Novo Resources (TSXV:NVO)
Historical Stock Chart
From Jan 2020 to Jul 2020
Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) has recently conducted mechanical, sensor based sorting tests on Egina and Beatons Creek bulk sample material at TOMRA’s Sydney, Australia and Wedel, Germany testing facilities as discussed in Novo’s news release dated February 27, 2020 (https://www.novoresources.com/news-media/news/display/index.php?content_id=380).
- Test work discussed in this news release was conducted at TOMRA’s Wedel, Germany facility using TOMRA’s Fine Diamond Recovery (“FDR”) prototype with an ultra high resolution X-Ray Transmission (“XRT”) scanner.
- A test conducted on the 2-6mm fraction of material generated during crushing and screening approximately 2.8 tonnes of Beatons Creek bulk sample material targeted a 40% mass pull (a reduction of the original mass into a concentrate weighing 40% the original mass). A concentrate containing 92.1% of gold in just 39.9% of the original mass was generated. This is not necessarily a representative concentrate of mineralization hosted on the Beatons Creek property. This result is similar to test results conducted using a Steinert mechanical sorter in which material sized 2.3-6mm yielded a concentrate recovering 95.5% of the gold into a mass of 20.3% of the original mass (please refer to the Company’s news release dated January 29, 2020 for further details: https://www.novoresources.com/news-media/news/display/index.php?content_id=378).
- With data now in hand from all recent test work conducted using both TOMRA and Steinert mechanical sorters (please refer to the Company’s news releases dated January 29, 2020 - https://www.novoresources.com/news-media/news/display/index.php?content_id=378 and February 27, 2020 for further details - https://www.novoresources.com/news-media/news/display/index.php?content_id=380), Novo is growing more confident that mechanical sorting could potentially prove an effective means of upgrading Beatons Creek conglomerate gold mineralization. All crush size fractions ranging between 2 and 50 mm display significant upgrading potential.
- Given that gold particles at Beatons Creek are generally much finer than those at Egina and Karratha where mechanical sorting tests have yielded excellent recoveries into low volume concentrates, Novo is taking a view that such sorting may prove important not only to Beatons Creek, but perhaps to Novo’s other, less advanced gold projects including Virgin Creek, Contact Creek and Talga Talga, all of which display similar nuggety gold mineralization to that at Beatons Creek.
- Test work conducted on 2-6mm material targeting mass pulls lower than 40% yielded lower gold recoveries. Nevertheless, Novo sees opportunity to achieve lower mass pulls while recovering +90% of gold through various optimizations.
- Post crushing and screening, the 0-2mm size fraction comprises approximately 12% of the total mass of the bulk sample. In spite of this very small sample volume, Novo and TOMRA undertook mechanical sorting tests on sub-splits of this material. The most favourable result yielded 69.1% of gold in 24% of mass. Room for optimization is possible. Alternatively, Novo also sees potential to treat this very fine material through conventional gravity means.
“Testing of sub-6mm fractions of Beatons Creek conglomerate gold mineralization has yielded results exceeding our expectations, especially considering the fine-grained nature of gold particles characteristic of this material. Results clearly demonstrate sorting has the ability to concentrate gold in these finer size fractions,” commented Rob Humphryson, CEO and a director of Novo. “We now see promising potential to significantly upgrade all crush sizes ranging from 2 to 50mm based on our test work at both TOMRA and Steinert. We look forward to field tests in which we envision optimizing sorting parameters on a large scale from Novo’s various Pilbara gold projects. Importantly, more definitive recovery results will allow evaluation of greatest economic benefits – from coarser size fractions where sorters are at their most productive and in nuggety gold systems, where low capital, chemical-free and water-free processing solutions simplify a path to development.”
Description of Test Work
Beatons Creek A total of approximately 5.6 tonnes of costean-sourced material collected during the bulk sampling program conducted at Beatons Creek in 2018 (see the Company’s news releases dated December 13, 2018 - https://www.novoresources.com/news-media/news/display/index.php?content_id=334 – and January 29, 2020 - https://www.novoresources.com/news-media/news/display/index.php?content_id=378) was crushed and screened at Bureau Veritas’ laboratories in Perth, Western Australia. Sample material was then screened to +0.0/-6.0 mm, +6.0/-18.0 mm and +18.0/-50.0 mm, the same size fractions used during Egina test work (see the Company’s news release dated December 17, 2019 - https://www.novoresources.com/news-media/news/display/index.php?content_id=371). Half of this material, approximately 2.8 tonnes, was delivered to TOMRA’s mechanical sorting test facility in Castle Hill, New South Wales for test work. A 194kg sub-sample of the +0.0/-6.0 mm fraction was forwarded to Germany for testing in February 2020, which was further screened into +0/-2mm and +2mm/-6mm size fractions to better test the effects of mechanical sorting at very small size fractions. Three runs targeting different mass pulls were conducted on the +2mm/-6mm fraction, and four runs targeting different mass pulls were conducted for the +0mm/-2mm fraction. All product streams were grab sampled and analysed using the Minanalytical’s ChrysosTM PhotonAssay technique.
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 technical contents of this news release.
About Novo Resources Corp.
Novo’s focus is primarily 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. 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 email@example.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 testing activities. 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. In this news release, such statements include that Novo is growing more confident that mechanical sorting could potentially prove an effective means of upgrading Beatons Creek conglomerate gold mineralization, that Novo sees opportunity to achieve lower mass pulls while recovering +90% of gold through various optimizations, and that Novo sees potential to treat the very fine material through conventional gravity means. Such factors include, without limitation, customary risks of the mineral resource industry as well as the performance of services by third parties.