Novo Discovers New Terrace Gold at Egina; Receives Positive Initial Sorting Test Results
December 17 2019 - 07:00AM
Novo Resources Corp. (“
Novo” or
the “
Company”) (TSX-V: NVO; OTCQX: NSRPF) is
pleased to announce recent exploration has revealed extensive new
areas of gold-bearing terrace gravels at its Egina gold project,
Pilbara, Australia. Recently completed heritage surveys provide
access to multiple new target areas. Initial results from
mechanical sorting test work on bulk samples of Egina gravel at
Steinert Global prove very encouraging.
Highlights:
- Recent exploration activities have confirmed the presence of
extensive areas of gold-bearing gravels at the South Egina and
Paradise targets. South Egina is approximately 2 km south and
Paradise is approximately 14 km north-northeast of the site of
Novo’s recent trenching and bulk sampling activities on the Egina
mining lease (Figure 1). Given these are the very first new target
areas to be explored outside of the main area of focus to date,
Novo is very encouraged by early results.
- Prospect level trenching, metal detecting and “indicative”
mini-bulk sampling are being employed by Novo to assess
prospectivity of gravels in new target areas (Figure 2, Figure 3,
and Figure 4). Ground penetrating radar is employed to help
identify targets. Gold nuggets have been detected and finer grained
gold has been recovered from processing of mini-bulk samples from
multiple pits at both South Egina and Paradise (Figure 5, Figure 6,
Figure 7, and Figure 8). South Egina and Paradise are the first two
of many new target areas Novo plans to explore over the next few
months.
- Weather permitting, Novo has decided to focus most field
activities on exploring for more areas of gold-bearing gravels
during summer months from now until April 2020. The goal of this
work will be to define at least five new highly prospective areas
of gold-bearing gravels that can be subjected to similar systematic
trenching and bulk sampling as that conducted at the Egina mining
lease over the past few months. Novo hopes to identify multiple new
areas that can potentially be developed into larger bulk sampling
sites.
- Two large, circa 600 cubic meter, bulk samples were recently
collected from the targeted “swale” at the Egina mining lease.
These are currently being processed through Novo’s IGR3000 gravity
gold plant and results will allow Novo to draw comparisons with
previously processed 30-80 cubic meter bulk samples. It is expected
results from these will be available in quarter one, 2020.
- Kariyarra Aboriginal Corporation (“KAC”)
recently completed another heritage survey with Novo covering
target areas over tenements E47/2502, E47/3318, and M47/561. A
total of approximately 20 km2 of high priority, prospective gravel
target areas has now been heritage surveyed and available for
exploration within the greater Egina Project area (Figure 9).
Approximately 0.43km2 of the area surveyed comprises heritage sites
that will be managed in accordance with the direction of the
KAC.
- Further heritage surveys to increase the area available for
ground-disturbing exploration activities will be requested from KAC
in the new year. Novo would like to thank the Kariyarra
People for progressing these heritage surveys and providing the
Company with knowledge required to ensure that heritage values are
protected on the ground where Novo is operating.
- Recently, an approximately 5-tonne bulk sample of Egina gravels
was screened into three size fractions, 18-50 mm, 6-18 mm and less
than 6 mm, and was subjected to mechanical sorting tests at
Steinert Global’s test facility in Perth. Each size fraction was
seeded with commensurately sized nuggets that were photographed
before and after each trial for comparison. Repeated tests
demonstrated effectively 100% recovery of all gold particles over
one mm in size into concentrates of well less than one percent of
the total mass, a remarkable result. Assessment of the recovery of
very small gold particles of less than one mm must be made by
analytic means as these grains are too small to separate from
concentrates by naked eye. Analyses will be conducted early next
year at which point Novo can comment further about the ultimate
recovery rate of gold. An assessment of the lower limit of size of
gold particle that can be mechanically sorted will also be possible
once analyses have returned.
“Recent exploration and mechanical sorting
success at Egina have capped a very good year for this exciting
gold project,” commented Quinton Hennigh, President and Chairman of
Novo Resources Corp. “We recently commenced broad scale exploration
activities with the aim of identifying at least five new areas of
highly prospective gold-bearing gravels. Our first two targets,
South Egina and Paradise, have yielded early, but very promising
indications of appreciable gold in terrace gravels. With recent
heritage surveys now complete, we are in an excellent position to
test yet further targets over the next few months. On top of these
critical advancements in exploration, our initial results from
mechanical sorting tests of Egina gravels show excellent promise
for high recovery of gold into very small mass concentrates. Given
most Egina gold appears to be of size that can be sorted, such
processing will likely prove the critical advancement that unlocks
this vast gold project.”
Dr. Quinton Hennigh, P. Geo., the Company’s,
President, Chairman, Director, and a qualified person as defined by
National Instrument 43-101, has approved the technical contents 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 13,000
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 processing
and exploration activities and the likelihood of their results.
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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