Proven & Probable is proudly sponsored by:
A NEW PARADIGM IN GOLD
EXPLORATION & INVESTING
TSX-V: NVO OTC: NSRPF
Novo’s focus is to evaluate, acquire and explore gold properties. Novo owns the approximately 10 square kilometer Beatons Creek Tenements in Western Australia and has the right to earn a 70% interest in the approximately 1,800 square kilometer Pilbara Paleoplacer Gold Project (includes the Beatons Creek and Marble Bar paleoplacer gold projects) in Western Australia from the Creasy Group.
The Company’s present focus is its Beatons Creek and Marble Bar paleoplacer gold projects in Western Australia. The Beatons Creek Tenements cover extensive exposures of the Beatons Creek conglomerates, a series of Archaean age pyritic conglomerates hosting gold mineralization similar to that of the Witwatersrand Basin in the Republic of South Africa. Shallow gold reefs were first identified and mined in this area beginning in the late 1800’s.
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The Beatons Creek Paleoplacer Gold Project in Western Australia is one of two gold projects that collectively make up Novo Resource’s Pilbara Paleoplacer Gold Project. At Beatons Creek, Novo is exploring for gold-bearing conglomerates (reefs) within the Hardey Sandstone Formation, part of the Fotesque Group, a thick sequence of ancient sedimentary and volcanic rocks. Historic mines near the town of Nullagine exploited pyritic gold-bearing reefs as early as the late 1800’s. Otherwise, the area has seen only very limited modern exploration. Through two separate joint venture agreements, one with Millennium Minerals and another with the Creasy Group, Novo is undertaking systematic exploration for gold-bearing reefs across this approximately 560 square kilometer project.
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Novo’s Blue Spec and Gold Spec veins, host indicated resources of 151,000 tonnes at 21.7 gpt Au (105,300 oz) and 1.7% Sb and inferred resources of 264,000 tonnes at 13.3 gpt Au (112,600 oz) and 1.0% Sb. This historical estimate, disclosed in a news release dated September 30, 2013 issued by Northwest Resources Ltd. (“Northwest”) and in the mineral resource statement issued by Northwest on the same date (the “Northwest Disclosure Documents”), are stated to have been reported in accordance with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code), which are consistent with sections 1.2 and 1.3 of NI 43-101. For the key assumptions, parameters, and methods used to prepare these historical estimates, please refer to the Northwest Disclosure Documents which are available on Northwest’s website (www.nw-resources.com.au). These are the most updated historical estimates and data available regarding the Blue Spec and Gold Spec deposits (except for the data contained in this news release and Novo’s news release of January 21, 2016) and, as such, no work needs to be done at this point in time to upgrade or verify the historical estimates. Novo is unaware of the existence of any technical report prepared in connection with the technical information contained in the Northwest Disclosure Documents. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Novo is not treating the historical estimate as current mineral resources or mineral reserves.
Both the Blue Spec and Gold Spec deposits are open along strike and down dip and associated splay zones have never been fully tested. At Blue Spec, for example, historic drill holes including BSI-011 (1.72 m @ 36.78 gpt Au), BSD0027 (1.15 m @ 62.67 gpt Au), BSD0036-W1 (2.5 m @ 157.45 gpt Au) and BSD0018-W2 (1.76 m @ 12.57 gpt Au) fall along the periphery of the current resource model and suggest immediate potential to expand this deposit through offset drilling. At Gold Spec, historic drill holes including BSD0013 (0.67 m @ 42.9 gpt Au), GSI-003 (2.1 m @ 17.09 gpt Au) and GSI-007 (2.1 m @ 20.09 gpt Au) fall along the periphery of the resource model and similarly suggest immediate potential to expand this deposit through offset drilling. True widths are approximately 80% of the reported lengths.
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The thirty two properties within the Marble Bar paleoplacer gold project cover an area of approximately 1,251 square km in the Nullagine embayment and 554 square km in the Marble Bar subbasin underlain by 2.74 billion year old siliciclastic sedimentary and volcanic rocks belonging to the Fortescue Group, the basal part of the Hamersley Basin located in the Pilbara region of Western Australia. These rocks are similar in age and character to the Central Rand Group of the Witwatersrand Basin, Republic of South Africa, the single largest gold region on Earth. The Fortescue Group hosts multiple conglomerate horizons known to contain gold. Although these rocks were mined locally in the late part of the nineteenth century, little modern exploration has taken place in the region.
The Company has an experienced management team in place, which has extensive expertise in identifying properties that have the best potential to recommence and expand profitable mining from known and newly discovered mineral prospects.
Dr. Quinton Hennigh, a director of Novo and its chief executive officer and president and a “qualified person” as defined by National Instrument 43-101, has reviewed the technical content of this website.
Mr. Rob Humphryson, a Mining Engineer, graduated from the Western Australian School of Mines in 1990. Mr. Humphryson has over 25 years of experience within ASX-listed companies in the Australian mining industry, gaining broad exposure to underground and open pit mining operations from both a contractor and miner’s perspective. A 17-year career at Macmahon Underground (formerly National Mine Management) culminated in executive operational and business development leadership roles within the group. He has more recently held senior roles at Swick Mining Services (Business Development Manager) and Silver Lake Resources (Chief Operating Officer), where he gained significant exposure to precious metals project construction, operation and acquisitions. Mr. Humphryson is a member of the AusIMM.
President & Director
Dr. Quinton Hennigh
Dr. Hennigh, is an economic geologist with more than 20 years of exploration experience with major gold mining firms including Homestake Mining, Newcrest Mining and Newmont Mining. Dr. Hennigh was the former director and Chief Geologist of Evolving Gold Corp. where he helped assemble a world class portfolio of gold projects and led successful explorations resulting in three significant discoveries including the Rattlesnake Hills deposit, Wyoming. Currently, Dr. Hennigh is a director and Technical Advisor to Gold Canyon Resources., where he helped refocus exploration at the company’s Springpole Gold Project in Red Lake, Ontario. Dr. Hennigh is also currently the Chief Geologist of EurOmax Resources, the Technical Advisor and a director to Prosperity Goldfields Corp. and a director to NV Gold Corp. Dr. Hennigh obtained a Ph.D. in Geology/Geochemistry from the Colorado School of Mines.
For more details contact:
Leo Karabelas, VP of Corporate Communications
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