Novo Resources Corp. (
Novo or the
Company) (ASX: NVO) (TSX: NVO & NVO.WT.A)
(OTCQX: NSRPF) is pleased to provide an update on current
exploration programs and proposed 2024 drilling programs across its
Western Australian and Victorian gold portfolio.
In Q4 2023, successful exploration work
continued at the Egina Gold Camp in the Pilbara, Western Australia,
with aircore (AC) and reverse circulation
(RC) drilling programs completed at the Becher
project and significant results received from shallow RC drilling
in the maiden drill program at Nunyerry North (Figure 1).
At the Belltopper Gold Project in Victoria
(Belltopper), diamond drilling continues on the
planned six-hole program.
Figure 1: Novo Pilbara tenure showing main
projects and significant prospects.
EGINA GOLD CAMP
The Egina Gold Camp is Novo’s highly prospective
gold belt in the Pilbara and includes the priority Becher and
Nunyerry projects (Figure 1). This belt comprises a series of
structurally complex, gold-fertile corridors, hosted by rocks of
the Mallina Basin in the north and mafic / ultramafic sequences
further south. These corridors trend towards De Grey Mining
Limited’s 12.7 Moz Au (JORC 2012) Hemi Gold Project1 to the north
and northeast.
Novo’s tenure forms a contiguous package of
approx. 80 km strike length directly along this trend and has been
one of the main focus areas for Novo’s exploration and joint
venture programs over the last eighteen months, culminating in the
Egina earn-in/JV with De Grey and delineation of the Nunyerry North
orogenic gold prospect.
In addition to the earn-in/Egina JV and the
expanding greater Nunyerry project area, several other priority
gold targets are also being progressed along the main structural
corridors within the Egina Gold Camp (Figure 2). These prospects
form part of Novo’s regional reconnaissance program in 2024.
Egina JV (De Grey earning a 50%
interest)2
De Grey commenced AC drilling at Becher in
October 2023 as part of their planned 39,000 m program of AC, RC
and diamond drilling.
A total of 271 infill AC holes were drilled for
7,536 m in Q4 2023, targeting the Heckmair/Irvine and Bonatti
prospects. In addition, RC drilling is ongoing, with the first 29
drill holes for 4,154 m completed focusing on the Heckmair/Irvine
and Lowe prospects.
Final assays are anticipated in Q1 2024.
De Grey has completed drilling for the year and
will resume drilling in the New Year.
Figure 2: Egina Gold Camp prospectivity
highlighting the earn-in/Egina JV with De Grey and the Nunyerry
North target, in addition to newly delineated structural targets
for further exploration.1
Nunyerry North (Novo 70% / Creasy Group
30%)
Nunyerry North is a high priority exploration
target with significant prospectivity, located in the southern part
of the Egina Gold Camp.
Novo recently completed a maiden 2,424 m shallow
RC program, which tested high grade surficial gold anomalism across
a strike length of some 500 m and immediately defined several zones
of mineralised quartz veining, some of which appear blind at
surface (refer to the Company’s ASX announcement dated 15 November
2023).
Gold mineralisation is hosted in arrays of
quartz veins with minor sulphides including pyrite, pyrrhotite and
chalcopyrite. The vein arrays trend between two north dipping shear
zones and are hosted in a 60 m wide zone of mafic to high-MgO
basalt within an ultramafic dominant package.
The maiden drill program only tested a small
area of the overall Nunyerry North project area (Figure 3). Results
from the RC program were highly encouraging and warrant further
follow-up work. The prospective stratigraphy continues along strike
towards the east and repeats west of the Aurora Fault. RC drilling
to test these positions is planned for H1 2024. The plunge of
mineralisation in the strike extent tested to date is well
understood, and a deep diamond drilling program is also being
proposed to test for additional repeats of mineralisation at depth,
as well as down plunge continuations.
Figure 3: The broader Nunyerry project area with
interpreted geology, highlighting strike extent of favourable
stratigraphy and additional structural targets for further drill
testing.
BALLA BALLA GOLD PROJECT (NOVO
100%)
Balla Balla is an emerging exploration project
covering an area over 1,200 sq km, located in the northwestern
Pilbara (Figure 4). The project has been focused on the Sholl Shear
corridor and associated potentially fertile structural corridors
under cover. Geophysical interpretation and research of historical
data completed in 2023 has advanced understanding of prospectivity
in the project area and further delineated targets for follow-up
work in 2024. The project area is prospective for intrusion-related
gold mineralisation in addition to structurally hosted gold.
Tenement E47/4923 has been recently granted, and
overall discussions with Native Title partners are progressing,
further enabling access for exploration programs in 2024.
Figure 4: Location and tenure of the Balla Balla
Gold Project, with preliminary structural interpretation and key
prospects. Location of the Egina earn-in/JV tenure with De Grey in
light green.
BELLTOPPER GOLD PROJECT (NOVO
100%)
Diamond drilling of multiple high-grade targets
at the Belltopper Gold Project in Victoria continues, with first
two deep diamond holes completed. To date 917.7 m of a planned
6-hole, approx. 2,300 m of drilling is complete, testing structural
and intrusion hosted/related gold targets, including high tenor
induced polarization geophysical anomalies.
Diamond drilling will recommence in early
January 2024, completing the remaining four planned drill
holes.
Figure 5: Belltopper drilling progress to
date.
ABOUT NOVO
Novo explores and develops its prospective land
package covering approximately 7,500 square kilometres in the
Pilbara region of Western Australia, along with the 22 square
kilometre Belltopper project in the Bendigo Tectonic Zone of
Victoria, 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.
CONTACT
Investors:Mike Spreadborough +61 8 6400 6100
info@novoresources.com |
North American Queries:Leo Karabelas+1 416 543
3120leo@novoresources.com |
Media:Cameron Gilenko+61 466 984
953cgilenko@citadelmagnus.com |
|
Authorised for release by the Board of
Directors.
QP STATEMENT
Mrs. Karen (Kas) De Luca (MAIG), 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 other than information concerning De Grey’s
Pilbara Gold Project. Mrs De Luca is Novo’s General Manger
Exploration.
FORWARD-LOOKING INFORMATION
Some statements in this news release contain
forward-looking statements. 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 year ended December 31,
2022, which is available under Novo’s profile on SEDAR+ at
www.sedarplus.ca and in the Company’s prospectus dated 2 August
2023 which is available at www.asx.com.au. 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.
____________________1 Refer to De Grey’s public disclosure
record for further details including news release Hemi Gold Project
Resource Update, 21 November 2023, relating to De Grey’s Hemi.
Withnell and Wingina mining centres. No assurance can be given that
a similar (or any) commercially viable mineral deposit will be
determined at Novo’s Becher Project.2 Refer to the Company’s news
releases dated June 21, 2023 and June 28, 2023 and to the Company’s
prospectus dated August 2, 2023.
Photo accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6b7a89fd-287b-4997-be02-fe231d404559https://www.globenewswire.com/NewsRoom/AttachmentNg/c5bedba4-3b22-4a6c-a8a5-92dc3be2719fhttps://www.globenewswire.com/NewsRoom/AttachmentNg/14a3d68e-d3cd-42a7-ae87-8e82020287eehttps://www.globenewswire.com/NewsRoom/AttachmentNg/ae1116c9-faca-40eb-9538-b6c9b297f674https://www.globenewswire.com/NewsRoom/AttachmentNg/fb758829-968d-493c-97d6-1c4230061104https://www.globenewswire.com/NewsRoom/AttachmentNg/3a9533d5-2173-4cf7-ab79-186e7b9c1d4c
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