Novo Resources Corp. (
“Novo” or
the
“Company”) (TSX: NVO, NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) is pleased to provide an update on gold and
nickel-copper targets at Purdy’s North on EL47/1745 and on the
Maitland Intrusion (EL47/3443) in the West Pilbara region of
Western Australia. Purdy’s North is adjacent to Azure Minerals
Limited’s (
“Azure”) Andover VC-07
nickel-copper-cobalt massive sulphide discovery
(
“Andover”) and Artemis Resources Limited’s
(
“Artemis”) Carlow Castle gold-copper-cobalt
discovery (
“Carlow Castle”). It should be noted
that there is no certainty that EL47/1745 nor EL47/3443 contains
the same levels of mineralization as either of these discoveries1.
“We are excited to get on the ground at these
drill targets,” commented Mr. Mike Spreadborough, Novo’s Executive
Co-Chairman, Acting CEO, and director. “This is a highly
prospective region and there has been well-documented recent
exploration success from our neighbours, including Azure Minerals
and Artemis Resources. These projects are an important part of our
broader exploration strategy and we look forward to seeing what our
drilling program returns.”
A 4,500m RC drilling program has commenced,
representing the first part of a broader drilling campaign on
multiple targets in the Purdy’s North area and other significant
prospects in the Karratha district. This initially includes
drilling targets for orogenic gold (copper-cobalt) at Morto Lago
and Morto Lago North, and intrusive related nickel-copper-cobalt
(gold-platinum group elements) targets at Milburn, Southcourt and
Bushmill. Additional targets for drilling currently undergoing
heritage surveys include 47K, the Bullock Park area, Thorpe and the
Bob’s Well – East Well VHMS trend (Figure 1).
An initial 5-day heritage survey was completed
at both Purdy’s North and further south on the Maitland Intrusion,
clearing several prospects for access, with a second 5-day survey
currently in progress.
Several of the extensive high-order copper,
nickel geochemical anomalies at Purdy’s North, initially defined by
surface soil sampling and mapping have now been tested by either IP
or FLEM surveys or a combination of both. A high resolution
aeromagnetic/radiometric survey was also completed across Purdy’s
North and the Bob’s Well VHMS trend. Results from this detailed
technical work have been utilised to finesse original targets
generated by mapping and surface sampling in late 2021.
https://www.globenewswire.com/NewsRoom/AttachmentNg/4dd83164-a7c3-49b4-be0c-91c81e490a21Figure
1: Prospect location at the Purdy's North and
Maitland/Dingo intrusive areas.
The Milburn and Morto
Lago prospects are located 1.5 km due east of Carlow
Castle. At Milburn, the target is a discrete Electromagnetic
geophysical (“EM”) anomaly up to 300 m long and 200 m wide,
overlaying a gabbro and meta-basalt contact. Two copper-nickel-gold
occurrences in historic workings are present on the edge of the EM
anomaly and are associated with the NNW trending sheared
basalt-gabbro (intrusion) contact with anomalous copper. At Morto
Lago, the target is a gold-quartz vein system that manifests as a
70 m wide subcrop over 350 m in an outwash claypan, mostly obscured
by regolith, but with significant rock chip gold assay results (up
to 6.63 g/t gold). Recently discovered is the Morto Lago North
trend, where a complex array of malachite bearing sulphidic veins
sub-crop in outwash plains over several hundred metres strike and
100m width, with pXRF values of >2000 ppm arsenic and 101 ppm
gold (these pXRF values are likely indicative of gold being
present, but do not accurately reflect gold grade).
The Bushmill historic EM
anomaly is located 5 km south of the Radio Hill
nickel-copper-cobalt Project. The VTEM target is located in the
sheared northwest corner of the Maitland Intrusion and manifests as
a single weak to moderate conductor at a depth of approximately 75
m. The EM plate is obscured by sand, gravel, and clay which has
previously made surface sampling ineffective. Down-hole EM (DHEM)
will be conducted on all nickel targets drilled.
https://www.globenewswire.com/NewsRoom/AttachmentNg/f64d66c1-dc9f-45a6-a5fb-9dde0a32744eFigure
2: Field photo of the Stark Drilling RC rig at Morto
Lago.
https://www.globenewswire.com/NewsRoom/AttachmentNg/44b63ec8-0da5-4086-8d27-3495d515aca2Figure
3: Field photo of the Ngarluma heritage survey with six
survey vehicles on the road to the Bushmill prospect in the
Karratha district.
Analytic Methodology
The pXRF assay technique utilized a Niton XL5
handheld XRF machine. The Niton is calibrated daily, with 4 QAQC
standards (fit for purpose including certified Ni, Cu and Co
values) run concurrently, with an additional 2 standards checked
per 100 readings and 4 QAQC standard assayed before the machine is
shut down. pXRF is utilized as a preliminary exploration technique
for base metals. Rock chip samples are point analysed for 90
seconds using 4 machine filters. The pXRF is a spot reading device
and has diminished precision due to grainsize effect, especially on
rock samples where peak results represent a window of < 10mm
field of view.
Rock chip samples were assayed by Intertek
Genalysis in Perth, Western Australia and were crushed and
pulverized and assayed for Au by four acid digest and 50 g charge
fire assay FA50/OE and for 48 multielement using four acid digest –
MS finish (4A/MS). QAQC protocols included 12 standards and blanks
in the two batches with Morto Lago rock chip samples, representing
10% QAQC. 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
Intertek Genalysis.
Table 1 – All rock chip samples
from the Morto Lago subcrop
Sample |
Description |
Easting |
Northing |
Au ppm |
W10753 |
Grey quartz vein sub crop with 5 % sulphides weak brecciation |
509116 |
7698569 |
6.631 |
W10712 |
Sub crop of brecciated quartz vein sub crop with gossanous
selvage |
509137 |
7698599 |
4.542 |
W10755 |
Sulphidic quartz vein selvage |
509117 |
7698574 |
0.866 |
W10754 |
Quartz vein with red fe-ox and minor malachite |
509119 |
7698576 |
0.222 |
W10714 |
Quartz vein subcrop, with disseminated sulphides and malachite |
509093 |
7698629 |
0.208 |
W10711 |
Subcrop of massive Fe rock |
509127 |
7698596 |
0.002 |
QP STATEMENT
Dr. Quinton Hennigh (P.Geo.) 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. Hennigh is the non-executive co-chairman and a
director of Novo.
ABOUT NOVO
Novo operates its flagship Beatons Creek 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 DHEM
will be conducted on all nickel targets drilled at Bushmill. 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.
___________________________1 Refer to the Company’s news release
dated November 30, 2021.
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