Novo Resources Corp. (
“Novo” or
the
“Company”) (TSX: NVO, NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) is pleased to report additional 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 period2.
“The latest results from diamond drilling on the
Malmsbury Project continue to look encouraging and will be
complemented by the planned geophysics later in the year,”
commented Ms. Kas De Luca, Novo’s GM, Exploration. “3D modelling
and targeting by the joint venture later in the year will be a
critical step in advancing the Malmsbury Project, and the intrusion
related gold mineralization will form an important part of
understanding the overall system.”
https://www.globenewswire.com/NewsRoom/AttachmentNg/23096748-5ec2-4649-a06b-940a9496ca63(Figure
1: Location of drill holes MD13 – MD18 (green traces) from
current diamond program on RL006587 with key target gold reefs (red
lines) and solid geology. Target monzogranite is pink stippled
polygon. Two additional drill holes (pink traces) added to current
program to test the Missing Link Monzogranite and the Leven Star
Reef. Refer to Appendix 1 for full geology legend.)
DETAILS
Drilling Program 2021 -
2022
Approximately 2,525 m (8 holes, 1 in progress
and 1 planned) of an expanded circa 2,800 m diamond drilling
program have been completed through the end of May at the Malmsbury
Project. At the time of writing, gold and multi-element assays from
four of eight holes completed have been returned. Significant
results from the first three of these holes (MD13, MD14 & MD16)
were reported previously2.
Drill hole MD17 was drilled to 380 m in a
westerly direction 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.
https://www.globenewswire.com/NewsRoom/AttachmentNg/cd504c24-1f7d-4bae-9a04-231f400e9fb9(Figure
2: Solid geology interpreted cross section for MD17 (Azi
265, Dip -50). Drill hole DDHMA3 (Azi 245, Dip -53) is projected
from roughly 50 – 70 m south (off section) and drilled ~20 degrees
oblique to the section line. Historic diamond hole DDHMA3
intersection reported and discussed in a prior release3.)
MD17 successfully intersected 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.
https://www.globenewswire.com/NewsRoom/AttachmentNg/647cb7a3-9528-427f-86c0-1fdde3780561(Figure
3: Strongly sericite altered and quartz veined interval of
Missing Link Monzogranite from 261.08 m – 264.78 m in MD17. Right
photo is close-up of drill core from 263.4 m – 263.5 m. The
enveloping one metre interval (263 m – 264 m) returned 1.24 ppm Au,
145 ppm Sb, 2.01 ppm Ag, 5530 ppm As (0.55%), 20 ppm Bi, 30 ppm Mo,
and 439 ppm W.)
Drill hole MD17 was sampled in two stages, with
priority given to sampling across the monzogranite interval and
contact zones. Gold assays recently returned from the priority
sampling only are presented here. The remainder of gold assays from
MD17 (second stage), in addition to very recently returned
multi-element data are still in QAQC and review and will be
reported once fully interrogated.
Table 1 below outlines the significant
intersection returned (gold only) for the priority sampled portion
of MD17. The intersection was calculated using parameters that
include a 0.1 g/t Au cut-off and no more than 5 m internal waste
and are considered appropriate for reporting wider and typically
more diffuse gold values associated with mineralised intrusive
occurrences. The reported intersection in Table 1 is considered
close to true width.
Table 1: Significant intercept
table (gold only) from priority sampled portion of drill hole MD17.
This significant intercept was generated using a 0.1 g/t Au cut-off
grade and no more than 5 m internal waste.
HOLE ID |
COORDSYS |
EASTING |
NORTHING |
RL |
AZI GRID |
DIP |
DEPTH FROM |
DEPTH TO |
Au (ppm) |
Width (m) |
MD17 |
MGA94_55 |
263859 |
5880568 |
522 |
265 |
-50 |
197 |
276.9 |
0.26 |
79.9 |
Results referred to in this news release are not
necessarily representative of mineralization throughout the
Malmsbury Project.
Forward Work Program 2022
Diamond drilling continues at Malmsbury with two
additional priority diamond holes to be included in the current
drilling program based on recent success, including: 1) a circa 80
m step-out hole north of MD17 to test the Missing Link Monzogranite
in an area of significant Au-in-soil and rock chips; and 2) an
additional hole on the Leven Star Reef to test a potential
high-grade shoot identified in recently reported significant
results from MD162.
The work program moving forward will involve a
larger second phase of drilling to both build on current success
and test remaining high-priority targets not drilled in the current
round. This is scheduled for late 2022 or 2023 pending rig
availability.
Planning is also advancing on an IP survey,
scheduled for Q3, 2022, to define sulphide rich target zones and
enhanced quartz veining within the granite (IRGS) target corridor,
in addition to delineating disseminated sulphide haloes around
high-priority gold reef targets. Further expansion of systematic
soil geochemistry, mapping and rock chip sampling is also
scheduled.
Sampling & Analytic
Methodology
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 National
Instrument 43-101 Standards of Disclosure for Mineral Projects
(“NI 43-101”) by reviewing analytical procedures
undertaken by ALS.
QP STATEMENT
Dr. Christopher Doyle (MAIG) is the qualified
person, as defined under NI 43-101, responsible for, and having
reviewed and approved, the technical information contained in this
news release. Dr. Doyle is Novo’s Exploration Manager – Victoria
& Project Generation.
ABOUT NOVO
Novo operates its flagship Beatons Creek gold
project while exploring and developing its prospective land package
covering approximately 11,000 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.
“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
remaining assays for the drilling program are expected over the
coming months, that positive gold assays from the current diamond
drilling further validate the potential for an intrusion hosted
and/or IRGS at the Malmsbury Project, and that the drilling and
forward work programs described in the news release will be
undertaken at the Malmsbury Project. 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 three-month period ended March 31, 2022, 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.
APPENDIX 1:Geology and DH Geology Legend:
Appendix 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/488fbef7-7a29-4eab-a0e9-593ea2b6a786
________________1 Refer to the Company’s news release dated May
10, 2022.2 Refer to the Company’s news release dated May 13, 2021.
3 Refer to the Company’s news release dated December 16, 2021.
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