts); and
https://www.globenewswire.com/NewsRoom/AttachmentNg/5f12ab44-7179-4f6c-91d7-cf3aa534c30d(Figure
5: MD 16 Tray 39 – 40. Fresh sulphide Leven Star
intersection. 14 m @ 6.1 g/t Au from 120 m incl. 7.6 m @ 6.7 g/t Au
from 121.9 m & 3 m @ 11.1 g/t Au from 131 m. Silt and fine sand
package with abundant arsenopyrite stringers and disseminations
throughout becoming moderately silicified in places. Gold values
increase with appearance of white quartz stocking at 132 m.)
- A lower fresh
sulphide zone (potential newly discovered splay) from 173 m – 197 m
(refer to Table 1 for significant
intercepts).
Reported intercepts for MD16 are interpreted to
be oblique. Exact true widths cannot be determined until
mineralization trends are remodelled to incorporate the recent
results (including the new potential splay zone); however, these
are anticipated to be a reduction in the stated intersection
widths.
https://www.globenewswire.com/NewsRoom/AttachmentNg/90bd37ae-9ef3-41f5-8f6d-ac0eea5db273(Figure
6: MD16 cross section highlighting three distinct zones of
high-grade gold mineralization associated with a complex high-grade
shoot and potential splay zone on the Leven Star trend. MD16 was
characterized by east-dipping stratigraphy interpreted to represent
the eastern limb of a prospective anticline hinge position located
adjacent and to the west of the MD16 collar.)
Drill hole MD17 was designed as a westerly
directed, ca. 400 m hole to test the recently discovered Missing
Link Monzogranite at depth, in addition to the Missing Link and
Hanover West historic gold reefs. This hole aimed to determine the
geometry and gold endowment of the intrusion and targeted the
monzogranite for its potential as an IRGS, in addition for the
potential for orogenic vein style mineralization.
MD17 successfully intercepted the Missing Link
Monzogranite between 204 m – 269 m down hole, in addition to a
smaller and potentially parallel shallow sub-surface granite dyke
interpreted in strongly oxidised material near the collar. Drilling
confirms a steep (70 - 80°) east-dipping geometry for the intrusive
that widens noticeably at depth. The intrusive is characterized by
strong sericite alteration and disseminated sulphides throughout
with regular intervals of planar white quartz-sulphide stockwork
veining. A distinct 1 m-wide sulphide-shear-breccia within strongly
quartz veined sandstone occurs within a metre of the upper granite
contact.
Results referred to in this news release are not
necessarily representative of mineralization throughout the
Malmsbury Project.
Forward Work Program
2022Diamond drilling continues with the remaining 2 holes
on the Drummond Field (farmland) to test between the
Queens-Egyptian and O’Connor’s Historic reefs. These holes aim to
test the down-dip continuity of the high-grade reefs and constitute
the final holes as part of the Phase 1 drilling program at the
Malmsbury Project. The program will be completed in the current
quarter with final assays anticipated across Q2-Q3 2022.
The work program moving forward will involve a
larger second phase of drilling in 2022 – 2023 in addition to an IP
survey to help define sulphide rich target zones and enhanced
quartz veining within the granite (IRGS) target corridor, in
addition to delineating disseminated sulphide haloes around various
high-priority gold reef targets. Further expansion of systematic
soil geochemistry, mapping and rock chip sampling is also
scheduled.
Sampling & Analytic
Methodology
Rock Chip
Rock chip samples and drill core is assayed at
ALS Brisbane using the using four acid digest ore grade 30 g charge
fire assay with AA finish (method Au-AA25) and multielement using
four acid digest ICPMS (method ME-MS61) after pulverization.
QAQC for rock chip samples was completed at the
rate of 3 standards and 3 blanks per hundred samples.
Diamond Core
The diamond drill core was sampled by cutting
the core in half longitudinally. Samples were cut to geological
boundaries or to a preferred length of 1.0 m. The core was halved
along the plane of orientation using a diamond saw and the upper
half of the core dispatched for analysis and the lower half
returned to the core tray in its original orientation. Sampling
interval lengths range from 0.3 m up to 1.3 m. Core loss zones
greater than or equal to 0.2 m are recorded. Sampling does not
cross core loss zones of greater than or equal to 0.3 m. Depending
on their relationship to potential mineralization, zones with core
loss less than 0.3 m and greater than 0.1 m can terminate a
sampling sequence or be included within a sample interval with the
percentage of sample recovery recorded. Where core loss cannot be
specifically attributed, the percentage of sample recovery is
recorded.
All core samples were crushed and pulverised
(ALS CRU-21/PUL-23) and sub-sampled for fire assay and
multi-element analysis (ALS Au-AA26, ME-MS61).
Drill core duplicates are inserted at a rate of
one sample every 25. To produce a duplicate sample, the whole core
sample is first cut in half, with half of the core returned to the
tray. The other half is then quartered with one quarter used as a
primary sample and the other as the duplicate.
Blanks and standards are inserted at a rate of
eight samples in 100, with three OREAS CRM standards (OREAS 232,
OREAS 239, OREAS 264) and one blank (OREAS C26d) systematically
repeated.
No QAQC issues were detected. All relevant data
was verified by a qualified person as defined in NI 43-101 by
reviewing analytical procedures undertaken by ALS.
QP STATEMENT
Dr. Quinton Hennigh (P.Geo.) is the qualified
person, as defined under National Instrument 43-101 Standards of
Disclosure for Mineral Projects, responsible for, and having
reviewed and approved, the technical information contained in this
news release except for the GBM Results. Dr. Hennigh is the
non-executive co-chairman and a director of Novo.
ABOUT NOVO
Novo operates its flagship Beatons Creek gold
project while exploring and developing its prospective land package
covering approximately 12,500 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.
“Michael Spreadborough”
Michael Spreadborough
Executive Co-Chairman and Acting CEO
Forward-looking information
Some statements in this news release contain
forward-looking information (within the meaning of Canadian
securities legislation) including, without limitation, that the
drilling and forward work programs described in the news release
will be undertaken at the Malmsbury Project and that assays from
the current program are expected in the coming months. 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 management’s
discussion and analysis for the financial year ended December 31,
2021, 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.
Table 1: Significant intercept
table for results from drill holes MD13, MD14 and MD16. The table
is generated using a 0.3 g/t Au cut-off grade and no more than 2 m
internal waste. Higher grade “Includes,” intercepts calculated with
1 g/t Au cut-off grade and no internal dilution. All intervals >
1 gram metre Au reported here.
HOLEID |
COORDSYS |
EASTING |
NORTHING |
RL |
AZIGRID |
DIP |
Includes |
DEPTHFROM |
DEPTHTO |
Au(ppm) |
Width(m) |
Gram*metres |
MD13 |
MGA94_55 |
263796 |
5880085 |
460 |
313 |
-31 |
|
32.2 |
40 |
3.6 |
7.8 |
27.9 |
MD13 |
MGA94_55 |
263796 |
5880085 |
460 |
313 |
-31 |
Inc. |
34.15 |
36 |
12.5 |
1.85 |
23.0 |
MD13 |
MGA94_55 |
263796 |
5880085 |
460 |
313 |
-31 |
Inc. |
38 |
39 |
2.0 |
1 |
2.0 |
MD13 |
MGA94_55 |
263796 |
5880085 |
460 |
313 |
-31 |
|
45 |
47 |
0.5 |
2 |
1.0 |
MD13 |
MGA94_55 |
263796 |
5880085 |
460 |
313 |
-31 |
|
62.8 |
63.3 |
4.9 |
0.5 |
2.5 |
MD13 |
MGA94_55 |
263796 |
5880085 |
460 |
313 |
-31 |
Inc. |
62.8 |
63.3 |
4.9 |
0.5 |
2.5 |
MD13 |
MGA94_55 |
263796 |
5880085 |
460 |
313 |
-31 |
|
66.8 |
69.1 |
0.6 |
2.3 |
1.4 |
MD13 |
MGA94_55 |
263796 |
5880085 |
460 |
313 |
-31 |
|
70.8 |
75.4 |
0.6 |
4.6 |
3.0 |
MD13 |
MGA94_55 |
263796 |
5880085 |
460 |
313 |
-31 |
Inc. |
74.4 |
75.4 |
1.6 |
1 |
1.6 |
MD13 |
MGA94_55 |
263796 |
5880085 |
460 |
313 |
-31 |
|
80 |
84 |
2.9 |
4 |
11.5 |
MD13 |
MGA94_55 |
263796 |
5880085 |
460 |
313 |
-31 |
Inc. |
81.2 |
81.6 |
24.4 |
0.4 |
9.8 |
MD13 |
MGA94_55 |
263796 |
5880085 |
460 |
313 |
-31 |
|
100.8 |
103.7 |
0.5 |
2.9 |
1.5 |
MD14 |
MGA94_55 |
263798 |
5880084 |
457 |
269 |
-50 |
|
41.8 |
43.5 |
1.7 |
1.7 |
3.0 |
MD14 |
MGA94_55 |
263798 |
5880084 |
457 |
269 |
-50 |
Inc. |
42.3 |
43.2 |
2.9 |
0.9 |
2.6 |
MD14 |
MGA94_55 |
263798 |
5880084 |
457 |
269 |
-50 |
|
65.4 |
74.45 |
2.4 |
9.05 |
21.3 |
MD14 |
MGA94_55 |
263798 |
5880084 |
457 |
269 |
-50 |
Inc. |
67.6 |
68 |
3.4 |
0.4 |
1.4 |
MD14 |
MGA94_55 |
263798 |
5880084 |
457 |
269 |
-50 |
Inc. |
68.65 |
69.7 |
2.3 |
1.05 |
2.5 |
MD14 |
MGA94_55 |
263798 |
5880084 |
457 |
269 |
-50 |
Inc. |
70.4 |
72.9 |
5.9 |
2.5 |
14.7 |
MD14 |
MGA94_55 |
263798 |
5880084 |
457 |
269 |
-50 |
|
86.6 |
87.1 |
2.2 |
0.5 |
1.1 |
MD14 |
MGA94_55 |
263798 |
5880084 |
457 |
269 |
-50 |
Inc. |
86.6 |
87.1 |
2.2 |
0.5 |
1.1 |
MD14 |
MGA94_55 |
263798 |
5880084 |
457 |
269 |
-50 |
|
128 |
129 |
1.3 |
1 |
1.3 |
MD14 |
MGA94_55 |
263798 |
5880084 |
457 |
269 |
-50 |
Inc. |
128 |
129 |
1.3 |
1 |
1.3 |
MD14 |
MGA94_55 |
263798 |
5880084 |
457 |
269 |
-50 |
|
133 |
134.4 |
1.2 |
1.4 |
1.6 |
MD14 |
MGA94_55 |
263798 |
5880084 |
457 |
269 |
-50 |
|
170.5 |
177.2 |
0.5 |
6.7 |
3.5 |
MD14 |
MGA94_55 |
263798 |
5880084 |
457 |
269 |
-50 |
|
181 |
182 |
1.5 |
1 |
1.5 |
MD14 |
MGA94_55 |
263798 |
5880084 |
457 |
269 |
-50 |
Inc. |
181 |
182 |
1.5 |
1 |
1.5 |
MD14 |
MGA94_55 |
263798 |
5880084 |
457 |
269 |
-50 |
|
198 |
202.1 |
0.4 |
4.1 |
1.8 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
|
6 |
9.5 |
0.7 |
3.5 |
2.5 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
Inc. |
6.7 |
7.8 |
1.6 |
1.1 |
1.8 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
|
49.4 |
52 |
0.4 |
2.6 |
1.0 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
|
73 |
79.8 |
2.5 |
6.8 |
17.1 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
Inc. |
73.6 |
74.9 |
5.6 |
1.3 |
7.3 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
Inc. |
75.7 |
76.6 |
8.7 |
0.9 |
7.8 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
|
82.8 |
96 |
0.5 |
13.2 |
6.9 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
Inc. |
88 |
89 |
2.1 |
1 |
2.1 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
|
108 |
110.5 |
0.7 |
2.5 |
1.7 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
|
120 |
134 |
6.1 |
14 |
86.0 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
Inc. |
120 |
121 |
1.6 |
1 |
1.6 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
Inc. |
121.9 |
129.5 |
6.7 |
7.6 |
50.6 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
Inc. |
131 |
134 |
11.1 |
3 |
33.2 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
|
137.6 |
140.6 |
5.3 |
3 |
15.9 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
|
173 |
183 |
4.9 |
10 |
49.1 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
Inc. |
173 |
173.5 |
2.2 |
0.5 |
1.1 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
Inc. |
175 |
182 |
6.8 |
7 |
47.3 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
|
188 |
192 |
8.6 |
4 |
34.6 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
|
196.5 |
198 |
3.0 |
1.5 |
4.5 |
MD16 |
MGA94_55 |
263923 |
5880342 |
519 |
138 |
-74 |
Inc. |
196.5 |
197 |
8.4 |
0.5 |
4.2 |
APPENDIX 1:Geology and DH Geology
Legend:https://www.globenewswire.com/NewsRoom/AttachmentNg/16fc5682-64db-4676-b0c6-065bc6a1b555
___________________________________1 Refer to the Company’s news
release dated May 13, 2021.2 Refer to table 4 of on page 23 of
GBM’s 2020 Annual Report dated 29 October 2020 available here.
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