Tag: NVO

Junior Mining Precious Metals

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

Post author By admin
Post date December 16, 2021

Figure 1

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.

Figure 3a

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

Figure 4

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.

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

Sample	North GDA94 Z55	East GDA94 Z55	Au ppm	Ag ppm	As ppm	Bi ppm	Mo ppm	Sb ppm	W ppm
MR0483	5880458	264166	27.1	1.69	14350	23.5	7	5610	1
MR0784	5880804	263840	16.7	0.63	563	553	14	35	43
MR0435	5879965	263401	14.65	1.03	2630	1.56	1	14	31
MR0762	5880283	263920	14.55	0.25	2000	0.5	1	8510	3
MR0814	5880075	263757	14.2	0.2	4380	19.7	3	80	111
MR0450	5880626	263665	9.74	0.04	1660	78.2	112	220	69
MR0804	5880359	263718	9.53	0.49	931	212	41	30	16
MR0811	5880184	263360	8.35	1.76	3840	52.6	3	649	32
MR0725	5880489	263374	6.89	0.2	2510	4.71	1	121	57
MR0761	5880296	263932	6.06	0.07	1255	15.3	1	122	22
MR0505	5880975	263544	5.49	0.1	2100	4.87	1	22	12
MR0793	5880724	263887	5.41	0.04	1840	70.6	19	206	169
MR0695	5880751	263491	5.01	0.15	1415	5.38	1	52	33
MR0521	5880053	263604	4.83	5.71	48.1	1100	4	58	73
MR0737	5880570	264026	4.82	0.33	245	704	38	379	450
MR0428	5880842	263471	4.55	0.16	2890	8.97	2	8	15
MR0433	5880067	263374	4.43	0.22	1675	12.7	1	64	9
MR0511	5880248	263523	4.11	3.54	1530	32.6	16	182	18
MR0764	5880287	263904	3.44	0.01	215	0.93	1	24	6
MR0724	5880431	263377	2.96	0.28	1290	24	5	123	27
MR0723	5880356	263366	2.94	0.09	1440	2.36	1	57	29
MR0437	5879889	263429	2.9	0.32	2080	1.88	1	20	397
MR0606	5882231	264015	2.78	0.04	3140	0.27	0	42	13
MR0514	5880263	263535	2.76	1.85	6520	2.59	3	116	29
MR0430	5880849	263506	2.69	0.49	951	938	20	15	6
MR0835	5880148	263708	2.57	0.11	1610	16.8	12	158	225
MR0489	5880945	263989	2.41	1.45	6420	2.7	6	25	8
MR0697	5880684	263399	2.37	0.11	4060	150	3	101	14
MR0791	5880726	264043	2.36	0.25	849	723	99	17	309
MR0692	5880778	263567	2.34	0.04	2540	1.1	2	26	670
MR0446	5880780	263477	2.27	0.22	5230	2.14	4	14	12
MR0707	5880563	263519	2.25	0.01	3050	5.91	85	1885	366
MR0649	5881292	263796	2.24	0.63	2080	11.8	56	9	32
MR0507	5881000	263538	2.23	0.16	2280	1.76	0	16	25
MR0524	5880014	263656	2.23	0.52	2060	211	5	68	195
MR0420	5880823	263473	2.04	0.1	3820	2.41	12	13	16
MR0476	5880346	264379	2.04	1.05	547	574	20	1480	5
MR0613	5881734	263634	2.02	0.03	1380	0.27	0	22	6
MR0712	5880477	263467	1.97	0.03	1020	2.44	6	26	19
MR0850	5880349	263562	1.88	2.7	1760	844	18	605	291
MR0767	5880356	263949	1.84	0.29	1210	55.3	19	40	75
MR0442	5879831	263475	1.83	0.4	4350	2.16	0	7	16
MR0485	5880486	264160	1.82	0.18	1650	7.94	0	710	3
MR0711	5880474	263501	1.78	0.37	3850	1.2	14	26	31
MR0475	5880364	264376	1.77	1.22	189	1.11	5	103	35
MR0848	5880358	263559	1.76	0.2	499	32.4	4	37	20
MR0672	5880900	263603	1.65	0.1	2210	1.83	0	15	10
MR0847	5880417	263515	1.6	0.17	1335	16.6	4	193	88
MR0796	5880796	263965	1.59	0.18	2060	437	15	26	85
MR0445	5880781	263479	1.58	0.27	1880	236	9	17	7
MR0616	5881799	263725	1.54	1.81	1500	57.5	1	47	8
MR0716	5880451	263451	1.48	0.02	2060	8.4	3	16	25
MR0813	5880083	263763	1.46	0.63	1120	180	33	62	78
MR0627	5881588	263817	1.45	0.21	2430	2.14	0	84	17
MR0538	5880487	263692	1.42	0.02	1290	10.6	117	76	14
MR0787	5880830	263904	1.4	0.13	1620	102	34	15	46
MR0559	5881314	263809	1.39	0.12	1370	54.2	1	159	38
MR0732	5880600	263991	1.39	0.17	1480	267	31	27	100
MR0506	5880992	263542	1.37	0.09	1040	0.81	1	7	7
MR0460	5880543	263691	1.36	0.03	1930	20.6	76	29	32
MR0451	5880636	263667	1.33	0	999	28.1	51	39	76
MR0754	5880700	263825	1.3	0.05	4900	1.14	10	45	142
MR0805	5880341	263732	1.26	0.08	1605	30.7	39	265	48
MR0550	5881316	263999	1.25	0.27	1480	1.05	1	10	15
MR0714	5880462	263452	1.22	0.05	2140	64.5	11	50	25
MR0474	5880392	264370	1.2	0.51	544	89.1	10	18	65
MR0438	5879888	263436	1.18	0.39	1390	18.3	9	40	200
MR0685	5880998	263348	1.18	0.27	629	0.74	19	176	3
MR0590	5881571	263997	1.09	0.04	233	0.03	1	7	5
MR0465	5880522	263676	1.07	0	284	14	18	59	10
MR0512	5880258	263523	1.07	0.3	2400	5.96	314	2940	7
MR0530	5879836	263475	1.05	0.11	3380	2.21	0	6	10
MR0799	5880535	263726	1.01	0.84	508	128	11	14	175
MR0520	5880054	263608	1	6.88	120.5	381	12	23	113

___________________________________

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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Tags Novo Resources, NVO, Quinton Hennigh

Junior Mining Precious Metals Uncategorized

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

Post author By admin
Post date November 30, 2021

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 ¹and Carlow Castle ²in 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 ¹with 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 ³.

Recent geochemical sampling by Novo over previously defined VTEM conductors on EL47/1745 (weak conductors within airborne electro-magnetic surveys by Legend ⁴^,⁵) 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 ⁶included eight lines of ground EM which identified a single conductor modelled to a dip of 45 ^owest at a depth of 35 m. The EM anomaly was followed up by Legend ⁵^,⁷^,⁸with 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 ⁹defined 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 ¹⁰intersected 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 ⁴^,⁵was followed up with a ground fixed loop transient EM (“ FLTEM ”) survey ⁶defining 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 ⁸. 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 ⁸. 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 ²have 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

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.

______________________________

¹Refer to Azure’s ASX announcement dated November 9, 2020 .

²Refer to Artemis’ ASX announcement dated November 20, 2019 .

³Refer to Azure’s ASX announcement dated August 6, 2020 .

⁴Refer to Legend’s ASX announcement dated July 23, 2007 .

⁵Refer to Legend’s Annual Report 2009 – WAMEX Open File Data Rept. A82043

⁶Refer to Legend’s ASX announcement dated October 02, 2007 .

⁷Refer to Legend’s ASX announcement dated January 24, 2008 .

⁸Refer to Legend’s Annual Report 2009 – WAMEX Open File Data Rept. A69000

⁹Refer to Westfields Final Report 1967 – WAMEX Open File Data Rept. A982

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

Tags #NovoResources, Beatons Creek, Comet Wells, maurice jackson, Nulagine, NVO, proven and probable, Quinton Hennigh

Junior Mining

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

Post author By admin
Post date November 19, 2021

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

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.

Tags maurice jackson, Novo Resources, NVO

Junior Mining Precious Metals

New Basement Gold Targets Identified at Novo’s Egina Project

Post author By admin
Post date November 5, 2021

igure 1

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.

Figure 3

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

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 ID	COORDSYS	EASTING	NORTHING	HEIGHT	AZI	DIP	DEPTH FROM	DEPTH TO	Au (ppm)	Width (m)

LGRB306	MGA94_50	620341	7684248	60	360	-60	25	28	3.68	3
LGRB294	MGA94_50	620554	7684133	60	360	-60	30	31	1.04	1
LGRB299	MGA94_50	620556	7684033	60	360	-60	26	27	1.66	1
LGRB300	MGA94_50	620556	7684013	60	360	-60	32	34	1.09	2

Tags Egina, maurice jackson, Novo Resources, NVO, proven and probable, Quinton Hennigh

Junior Mining Precious Metals

Nullagine Gold Project Production Update

Post author By admin
Post date October 12, 2021

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

NSRPF-0.69%

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 2021	Q3 2021	Change
Gold Production	(oz Au)	14,890	18,144	+22%
Mining	(tonnes)	477,000	478,000	–
Processing	(tonnes)	366,000	451,000	+23%
Revenue	(C$M)	C$31.7	C$43	+36%
Cash Position	(C$M)	C$46.0M	C$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

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.

Tags Novo Resources, NSRPF, NVO

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Tag: NVO

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.

Figure 2

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

Figure 3b

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.

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.

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

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

RC drilling at Parnell (western sector).

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.

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.

Figure 3

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

Nullagine Gold Project Production Update