Novo Files Updated Beatons Creek Technical Report
May 13 2019 - 5:41PM
Novo Resources Corp. (“
Novo” or
the “
Company”) (TSX-V: NVO; OTCQX: NSRPF) is
pleased to announce that it has filed a technical report prepared
pursuant to National Instrument 43-101 Standards of Disclosure for
Mineral Projects (“
NI 43-101”) related to its
April 1, 2019 news release
(http://novoresources.com/news-media/news/display/index.php?content_id=346)
announcing the increased resource estimate for its Beatons Creek
Gold Project, Western Australia (the “
2019 Resource
Estimate”). The independent technical report, entitled “NI
43-101 Technical Report, Mineral Resource Update, Beatons Creek
Conglomerate Gold Project, Pilbara Region, Western Australia” (the
“
2019 Technical Report”), with an effective date
of February 28, 2019 and an issue date of May 13, 2019, was
prepared for Novo by Dr. Simon C. Dominy (FAusIMM (CPGeo)) of
Surrey, UK and Dr. Quinton T. Hennigh (P.Geo.) of Longmont, USA.
Dr. Dominy and Dr. Hennigh are qualified persons as defined under
NI 43-101. The 2019 Technical Report is available under the
Company’s profile on the System for Electronic Document Analysis
and Retrieval (“
SEDAR”) website at www.sedar.com
(filing date: May 13, 2019) and on the Company’s website at
www.novoresources.com.
Highlights:
- The updated 2019 Resource Estimate
includes a 30% increase in tonnes driven predominantly by an
improved geological framework from the recent diamond drilling
program compared to the previous 2018 estimate supported by the
technical report titled “NI 43-101 Technical Report Resource
Update, Beatons Creek Gold Project, Pilbara Region, Australia”
issued on November 20, 2018 (the “2018 Resource
Estimate”) and filed on SEDAR (www.sedar.com) under the
Company’s profile on November 21, 2018.
- The new model sees an increase of
115,000 oz Au (+33%) in the Indicated Mineral Resource category
(over the 2018 Resource Estimate’s Measured + Indicated) within the
Open Pit.
- Recent three-stage gravity
recoverable gold (“GRG”) test work on the fresh
mineralization achieved a gravity recovery in the range of
89-95%.
- The expanded 2019 Resource
Estimate, along with Beatons Creek’s high metallurgical recovery
(+97% gravity + carbon-in-leach; please refer to the Company’s news
release dated March 7, 2017 for further details), make it the
premier gold deposit in the Nullagine mining camp in the eastern
Pilbara region.
- Mineralization remains open to the
north-west and south-west with several areas identified for
resource development drilling.
2019 Resource Estimate:
Open Pit
Mineral Resources (oxide and fresh mineralization) |
|
Cut-off Grade |
Tonnes |
Grade |
Ounces Troy Au |
Classification |
Au g/t |
(x1000) |
Au g/t |
(x1000) |
Indicated |
0.5 |
6,645 |
2.1 |
457 |
Inferred |
0.5 |
3,410 |
2.7 |
294 |
Open Pit
Mineral Resources (oxide mineralization) |
|
Cut-off Grade |
Tonnes |
Grade |
Ounces Troy Au |
Classification |
Au g/t |
(x1000) |
Au g/t |
(x1000) |
Indicated |
0.5 |
4,500 |
1.9 |
272 |
Inferred |
0.5 |
765 |
1.8 |
44 |
Open Pit Mineral Resources (fresh
mineralization) |
|
|
|
Cut-off Grade |
Tonnes |
Grade |
Ounces Troy Au |
Classification |
Au g/t |
(x1000) |
Au g/t |
(x1000) |
Indicated |
0.5 |
2,145 |
2.7 |
185 |
Inferred |
0.5 |
2,645 |
2.9 |
250 |
Underground Mineral Resources (fresh
mineralization) |
|
Cut-off Grade |
Tonnes |
Grade |
Ounces Troy Au |
Classification |
Au g/t |
(x1000) |
Au g/t |
(x1000) |
Inferred |
3.5 |
885 |
5.3 |
152 |
Total Mineral Resources (oxide and fresh mineralization;
open pit and underground) |
|
Cut-off Grade |
Tonnes |
Grade |
Ounces Troy Au |
Classification |
Au g/t |
(x1000) |
Au g/t |
(x1000) |
Indicated |
0.5 |
6,645 |
2.1 |
457 |
Inferred |
0.5, 3.5 |
4,295 |
3.2 |
446 |
Notes:1. Open pit Mineral Resources contain
oxide and fresh mineralization within an optimized shell and
constrained within a mineralized wireframe.2. An optimized Whittle
pit shell was estimated with the following indicative
parameters: (a) USD $1,311 (AUD $1,850) / troy
ounce; (b) Metallurgical recoveries of 95% oxide
and 90% fresh; (c) SGs applied: Oxide 2.40 t/m3
and fresh 2.85 t/m3 based on measurements taken on drill
core; (d) USD $2.40 / tonne mining cost for
oxide and USD $3.68 / tonne for fresh; (e) USD
$17.00 / tonne oxide and USD $19.00 / tonne fresh processing cost;
and (f) USD $3.00 / tonne general and
administrative costs.3. Underground Mineral Resources contain fresh
mineralization outside the optimized shell. Underground resources
are constrained to discrete areas of contiguous mineralization. NB:
cut-off grade for underground resource has been increased from 2.0
Au g/t to 3.5 Au g/t for the 2019 Resource Estimate. 4. Columns may
not total due to rounding.5. One troy ounce is equal to 31.1034768
grams.
In this news release, the terms “Mineral
Resource”, “Inferred Mineral Resource”, “Indicated Mineral
Resource” and “Measured Mineral Resource” have the meanings given
in the CIM Definition Standards on Mineral Resources and Mineral
Reserves adopted by the Canadian Institute of Mining, Metallurgy
and Petroleum Council.
Dr. Quinton Hennigh (P.Geo.) is the qualified
person pursuant to NI 43-101 responsible for, and having reviewed
and approved, the technical information contained in this news
release. Dr. Hennigh is President, Chairman, and a director of Novo
Resources Corp.
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.
Cautionary Note to U.S. Readers
Regarding Estimates of Inferred, Indicated and Measured
Resources This news release uses the term "inferred
mineral resources", "indicated mineral resources" and "measured
mineral resources". We caution U.S. investors that while these
terms are recognized and required by Canadian regulations, they are
not recognized by the U.S. Securities and Exchange Commission (the
“SEC”). "Inferred mineral resources" have a great
amount of uncertainty as to their existence, and great uncertainty
as to their economic and legal feasibility. It cannot be assumed
that all or any part of an "inferred mineral resource" will ever be
upgraded to a higher category. Under Canadian rules, estimates of
"inferred mineral resources" may not form the basis of a
feasibility study or prefeasibility studies. U.S. investors
are cautioned not to assume that any part or all of an “inferred
mineral resource” exists or is economically or legally
mineable. The terms "indicated mineral resources"
and "measured mineral resources" are not defined under SEC Industry
Guide 7 and are not normally permitted to be used in documents
filed with the SEC. U.S. investors are cautioned not to
assume that any part or all of mineral deposits in these categories
will ever be converted into SEC Industry Guide 7
reserves.
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