Novo Provides Update on Near-Term Exploration Progress
January 22 2019 - 8:00AM
Novo Resources Corp. (“
Novo” or
the “
Company”) (TSX-V: NVO; OTCQX: NSRPF) is
pleased to provide an update on near-term exploration progress.
Karratha Gold Project:
In its news release dated December 20, 2018,
Novo discussed encouraging preliminary results from test work using
a TOMRA mechanical rock sorter on gold-bearing conglomerate
material from its Karratha gold project. High-grade assays from
sorted rock concentrates provided a first indication that the
technique is effective at upgrading gold into small volume
concentrates. Novo anticipates receiving complete assays from all
fractions of test material by the end of January at which time it
will present a complete assessment of the efficacy of mechanically
sorting Karratha gold-bearing conglomerates.
Novo is currently generating a mineralization
report covering exploration results on the Comet Well and Purdy’s
Reward exploration licenses. This report forms the basis for
conversion of an exploration license to mining leases. Submission
of this report to the Western Australian Department of Mines,
Industry Regulation and Safety is targeted for the first quarter of
this year.
Egina 2019 Exploration
Program:
Novo announced encouraging results from
processing of its first bulk sample at its new Egina gold project
in a news release dated December 20, 2018. A total of 107.88 grams
of raw gold were recovered from 95 cubic meters of gravel. Gold was
found to be dominantly coarse suggesting simple processing
techniques can likely be employed during potential future
large-scale gold recovery at Egina. Novo thinks lag gravels
mantling the vast erosional terrace at Egina could host a
significant gold deposit, the shallow nature of which makes it a
particularly attractive target.
Work at Egina is on hold during the rainy season
lasting until late March. Plans are currently being made to resume
aggressive bulk sampling and processing on the Egina mining lease
to evaluate the geologic potential of the terrace gravels as well
the best means of processing. Current permitting allows for up to
50,000 tonnes of gravel to be excavated and processed at Egina,
subject to appropriate heritage clearances.
Beatons Creek Bulk Samples and Resource
Estimation
A suite of 58 +2 tonne bulk samples was
collected from gold-bearing conglomerates at Beatons Creek in 2018.
Processing of these samples is expected to be complete in early
February at which time Novo will present results. Although Novo
recently announced an upgraded resource at Beatons Creek (please
refer to the Company’s November 21, 2018 news release), its
intention is to generate a further expanded resource utilizing bulk
sample data coupled with recently collected diamond drill and
down-hole imaging data. The next resource estimate is expected to
be completed during the first quarter of this year.
“Novo’s team is working diligently across many
fronts to progress our advanced projects,” commented Mr. Rob
Humphryson, CEO and a Director of the Company. “In 2019, we aim to
make great strides in demonstrating the potential large size and
viability of these unique deposits. We are becoming increasingly
excited as we unlock their geologic intricacies and develop the
technology to advance them.”
Dr. Quinton Hennigh, P. Geo., the Company’s,
President, Chairman, and a Director, and a qualified person as
defined by National Instrument 43-101, has approved the geological
content of this news release.
About Novo Resources Corp.
Novo’s focus is to explore and develop gold
projects in the Pilbara region of Western Australia, and Novo has
built up a significant land package covering approximately 12,000
sq km with varying ownership interests. 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.
“Quinton Hennigh”Quinton Hennigh President and
Chairman
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Forward-looking information
Some statements in this news release contain forward-looking
information (within the meaning of Canadian securities legislation)
including, without limitation, statements as to planned exploration
activities and the expected timing of the receipt of results, as
well as the expected timing of completion of an updated resource on
Novo’s Beatons Creek property. 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 mineral resource industry as
well as the performance of services by third parties.
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