Novo Resources Corp. (
Novo or the
Company) (ASX: NVO) (TSX: NVO) (OTCQX: NSRPF) is
pleased to announce the acquisition of a strategic landholding in
the Onslow District of Western Australia, to compliment the
Company’s exciting portfolio of Australian-based, high-grade gold
exploration projects.
Novo has combined 634 sq km of 100% owned tenure
pegged as six Exploration License Applications with a further 890
sq km in four Exploration License Applications via an option
arrangement with OD4 Rocklea Pty Ltd (OD4R) on the Cane
River Project (under which Novo would acquire a 70%
interest if the option is exercised) to cover a significant
landholding of 1,524 sq km termed the Toolunga
Project (Figure 1).
Figure 1: Location of Novo
Pilbara tenure, noting the Onslow District and the Toolunga Project
including the Odette 4 Rocklea and Novo 100% Applications
This sizeable landholding acquired by Novo in
the Onslow District is underexplored yet displays prospectivity for
precious and base metal discovery and aligns with Novo’s corporate
strategy of exploring for targets with > 1 Moz Au potential
(Figure 2).
Tenure Summary
OD4R’s Cane River Project covers 890 km sq
across four Exploration Licence applications (E08/3597, E08/3598,
E08/3599, and E08/3600) (Table 1).
Novo’s newly pegged tenure covers 634 km sq
across six Exploration License applications (E08/3760, E08/3761,
E08/3762, E08/3763, E08/3764 & E08/3765) (Table
1).
Figure 2: Location of the
combined Toolunga Project in northern WA
OD4 Rocklea Pty Ltd (OD4R) is a wholly owned
subsidiary of Odette Geoscience Pty Ltd (Odette). Odette is a
private company that applies strong regional science and data
integration to exploration project generation focused on Western
Australia. Project generation by Odette has been responsible for
the development of numerous projects that various companies are in
the process of advancing.
Table 1: Onslow Project tenement
application details
TenementNumber |
ApplicationDate |
Numberof Blocks |
Applicant’sName |
E08/3597* |
25/01/2023 |
70 |
OD4 Rocklea Pty Ltd |
E08/3598* |
25/01/2023 |
70 |
OD4 Rocklea Pty Ltd |
E08/3599* |
25/01/2023 |
70 |
OD4 Rocklea Pty Ltd |
E08/3660* |
25/01/2023 |
70 |
OD4 Rocklea Pty Ltd |
E08/3760** |
27/11/2024 |
37 |
Karratha Gold Pty Ltd |
E08/3761** |
27/11/2024 |
40 |
Karratha Gold Pty Ltd |
E08/3762** |
27/11/2024 |
22 |
Karratha Gold Pty Ltd |
E08/3763** |
27/11/2024 |
32 |
Karratha Gold Pty Ltd |
E08/3764** |
27/11/2024 |
19 |
Karratha Gold Pty Ltd |
E08/3765** |
27/11/2024 |
50 |
Karratha Gold Pty Ltd |
*Novo has the option to acquire a 70% interest in these tenements
once granted to OD4 and following a two-stage farm-in period (see
further below).**Karratha Gold Pty Ltd is a wholly owned subsidiary
of Novo. |
Figure 3: Toolunga Project
tenement details (including both OD4R and Novo Exploration License
Applications) and regional mineral occurrence information from
WAMEX
Location and Prospectivity
The combined OD4R and pegged Novo ground is
located ~80 km northwest of Black Cat Syndicate’s (ASX: BC8)
Paulsens Gold Mine and 70 km southeast of the Onslow townsite, with
excellent access to the area via sealed roads (Figure
2). The tenure targets a range of minerals of particular
interest to Novo, including precious and base metals with
particular focus on gold, and will be referred to as the Toolunga
Project.
The Toolunga Project is located
at the junction of major tectonic boundaries in the north of
Western Australia and incorporates the Paleoproterozoic Capricorn
Orogen near the intersection of the Pilbara Craton, the Ashburton
and Edmund Basins and the Gascoyne Province (Figure
2). The basins lie unconformably on basement metasediments
and granitoids of the Gascoyne Province and the project area is
transected by major NE-SW and N-S striking structures.
The district displays geochemical signatures
suggesting potential intrusion related systems, including Intrusion
Related Gold (IRG), porphyry, Iron Oxide Copper Gold (IOCG) and
related deposit styles (epithermal), with some affinities to the
same aged Tennant Creek District (1850 to 1660 Ma mineralisation
event) where high grade Au, Cu and Bi deposits are present
(Figure 3).
The Onslow District is under-explored using
systematic, modern exploration technologies.
In the late 1990s to early 2000s, the project
area was targeted by WMC Resources Ltd and ranked highly for
iron-oxide copper-gold potential1. The Toolunga Project includes
numerous mineral occurrences with the regulatory database recording
assay results up to 3.1% Cu, 33% Pb, and 125ppm Ag
at the Range No. 2 Prospect2. Multiple occurrences in the district
include Cu, Cu-base metals, U (paleochannel), REE, and Bi-Mo-W.
Historic prospects were not routinely assayed for Au, Ag, Bi, W and
Sn (refer Appendix 1).
Recent work including regional tectonic studies3
and publicly available geophysical data has also highlighted
several significant targets including the Mt Minnie Prospect, Range
Gravity anomaly and the Ironstone Bore prospect, which are
associated with regional base-metal trends and present as buried
magnetic and/or gravity anomalies pending follow up work. The
entire project area has received minimal previous attention with
drilling. Due diligence work by Novo has affirmed the regional
potential of this under explored part of Western Australia.
A series of targets have been generated by Novo
and OD4R based on current geological understanding and initial
assessment of regional geophysics and open file GSWA geochemical
sampling (Appendix 1):
-
Large geophysical targets (gravity – magnetic) with surface
geochemical support.
-
Range No. 2 – Historic shaft sunk into a
shear zone with peak rock chip samples of 3.1% Cu, 33% Pb and 125
ppm Ag – not drilled.
-
Bullajacka Well - Historic Cu-Au occurrence with rock chip
results of 6.2% Cu, 0.19 ppm Au, 94 ppm Ag, 310 ppm Bi and 41 ppm
Sb4.
-
Mt Minnie – kilometre scale coincident magnetic and gravity anomaly
in a triple junction between the Bandee Fault Lithospheric Boundary
and the Mindle Shear Zone, with anomalous As-Cu-Pb-Zn stream
samples.
-
Range North – Strongest Cu soil anomaly in WAMEX dataset for the
area, including a peak of 147 ppm Cu5 parallel to a N-S
structure.
Historical data and sample results may not be
representative of mineralisation in the district. Novo has not
independently validated the public results listed in historic WAMEX
reports or the information included in the DEMIRS database and is
therefore not to be regarded as reporting, adopting or endorsing
the results. No assurance can be given that Novo will achieve
similar results as part of its exploration activities at the
Toolunga Project.
ESG Criteria
Part of the Cane River Project is situated in
the Cane River Conservation Park (Figure 1). The park was created
in 2001 (Reserve Number 46122). The reserve is vested with the
Conservation and Parks Commission and is currently managed by the
Department of Biodiversity, Conservation and Attractions (DBCA)
pursuant to the Conservation and Land Management Act 1984 (WA) for
the protection of flora, fauna, landscape and aboriginal cultural
heritage. OD4R has developed a detailed Conservation Management
Plan (CMP), in consultation with the DBCA, for activities within
the Cane River Conservation Park, which is pending final
acceptance.
Heritage and Native Title
The southern tenements in the Toolunga Project
are covered by the Thalanyji People’s Native Title Determinations
(WAD6113/1998 and WCD2008/003) and managed by the Buurabalayji
Thalanyji Aboriginal Corporations RNTBC. Novo is committed to
developing strong relationships with the Traditional Owners of the
lands on which it operates through open and honest dealings. It is
anticipated that Novo will meet with the traditional owners in the
first quarter of 2025.
The northern section of the combined project
area is without a native title claim. This area will be monitored
for the lodgement of a new claim. If a claim is lodged, the same
level of consultation as above will occur with the new
representative body/traditional owners to ensure informed consent
for exploration in the area is gained.
Figure 4: Toolunga Project
tenure showing regional targets over 1VD aeromagnetic image in a
complex structural setting
Forward Programs
Regional and follow-up exploration campaigns are
planned on tenement grant, including geophysical surveys, mapping
and geochemical sampling programs over known targets to validate
historic results and to rapidly advance drill targets.
Material Cane River Project Option
Terms
The key terms of the binding term sheet with
Odette Geoscience Pty Ltd and OD4 Rocklea Gold Pty Ltd (OD4R)
regarding the Cane River project are set out below:
-
On signing of the agreement, Novo will reimburse OD4R $55,000
(approximately C$50,000) cash for expenditure incurred to
date.
-
At grant date of the tenement applications, Novo will pay OD4R, an
additional $45,000 (approximately C$41,000) in cash and have an
initial farm in period of 12 months.
-
Following that initial period, if Novo chooses to continue, it will
pay OD4R Novo shares to the value of A$100,000 (currently,
approximately C$91,000) for a second farm in period of 12
months.
-
At completion of the second farm-in period, Novo has the option to
terminate the agreement or exercise the option and form a 70/30
unincorporated joint venture with OD4R, in which OD4R is free
carried until a decision is made to commence commercial mining
operations within the tenements. If the option is exercised, Novo
will acquire a 70% interest in the tenements.
Authorised for release by the Board of
Directors.
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
953cameron.gilenko@sodali.com |
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. Mrs De Luca is Novo’s General Manager
Exploration.
JORC COMPLIANCE STATEMENT
The information in this news release that
relates to the Onslow District Consolidation by Novo into the
Toolunga Project is based on information compiled by Mrs De Luca,
who is a full-time employee of Novo Resources Corp. Mrs De Luca is
a Competent Person who is a member of the Australian Institute of
Geoscientists. Mrs De Luca has sufficient experience that is
relevant to the style of mineralisation and the type of deposits
under consideration and to the activity being undertaken to qualify
as a Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mrs De Luca consents to the inclusion
in the report of the matters based on her information in the form
and context in which it appears.
FORWARD-LOOKING STATEMENTS
Some statements in this news release may contain
“forward-looking statements” within the meaning of Canadian and
Australian securities law and regulations. In this news release,
such statements include but are not limited to planned exploration
activities and the timing of such. 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, 2023 (which is available under Novo’s profile on
SEDAR+ at www.sedarplus.ca and at www.asx.com.au) 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 WAMEX archive
Annual Reports A48727 and A51684. 2 MINEDEX Western Australian
government (DEMIRS) mineral occurrence archive. Site ID S0030858.
Also refer to WAMEX archive Annual Report A32269 for sample
methodologies.3 Refer Aitken, A.R.A et al. (2018) The tectonics and
mineral systems of Proterozoic Western Australia: Relationships
with supercontinents and global secular change, Geoscience
Frontiers, 9(2); & Occhipinti, S., et al, (2020). The evolution
from plate margin to intraplate mineral systems in the Capricorn
Orogen, links to prospectivity. Ore Geology Reviews, 127.4 MINEDEX
Western Australian government (DEMIRS) mineral occurrence archive.
Site ID S0031595. Also refer to WAMEX archive Annual Report A47059
for sample methodologies.5 Refer WAMEX archive Annual Report
A76797.6 Refer to De Grey ASX Announcement, Hemi Gold Project
Resource Update, dated 21 November 2023 No assurance can be given
that a similar (or any) commercially viable mineral deposit will be
determined at Novo’s Becher Project7. Refer to Novo ASX
announcement, 10 October 2024, De Grey reaches A$7m minimum spend
at Egina Gold project and continues to invest
ABOUT NOVO
Novo is an Australian based gold explorer listed
on the ASX and the TSX focused on discovering standalone gold
projects with > 1 Moz development potential. Novo is an
innovative gold explorer with a significant land package covering
approximately 5,500 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.
Novo’s key project area is the Egina Gold Camp,
where De Grey Mining (ASX: DEG) is farming-in to form a JV at the
Becher Project and surrounding tenements through exploration
expenditure of A$25 million within 4 years for a 50% interest. The
Becher Project has similar geological characteristics as De Grey’s
12.7 Moz Hemi Project6. Novo is also advancing gold exploration
south of Becher in the Croydon JV (Novo 70%: Creasy Group 30%),
after Novo identified gold mineralisation in 2023 exploration
drilling at Nunyerry North. Novo continues to undertake early-stage
exploration across its Pilbara tenement portfolio.
Novo has also formed a lithium joint venture
with SQM in the Pilbara which provides shareholder exposure to
battery metals.
Novo has a significant investment portfolio and
a disciplined program in place to identify value accretive
opportunities that will build further value for shareholders.
Please refer to Novo’s website for further
information including the latest corporate presentation.
An Exploration Target as defined in the JORC
Code (2012) is a statement or estimate of the exploration potential
of a mineral deposit in a defined geological setting where the
statement or estimate, quoted as a range of tonnes and a range of
grade (or quality), relates to mineralisation for which there has
been insufficient exploration to estimate a Mineral Resource.
Accordingly, these figures are not Mineral Resource or Ore Reserve
estimates as defined in the JORC Code (2012). The potential
quantities and grades referred to above are conceptual in nature
and there has been insufficient exploration to estimate a Mineral
Resource and it is uncertain if further exploration will result in
the estimation of a Mineral Resource. These figures are based on
the interpreted continuity of mineralisation and projection into
unexplored ground often around historical workings. The Exploration
Target has been prepared in accordance with the JORC Code (2012).
as detailed in the Company’s ASX announcement released on 25
September 2024 (available to view at www.asx.com.au). The Tonnage
range for the exploration target is 1.5Mt to 2.1Mt, the Grade range
is 6.6g/t Au to 8.4g/t Au and the Ounces range from 320koz Au to
570 koz Au. The Company confirms that it is not aware of any new
information that material affects the information included in the
original market announcement and that all material assumptions and
technical parameters underpinning the estimates in the original
market announcement continue to apply and have not materially
changed. Dr Christopher Doyle (MAIG) and Dr Simon Dominy (FAusIMM
CPGeo; FAIG RPGeo), are the qualified persons, as defined under
National Instrument 43-101 Standards of Disclosure for Mineral
Projects, responsible for, and having reviewed and approved, the
technical information relating to the exploration target. Dr Doyle
is Novo’s Exploration Manager - Victoria and Dr Dominy is a
Technical Advisor to Novo.
Appendix 1 - JORC Code, 2012 Edition – Table
1
Section 1: Sampling Techniques and Data
(Criteria listed in the preceding section also apply to this
section.)
Criteria |
JORC Code explanation |
Commentary |
Sampling techniques |
- Nature and quality of sampling (e.g., cut channels, random
chips, or specific specialised industry standard measurement tools
appropriate to the minerals under investigation, such as down hole
gamma sondes, or handheld XRF instruments, etc). These examples
should not be taken as limiting the broad meaning of sampling.
- Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any measurement
tools or systems used.
- Aspects of the determination of mineralisation that are
Material to the Public Report.
- In cases where ‘industry standard’ work has been done this
would be relatively simple (e.g., ‘reverse circulation drilling was
used to obtain 1 m samples from which 3 kg was pulverised to
produce a 30 g charge for fire assay’). In other cases, more
explanation may be required, such as where there is coarse gold
that has inherent sampling problems. Unusual commodities or
mineralisation types (e.g., submarine nodules) may warrant
disclosure of detailed information.
|
- Rock samples at Range No. 2 (A32269)
were taken as part of a detailed mapping program and were selective
in nature. The sample methodology and analysis method are not
recorded.
- Rock samples at Bullajacka (A47059)
we part of a larger 77 sample program targeting historic small
workings in the area. The sample methodology is not recorded.
Samples were submitted to Genalysis Laboratory in Maddington,
Western Australia, and digested via aqua regia or multi-acid, and
analysed via AAS or ICPMS.
- Soil sampling at Range North
(A76797) was part of a large 2366 soil sample program in areas
within the project not yet covered by surface geochemistry. An
orientation study was conducted for all samples, comprising a 2 kg
sample collection taken at a depth of 10 – 20 cm below the surface.
The sample was split into 1 kg and digested via 24 hour BLEG (0.1%
cyanide). The other 1 kg split was sieved to > 0.8 mm, 0.8 mm –
0.18 mm and < 0.18 mm fractions, with the latter two crushed,
pulverised, and analysed via Aqua Regia.
|
Drilling techniques |
- Drill type (e.g., core, reverse circulation, open-hole hammer,
rotary air blast, auger, Bangka, sonic, etc) and details (e.g.,
core diameter, triple or standard tube, depth of diamond tails,
face-sampling bit, or other type, whether core is oriented and if
so, by what method, etc).
|
- No drilling results are reported in this release
|
Drill sample recovery |
- Method of recording and assessing core and chip sample
recoveries and results assessed.
- Measures taken to maximise sample recovery and ensure
representative nature of the samples.
- Whether a relationship exists between sample recovery and grade
and whether sample bias may have occurred due to preferential
loss/gain of fine/coarse material.
|
- No drilling results are reported in this release
|
Logging |
- Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate
Mineral Resource estimation, mining studies and metallurgical
studies.
- Whether logging is qualitative or quantitative in nature. Core
(or costean, channel, etc) photography.
- The total length and percentage of the relevant intersections
logged.
|
- No drilling results are reported in this release
|
Sub-sampling techniques and sample preparation |
- If core, whether cut or sawn and whether quarter, half or all
core taken.
- If non-core, whether riffled, tube sampled, rotary split, etc
and whether sampled wet or dry.
- For all sample types, the nature, quality, and appropriateness
of the sample preparation technique.
- Quality control procedures adopted for all sub-sampling stages
to maximise representivity of samples.
- Measures taken to ensure that the sampling is representative of
the in-situ material collected, including for instance results for
field duplicate/second-half sampling.
- Whether sample sizes are appropriate to the grain size of the
material being sampled.
|
- Historic rock samples were selective and taken to complement
mapping, or validate grades around historic workings.
- It is unclear whether samples are representative.
- Quality control procedures are not mentioned and were not
common in historic work.
- Soil samples are taken on a 500 m by 100 m grid and collected
at a depth of 10 – 20 cm below surface. Sample quality or quality
control processes were not documented in the available report.
|
Quality of assay data and laboratory tests |
- The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is considered
partial or total.
- For geophysical tools, spectrometers, handheld XRF instruments,
etc, the parameters used in determining the analysis including
instrument make and model, reading times, calibrations factors
applied and their derivation, etc.
- Nature of quality control procedures adopted (e.g., standards,
blanks, duplicates, external laboratory checks) and whether
acceptable levels of accuracy (if lack of bias) and precision have
been established.
|
- The laboratory and assay methodology for Range No. 2 is
unknown
- The Bullajacka rock samples were digested by aqua regia and
analysed by flame atomic absorption spectrometry for Au, Mn, Fe,
Co, Ni, Cu, Zn, Ag, Pb. Samples were digested by multi-acid
(including hydrofluoric acid) and analysed via inductively coupled
plasma mass spectrometry (ICPMS) for As, Mo, Sb, W, Bi. For
indicative geochemistry of historic workings, this method is
reasonable.
- No quality control procedures were in place.
- Soil sample methodology comprises a 1 kg split, digested via
BLEG (0.1% cyanide for 24 hour digest), analysed via ICP-MS for Au,
Ag, As, Cu, Mo, Ni, Pb, Se, Te, U, Zn. The other 1 kg split was
sieved to > 0.8 mm, 0.8 mm – 0.18 mm and < 0.18 mm fractions.
The coarse fraction was discarded and the other two crushed,
pulverised, and digested & analysed via Aqua Regia with an
ICP-OES finish for Au, Ag, As, Ba, Bi, Cu, Co, Ir, Mo, Ni, Pb, Pt,
Pd, Sn, Sb, Se, Te, U, W, Zn (AR102) and Cr, Fe, Mn, Mg
(AR101)
- Quality control procedures would likely have been in place, but
are not documented in the relevant report.
|
Verification of sampling and assaying |
- The verification of significant intersections by either
independent or alternative company personnel.
- The use of twinned holes.
- Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic)
protocols.
- Discuss any adjustment to assay data.
|
- Primary data, including sample locations and sample
methodologies, cannot be verified until tenement grant and by
repeating sampling programs by modern exploration methods.
|
Location of data points |
- Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine workings and other
locations used in Mineral Resource estimation.
- Specification of the grid system used.
- Quality and adequacy of topographic control.
|
- Sample locations for Range No. 2 are provided on a digitised
plan and are likely estimated from the 50 m by 50 m local grid that
was established to aid mapping. Sample locations are not
accurate.
- Sample locations for Bullajacka are provided in a table in grid
AGD84, zone 50 and are likely collected by handheld GPS.
- Soil samples at Range North were located via handheld GPS using
GDA94, zone 50, and are accurate within +/- 5 m which is sufficient
for the regional grid spacing.
|
Data spacing and distribution |
- Data spacing for reporting of Exploration Results.
- Whether the data spacing, and distribution is sufficient to
establish the degree of geological and grade continuity appropriate
for the Mineral Resource and Ore Reserve estimation procedure(s)
and classifications applied.
- Whether sample compositing has been applied.
|
- Limited rock samples may be indicative of potential grade tenor
and do not represent or imply any continuity or scale
potential.
- Regional soil grids at 500 m by 100 m spacing are sufficient
for indicative anomalism only.
|
Orientation of data in relation to geological structure |
- Whether the orientation of sampling achieves unbiased sampling
of possible structures and the extent to which this is known,
considering the deposit type.
- If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have
introduced a sampling bias, this should be assessed and reported if
material.
|
- Rock sampling is targeted and considered biased.
- The soil grids are orientated in north-south trending lines. It
is unclear whether this is orientation was chosen to be mostly
perpendicular to stratigraphy or geophysical features. Samples are
too broadly spaced to deduct mineralised orientations.
|
Sample security |
- The measures taken to ensure sample security.
|
- Sample transport and lab protocols are not documented.
|
Audits or reviews |
- The results of any audits or reviews of sampling techniques and
data.
|
- No audits have been undertaken.
|
Section 2: Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this
section.)
Criteria |
JORC Code explanation |
Commentary |
Mineral tenement and land tenure status |
- Type, reference name/number, location and ownership including
agreements or material issues with third parties such as joint
ventures, partnerships, overriding royalties, native title
interests, historical sites, wilderness or national park and
environmental settings.
- The security of the tenure held at the time of reporting along
with any known impediments to obtaining a license to operate in the
area.
|
- Tenement applications E08/3760, E08/3761, E08/3762, E08/3763,
E08/3764 & E08/3765 are 100% held by Karratha Gold Pty Ltd, a
wholly owned subsidiary of Novo.
- Tenement applications E08/3597, E08/3598, E08/3599, and
E08/3600 are held by OD4 Rocklea Pty Ltd (OD4R), with Novo earning
into 70%
- The OD4R are covered by the Thalanyji People’s Native Title
Determinations (WAD6113/1998 and WCD2008/003) and managed by the
Buurabalayji Thalanyji Aboriginal Corporations RNTBC. It is
anticipated that Novo will meet with the traditional owners in the
first quarter 2025.
- The Novo tenement applications cover an area without a native
title claim. This area will be monitored for the lodgement of a new
claim. If a claim is lodged, the same level of consultation as
above will occur with the new representative body/traditional
owners to ensure informed consent for exploration in the area is
gained.
- Part of the Cane River Project is situated in the Cane River
Conservation Park (Reserve Number 46122), vested with the
Conservation and Parks Commission and managed by the Department of
Biodiversity, Conservation and Attractions (DBCA) A detailed
Conservation Management Plan for activities within the Cane River
Conservation Park is pending final acceptance.
|
Exploration done by other parties |
- Acknowledgment and appraisal of exploration by other
parties.
|
- Significant due diligence is still underway and not all
exploration efforts by other parties are yet fully appraised
- WMC in the mid-1990s compiled a significant regional dataset of
geophysical and surface geochemistry datasets which forms the basis
of current exploration targeting
- The Turtle historic mine outside the Novo project tenure
comprises some of the better-known historic mineralisation, with
West Australian Metals NL and others conducting significant work
including drilling and detailed mapping at this prospect and others
in the district, providing early insight in mineralisation style
and tenor.
- Normandy Exploration Limited conducted regional RAB drilling
and acquired additional magnetic data over the district. Some of
the targets generated from this work are yet to be tested.
- Atlas Iron in 2006 conducted comprehensive review and write up
of previous work and conducted significant regional geochemical
sampling in areas not previously covered. They compiled a
prospectivity map for hydrothermal activity and developed
additional surface anomalies for follow up work.
|
Geology |
- Deposit type, geological setting, and style of
mineralisation.
|
- The Toolunga landholding is located at the junction of major
tectonic boundaries of Capricorn Orogen, the Pilbara Craton, and
the Ashburton and Edmund Basins. The basins lie unconformably on
basement metasediments and granitoids of the Gascoyne Province. The
project area is transected by major NE-SW and N-S striking
structures.
- Mineralisation style is not yet known, but is considered
prospective for IRG, porphyry, IOCG and epithermal
mineralisation
|
Drill hole Information |
- A summary of all information material to the understanding of
the exploration results including a tabulation of the following
information for all Material drill holes, including Easting and
northing of the drill hole collar, Elevation or RL (Reduced Level –
elevation above sea level in metres) of the drill hole collar, dip
and azimuth of the hole, down hole length and interception depth
plus hole length.
- If the exclusion of this information is justified on the basis
that the information is not Material and this exclusion does not
detract from the understanding of the report, the Competent Person
should clearly explain why this is the case.
|
- No drilling results are reported in this release
|
Data aggregation methods |
- In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations (e.g., cutting
of high grades) and cut-off grades are usually Material and should
be stated.
- Where aggregate intercepts incorporate short lengths of
high-grade results and longer lengths of low-grade results, the
procedure used for such aggregation should be stated and some
typical examples of such aggregations should be shown in
detail.
- The assumptions used for any reporting of metal equivalent
values should be clearly stated.
|
- No drilling results are reported in this release
|
Relationship between mineralisation widths and intercept
lengths |
- These relationships are particularly important in the reporting
of Exploration Results.
- If the geometry of the mineralisation with respect to the drill
hole angle is known, its nature should be reported.
- If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (e.g., ‘down hole
length, true width not known’).
|
- No drilling results are reported in this release
|
Diagrams |
- Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being
reported. These should include, but not be limited to a plan view
of drill hole collar locations and appropriate sectional
views.
|
- No drilling results are reported in this release
|
Balanced reporting |
- Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades
and/or widths should be practiced to avoid misleading reporting of
Exploration Results.
|
- Significant results listed in the body of the release are
listed with their respective references.
- Only selected significant results are reported due to the large
volume of historic reports.
|
Other substantive exploration data |
- Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations;
geophysical survey results; geochemical survey results; bulk
samples – size and method of treatment; metallurgical test results;
bulk density, groundwater, geotechnical and rock characteristics;
potential deleterious or contaminating substances.
|
|
Further work |
- The nature and scale of planned further work (e.g., tests for
lateral extensions or depth extensions or large-scale step-out
drilling).
- Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling
areas, provided this information is not commercially
sensitive.
|
- Refer to the body of the release.
|
No Section 3 or 4 report as no Mineral Resources or Ore Reserves
are reported in this Appendix
Figures accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d1883c52-688d-47c4-a4a8-205172ff512ehttps://www.globenewswire.com/NewsRoom/AttachmentNg/300e3982-74b0-4dc2-817b-dc959f7a33f2https://www.globenewswire.com/NewsRoom/AttachmentNg/e4d8c055-a85e-45b0-8862-c9713cdc8755https://www.globenewswire.com/NewsRoom/AttachmentNg/fa5ba0c4-f00b-4140-bf15-6cb64aa16c97https://www.globenewswire.com/NewsRoom/AttachmentNg/5384bb8e-fcef-4ccd-9766-8f17d59e8659
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