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Junior Mining Novo Resources

Commencement of Phase 2 Mechanical Sorter Trials at Nullagine Gold Project

HIGHLIGHTS• Steinert KSS 100F LIXT fine mechanical sorting unit (the “Sorter”) constructed and commissioned at the Company’s Nullagine gold project (the “Nullagine Gold Project”) in Western Australia
• Comet Well and Purdy’s Reward samples have been processed with results pending
• Concentrates undergoing assessment by Novo geologists ahead of assay to determine gold content  
VANCOUVER, BC – Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to advise that Phase 2 mechanical sorter trials have commenced at the Nullagine Gold Project.

Over recent weeks, the Sorter infrastructure has been mobilized, constructed, and commissioned adjacent to the Company’s Golden Eagle processing plant at the Nullagine Gold Project. Fifty samples from the Company’s Comet Well, Purdy’s Reward, Egina, and Talga Talga projects ranging in size from 800 kg to approximately five tonnes have been delivered to the site for crushing and screening ahead of Phase 2 Sorter testwork . 

The testwork program in late 2021 and early 2022 is designed to achieve multiple objectives:
• Construct and commission the Sorter and associated infrastructure (Phase 1 – complete) 
• Tune the Sorter to the various geological regimes and size fractions and train Novo operators in its use
• Process samples from multiple Novo projects around the Pilbara to field test mass pull to concentrate1 
• Establish assay protocols for Sorter concentrate ‘accepts’ and waste ‘rejects’. Smaller concentrate mass will be processed by Chrysos PhotonAssay at Intertek’s laboratory in Perth, Western Australia . The Acacia reactor and electrowinning apparatus in the gold room at the Nullagine Gold Project is being commissioned to accept larger masses of material from accepts and reject samples. This will be particularly important as the testwork program moves to Phase 3 at the Company’s Comet Well project in 2022 to test bulk samples (up to 20,000 tonnes of potentially mineralized material from the Comet Well and Purdy’s Reward projects).

The Sorter infrastructure, designed and constructed by OPS Screening and Crushing Equipment, is a fully modular and containerized turn-key plant deployable to any of Novo’s tenements in the future for testwork and potential large bulk sampling and processing. The Sorter includes feed and product transfer conveyors, allowing the Sorter to produce gold-bearing concentrates in a single pass for further upgrading or downstream processing.

This Phase 2 trial of the Sorter within the Golden Eagle processing facility area is the culmination of several years of test work conducted by Novo to determine the amenability of mechanical sorting to its 13,250 sq km of tenements across Western Australia. Mechanical sensor-based sorting utilizes x-ray technology, 3D colour laser, and metal induction to identify gold-bearing material. A high-pressure air jet ‘shoots’ these gold bearing particles into a collection system to produce a concentrate for further downstream processing.

A drone fly-over video of the installed Sorter facility at the Nullagine Gold Project is available below. 
Next steps: 
• Phase 2 completion prior to May 2022 – complete processing and assaying of all outstanding coarse, mid, and fines samples from the Company’s Comet Well, Purdy’s Reward, Egina and Talga Talga projects and establish operating protocols for processing larger mass  
• Phase 3 commencing May 2022 (subject to approval from the Western Australian Department of Water and Environmental Regulation) – relocate the Sorter and infrastructure to the Comet Well project for bulk testwork
(Figure 1: The Sorter and associated infrastructure undergoing final construction and commissioning at the Nullagine Gold Project.)
(Figure 2: The Sorter. Note the Company’s Golden Eagle processing facility in the background.)

“Novo is delighted to see the Sorter in operation at the Nullagine Gold Project,” commented Mr. Rob Humphryson, CEO and a director of Novo. “This represents the culmination of considerable planning involving a dedicated consortium of mechanical, electrical, geological and processing experts aiming to maximize the likelihood of success of an innovative application for sorting in the gold industry. Results from Phase 3 bulk sampling program set to commence in 2022 at the Comet Well and Purdy’s Reward projects, together with the results of the Phase 2 trials at the Nullagine Gold Project this year, are expected to provide sufficient geological and operating certainty to enable Novo to progress towards commercial operations at Novo’s nuggety gold deposits.”  

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, 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 gold project while exploring and developing its prospective land package covering approximately 13,250 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

Forward-looking information 

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that samples from the Company’s Comet Well, Purdy’s Reward, Egina, and Talga Talga projects ranging in size from 800 kg to approximately five tonnes will be crushed and screened ahead of Sorter testwork, that the Phase 2 testwork in late 2021 and Phase 3 testwork in early 2022 will achieve its objectives, including construction and commission the Sorter and infrastructure, tuning the Sorter to the various geological regimes and size fractions and training Novo operators in its use, processing samples from multiple Novo projects around the Pilbara to field test mass pull to concentrate, establishing assay protocols for Sorter concentrate ‘accepts’ and waste ‘rejects’, with Nullagine Gold Project gold room Acacia reactor and electrowinning apparatus being commissioned to accept larger masses of material from accepts and reject samples, that the Phase 3 testwork program will move to the Company’s Comet Well project in 2022 to test bulk samples (up to 20,000 tonnes of potentially mineralised material from the Comet Well and Purdy’s Reward projects), that processing and assaying of all outstanding coarse, mid and fines samples from Comet Well, Purdy’s Reward, Egina and Talga Talga will be completed and operating protocols for processing larger mass will be established prior to May 2022, and that the Sorter and associated infrastructure will be relocated to the Comet Well project for Phase 3 bulk testwork from May 2022 onwards pending receipt of approvals from DWER. 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 nine-month period ended September 30, 2021, 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.
Categories
Junior Mining Novo Resources Precious Metals

Novo/GBM JV Commences Inaugural Malmsbury Gold Project Diamond Drilling Program

Figure 1

Track mounted diamond drill rig on site at the Malmsbury Project – 14/12/2021.
Track mounted diamond drill rig on site at the Malmsbury Project – 14/12/2021.
Track mounted diamond drill rig on site at the Malmsbury Project – 14/12/2021.

Figure 2

Malmsbury Project location and major targets in the north of the project area, with geology and historic workings.
Malmsbury Project location and major targets in the north of the project area, with geology and historic workings.
Malmsbury Project location and major targets in the north of the project area, with geology and historic workings.

Figure 3a

Unidirectional solidification textures (USTs) in the Missing Link Monzogranite on the Malmsbury project
Unidirectional solidification textures (USTs) in the Missing Link Monzogranite on the Malmsbury project
Unidirectional solidification textures (USTs) in the Missing Link Monzogranite on the Malmsbury project

Figure 3b

Unidirectional solidification textures (USTs) in the Missing Link Monzogranite overprinted by gold bearing stockwork quartz veins on the Malmsbury project
Unidirectional solidification textures (USTs) in the Missing Link Monzogranite overprinted by gold bearing stockwork quartz veins on the Malmsbury project
Unidirectional solidification textures (USTs) in the Missing Link Monzogranite overprinted by gold bearing stockwork quartz veins on the Malmsbury project

Figure 4

soil geochemistry overlying geology.
soil geochemistry overlying geology.
soil geochemistry overlying geology.

Figure 5

FALCON® vertical gravity gradient image highlighting the gravity low associated with outcrop of gold mineralized granite. The Leven Star deposit is parallel to and lies on the edge of a major gravity gradient.
FALCON® vertical gravity gradient image highlighting the gravity low associated with outcrop of gold mineralized granite. The Leven Star deposit is parallel to and lies on the edge of a major gravity gradient.
FALCON® vertical gravity gradient image highlighting the gravity low associated with outcrop of gold mineralized granite. The Leven Star deposit is parallel to and lies on the edge of a major gravity gradient.

HIGHLIGHTS

  • Commencement of >2,000 m diamond drilling program, testing multiple high-order gold targets at the 50%-owned Malmsbury Gold Project (“Malmsbury Project”), 50 km SSW of the high-grade Fosterville gold mine in Victoria, Australia
  • Drill targets defined through systematic exploration in 2021 including mapping with alteration vectoring, grid soil and rock chip sampling, historic drill core review/re-sampling and historic data compilation with 3D modelling
  • The Malmsbury Project is under-explored and highly structurally complex, with multiple orientations of high-grade gold mineralization and in excess of 1,500 historic workings and old trenching
  • Several target styles are present, including “Fosterville-type” anticline-fault related targets, large scale planar faults and fault breccias, “Woods Point-A1 style” intrusion-hosted orogenic gold targets and an intrusion-related gold (“IRG”) system
  • Drilling will target a shoot on the Leven Star trend where historic reverse circulation (RC) drilling intersected 7 m @ 4.84 g/t Au (LSCR014) including 3m @ 9.38 g/t Au from 54 m and 4.1 m @ 13.1 g/t Au from 66.3 m (LSDDH08)1. These historical results are not necessarily representative of mineralization throughout the Malmsbury Project
  • Within the most complex part of the system, drilling will also target a highly altered gold-mineralized Devonian monzogranite which is rare in Victoria and outcrops over 340 m strike and 40 m width
  • Forward work program includes a further second phase of drilling in 2022, 2D/3D induced polarization (“IP”) to define disseminated sulphide haloes around various gold targets, further expansion of systematic soil geochemistry, mapping, and rock chip sampling

VANCOUVER, British Columbia, Dec. 16, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to advise that drilling has recently commenced (Figure 1) on a number of high-priority gold targets (Figure 2) at the Malmsbury Project (RL6587), approximately 50 km SSW of the high-grade Fosterville gold mine. Targeting has relied on significant exploration work conducted by the Novo/GBM team throughout 2021, including detailed 1:500 scale mapping, rock chip and grid soil sampling, 3D modelling and an airborne FALCON® gravity survey.

Novo acquired a 50% interest in the Malmsbury Project from ASX-listed GBM Resources Limited (ASX: GBZ) (“GBM”) in May 2021 and has the initial right to earn up to an additional 10% interest by incurring A$5 million in exploration expenditure over a four-year period2. GBM are currently managing the project.

The historical results and technical information referred to in this news release, published by AuStar Gold Limited (ASX: AUL) (“AuStar”) and included in geologic reports filed on the GeoVIC Earth Resources website, are not necessarily representative of mineralization throughout the Malmsbury Project. This historical data was disclosed in ASX announcements, other public disclosure documents, and exploration reports filed on the GeoVIC Earth Resources website (collectively, “Disclosure”) issued by AuStar and others, as identified in the GeoVIC Earth Resources filings. Certain of the technical information contained in this news release has been extracted from this Disclosure. Reference should be made to the relevant Disclosure which is available online at the links provided in various footnotes throughout this news release.

A qualified person has not verified the technical information contained in the Disclosure for Novo, and Novo is unaware of the existence of any current technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects or the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves in connection with the technical information contained in the Disclosure. Novo is unable to comment on the reliability of the technical information contained in the Disclosure and therefore, reliance should not be placed on such technical information.

https://www.globenewswire.com/NewsRoom/AttachmentNg/a13c2709-16da-4aa7-ad3c-1ab1ed3ce7d8
(Figure 1 – Track mounted diamond drill rig on site at the Malmsbury Project – 14/12/2021.)

Exploration Results and Summary from 2021

Mapping and Petrology – Detailed 1:500 scale mapping was conducted by Novo staff in the first half of 2021, aiding in defining the deep-seated regional Taradale Fault in the west of the Malmsbury Project, four main anticlinal structures trending the length of the project, zones of intense silicification, sulphidation and stockwork quartz veining, and the broad structural framework of the project area. Mapping (Figure 2) has highlighted significant anticlines and mineralized west dipping fault zones similar to the setting of the high-grade Fosterville deposit and extended the Leven Star mineralized trend to the SW of its previous known extent.

Coupled with mapping, historic workings (>1,000) and historic exploration costeans (>500) were field verified (GPS located) and accurately mapped with the aid of high-resolution LIDAR imagery acquired in 2020. Rock chip sampling also relied on mapping and historic workings location for selection criteria.

Importantly, mapping also defined a porphyritic monzogranite intrusion in the Belltopper Hill area with an outcrop expression over 340 m strike and up to 40 m width. The central portion of the granite, known as the Missing Link Granite, has incredible unidirectional solidification textures (“UST”) (Figure 3) typical in the carapace of IRG systems3 and these are overprinted by gold mineralized sheeted to stockwork quartz veins (Figure 3) and intense greisen style alteration defined by petrological studies. The intrusion will be targeted as an IRG system but also as a brittle host to orogenic vein style mineralization, similar to historic deposits including the Morning Star-Woods Point diorite-hosted ladder vein deposit owned by AuStar which produced over 800,000 oz of gold at 26.5 g/t Au tonne4.

One historic diamond drill hole (DDHMA3)5 intersected the Missing Link Granite, which was not recognized. Assaying of the hole by Novo/GBM, which was collared near the contact of the granite (top 18 m of hole missing as roller bit was used) yielded 23 m @ 0.46 g/t Au (at 0.1 g/t Au cut-off) from 18 m. Surface sampling yielded assay results up to 9.74 g/t Au from quartz veins within the granite.

Rock Chip Sampling – Results for 413 rock chip samples were received throughout the year, providing critical information on gold endowment and multielement associations and providing a useful targeting parameter. Over 17% of the samples assayed >1g/t Au with peak assay results of 27.1 g/t Au and 14.2 g/t Au on the Leven Star trend (Table 1).

Soil Sampling – Results for 474 grid soil samples taken in 2021 were recently received, with a further 150 results pending. Sampling was aimed at infilling older soils grids and expanding coverage across the RL. Approximately 11% of the samples assayed >100 ppb Au with a peak assay of 1.47 g/t Au and 89 ppm Sb. Soil sampling has provided an excellent vector for drill targeting with strong Au, As and Sb anomalies defining key targets (Figure 4). Soil sampling has also defined zoned multielement patterns around the Missing Link Granite with intrusion-related geochemical signatures, including a strong Mo core (Figure 4) zoning outward to Sn, Bi and W and potentially Sb and Au,

The aforementioned results are not necessarily representative of mineralization throughout the Malmsbury Project.

https://www.globenewswire.com/NewsRoom/AttachmentNg/b20c54dc-9cea-4f52-a352-4e871b90c062
(Figure 2 – Malmsbury Project location and major targets in the north of the project area, with geology and historic workings.)

https://www.globenewswire.com/NewsRoom/AttachmentNg/416bea9d-3362-4d6f-9371-bd5c29f0bce0
https://www.globenewswire.com/NewsRoom/AttachmentNg/a39a04c7-c910-40fb-9c4c-ddf11f58277b
(Figure 3 – Unidirectional solidification textures (USTs) in the Missing Link Monzogranite overprinted by gold bearing stockwork quartz veins on the Malmsbury Project.)

FALCON® Gravity – A FALCON® airborne gravity gradiometer and aeromagnetic survey was flown in May 2021, totalling 537.6 line kilometres. The gravity survey identified a large gravity low (1.5 x 0.8 km) potentially related to the monzogranite intrusion which crops out in the western edge of the gravity low feature. The Leven Star Lode lies on the edge of and is parallel to the gravity low (Figure 5).

Drilling Program 2021 – 2022

A minimum of 2,000 m of diamond drilling is planned during late 2021 and the first quarter of 2022 to test multiple high-ranking targets (Figure 2).

  • Drilling will target a shoot on the Leven Star Lode where historic reverse circulation (“RC”) drilling intersected 7 m @ 4.84 g/t Au (LSCR014) including 3 m @ 9.38 g/t Au from 54 m1. Drilling will also test up and down dip positions adjacent to high-grade intersections on the main Leven Star Lode for deposit extension and metallurgical test work purposes.
  • As a preliminary test, one 350 m drill hole will extend west along the Leven Star Lode to intersect the junction of a number of mineralized trends including Leven Star, Panama South and Missing Link (Figure 2). Surface mapping and soil and rock chip sampling have highlighted strong gold and multielement geochemistry and intense sheeted quartz veining and silica alteration are present at surface.
  • The newly discovered Missing Link Granite, including Missing Link and Hanover West historic reefs (Figure 2) will be drill tested with one 400 m drill hole as an initial scout to identify the geometry and gold endowment of the monzogranite at depth. As stated above, the intrusion will be targeted as an IRG system but also as a brittle host to orogenic vein style mineralization.
  • The Never Despair historic workings are centred on a convergence of four separate reefs. Rock chip sampling from waste rock spoils yielded consistent grades averaging 1.96 g/t Au and 260ppm Sb and peak results of 5.66 g/t Au. Drilling will aim to intersect the target down plunge at depth
  • Drilling of two holes initially will test beneath the Queens-Egyptian and O’Connor’s Historic reefs to test down dip continuity of high-grade historic reefs.

The aforementioned results are not necessarily representative of mineralization throughout the Malmsbury Project.

https://www.globenewswire.com/NewsRoom/AttachmentNg/7162289e-e591-4047-82bd-724424e75ea1
(Figure 4– soil geochemistry overlying geology.)

https://www.globenewswire.com/NewsRoom/AttachmentNg/555055d9-6fb4-49b7-b3f1-924bebabd4cd
(Figure 5 – FALCON® vertical gravity gradient image highlighting the gravity low associated with outcrop of gold mineralized granite. The Leven Star deposit is parallel to and lies on the edge of a major gravity gradient.)

Forward Work Program 2022

Subsequent to the 2,000 m drilling program, future work programs include a further second phase of drilling in late 2022, IP to define disseminated sulphide haloes around various gold targets including potential IRG mineralization, further expansion of systematic soil geochemistry, mapping and rock chip sampling.

Analytic Methodology

Soil sampling is 20 to 60 cm depth B horizon sampling sieved to -80 mesh at the lab and analysed at ALS Brisbane for Au using four acid digest 30g charge fire assay with ICPAES finish (method Au-ICP21) and multielements using four acid digest Super Trace Lowest detection limit ICPMS (method ME-MS61L).

Rock chip samples and drill core is assayed at ALS Brisbane using the using four acid digest ore grade 30g charge fire assay with AA finish (method Au-AA25) and multielements using four acid digest ICPMS (method ME-MS61) after pulverization.

QAQC for soil samples is completed at the rate of 4 field duplicates, 2 standards and 2 blanks per 100 samples. QAQC for rock chip samples and drill core was completed at the rate of 3 standards and 3 blanks per hundred samples.

To date, there have been no limitations to the verification process and all relevant data has been verified by a qualified person as defined in NI 43-101 by reviewing analytical procedures undertaken by the various laboratories.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this news release other than the technical information extracted from the Disclosure. Dr. Hennigh is the non-executive co-chairman and a director of Novo.

ABOUT NOVO

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 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

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that the drilling and future work programs described in the news release will be undertaken at the Malmsbury Project. 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 nine-month period ended September 30, 2021, 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.

Table 1 – 2021 exploration program rock chip assay results >1 g/t Au

SampleNorth GDA94 Z55East GDA94 Z55Au ppmAg ppmAs ppmBi ppmMo ppmSb ppmW ppm
MR0483588045826416627.11.691435023.5756101
MR0784588080426384016.70.63563553143543
MR0435587996526340114.651.0326301.5611431
MR0762588028326392014.550.2520000.5185103
MR0814588007526375714.20.2438019.7380111
MR045058806262636659.740.04166078.211222069
MR080458803592637189.530.49931212413016
MR081158801842633608.351.76384052.6364932
MR072558804892633746.890.225104.71112157
MR076158802962639326.060.07125515.3112222
MR050558809752635445.490.121004.8712212
MR079358807242638875.410.04184070.619206169
MR069558807512634915.010.1514155.3815233
MR052158800532636044.835.7148.1110045873
MR073758805702640264.820.3324570438379450
MR042858808422634714.550.1628908.972815
MR043358800672633744.430.22167512.71649
MR051158802482635234.113.54153032.61618218
MR076458802872639043.440.012150.931246
MR072458804312633772.960.28129024512327
MR072358803562633662.940.0914402.3615729
MR043758798892634292.90.3220801.88120397
MR060658822312640152.780.0431400.2704213
MR051458802632635352.761.8565202.59311629
MR043058808492635062.690.4995193820156
MR083558801482637082.570.11161016.812158225
MR048958809452639892.411.4564202.76258
MR069758806842633992.370.114060150310114
MR079158807262640432.360.258497239917309
MR069258807782635672.340.0425401.1226670
MR044658807802634772.270.2252302.1441412
MR070758805632635192.250.0130505.91851885366
MR064958812922637962.240.63208011.856932
MR050758810002635382.230.1622801.7601625
MR052458800142636562.230.522060211568195
MR042058808232634732.040.138202.41121316
MR047658803462643792.041.055475742014805
MR061358817342636342.020.0313800.270226
MR071258804772634671.970.0310202.4462619
MR085058803492635621.882.7176084418605291
MR076758803562639491.840.29121055.3194075
MR044258798312634751.830.443502.160716
MR048558804862641601.820.1816507.9407103
MR071158804742635011.780.3738501.2142631
MR047558803642643761.771.221891.11510335
MR084858803582635591.760.249932.443720
MR067258809002636031.650.122101.8301510
MR084758804172635151.60.17133516.6419388
MR079658807962639651.590.182060437152685
MR044558807812634791.580.2718802369177
MR061658817992637251.541.81150057.51478
MR071658804512634511.480.0220608.431625
MR081358800832637631.460.631120180336278
MR062758815882638171.450.2124302.1408417
MR053858804872636921.420.02129010.61177614
MR078758808302639041.40.131620102341546
MR055958813142638091.390.12137054.2115938
MR073258806002639911.390.1714802673127100
MR050658809922635421.370.0910400.81177
MR046058805432636911.360.03193020.6762932
MR045158806362636671.33099928.1513976
MR075458807002638251.30.0549001.141045142
MR080558803412637321.260.08160530.73926548
MR055058813162639991.250.2714801.0511015
MR071458804622634521.220.05214064.5115025
MR047458803922643701.20.5154489.1101865
MR043858798882634361.180.39139018.3940200
MR068558809982633481.180.276290.74191763
MR059058815712639971.090.042330.03175
MR046558805222636761.07028414185910
MR051258802582635231.070.324005.9631429407
MR053058798362634751.050.1133802.210610
MR079958805352637261.010.845081281114175
MR0520588005426360816.88120.53811223113

___________________________________

1 Refer to relevant reports filed on the Geological Survey of Victoria’s website.

2 Refer to the Company’s news release dated May 13, 2021.

3 Kirwin D.J., 2005. Unidirectional solidification textures associated with intrusion-related Mongolian mineral deposits, IAGOD Guidebook Series pp 63-84.

4 Refer to AuStar’s public disclosure record which is available here.

5 Refer to relevant reports filed on the Geological Survey of Victoria’s website.

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Junior Mining Novo Resources Uncategorized

Mining Review Delivers Optimized Five-Year Plan

NOVO Resources Corp. Logo

HIGHLIGHTS

  • Implementation of revised mining approach at Beatons Creek Oxide resource has delivered, as expected, higher processing grades in November 2021 of 1.58 g/t Au over 117 kt processed, for total monthly production of 5,498 ounces
  • Completion of Beatons Creek Gold Project (“ Beatons Creek ”) mining review outlines optimized five-year plan through to 2026
  • A three-phase approach for the plan has been adopted for development and mining activities
    • Mining of the Beatons Creek Oxide resource to continue through Q2 2022, with low-grade stockpiles to be processed through Q3 2022
    • Transition to mining of higher-grade free-milling Beatons Creek Fresh resource, which provides production through 2026
    • Mining of the Golden Eagle deposit (“ Golden Eagle ”) may commence and continue through the transition from Beatons Creek Oxide to Fresh material, depending on timing of Beatons Creek Fresh mining approvals
  • Beatons Creek Fresh resource drill out to 20 m by 20 m drill spacing for completion of a Feasibility Study in Q2 2022 has commenced
  • Ongoing brownfields and regional exploration underway to further optimize and extend mine life beyond 2026, e.g. current drilling of the Parnell deposit
  • Five-year plan supported by a strong balance sheet with cash balance of C$39.1 million and an investment portfolio with a fair value of approximately C$119 million 2


VANCOUVER, British Columbia, Dec. 13, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. “Novo” or the “Company” ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce completion of the Beatons Creek mining review, which has delivered an optimized five-year plan through to 2026 for its Beatons Creek conglomerate gold project Figure 1 ).

Novo commenced a detailed review of Beatons Creek and nearby projects in October 2021, with a primary focus on developing a detailed plan to ensure optimized production and profitability from the Beatons Creek Oxide resource, given the nature of the deposit and incorporating the learnings to date.

Mining and processing target rates at Beatons Creek have been achieved during the ramp-up since February 2021, however gold production has been below expectations due to predominantly wide-spaced grade control drilling at the high-nugget oxide mineralization and higher mining dilution from more complex mining areas.

https://www.globenewswire.com/NewsRoom/AttachmentNg/b2d656db-28a9-45b7-885c-81569f0bedbc

Figure 1 : Beatons Creek; Grant’s Hill in the foreground, with (from left to right) Edwards, Central, Golden Crown, and South Hill mining areas in the background.)

A program of closer-spaced grade control drilling at Beatons Creek has provided more certainty for mine forecasting. These results, along with additional data and analysis, have been incorporated into the mining review to develop the optimized production profile for Beatons Creek. As expected, implementation of the revised mining approach has delivered higher grades to the Company’s Golden Eagle processing facility (the “ Golden Eagle Mill ”). The Company processed 240,731 tonnes of mineralized material during October and November 2021 at an average head grade of 1.30 g/t Au and average recovery of approximately 93% to produce 9,223 oz Au.

The Company expects to produce between 5,000 – 5,500 oz Au in December, for an anticipated total of between 14,200 – 14,700 oz Au for Q4 2021.

The revised mining approach is expected to be implemented for the life of the Beatons Creek Oxide resource with continued closer-spaced grade control drilling.

Following completion of the detailed review, Novo has developed a five-year, three-phase plan through to 2026:

  1. Mining of the Beatons Creek Oxide resource to continue through Q2 2022. Between Q2 and Q3 2022, lower-grade oxide stockpiles will supplement transitional mill feed.
  2. Mining of the Beatons Creek free-milling Fresh Resource targeted to commence in Q3 2022 and continue through 2026.
  3. The Golden Eagle deposit, which is adjacent to the Golden Eagle Mill, will be used for a transition period of production as preparations are completed for the Beatons Creek Fresh resource, depending on timing of Beatons Creek Fresh mining approvals.

Novo expects to produce 27 koz – 33 koz Au in H1 2022.

Through the Company’s robust balance sheet, which is comprised of cash holdings of C$39.1 million and an investment portfolio with a fair value of approximately C$119 million , Novo remains in a strong financial position to ensure effective execution of the five-year plan.

Commenting on the outcomes and delivery of the optimized five-year plan, Executive Co-Chairman Mike Spreadborough said, “We are pleased with the results from our detailed mining review at Beatons Creek. Key objectives of the review were to ensure we optimize our production profile and profitability as we transition between mining the Beatons Creek Oxide and Fresh resources and we now have an optimized plan for the future. Our team now has a year of experience mining the Beatons Creek conglomerate gold resource and the learnings have been incorporated into our plan.”

“We are in a strong position with solid mining and development assets, a healthy balance sheet and an enviable exploration program to continue to deliver value to our shareholders.”

PHASE ONE – BEATONS CREEK OXIDE RESOURCE

Mining of the Beatons Creek Oxide resource continues and assuming receipt of approvals, is expected to continue through completion of the Beatons Creek Oxide resource using the revised mining approach through Q2 2022.

The optimized mine plan includes mining further Beatons Creek Oxide resource, beyond the area that was approved for mining in 2020. Receipt of approvals from the Western Australian Department of Mines, Industry Regulation and Safety (“ DMIRS ”) and the Western Australian Department of Water and Environmental Regulation (“ DWER ”) for the mining of this extended Beatons Creek Oxide resource is anticipated in Q1 2022.

Upon completion of the Beatons Creek Oxide resource mining fleets are expected to begin pre-stripping for the Beatons Creek Fresh resource or, if required, and dependent on timing of approvals for the mining of the Beatons Creek Fresh resource, shift to Golden Eagle.

Mining and haulage are expected to generate stockpiles at the Golden Eagle ROM pad which will provide mill feed through Q3 2022, allowing for a transition to the Beatons Creek Fresh resource upon completion of requisite pre-stripping.

PHASE TWO – BEATONS CREEK FRESH RESOURCE

Mining of the Beatons Creek Fresh resource is targeted to commence Q3 2022.

The most recently announced Beatons Creek mineral resource estimate includes a fresh component comprising approximately 65% of the global estimate, including an indicated mineral resource component of 2,145,000 tonnes at 2.7g/t Au for 185,000 oz Au and an additional inferred mineral resource component of 2,645,000 tonnes at 2.9g/t Au for 250,000 oz Au Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The Beatons Creek Fresh resource drill out to 20 m by 20 m drill spacing required for completion of a Feasibility Study in Q2 2022 has commenced. The Feasibility Study is expected to deliver an updated mineral resource and will focus on optimizing haulage, power, water and tailings storage facility life-of-mine costs.

Mining is expected to commence on the higher-grade free-milling Beatons Creek Fresh resource, with a targeted start date of Q3 2022, assuming the timely receipt of approvals from DMIRS, DWER, and (if required) the Western Australian Environmental Protection Authority (“ EPA ”). Approximately two months of mining pre-strip will likely be required prior to accessing mineralized material.

Milling is expected to continue at a rate of approximately 1.8 million tonnes per annum through the Golden Eagle Mill, being higher that the 1.5 million tonnes per annum rates assumed in the PEA.

In July 2021, a test package of approximately 43 kt of Beatons Creek Fresh mineralized material was processed at an average head grade of 1.83 g/t Au, confirming free-milling properties, processing throughputs and recovery with good grade predictability . This data will be used to optimize the Beatons Creek Fresh mining plan as part of the Feasibility Study.

Mining of the Beatons Creek Fresh resource is expected to continue through to 2026.

PHASE THREE – GOLDEN EAGLE

If approvals for the Beatons Creek Fresh resource are not received from DMIRS, DWER, or the EPA (as applicable) by the end of Q2 2022, the Company is expected to transition its mining fleet to Golden Eagle, which is located adjacent to the Golden Eagle Plant ( Figure 2 ). Mining at Golden Eagle is expected to continue until approvals are received to mine the Beatons Creek Fresh resource. Studies related to the mining and processing of Golden Eagle are underway. Golden Eagle was mined by Millennium Minerals Limited (“ Millennium ”) prior to Novo’s acquisition of Millennium in September 2020 . There is no current technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“ NI 43-101 ”) or the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 edition (“ JORC 2012 ”) in respect of Golden Eagle.

https://www.globenewswire.com/NewsRoom/AttachmentNg/23330bbb-2a72-4832-8b4d-8fa174068673

Figure 2 : Golden Eagle location relative to the Golden Eagle Plant.)

STRONG FINANCIAL POSITION

Novo’s cash and working capital positions remain strong, with cash reserves of C$39.1 million as at December 13, 2021.

In addition to its cash reserves, the Company’s strategic portfolio of investments held a fair value of approximately C$119 million as at December 13, 2021, including its 9.2% investment in New Found Gold Corp. (TSXV: NFG) which was worth approximately C$108 million .

CAUTIONARY STATEMENT

The decision by the Company to produce at Beatons Creek and the Nullagine Gold Project, and potentially at Golden Eagle, was not based on a feasibility study of mineral reserves demonstrating economic and technical viability and, as a result, there is an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. In addition, there is no current technical report prepared in accordance with NI 43-101 or JORC 2012 in respect of Golden Eagle. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Company’s cash flow and future profitability. The Company cautions that the declaration of commercial production effective October 1, 2021 only indicates that Beatons Creek and the Nullagine Gold Project are operating at anticipated and sustainable levels and it does not indicate that economic results will be realized.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects , 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 gold project while exploring and developing its prospective land package covering approximately 13,250 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

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, Novo’s five-year production plan. 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 nine-month period ended September 30, 2021, including but not limited to those under headings Construction, Development, and Operation of Mines, No Prefeasibility or Feasibility Study for the Beatons Creek Project, Permitting and License Risks, and Uncertainty in the Estimation of Mineral Resources and Mineral Reserves , 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.

_______________________________________

Refer to the Company’s news release dated October 12, 2021 .

This value excludes the fair value of warrants held in GBM Resources Ltd. Novo’s ability to dispose of its investments is subject to certain thresholds pursuant to its senior secured credit facility with Sprott Private Resource Lending II (Collector), LP. Please refer to the Company’s management discussion and analysis for the 9-month period ended September 30, 2021, which is available under Novo’s profile on SEDAR at www.sedar.com . Novo’s investment in New Found Gold Corp. is subject to escrow requirements pursuant to National Instrument 46-201 Escrow for Initial Public Offerings. The value of Novo’s holdings in Elementum 3D, Inc. (“ E3D ”) is based on E3D’s most recent financing price of US$2.50 per share. Except for its investment in E3D, the fair value of Novo’s investments is based on closing prices of its investments and relevant foreign exchanges rate as at December 10, 2021.

Refer to the Company’s news release dated April 30, 2021 and the report titled “Preliminary Economic Assessment on the Beatons Creek Gold Project, Western Australia” (the “ PEA ”) with an effective date of February 5, 2021 and an issue date of April 30, 2021. The mineral resource estimate in the PEA has not been adjusted for depletion. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

These figures do not include the underground component of the Fresh mineral resource estimate; refer to the Company’s news release dated April 30, 2021 and the PEA which is available under Novo’s profile on SEDAR.

Refer to the Company’s news release dated October 12, 2021 .

Refer to the Company’s news releases dated August 4, 2020 , and September 8, 2020 .

Refer to the Company’s news release dated October 12, 2021 .

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Junior Mining Novo Resources Precious Metals Uncategorized

Novo Identifies Ni-Cu Targets at Southcourt, Andover Intrusion, Adjacent to Azure’s Andover VC-07 Ni-Cu-Co Discovery

HIGHLIGHTS
 

  • Novo’s extensive greenfields exploration program has recently identified and advanced a series Ni-Cu-Co targets adjacent to Azure Minerals Limited’s (“ Azure ”) (ASX: AZS) Andover VC-07 Ni-Cu-Co massive sulphide discovery (“ Andover ”) and Artemis Resources Limited’s (“ Artemis ”) (ASX: ARV) Carlow Castle Au-Cu-Co discovery (“ Carlow Castle ”)
  • Novo’s 100%-owned exploration licence 47/1745 contains several airborne electromagnetic (“ VTEM ”) anomalies (previously defined in 2007 by Legend Mining Limited (“ Legend ”) (ASX: LEG)) which have not been drill tested, along with large high order soil geochemical anomalies (including Cu, Ni and Co) associated with the VTEM conductors, including the Southcourt and Milburn prospects
  • Novo is now progressing ground electromagnetic (“ EM ”) geophysical surveys in the near-term to advance these discoveries
  • This work is consistent with Novo’s accelerated exploration strategy targeted at growing the Company’s portfolio of gold and battery metals prospects in the Pilbara region of Western Australia

VANCOUVER, British Columbia, Nov. 30, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. “Novo” or the “Company” ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to advise that it has recently identified and advanced a series of Au-Cu and Ni-Cu-Co targets on EL47/1745, adjacent to Andover and Carlow Castle in the West Pilbara region of Western Australia, although there is no certainty that EL47/1745 contains the same levels of mineralization as either of these discoveries.

The general area has benefited from a renewed exploration interest since Azure announced its drilling success on Andover in November 2020 with 3.9m @ 2.85% Ni and 0.47% Cu from 94.5m in their maiden drill hole ANDD001, subsequent to success by the Creasy Group, in 2018, who intersected 7m @ 2.62% Ni and 0.65% Cu in ADRC002 .

Recent geochemical sampling by Novo over previously defined VTEM conductors on EL47/1745 (weak conductors within airborne electro-magnetic surveys by Legend ) has defined several large high-order Cu, Ni and Co anomalies relating to the VTEM targets.

Results and technical information referred to in this news release from Azure, Legend, Artemis, Westfield Minerals Ltd (“ Westfield ”) and AMAX Exploration (“ AMAX ”) are not necessarily representative of mineralization throughout the district. This historical data was disclosed in ASX announcements, other public disclosure documents, and annual exploration reports filed on the Western Australian Department of Mines, Industry Regulation and Safety’s (“ DMIRS ”) website (collectively, “ Disclosure ”) issued by Azure, Legend, Artemis, Westfield, and AMAX. The technical information contained herein has been extracted from this Disclosure. Reference should be made to the relevant Disclosure which is available online at the links provided in various footnotes throughout this news release.

A qualified person has not verified the technical information contained in the Disclosure, and Novo is unaware of the existence of any technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects or the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves in connection with the technical information contained in the Disclosure. Novo is unable to comment on the reliability of the technical information contained in the Disclosure and therefore, reliance should not be placed on such technical information.

https://www.globenewswire.com/NewsRoom/AttachmentNg/639bed66-5cfe-4d58-ac4f-9ead23808126

Figure 1 – EL47/1745 location and priority targets, in relation to Andover and Carlow Castle.)

Southcourt Anomalies

Three weak VTEM conductors 3km WNW of Andover are present in a zone of complex geology within the Andover intrusion at Novo’s Southcourt prospect ( Figure 1 ), including layered gabbro and ultramafic intrusive rocks.

Detailed 20 x 20 m to 20 x 40 m spaced soil sampling undertaken by Novo utilizing a Niton XL5 pXRF has defined a high-order 500 m long Cu anomaly flanking the western two VTEM conductors ( Figure 2 ). Co and Ni partially overlap the broad copper anomaly ( Figure 3 ). Peak pXRF soil values include 1,456 ppm Cu, 1,521 ppm Ni, and 1,938 ppm Co. Peak rock chip results utilizing the pXRF for spot assaying on sulphide minerals or Cu-Ni oxide minerals yielded up to 19.6% Cu, 0.13% Co and 2.07% Ni. These results are not necessarily representative of mineralization throughout the entire district. Novo interprets the broad anomaly to be a zone of disseminated sulphide ( Figure 5a ) on the margin of potentially more substantial sulphide bodies at depth (VTEM target). Additional assay results are pending.

Milburn Anomaly

One high intensity VTEM anomaly is present at Milburn, 1.4km ESE from the east end of Carlow Castle. Previous work by Legend included eight lines of ground EM which identified a single conductor modelled to a dip of 45 west at a depth of 35 m. The EM anomaly was followed up by Legend with 17 -2 mm soil samples which returned peak values of 36 and 33 ppb Au and previous rock chip sampling yielded values of 4.83% Cu, 0.15 g/t Au and 0.21% Ni. The anomaly was not drilled by Legend.

In 1967, Westfields Minerals defined a 1 km long induced polarization (“ IP ”) anomaly (Fig. 3) to the south of the EM conductor and completed shallow vertical percussion holes with a best result of 6m @ 0.22% Ni and 0.15% Cu (BH31) (Fig. 3). Subsequent drilling in 1971 by AMAX 10 intersected a sequence of mafic and ultramafic rocks with 1 to 10% disseminated sulfides (pyrite, pyrrhotite and rare chalcopyrite) with best results from PDH20A (Fig. 3) of 3.66 m @ 0.23% Ni and 0.17% Cu. These results are not necessarily representative of mineralization throughout the entire district. Importantly, Au, Co and PGE minerals were not analyzed.

Detailed 20 x 20m spaced soil sampling undertaken by Novo utilizing a Niton XL5 pXRF has defined a high-order 450 m long Cu anomaly flanking the eastern side of the VTEM conductor ( Figure 4 ). Peak pXRF soil values include 1,677 ppm Cu, 1,131 ppm Ni, and 238 ppm Co. Peak rock chip results utilizing the pXRF for spot assaying on sulphide minerals or Cu-NI oxide minerals yielded up to 15.2% Cu, 92 ppm Co and 0.33% Ni. These results are not necessarily representative of mineralization throughout the entire district. Figure 5b highlights a copper rich siliceous altered mafic rock from the trend. Additional assay results are pending.

https://www.globenewswire.com/NewsRoom/AttachmentNg/d4efe865-748e-4f4f-9a3c-e129a140dd07

Figure 2 – Southcourt Cu soil geochemistry (pXRF) with overlapping Co anomaly and VTEM conductors (white dashed circles).)

https://www.globenewswire.com/NewsRoom/AttachmentNg/18c3576f-1fd3-4dc7-8356-f69f9583be31

Figure 3 – Southcourt Ni soil geochemistry (pXRF) with overlapping Cu anomaly Co anomaly (white shapes) and VTEM conductors (white dashed circles.))

https://www.globenewswire.com/NewsRoom/AttachmentNg/19312c11-f490-4c79-afbe-5d01f9ab6588

Figure 4 – Milburn Cu soil geochemistry (pXRF) and VTEM conductors (white dashed circles) and the location of Westfields IP anomaly and drillholes in the general area.)

Other significant targets ( Figure 1 ) on EL47/1745 include:

Anna Valley which is in the SW corner of EL47/1745. This VTEM anomaly defined by Legend was followed up with a ground fixed loop transient EM (“ FLTEM ”) survey defining a strong conductor dipping between 35 – 55°to the northwest with a modelled depths of 30 to 35 m. The target was thought to relate to a chert body which outcrops to the west, but the target is under thick alluvial and colluvial cover.

Fortune South #1 and #2 , which are part of a 2 km long shear zone with several historic workings and a number of metal detector pits where sheared gabbro and anastomosing quartz veins are present. Previous sampling has assayed up to 8.51 g/t Au and 0.134% Cu on EL47/1745 . pXRF rock chip samples at Fortune South #2 into banded and sheared Cu-rich gossan ( Figure 5d ) yielded peak values of 60% Cu and 802 ppm Ni. These target types (shear-related Au-Cu) are not highlighted by VTEM.

Thorpe East , which is part of a 2 km long shear corridor with several historic workings and peak assay results of 3.11 ppm Au . Novo has identified significant gossanous zones ( Figure 5c ) associated with quartz veining, yielding up to 676 ppm As, 3.5% Cu, 0.15% Ni, and 48.6 ppm Mo. These target types (shear-related Au-Cu) are not highlighted by VTEM.

Carlow Castle Extension , on which Artemis have reported a soil geochemical anomaly and favourable stratigraphy along strike and to the east of Carlow Castle, on EL47/1745, directly north of Milburn. Novo has not yet conducted any work on this 1.7 km long zone of potential. This orogenic Au-Cu-Co target type is not highlighted by VTEM.

The foregoing results at Anna Valley, Fortune South #1 and #2, and Thorpe East are not necessarily representative of mineralization throughout the entire district.

Exploration planned for EL47/1745 by Novo in early 2022 includes ground FLTEM surveys to better define the EM conductors, possible induced polarization lines across the identified target zones pending results of EM, and drilling into the main target areas, including the Milburn, Southcourt and Anna Valley prospects. Drill holes will be surveyed using downhole EM techniques to locate off-hole conductors. Extensive first pass reconnaissance soil sampling, regional to detailed mapping, and rock chip sampling will be conducted across highly prospective EL47/1745.

https://www.globenewswire.com/NewsRoom/AttachmentNg/bdab9da9-60a8-46a9-b9fa-cc9b7af6d6e3

Figure 5a, 5b, 5c, 5d – Milburn Cu soil geochemistry (pXRF) and VTEM conductors (white dashed circles).)

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. Soil samples are unprepared and analysed for 30 seconds using two machine filters and 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.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects , responsible for, and having reviewed and approved, the technical information contained in this news release other than the technical information extracted from the Disclosure. Dr. Hennigh is the non-executive co-chairman and a director of Novo.

ABOUT NOVO

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 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

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, planned exploration 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. 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 nine-month period ended September 30, 2021, 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.

______________________________

Refer to Azure’s ASX announcement dated November 9, 2020 .

Refer to Artemis’ ASX announcement dated November 20, 2019 .

Refer to Azure’s ASX announcement dated August 6, 2020 .

Refer to Legend’s ASX announcement dated July 23, 2007 .

Refer to Legend’s Annual Report 2009 – WAMEX Open File Data Rept. A82043

Refer to Legend’s ASX announcement dated October 02, 2007 .

Refer to Legend’s ASX announcement dated January 24, 2008 .

Refer to Legend’s Annual Report 2009 – WAMEX Open File Data Rept. A69000

Refer to Westfields Final Report 1967 – WAMEX Open File Data Rept. A982

10 Refer to AMAX Final Report 1972 – WAMEX Open File Data Rept. A3472

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Junior Mining Novo Resources

Commences 15,000 m RC Drilling Program at the Parnell-Vulture Trend at Nullagine

RC drilling at Parnell (western sector).
RC drilling at Parnell (western sector).

HIGHLIGHTS

  • Novo continues its brownfields exploration programs focussing on oxide opportunities at its highly prospective Nullagine gold project (“NGP”), with a 15,000 m reverse circulation (“RC”) drilling program commenced at the Parnell-Vulture trend (“Parnell”) during the first week of November 2021.
  • Parnell is located some 45 kms from the Golden Eagle processing facility (“Golden Eagle Plant”) and is accessed by a robust, reliable haul road and associated infrastructure.
  • Parnell covers a strike length of approximately 2 kms and contains a series of vein-hosted targets with historical drill intercepts including 9 m at 8.4 g/t gold from 7 m, 12 m at 14.6 g/t gold from 40 m and 7 m at 6.1 g/t gold from 40 m. These results are not necessarily representative of mineralization throughout the district.
  • First PhotonAssay gold results from the drill program via the Company’s priority arrangement with Intertek1 are anticipated by early December 2021.

VANCOUVER, British Columbia, Nov. 19, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on brownfields exploration programs focussing on oxide opportunities at its highly prospective NGP. The Parnell and Vulture RC programs are part of the NGP exploration program ramp-up, with forward programs currently being generated at several priority basement targets (figure 1).

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b8464201-e8ae-4f29-b900-bf69c71c09e8

The main mineralized trend at Parnell is mostly untested with modern RC drilling, with only few and sporadic lines of shallow holes completed in the 1980s and 1990. In 1987, Chase Minerals NL (“Chase”) drilled 25 shallow RC holes totalling 1,098 m, and in 1995, Welcome Stranger Mining Company NL (“Welcome Stranger”) drilled a further 11 RC holes for 420 m (figure 2). Targeting directly in and around small historical workings, these operators returned grades including:

  • 12 m at 14.6 g/t gold from 40 m
  • 9 m at 8.4 g/t gold from 7 m
  • 7 m at 6.1 g/t gold from 40 m

These results are not necessarily representative of mineralization throughout the district. This historical data was disclosed in annual exploration reports (“Reports”) filed by Chase and Welcome Stranger with the Western Australian Department of Mines, Industry Regulation and Safety’s (“DMIRS”). The technical information contained herein has been extracted from these Reports. Reference should be made to the Reports which are available on DMIRS’ website (https://geodocs.dmirs.wa.gov.au/Web/documentlist/10/Report_Ref/A24647 and https://geodocs.dmirs.wa.gov.au/Web/documentlist/10/Report_Ref/A46900)

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e3d752d7-f601-42c3-9fa1-e3e9025cef73

Novo conducted detailed mapping and gridded soil sampling to determine mineralization potential at the Parnell and Vulture prospects, but has not conducted sufficient work to validate all historic data. A series of robust, coherent gold anomalies returned from soil sampling2 confirmed targets highlighted during the June mapping program (figure 2), peaking at 7.8 g/t Au. Significant rock chip samples (up to 14.6 g/t Au) were also returned from both Parnell and Vulture, again highlighting the presence of high-grade gold targets, and further confirming the prospectivity of this area.

Parnell comprises high grade veins in a 1 to 5 m wide shear zone trending approximately east – west. The south dipping zone of shearing is intruded by two porphyry dykes with the best zone of quartz veining in the footwall of the main 6 m wide porphyry dyke. Gold mineralization dips south at steep to moderate angles. Sandstone and interbedded siltstone-sandstone sequences adjacent to the main shear are extremely bleached in the weathering profile, indicating likely sericite alteration of the original rock. Alteration is up to 50 m wide.

Drill targets focus on the main mineralized shear zone, as well as vein swarms to the north and south of the main shear zone.

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/92c178ce-d22b-420f-966d-78d55b49e650

Analytic Methodology

For the upcoming drilling program, samples will be collected from the rig using a cone splitter, and submitted to Intertek Laboratory in Perth, Australia. Samples will be crushed to -2mm and submitted to PhotonAssay for gold analysis.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this news release other than the technical information extracted from the Reports. Dr. Hennigh is the non-executive co-chairman and a director of Novo.

ABOUT NOVO

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 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

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that results from the current drill program described in this news release are anticipated by early December 2021. 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, the actual time required by Intertek Laboratory to process samples, customary risks of the resource industry and the risk factors identified in Novo’s management’s discussion and analysis for the six-month period ended June 30, 2021, 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 May 18, 2021.
2 Refer to the Company’s news release dated September 8, 2021.

Categories
Junior Mining Novo Resources Precious Metals

New Basement Gold Targets Identified at Novo’s Egina Project

igure 1

Locality map for Novo’s Egina project in the Pilbara region of Western Australia.
Locality map for Novo’s Egina project in the Pilbara region of Western Australia.
Locality map for Novo’s Egina project in the Pilbara region of Western Australia.

Figure 2

Novo tenure (green) in the northern Egina project showing interpreted intrusive targets (red polygons) generated from aeromagnetic data (greyscale 1VD northern Pilbara mosaic). De Grey tenure in yellow.
Novo tenure (green) in the northern Egina project showing interpreted intrusive targets (red polygons) generated from aeromagnetic data (greyscale 1VD northern Pilbara mosaic). De Grey tenure in yellow.
Novo tenure (green) in the northern Egina project showing interpreted intrusive targets (red polygons) generated from aeromagnetic data (greyscale 1VD northern Pilbara mosaic). De Grey tenure in yellow.

Figure 3

Significant and coherent As-in-soils anomaly (>2km total strike length) in the northern part of E47/3673 with historical RAB drilling.
Significant and coherent As-in-soils anomaly (>2km total strike length) in the northern part of E47/3673 with historical RAB drilling.
Significant and coherent As-in-soils anomaly (>2km total strike length) in the northern part of E47/3673 with historical RAB drilling.

HIGHLIGHTS

  • Novo has identified multiple discrete untested aeromagnetic anomalies with magnetic characteristics comparable to the “Hemi-style” gold-bearing sanukitoid intrusions being developed by De Grey Mining Ltd. (“De Grey”) (ASX: DEG).
  • Novo’s extensive Pilbara land package includes 216 km2 of highly prospective yet under-explored Mallina Basin geology across a significant NE trending mineralized corridor potentially extending to De Grey’s Hemi gold discovery (Figure 1).
  • Review of historical exploration has defined two large (> 1 km strike) coincident high-order Au-As-Sb soil anomalies along the structural corridor in the vicinity of the Becher epithermal system.
  • Reconnaissance drilling undertaken by another issuer in 1997 (20 x 200 m) within the Au-As-Sb anomalous zones intersected up to 4.38 g/t Au. This information has not been verified by Novo and is not necessarily representative of mineralization throughout the Egina project.
  • Exploration planned for early 2022 includes high-resolution aeromagnetics, regolith and basement mapping, grid soil sampling and drilling to test these priority targets.

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/54d57cee-80e2-4930-b584-df87b4dd99e8

VANCOUVER, British Columbia, Nov. 04, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce that it has identified a series of new targets in the northern sector of the Egina project centred on exploration licence 47/3673 (Figure 2). These newly identified targets are located within a broad NE-trending structural corridor which forms part of a network of shear zones and sanukitoid intrusive centres that host De Grey’s recent Hemi discovery1. Hemi is one of Australia’s recent major gold discoveries, hidden under 20 to 30 m of transported cover.

The new targets include multiple discrete magnetic targets identified from detailed aeromagnetic interpretation, interpreted to represent potential intrusive bodies under cover, and extensive Au-As-Sb soil anomalies in the vicinity of the epithermal vein system at Becher.

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/af5d3d06-2ab9-4d90-9b95-68ca257c4026

Exploration licence 47/3673 has few outcrops (approximately 10% of the tenement contains outcrop and subcrop) and is essentially covered by colluvial and alluvial material, calcrete and several ridges of aeolian sand dunes. The large (> 1 km long) coincident Au-As-Sb soil geochemical anomalies are restricted to areas of weathered outcrop and subcrop only, and thus the bedrock targets remain open under transported cover for several kilometres to the WSW and ENE.

Previous reconnaissance inclined rotary air blast (“RAB”) drilling by Resolute Mining Limited (“Resolute”) (ASX: RSG) in 1997 across the northern Becher Au-As-Sb anomaly yielded encouraging results including multiple gold assays of greater than 1 g/t Au (Figure 3) including:

  • 3m @ 3.68 g/t Au from 25m (LGRB306) including 1m @ 4.38 g/t Au from 25m
  • 1m @ 1.04 g/t Au from 30m (LGRB294)
  • 1m @ 1.63 g/t Au from 26m (LGRB299)
  • 2m @ 1.09 g/t Au from 32m (LGRB300)

Table 1 below provides a list of location information plus significant intersections from RAB drilling.

This historical data was disclosed in annual exploration reports (“Reports”) filed by Resolute on the Western Australian Department of Mines, Industry Regulation and Safety’s (“DMIRS”) website in 1997. The technical information contained in Table 1 has been extracted from the Reports. Reference should be made to the Reports which are available on DMIRS’ website (https://geodocs.dmirs.wa.gov.au/Web/documentlist/10/Report_Ref/A55647).

A qualified person has not verified the technical information contained in the Reports, and Novo is unaware of the existence of any technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects or the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves in connection with the technical information contained in the Reports. Novo is unable to comment on the reliability of the technical information contained in the Reports and therefore, reliance should not be placed on such technical information.

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/834c16b4-769b-4a65-9ca4-8a8b14d4be26

“Novo’s exploration team has been diligently reviewing the northern portion of its Egina land holdings for prospectivity for Hemi-type discoveries,” commented Dr. Quinton Hennigh, Non-Executive Co-Chairman and a director of Novo. “Numerous potential intrusive centers resembling sanukitoids like those at Hemi exist along a NE trending corridor extending from Novo’s tenure to Hemi. At Becher, a coincident Au-As-Sb soil anomaly is associated with an interpreted cluster of such intrusions. Novo plans to undertake high-resolution aeromagnetics, regolith and basement mapping and grid soil sampling in preparation for drilling in 2022.”

1 Refer to De Grey’s public disclosure materials which are available at https://degreymining.com.au/

2022 Egina Basement Gold Program

Historical data analysis is ongoing at Egina, with further geophysical and structural interpretation to aid in drill targeting to be completed early in 2022. Drilling is planned to test intrusive targets defined by high-resolution aeromagnetics, the extensive, coincident Au-As-Sb soil anomalies at Becher and targets defined by historic RAB drilling.

Gold analyses from drilling programs will be completed by PhotonAssay through the Intertek Laboratory in Perth, where Novo are currently receiving 7 – 9 day turnaround times for gold assay.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this news release other than the technical information extracted from the Reports. Dr. Hennigh is the non-executive co-chairman and a director of Novo.

About Novo

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 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

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, planned exploration activities and the expected timing of receipt of assay 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 resource industry and the risk factors identified in Novo’s management’s discussion and analysis for the six months ended June 30, 2021, 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.

Analytic Methodology (as set out in the Reports)
Soil samples were taken as 2kg samples sieved to -2mm fraction and submitted to Genalysis Laboratory Services, Perth, for the following analysis:

  • Au (B/ETA 1 ppb)
  • Cu (B/AAS 1 ppm)
  • As (B/AAS 5 ppm)
  • Sb (B/ AAS 1 ppm)

Original 4m RAB composites were sampled using a PVC spear and sent to Genalysis Laboratory Services, Perth for the following analysis:

  • Au (B/AAS 0.01 ppm)
  • As (B/AAS 5 ppm)
  • Sb (B/AAS 1 ppm)
  • Cu (B/AAS 1 ppm)

Follow-up RAB intervals were taken as single metre splits from the 4m composites and submitted to Analabs, Welshpool for gold (fire assay 0.01 ppm).

Table 1: Significant intercept table for historical single metre split RAB results.

HOLE IDCOORDSYSEASTINGNORTHINGHEIGHTAZIDIPDEPTH
FROM
DEPTH
TO
Au
(ppm)
Width
(m)
LGRB306MGA94_50620341768424860360-6025283.683
LGRB294MGA94_50620554
768413360360-6030311.041
LGRB299MGA94_50620556768403360360-6026271.661
LGRB300MGA94_50620556768401360360-6032341.092
Categories
Junior Mining Novo Resources Precious Metals

Nullagine Gold Project Production Update

Novo Resources Corp.Tue, October 12, 2021, 7:20 AMIn this article:

NVOOF0.00%NFGC-2.18%

KEY POINTS

  • No lost time injuries at the Beatons Creek conglomerate gold project through Q3 2021 (“Beatons Creek”)
  • Minimal COVID-19 pandemic-related operational disruptions
  • Gold production of 18,144 oz Au in Q3 2021 (vs 14,890 oz Au in Q2 2021)
    • Mining and milling targeted rates achieved
    • Head grades have been lower than forecast due to previous reliance on wide-spaced grade control drilling which results in lower accuracy of the modelled Beatons Creek oxide mineral resource
    • Higher mining dilution associated with the more complex mining areas of Beatons Creek also a contributing factor
    • Continued progression of closer spaced grade control drilling combined with rapid assay turnaround is providing more certainty for forecasting Beatons Creek oxide mineralization grade, with the backlog of assays being mostly resolved through Q3 2021
  • Commencement of oxide mining study, focused on further optimizing production and profitability of mining of the Beatons Creek oxide resource
  • Batch test processing of Beatons Creek fresh mineralization confirmed processing throughputs and recovery with good grade prediction
  • Strong financial position
    • Q3 2021 revenue of C$43 million (A$45.8 million) from the sale of 18,753 oz Au at an average realized gold price of A$2,483
    • Quarter-end cash balance of C$44.1 million
    • Investment portfolio fair value of approximately C$135 million1
Q2 2021Q3 2021Change
Gold Production(oz Au)14,89018,144+22%
Mining(tonnes)477,000478,000
Processing(tonnes)366,000451,000+23%
Revenue(C$M)C$31.7C$43+36%
Cash Position(C$M)C$46.0MC$44.1M($1.9M)

Key Q3 Operational and Financial Performance

____________________
1 This value excludes the fair value of warrants held in GBM Resources Ltd. Novo’s ability to dispose of its investments is subject to certain thresholds pursuant to its senior secured credit facility with Sprott Private Resource Lending II (Collector), LP. Please refer to the Company’s management discussion and analysis for the 11-month fiscal year ended December 31, 2020, which is available under Novo’s profile on SEDAR at www.sedar.com. Novo’s investment in New Found Gold Corp. is subject to escrow requirements pursuant to National Instrument 46-201 Escrow for Initial Public Offerings. The value of Novo’s holdings in Elementum 3D, Inc. (“E3D”) is based on E3D’s most recent financing price of US$2.50 per share. Except for its investment in E3D, the fair value of Novo’s investments is based on closing prices of its investments and relevant foreign exchanges rate as at September 30, 2021.https://s.yimg.com/rq/darla/4-9-0/html/r-sf-flx.html

VANCOUVER, British Columbia, Oct. 12, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) provides a Q3 2021 operational update from Beatons Creek, located in Nullagine, Western Australia.

Commenting on Q3 2021 operational performance, Novo’s Executive Co-Chairman Mr. Mike Spreadborough said, “The ramp up of operations since February has proceeded well, with both mining and processing achieving target rates. However, gold production fell short of expectations. We saw lower head grade than forecast as a result of lower accuracy in the grade control grade estimate. This was due to the current predominant wide-spaced grade control drilling at the high-nugget Beatons Creek oxide mineralization combined with higher mining dilution from the more complex mining areas.

We have found that closer spaced drilling is providing more certainty for mine forecasting and we are continuing to progress the completion of this drilling. The rapid assay turnaround provided by the Chrysos PhotonAssay technology through Intertek is allowing for this data to be used to mine more selectively.

To incorporate all of the learnings from this unique mining at Beatons Creek into future mine planning, we have initiated an oxide mining study. We are confident that the outcomes of the review, when delivered later this year, will result in a plan which will further optimize production levels and profitability of the oxide resource.

Importantly, Novo remains in a very strong financial position to optimize production results and maximize value from Beatons Creek and, importantly, our exploration activities are being accelerated.”

NULLAGINE GOLD PROJECT

Safety and COVID Update

Safety is a core value, with continuous focus on safety outcomes. Over the past 12 months through Q3 2021, the lost time injury frequency rate remained zero. The Company continues to experience minimal COVID-19 pandemic-related operational disruptions.

Operations

Mining rates at Beatons Creek stabilized throughout Q3 2021, with 478 kt of mineralized material mined from the Beatons Creek deposit compared to 477 kt in Q2 2021.

The Company’s Golden Eagle processing plant (“Golden Eagle Plant”) processed 451 kt of mineralized material in Q3 2021, representing a 23% increase over Q2 2021 throughput of 366 kt.

Since the start of commissioning of Beatons Creek in February 2021 (refer to the Company’s news release dated February 3, 2021) based on the Beatons Creek mineral resource, Novo targeted a throughput rate of 1.8 Mtpa to match the capacity of the Golden Eagle Plant. This milestone was achieved in Q3 2021.

Production in Q3 2021 totalled 18,144 ounces of gold, representing a 22% increase over Q2 2021 production of 14,890 ounces of gold. Recovery rates were approximately 94% throughout Q2 and Q3 2021.

The Q3 2021 head grade was 1.34 g/t Au, a slight increase from a Q2 2021 head grade of 1.30 g/t Au2. However, the head grade has been relatively variable throughout Q2 and Q3 2021, which reflects the high-nugget content of the conglomerate Beatons Creek gold deposit and necessary mine sequencing. Additional high-grade Beatons Creek oxide material assisted to increase July 2021 head grade to 1.94 g/t Au.

The lower head grades compared to forecast is due to previous reliance on wide spaced grade control drilling which results in lower accuracy of the modelled high-nugget effects in the Beatons Creek oxide mineral resource combined with higher mining dilution associated with more complex mining areas.

In order to provide greater certainty in grade forecasting for mine planning, the Company continues to progress its Beatons Creek grade control drilling program at a spacing of 10 m x 10 m. Analysis confirms that this level of grade control drilling provides improved reconciliation between the resource model grade and the actual grade mined.

The operation previously relied on wide-spaced grade control drilling due to slow assay turnaround. The use of the Chrysos PhotonAssay technology through Intertek Testing Services (Australia) Pty Ltd (“Intertek”) has allowed rapid assay turnaround allowing for this data to be used to mine more selectively. This assay technique is a necessity given the high-nugget nature of the Beatons Creek conglomerate gold mineralization. This rapid assay turnaround is necessary to support the use of closer-spaced grade control drilling.

In July 2021, a test package of approximately 43 kt of Beatons Creek fresh mineralization was processed at an average head grade of 1.83 g/t Au confirming processing throughputs and recovery with good grade prediction. This data will be used to optimize fresh mining in the future. The most recently announced Beatons Creek mineral resource estimate includes a fresh component comprising approximately 65% of the global estimate (refer to the Company’s news release dated April 30, 2021 and the report titled “Preliminary Economic Assessment on the Beatons Creek Gold Project, Western Australia” with an effective date of February 5, 2021 and an issue date of April 30, 2021). Mineral resources that are not mineral reserves do not have demonstrated economic viability.

To further optimize the Beatons Creek oxide mineralization mine plan, Novo has initiated an oxide mining study which will focus on increased grade control drilling to improve the accuracy of resource modelling, mining approaches, cut-off grade sensitivities, and costs in order to enhance production and profitability of the Beatons Creek oxide resource component of the Nullagine Gold Project. The Company intends to provide an update on this review once complete in Q4 2021.

The Company’s processing and mining rates stabilized sufficiently throughout Q3 2021 to enable Novo to declare commercial production2 effective October 1, 2021. Of particular importance is that the Golden Eagle Plant has met it performance parameters.

____________________
2
 Refer to the Company’s management’s discussion and analysis for the six-month period ended June 30, 2021, available on the Company’s website at www.novoresources.com and under the Company’s profile on SEDAR at www.sedar.com.

Novo Financial Position

Novo’s strong financial position allows the Company to address operational requirements while leveraging the value of its strategic investment portfolio.

Q3 2021 gold sales totalled 18,753 ounces of gold and 2,399 ounces of silver, representing a 34% increase over Q2 2021 gold sales of 13,958 ounces.

Q3 2021 gross revenue grew by 36% from Q2 2021 to C$43 million (A$45.8 million).

The Company experienced a Q3 2021 average realized gold price of A$2,483 compared to a Q2 2021 average realized gold price of A$2,4012. Novo sells its gold in Australian dollars to ABC Refinery of Sydney, Australia and continues to enjoy strong gold price performance in Australian dollar terms.

Novo’s cash and working capital positions remain strong, with cash reserves of C$44.1 million as at September 30, 2021 as compared to C$46.3 million as at June 30, 2021 while spending approximately C$6 million on exploration during Q3 2021.

In addition to its cash reserves, the Company’s strategic portfolio of investments held a fair value of approximately C$135 million1 as at September 30, 2021, including its 9.5% investment in New Found Gold Corp. (TSXV: NFG) which was worth approximately C$116 million1.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, 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.

CAUTIONARY STATEMENT

The decision by the Company to produce at the Nullagine Gold Project was not based on a feasibility study of mineral reserves demonstrating economic and technical viability and, as a result, there is an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Company’s cash flow and future profitability.

The Company cautions that the declaration of commercial production only indicates that the Nullagine Gold Project is operating at anticipated and sustainable levels and it does not indicate that economic results will be realized.

ABOUT NOVO

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 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

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, planned mining and processing activities; that grade control drilling may control variability of the Nullagine Gold Project’s head grade and provide for greater certainty for mine planning efforts; that the strategic operational review, which is scheduled to be completed in Q4 2021, may optimize production and profitability of the oxide resource component of the Nullagine Gold Project; the declaration of commercial production (which only indicates that the Nullagine Gold Project is operating at anticipated and sustainable levels and does not indicate that economic results will be realized); and that Novo’s strong financial position allows the Company to address the operational variabilities mentioned in this news release while leveraging the value of its strategic portfolio. 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 six-month period ended June 30, 2021, 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.

Categories
Junior Mining Novo Resources Precious Metals

Accelerated Near-Mine Exploration Program Underway at Novo’s Nullagine Gold Project

HIGHLIGHTS
 

  • Novo’s board of directors has approved an additional A$2.5M exploration budget to accelerate drilling of high-priority near-mine targets in the Mosquito Creek Basin which hosts the Nullagine gold project (the “ NGP ”) and the Golden Eagle processing facility.
  • A program of over 25,000 metres of reverse circulation (“ RC ”) drilling is in progress across several priority basement targets.
  • Novo’s exploration team has recently identified high priority drill targets including the Parnell-Vulture prospect. Significant results have been returned from mapping, rock chip and soil sampling programs, including a very large 1.5 km long, up to 500 m wide zone dominated by soil samples grading 100 ppb Au or better. These results are not necessarily representative of mineralization at the site.
  • The near-mine geology team has been expanded to accelerate near-mine exploration.
  • In addition, historical data from previous targets and mined open pits across the Mosquito Creek Basin is being re-analysed to determine further targets for potential feed for the Golden Eagle processing facility.
     

VANCOUVER, British Columbia, Sept. 08, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. “Novo” or the “Company” ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on near-mine exploration programs focussing on exploration opportunities at its highly prospective 100% controlled NGP.

Near-Mine Exploration

Novo’s aggressive 2021 exploration continues with Novo’s board of directors approving additional funding of up to A$2.5M to support near-mine exploration. This is in addition to the A$12 million approved in June 2021 for exploration across Novo’s tenements in 2021 ( refer to the Company’s news release dated June 3, 2021 ). The goal of this program is to accelerate the delineation of targets in the Mosquito Creek Basin that have the potential to provide additional oxide mill feed to the NGP’s Golden Eagle processing facility .

Planned RC drilling of at least 25,000 m across multiple priority basement targets has commenced and is scheduled to be completed prior to year-end. Over 20 high priority orogenic gold drill targets ( Figure 1 ) have been identified within trucking distance of the Golden Eagle processing facility. Priority targets include Genne and Parnell-Vulture, both located on granted mining leases.

At the Parnell prospect (M46/527), a series of robust, coherent gold anomalies were recently returned from soil sampling, confirming targets highlighted during the June mapping program ( Figure 2 ). Of particular note is a very large 1.5 km long, up to 500 m wide zone dominated by soil samples grading 100 ppb Au or better and peaking at 7.8 g/t Au. Significant rock chip samples up to 14.6 g/t Au were also returned from Parnell-Vulture, again highlighting the presence of high-grade gold targets in this region. Although these results are not necessarily representative of mineralization at the site, they further confirm prospectivity of this area and drill planning for both prospects is currently underway as part of the current near-mine exploration program.

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2e3d54f5-bdfe-44c2-b9c0-7e0685a12a8a

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/99127b4e-3d90-4272-93ac-eca62785fb38

As part of the current near-mine exploration program, historical data from previous targets and mined open pits across the Mosquito Creek Basin is being re-analysed. With Novo’s extensive knowledge of the Mosquito Creek Basin, further targets for potential mill feed for the Golden Eagle processing facility are being assessed. This work may result in further areas for priority drill testing.

Talga Talga Drilling and Bulk Sampling

Novo recently completed a maiden 1,830 m, 34-hole RC drill program at its 100%-controlled Talga Talga gold project ( Figure 3 ) approximately 110 km north of the NGP and adjacent to the road that extends southward to the Golden Eagle processing facility. This property hosts a series of orogenic lode deposits hosted by greenstone that is part of the plus 3.0-billion-year-old basement rock of the Pilbara. Dips of the lodes are reasonably shallow and follow topography, making them well suited for open cast excavation. Assays results from the drilling program are expected in October 2021.

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe415d91-d9f2-49ca-9af8-bd4aba7f758d

Talga Talga has the potential to be brought into the NGP as a satellite deposit. Part of the Company’s strategy is to trial bulk samples of mineralized material from Talga Talga through its mechanical sorter. In preparation for these trials, five, approximately 5-tonne bulk samples have been excavated from various lodes across the project and have been delivered to Golden Eagle to be included in the mechanical test work program to commence in October 2021.

Mechanical Sorting Trial Samples

In preparation for mechanical sorting trials that begin in October 2021, bulk samples stored at Karratha and Egina from previous sampling programs have been delivered to Golden Eagle. Karratha test material includes unprocessed bulk samples collected in 2018. Egina bulk sample material includes some 60 tonnes of gold-bearing gravels collected from large scale bulk sampling pits along the test swale on M46/560, the focus of exploration work in 2019. Novo expects to have results from testing on these samples and others including those from Talga Talga by the end of 2021.

Analytic Protocols

All soils and rock chips from Parnell and Vulture were submitted to Intertek Laboratories in Perth, Australia. Rock chips were assayed for FA gold (FA50/OE04) and 4-Acid Digest ME (4A/MS48). Soils will be assayed for Aqua Regia gold and ME (AR25/MS33).

There were no limitations to the verification process and 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 the laboratory. Dr. Quinton Hennigh (P.Geo.) is the qualified person responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a director of Novo and its Non-Executive Co-Chairman.

2021 Precious Metals Summit Beaver Creek

Novo’s Non-Executive Co-Chairman, Dr. Quinton Hennigh, will present at the Precious Metals Summit on Thursday September 9 th , 2021 from 8:30 am-8:45 am Mountain Time.

Webcast Link: https://wsw.com/webcast/preciousmetals3/nvo.v/

About Novo

Novo is commissioning its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 14,000 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.

“ Quinton Hennigh 

Quinton Hennigh

Non-Executive Co-Chairman

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, planned exploration activities, determination of further targets for potential mill feed for the Golden Eagle processing facility, and the expected timing of receipt of assay and mechanical testing 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 resource industry and the risk factors identified in Novo’s annual information form for the 11-month fiscal year ended December 31, 2020, 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.

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Junior Mining Novo Resources

Novo Appoints Michael Spreadborough, Highly Credentialled Executive, as Executive Co-Chairman

VANCOUVER, British Columbia, Aug. 05, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. “Novo” or the “Company” ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce that Mr. Michael Spreadborough, currently one of the Company’s independent directors ( refer to the Company’s news release dated January 13, 2021 ), has been appointed by Novo’s board of directors to the role of executive co-chairman.
 

Dr. Quinton Hennigh, the Company’s long-serving chairman and president, is transitioning to non-executive co-chairman of the Company and will remain actively involved with Novo’s exploration teams as efforts continue across the Pilbara and with Novo’s Victorian joint venture partners. Dr. Hennigh will also continue to engage with Novo’s shareholders and stakeholders.

Mr. Rob Humphryson continues in his longstanding role as Chief Executive Officer and director, reporting to the executive co-chairman. Mr Humphryson has successfully transitioned Novo from a pure-play explorer to its exciting new phase as a producer and explorer, and he will continue in his role to drive progress across operations and including a heightened focus on Novo’s mechanical sorting programs.

The change to the executive team structure will drive the next phase of Novo’s growth as the premier producer and explorer in the Pilbara region, along with the full exploitation of Novo’s interests in Victoria, Australia.

Novo remains focused on sustaining long-life production using its Golden Eagle processing facility, developing mechanical sorting technology to transform the exploitation of Novo’s nuggety conglomerate deposits, and to continue its focused exploration programs on the highly prospective 14,000 km Pilbara exploration tenements.

“Mr. Spreadborough joined the Company in January 2021 and immediately became an integral part of the team,” commented Dr. Hennigh. “Michael brings a wealth of Australian resource industry operational experience and international executive public company experience with both TSX and ASX-listed issuers to Novo. As the Company transitions to steady state operations, Michael’s operational expertise and guidance will be invaluable. The other directors and I look forward to advancing Novo’s operational efforts and future growth.”

“Dr. Hennigh has guided the Company from exploration to production in just over a decade, which is a rare feat in the industry,” commented Mr. Michael Spreadborough. “I would like to thank Quinton, the Board, and Novo’s management team for their support and I look forward to guiding the Company to operational excellence.”

About Novo

Novo is commissioning its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 14,000 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.

“ Quinton Hennigh 

Quinton Hennigh

Non-Executive Co-Chairman

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Junior Mining Novo Resources Uncategorized

Record Monthly Production From Nullagine Gold Project

HIGHLIGHTS

  • Continuing excellent safety record with no LTIs recorded at the Company’s Beatons Creek conglomerate gold project (the “ Nullagine Gold Project ”)
  • Record monthly gold production of 8,589 oz Au in July , a 46% increase over June
  • 7,899 ounces of gold sold in July, generating revenue of C$17.8 million (A$19.2 million) , a 50% increase over June
  • Record number of grade control assays processed in July (> 68,000 PhotonAssays) , expecting to clear the assay backlog by October 2021
  • Exploration drilling ongoing at near-mine and East Pilbara conglomerate and orogenic basement targets
  • July month-end cash balance of C$49 million , representing 6% growth since June
  • Fair value of Novo’s investments of approximately C$170 million 2
     

“I’m delighted with the continuing positive trajectory of the Nullagine Gold Project as the team adjusts to mining and processing this completely new style of conglomerate gold mineralization,” commented Rob Humphryson, CEO and a director of the Company. “The site team is functioning cohesively as they perfect the geological and mining methods required to underpin a sustained and successful operation.”

VANCOUVER, British Columbia, Aug. 05, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. “Novo” or the “Company” ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an operations update from the Nullagine Gold Project after another record month of growth. Subsequent updates will be provided on a quarterly basis.

NULLAGINE GOLD PROJECT

Gold Production

Gold production at the Nullagine Gold Project for July 2021 was a record month of 8,589 ounces produced during July 2021 ( Figure 1 ).

Figure 1 available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ca66d77-f304-4d7a-ad47-c07238b102d8

Processing

Mill throughput continued to increase month-on-month. As anticipated in the Company’s news release dated June 8, 2021 , the processing plant’s annualized rate is increasing towards 1.8 mtpa ( Figure 2 ). A total of 148 kt of gold-bearing conglomerate material was processed in July. Recovery rates are also stabilizing around 95%. July’s processing head grade was 1.94 g/t Au.

Mining

Mined mineralized and waste material was lower in July with some of the Company’s contract mining fleet allocated to assist with initial preparatory works for an upcoming tailings storage facility expansion.

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b2532ea-2d9e-405f-8d1e-6f1db0f81245

Operational Improvements

Intertek Testing Services (Australia) Pty Ltd (“ Intertek ”) has now fully commissioned two Chrysos PhotonAssay machines at its Maddington (Perth) facility ( Figure 3 ) ( refer to the Company’s news release dated May 18, 2021 ) and processed a total of 68,235 PhotonAssays (including QA/QC samples) in July. This compares favourably against average sample returns per month over the past six months. Assuming that July’s processing rates continue, the Company expects that its backlog of grade control samples will be cleared by the end of October 2021 which will significantly improve the Company’s ability to optimize recovery of mineralized material at the Nullagine Gold Project.

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ecab7496-1b94-4a0a-b84b-8549698fbcd2

Intertek have also been selected to design and manage a site-based sample preparation laboratory at the Nullagine Gold Project. The lab setup is proceeding rapidly, with commissioning expected to be completed by mid-August. To date the crusher/dryer facility, ducting refurbishment, and pad extensions have all been completed, with lab personnel expected to arrive on site early next week.

Exploration

Exploration works at the Nullagine Gold Project accelerated during June as reverse circulation (“ RC ”) drilling was completed at several conglomerate (Beatons Extended and Skyfall) and orogenic basement (Margies, Cutlass and AU81 north) targets, all located within a 50 km radius of the Company’s Golden Eagle processing facility. A series of additional high priority targets more recently delineated within the Nullagine Gold Project area by detailed geological mapping, rock chip sampling and soil sampling are also scheduled for drill testing in the latter half of 2021 (Daisy Central, Red Ensign, GENNE, Parnell, Vulture).

Further afield, RC drilling commenced in July at one of Novo’s high priority orogenic vein targets at the Talga Project ( Figure 4 ), testing strike and depth potential, and grade continuity of the mineralised lode systems at McPhees and NW Australian. Rock samples collected by Novo combined with detailed mapping define a mineralized corridor approximately three kilometres long and include assay results with best grades of 81.4 g/t Au, 46.9 g/t Au, 35.1 g/t Au and 30.0 g/t Au (refer to the Company’s news release dated June 3, 2021 ). These results are not necessarily representative of mineralization at Talga Talga. This prospect is located some 30 km to the north of the town of Marble Bar (150km north of Nullagine) and is suitable for haulage to the Company’s Golden Eagle processing facility at the Nullagine Gold Project.

Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/98935ffd-3258-41e4-b5ba-22f594d488d1

Novo Financial Position

Novo’s cash position and working capital remains robust, with cash reserves of C$49 million as at July 31, 2021 as compared to cash reserves of C$46.3 million as at June 30, 2021. Operational cash inflows accounted for most of this increase, with only approximately C$0.6 million attributable to stock option exercises and asset dispositions.

In addition to its cash reserves, the Company’s portfolio of investments held a fair value of approximately C$170 million as at July 31, 2021. Volatility in the value of the Company’s portfolio is mostly attributable to the Company’s 9.83% holdings in New Found Gold Corp. (TSXV: NFG).

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a director of Novo and its president and chairman.

Cautionary Statement

The decision by the Company to produce at the Nullagine Gold Project was not based on a feasibility study of mineral reserves demonstrating economic and technical viability and, as a result, there is an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Company’s cash flow and future profitability.

About Novo

Novo is commissioning its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 14,000 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.

“ Quinton Hennigh 

Quinton Hennigh

Chairman and President

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, planned mining and processing activities; that the backlog of PhotonAssays is expected to be cleared by October 2021; and that the processing plant’s annualized rate is expected to reach 1.8 mtpa. 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 annual information form for the 11-month fiscal year ended December 31, 2020, 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.

Converted to Canadian dollars using the July 1 – 31, 2021 average foreign exchange rate of 0.9294.

This value excludes the fair value of warrants held in GBM Resources Ltd. and Kalamazoo Resources Limited. Novo’s ability to dispose of its investments is subject to certain thresholds pursuant to its senior secured credit facility with Sprott Private Resource Lending II (Collector), LP. Please refer to the Company’s management’s discussion and analysis for the 11-month fiscal year ended December 31, 2020, which is available under Novo’s profile on SEDAR at www.sedar.com. Novo’s investment in New Found Gold Corp. is subject to escrow requirements pursuant to National Instrument 46-201 Escrow for Initial Public Offerings . The value of Novo’s holdings in Elementum 3D, Inc. (“ E3D ”) is based on E3D’s most recent financing price of US$2.50 per share. Except for its investment in E3D, the fair value of Novo’s investments is based on closing prices of its investments and relevant foreign exchanges rates as at July 31, 2021.