Tag: Quinton Hennigh

Labrador Gold – Discovers 54.17 GPT at Big Vein on Kingsway Gold Project

Post author By admin
Post date May 7, 2022

Labrador Gold: https://labradorgold.com/

Ticker: TSX.V: LAB | OTCQX: NKOSF

Corporate Presentation: https://labradorgold.com/investors/presentations/

Telephone: (416) 704-8291

Email: info@labradorgold.com

Labrador Gold Intersects 54.17 G/T Au Over 0.95m at the Big Vein Target

TORONTO, May 05, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce the continued extension of the Big Vein Zone to the southwest with an intersection of 54.17 g/t Au over 0.95m as well as the intersection of near surface gold mineralization from initial diamond drilling of the Pristine target at its 100% controlled Kingsway project near Gander, Newfoundland. These holes were drilled as part of the Company’s ongoing 100,000 metre drill program at Kingsway.

At Big Vein, the intercept of 54.17g/t Au over 0.95m in hole K-22-122 contains visible gold and is the furthest intersection of the Big Vein Zone to the southwest drilled to date. This extends the strike length of the zone to 320m and it remains open in this direction. Hole K-22-116 targeted the HTC zone and intersected 14.67 g/t over a 1m interval that also contained visible gold.

At the Pristine target the first six holes all intersected significant near surface gold mineralization, including hole K-21-109 that assayed 3.55 g/t Au over 2.33m from 17.15m that contained visible gold and hole K-21-100 that intersected 3.89 g/t Au over 3m from 53m downhole.

The initial assays from the Pristine target, located approximately 800m northeast of Big Vein along the Appleton Fault Zone, are very similar to the first reported holes from Big Vein that assayed 1.11 g/t Au over 5.50m, 5.0 g/t Au over 0.9m and 2.26 g/t Au over 7.0m in Hole K-21-01 and 1.72 g/t Au over 3.0min Hole K-21-02 (see news release dated May 10, 2021).

The stratigraphy encountered is also very similar to Big Vein, with the mineralized Doyle Zone defined by a network of shear veining that is associated with a highly fractured sandstone in fault contact with a deformed black graphitic shale.

“We are very pleased with the initial results from the Pristine target which proves our interpretation of the existence of a gold occurrence not too far up ice from the pristine gold grains found in till. Pristine is the third of three targets tested to date to show significant near surface gold assays, a result of our systematic exploration strategy at Kingsway and the prospectivity of the Appleton Fault Zone,” said Roger Moss, President and CEO of the LabGold. “We have named the mineralized zone at Pristine the Doyle Zone after our friend and strong supporter James Doyle, who passed away suddenly, and much too early, in late 2020. James helped and advised us in every financing since the start of Labrador Gold in 2017, and gave us support in the market, often when no-one else was interested. James would have loved witnessing all the exploration activity in central Newfoundland over the last two years and would have been working the telephones daily. We will endeavour to ensure that the Doyle Zone lives up to the big personality of its namesake.”

Pristine Target and Appleton Fault Zone

The visible gold found in hole K-21-109 drilled into the Doyle Zone is the third occurrence of visible gold found, after Big Vein and Golden Glove, along the Appleton Fault Zone. The Doyle Zone is the furthest northeast, approximately 4.5km from Golden Glove which lies close to the southern property boundary. The Doyle Zone lies to the east of a fault with a major damage zone approximately 30m wide which may represent the expression of the Appleton Fault Zone in this area. Further work is necessary to determine if this is, in fact, the the case or if it is a major splay of the Appleton Fault Zone. In either case it is a significant structure associated with gold mineralization in the Doyle Zone.

The most detailed exploration along the Appleton Fault Zone to date has been over an approximately 2km section from just southwest of Big Vein to the Pristine target, leaving the remaining 10km length of the fault zone relatively underexplored. This will be a major focus of LabGold’s upcoming field program.

Hole ID	from (m)	to (m)	width (m)	Au (g/t)	Target
K-22-142	96	100	4	3.44	Big Vein
including	97	99	2	5.37
K-22-125	70	77	7	1.72	HTC
K-22-124	264	266	2	2.03	Big Vein
	283	284	1	7.68
K-22-122	99	114	15	1.46	Big Vein
	123.33	124.28	0.95	54.17*
K-22-116	178	179	1	14.67*	HTC
	194	196	2	4.18
	207	208	1	3.25
K-22-143	75	82	7	1.53	Pristine
K-22-123	23	24	1	1.98	Pristine
	43	44	1	2.3
K-22-119	31	33	2	1.92	Pristine
K-21-109	17.15	18.3	2.3	3.55*	Pristine
	47.45	50.45	3	1.31
	54.45	59.45	5	1.48
K-21-107	48	52	4	1.16	Pristine
	86	89	3	1.58
	96	103	7	1.81
K-21-100	53	56	3	3.89	Pristine

Table 1. Summary of Assay Results
* Interval contains visible gold. All intersections are downhole length
as there is insufficient Information to calculate true width.

Hole ID	Northing	Easting	Elevation (m)	Azimuth	Dip	Depth (m)
K-22-143	5436034	661801	54.1	260	45	299.06
K-22-142	5435015	661426	36.8	155	45	167.00
K-22-125	5435283	661600	42.5	140	50	326.00
K-22-124	5435143	661405	50.2	140	60	494.00
K-22-123	5436103	661808	56.1	300	45	236.00
K-22-122	5435016	661426	36.9	145	50	228.63
K-22-119	5436105	661803	56.2	300	45	185.00
K-21-116	5435280	661600	42.3	145	60	236.00
K-21-109	5436058	661789	55.5	260	60	218.00
K-21-107	5436058	661789	55.6	295	50	209.00
K-21-100	5436191	661851	58.6	140	45	230.00

Table 2. Drill hole collar details

Figure 1. Doyle Zone plan map
https://www.globenewswire.com/NewsRoom/AttachmentNg/d658d985-d462-4293-a32f-4db3365c5d7d

Figure 2. Big Vein Plan Map.
https://www.globenewswire.com/NewsRoom/AttachmentNg/44a9f7c4-1910-4bea-99a8-e815f6ef56c2

QA/QC

True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.

Qualified Person

Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.

The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.

About Labrador Gold
Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.

In early 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 50,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone following encouraging early results. The Company has approximately $28 million in working capital and is well funded to carry out the planned program.

The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25 ^th2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.

The Company has 156,439,526 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

For more information please contact:

Roger Moss, President and CEO Tel: 416-704-8291

Or visit our website at: www.labradorgold.com

Twitter: @LabGoldCorp

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .

Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements .

Tags #BigVein, #CanadianMiningStocks, #JuniorMining, #KingswayGoldProject, #LAB, #LabradorGold, #MauriceJackson, #PreciousMetals, #ProvenAndProbable, canadian gold company stocks, Quinton Hennigh

Junior Mining Lion One Metals

Lion One Reports Engineering and Development Progress at the Tuvatu Alkaline Gold Project in Fiji

Post author By admin
Post date February 8, 2022

North Vancouver, British Columbia–(Newsfile Corp. – February 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to provide the following progress report for the engineering and development of the Company’s fully permitted high grade Tuvatu Alkaline Gold Project located on the island of Viti Levu in Fiji.

Highlights

Production permits are in place for underground gold mining operations
Engineering and procurement of gold recovery plant is underway
Development of second underground access portal is underway
Mobile crushing unit has been ordered, built, and is now being shipped to mine site
Majority of required mining equipment has been shipped and delivered to mine site
Contracts for water, power, tailings, explosives, and communications secured or in progress
ERP implementation underway for accounting, supply chain, cost control, and inventory

Mill Design & Construction

Lion One has designed a scalable milling facility with installation anticipated by Q3 2023, for initial gold production by the end of Q4 2023. The mill has been designed with a scalable capacity to be expandable from the initial planned production rate of 300 tonnes per day (tpd) for approximately 24,000 ounces of gold per year, ramping up to potentially 1,200 tpd.

For more information read the Metallurgical Overview and Process Description below.

Underground Development & Mining

Lion One has commenced development of the portal for underground access #2 and expects to commence underground development at a projected rate of 2m per day during the current quarterly period.

Several recent news releases have highlighted a number of high-grade intercepts (See Recent Infill Drilling Results below) that occur in very close proximity to planned underground infrastructure, indicating that a number of high-grade lodes are immediately accessible and can be included in the initial mine plan. Lion One anticipates to be driving through these lodes as early as Q2 2022.

Dual-Track Advancement Strategy

Concomitant with the mine development plan being undertaken, Lion One continues to pursue aggressive exploration drilling of newly defined feeder targets in proximity to the Tuvatu resource, including the prolific 500 Zone, as well as regional targets within the ~6 km Navilawa caldera.

Lion One has an exceptional team to lead this effort led by Wally Berukoff, CEO, Patrick Hickey, COO and Sergio Cattalani, SVP Exploration.

Lion One’s Chief Operating Officer Patrick Hickey commented, “Lion One is committed to building a mine at Tuvatu and we are progressing with design of the processing facilities and development of Tuvatu decline #2, with the objective of initiating production by late 2023. At its current resource grade of over 8 g/t Au, Tuvatu has the potential to become one of highest grade gold mines in the world, while ongoing exploration demonstrates significant potential for identifying a large alkaline gold system within the Navilawa Caldera”.

Metallurgical Overview

Lion One has conducted and reviewed extensive metallurgical test work at numerous accredited laboratories between 1997 and 2020, including mineralogy studies, comminution tests, gold recovery tests and cyanide detoxification tests. The results of this work have defined the optimum recovery process to achieve an average gold recovery of 87.5% as reported in the September 25, 2020, Preliminary Economic Assessment Update. Recent metallurgical test work conducted by Met-Solve Laboratories has indicated potential recoveries in excess of 90% are possible using the proposed process. The metallurgical test results indicate that the Tuvatu mineralization is amenable to a combined process of gravity concentration with intensive cyanidation and carbon in pulp (“CIP”) cyanidation. Further refinements to the plant will be made once the detail engineering and procurement commences.

Figure 1: conceptual process plant design and site layout

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/113121_5ec8ce11a40af828_001full.jpg

Process Description

Run-of-Mine (“ROM”) material will be trucked from underground and onto the mill feed surge stockpiles or directly into the crushing plant feed pocket. The crushing plant will consist of two stages of crushing including an open circuit primary jaw crusher and a closed-circuit secondary cone crusher. The feed pocket will have a 350mm-by-350mm stationary grizzly to protect the jaw crusher from oversized feed. The cone crusher will be fed by one of two double deck screens. One screen will be dedicated to sizing ore and the second screen will be used to produce aggregate. The double-deck screen undersize, with a particle size of 80% passing approximately 8 to 10mm, will be conveyed to the mill feed surge bin, which will provide a live capacity of 300t of the mill feed, or the equivalent of 24 hours of mill operation. Two vibrating feeders, together with the primary ball mill feed conveyor, will be installed underneath the surge bin. Each of the feeders can provide the full feed rate if one of the feeders requires unplanned maintenance. All the feeders will be equipped with variable frequency drive (“VFD”) control to adjust the reclaim rate. Normally only one feeding system will be in operation.

The integrated comminution circuits, including the two-stage grinding circuit, will grind the 8 to 10mm feed to a grind size of 80% passing (P₈₀) 60 to 65μm. Both mills will discharge the ground ore into a common pump box and sent to a vibrating screen. The 2 mm plus oversized particles will report back to the secondary ball mill for further grinding. Undersized particles from the vibrating screen will be treated by a primary gravity concentrator. The gold concentrate from the primary gravity concentrator will be treated by an intensive cyanide leaching reactor. The pregnant gold solution from reactor will be pumped to the on-site absorption-desorption-recovery (“ADR”) plant with a dedicated electrowinning (“EW”) cell to produce a gold rich sludge to be fed into an electric furnace to produce gold doré.

The tailings from the primary gravity concentrator will be further separated by a hydrocyclone. The oversize from the hydrocyclone will report back to the secondary grinding mill. The overflow containing fines will be treated by a continuous gravity concentrator. The approximately 1.0 to 1.8t/h gravity concentrate from the continuous gravity concentrator will pumped to the CIP cyanide leach tanks while the tailings will be thickened from 35% w/w solids to 45% w/w solids. The thickener underflow will be pumped to an aerated pre-treatment tank prior to entering the CIP circuit. This process utilizes gravity separation for 100% of the ore instead of the conventional 33%. Since the Tuvatu mineralization contains variable quantities of large and very small free gold, this process optimizes overall gold recovery.

The standard CIP cyanide circuit will operate at 45% w/w solids with the carbon being loaded countercurrent to the flow of the pulp. The gold loaded carbon will be transferred to the ADR plant for desorption and recovery. The leaching tanks, buffer tank and associated pumps will be located in a concrete tank farm. The reagent storage and mixing facilities will be located adjacent to the CIP circuit.

The Project will employ an alkaline, non-cyanide stripping and EW process. The pressurized elution vessel for the CIP circuit will operate at approximately 0.5MPa at 150˚C and have dedicated EW cell located adjacent to the dedicated intensive leach EW cell. After the ADR system is shut down and the system pressure is reduced to atmospheric pressure, the gold rich sludge will be washed from the steel cathodes and collected. The gold sludge will be dried and mixed with gold flux prior to melting in an electric furnace at approximately 1,200 to 1,300°C to produce gold doré. The gold doré will be stored in a secure vault within a secure and supervised area.

The leach residue from the carbon safety screen in the CIP circuit will flow by gravity to a residual cyanide detoxification system where Weak Acid Dissociable (“WAD”) cyanide will be destroyed using the SO2/air process. The circuit will consist of two mechanically agitated tanks, each with a capacity to handle the full slurry flow for a retention time of approximately 75 minutes. The arrangement will provide sufficient detoxification capacity if one of the two tanks require unplanned maintenance. The reagents used will include hydrated lime, sodium metabisulphite, and copper sulphate. After detoxification, the tailings slurry will be pumped to high-rate thickener. The residue will be thickened to approximately 50 to 55% w/w solids. Diluted flocculant solution will be added to the thickener to assist the thickening process. The thickener underflow will be pumped to two filter presses for dewatering to approximately 10 to 12% w/w solids. The filtered tailings cake will be loaded into lined dump trucks for transporting to the Tailings Storage Facilities (“TSF”) approximately 3.5km from the plant site. Engineering of the TSF has been completed for the first year of operation with subsequent TSF construction planned the following year after start-up.

It is necessary for Lion One to provide all electrical power to the mine site. The proposed new main power plant is five 800kW diesel powered generators with 4 in operation and 1 on standby. The 2 existing 900kVA diesel generators for underground development will be relocated to the main power plant. The combined power output will be 4,660kW (with one 800kW standby) to run both the underground mining operation and the process plant. The Company is also investigating the installation of a hybrid power plant consisting of a combination of solar and diesel generation to maintain a constant and stable supply of 4,660kW at any time within 24 hours a day.

Photo 1: design for portal of underground access no. 2

To view an enhanced version of Photo 1, please visit:
https://orders.newsfilecorp.com/files/2178/113121_5ec8ce11a40af828_002full.jpg

Photo 2: blasting for development of underground access no.2

To view an enhanced version of Photo 2, please visit:
https://orders.newsfilecorp.com/files/2178/113121_5ec8ce11a40af828_003full.jpg

Recent Infill Drilling Results

Reported Jan. 25, 2022: 359.8 g/t Au over 1.8m, including 1,616 g/t Au over 0.4m
Reported Nov. 30, 2021: 33.52 g/t Au over 2.4m from 173.4m inc. 185.6 g/t Au over 0.4m
20.61 g/t Au over 7.5m from 126.6m inc. 89.03 g/t Au over 1.5m, and 227.3 g/t Au over 0.3m
21.34 g/t Au over 2.5m from 120.85m inc. 38.25 g/t Au over 1.3m, and 52.27 g/t Au over 0.3m
Reported Sept. 7, 2021: 10.24 g/t Au over 8.48m inc. 33.26 g/t Au over 2.44m from 111.2m, and 13.49 g/t Au over 3.3m from 115.4m

The current mineral resource estimate for the Tuvatu project comprises 1,007,000 tonnes Indicated at 8.48 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au.

The Company advises that it has not based its current mine development plan on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be 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.

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Bill Witte, P. Eng, who is a Qualified Person pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101).

About Tuvatu

The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA”, dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, and subsequently updated in January 2018 as disclosed in the technical report and PEA by Tetra Tech “Technical Report and Preliminary Economic Assessment Update for the Tuvatu Gold Project, The Republic of Fiji” dated September 2020, comprises 1,007,000 tonnes Indicated at 8.48 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

About Lion One Metals Limited

Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa caldera, an underexplored yet highly prospective 7km diameter volcanic edifice of alkaline affinity. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of
Lion One Metals Limited
“Walter Berukoff“
Chairman and CEO

For further information
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider
accepts responsibility for the adequacy or accuracy of this release.

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113121

Tags #WalterBerukoff, LIO, Lion One Metals, Quinton Hennigh

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 Lion One Metals Precious Metals

Lion One Reports Additional High-Grade Intercepts from Infill Drilling at Tuvatu Gold Project, Fiji

Post author By admin
Post date November 30, 2021

North Vancouver, British Columbia–(Newsfile Corp. – November 30, 2021) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce results from the infill drill and re-sampling program undertaken in the near-surface portion of the Tuvatu deposit. This program was designed to further strengthen the database in the portion of the deposit earmarked for earliest production, from the Company’s 100% owned Tuvatu gold project in Fiji.

5,615m of infill drilling completed in 30 holes (~70% of the proposed program)
600 additional data points generated from infill resampling of 12 historic holes

Highlights from near-surface infill drilling and re-sampling include:

20.61 g/t Au over 7.50m inc. 89.03 g/t Au over 1.50m, and 227.3 g/t Au over 0.30m from TUDDH545
21.34 g/t Au over 2.50m inc. 38.25 g/t Au over 1.30m, and 52.27 g/t Au over 0.30m from TUDDH548
33.52 g/t Au over 2.40m inc. 185.60 g/t Au over 0.40m from TUDDH553
9.13 g/t Au over 2.59m inc. 74.58 g/t Au over 0.30m from resampling of historic hole TUDDH362

TUDDH541

4.61 g/t Au over 4.23m from 112.6-116.83m, including
- 14.35 g/t Au over 1.20m from 115.63-116.83, which includes
- 33.85 g/t Au over 0.30m from 116.23-116.53m
7.09 g/t Au over 0.60m from 124.63-125.23m, including
- 12.82 g/t Au over 0.30m from 124.93-125.23m

TUDDH544

8.27 g/t Au over 0.30m from 24.65-24.95m
5.46 g/t Au over 2.90m from 34.6-37.5m, including
- 16.75 g/t Au over 0.50m from 34.9-35.4m, and
- 7.83 g/t Au over 0.60m from 36.6-37.2m
9.21 g/t Au over 0.30m from 50.85-51.15m
18.62 g/t Au over 0.30m from 65.93-66.23m
9.44 g/t Au over 0.60m from 68.32-68.92m, including
- 13.45 g/t Au over 0.30m from 68.32-68.62
11.21 g/t Au over 0.30m from 147.23-147.53

TUDDH545

20.61 g/t Au over 7.50m from 123.6-131.1m, including
- 7.97 g/t Au over 1.00m from 123.6-124.6m, and
- 8.97 g/t Au over 0.90m from 125.6-126.5m, and
- 89.03 g/t Au over 1.50m from 128.3-129.8m, which includes
- 227.30 g/t Au over 0.30m from 128.3-128.6m, and
- 10.48 g/t Au over 0.30m from 128.6-128.9, and
- 39.01 g/t Au over 0.30m from 128.9-129.2m, and
- 99.42 g/t Au over 0.30m from 129.2-129.5m, and
- 68.95 g/t Au over 0.30m from 129.5-129.8m
9.88 g/t Au over 0.30m from 130.8-131.1m
9.38 g/t Au over 1.00m from 137.6-138.6m

TUDDH546

10.16 g/t Au over 1.20 from 104.2-105.4m, including
- 39.33 g/t Au over 0.30m from 104.2-104.5m

TUDDH547

13.47 g/t Au over 0.30 from 104.5-104.8m

TUDDH548

9.82 g/t Au over 0.30 from 82.6-82.9m
18.74 g/t Au over 0.30m from 101.6-101.9m
6.41 g/t Au over 1.50m from 106.2-107.7m, including
- 26.34 g/t Au over 0.30m from 106.2-106.5m
15.37 g/t Au over 0.30m from 110.4-110.7m
21.34 g/t Au over 2.50m from 120.85-123.35m, including
- 38.25 g/t Au over 1.30m from 121.75-123.05m, which includes
- 52.27 g/t Au over 0.30m from 121.75-122.05m, and
- 21.13 g/t Au over 0.30m from 122.05-122.35m, and
- 53.82 g/t Au over 0.30m from 122.35-122.75m, and
- 20.58 g/t Au over 0.30m from 122.75-123.05m

TUDDH553

7.84 g/t Au over 0.90m from 26.0-26.9m
33.52 g/t Au over 2.40m from 173.4-175.8m, including
- 185.60 g/t Au over 0.40m from 174.5-174.9m

Highlights from infill resampling of historic drilling include:

6.78 g/t Au over 3.50m from 91.1-94.6m, including
- 8.43 g/t Au over 2.70m from 91.1-93.8m, including
- 10.98 g/t Au over 0.90m from 91.1-92.0m in TUDDH225
9.13 g/t Au over 2.59m from 84.81-87.4m, including
- 74.58 g/t Au over 0.30m from 86.31-86.61m in TUDDH362
1.81 g/t Au over 0.60m from 118.2-118.8m in TUDDH410
6.88 g/t Au over 0.60m from 131.1-131.7m in TUDDH539

Infill Drilling and Resampling Program
In addition to the recently reported expansion of the high-grade 500 Zone underlying the Tuvatu resource, several bonanza-grade intercepts have also been returned from the ongoing near-surface infill/definition drill program. The ~8000m infill drill program was initiated in June of 2021 with the aim of infilling areas of low data density within parts of the resource currently categorized as Inferred. To date, a total of 5,615m of diamond drilling over 30 holes have been completed, with ~30% of the proposed program remaining. Concurrently, a program of resampling of unsampled intervals from historic drill holes in has been initiated with the resampling of 12 holes completed to date (23 holes planned), representing ~50% of the planned resampling program, and thus far generating ~600 additional samples in areas where data was considered sparse. The additional data generated was generated in Lion One’s own assay laboratory in Nadi and will add significant new high-grade intercepts to the resource earmarked for early production.

Final results received to date from holes drilled as part of the infill program are for 7 holes only (TUDDH541-553). All results for holes TUDDH554-562 remain pending. Figure 3 shows some of the coarse visible gold intersected as part of the infill drilling program. Photographs shown are from drill holes for which analytical results are still pending. A complete set of results for all previously unreported drill holes which form part of the infill drill program is included as Table 1.

The Company is currently undertaking two tiers of drilling: 1) the completion of shallow resource infill drilling from surface and underground, 2) deep exploration drilling from surface and underground targeting lode extensions and additional feeders under the Tuvatu resource. With the wet season starting in Fiji, the regional drill program requiring access to remote parts of the Navilawa caldera has seen a planned interruption, and is scheduled to resume in early 2022.

Deep Feeder Zone 500 – additional update
An update of results obtained from the ongoing deep drilling of the high-grade 500 Zone feeder zone is also provided at this time. Additional results, as yet unreported, from ongoing drilling of the 500 Zone include: 17.43 g/t Au over 1.5m from downhole depth of 643.1-644.6m from hole TUDDH544-W1.

There are currently 3 drill holes targeting the 500 Zone. Results of these will be reported as they become available.

Sergio Cattalani, Lion One’s Senior Vice President Exploration, commented, “High grade mineralization continues to be defined both in the near-surface portion of the deposit, as well as in the expanding deep feeder Zone 500. The additional data generated by the infill drilling and resampling programs will greatly enhance our understanding of the geometry of the veins, and raise the level of confidence needed, ahead of Lion One’s near-term underground development at Tuvatu. Our objective remains to work toward a near-term modest production start, concomitant with an aggressive exploration program aimed at the continued expansion of deep bonanza-grade resources for the eventual scaled-up development of a larger and richer resource base.”

Figure 1: Left) schematic cross-section across the northern part of Tuvatu showing the location of some infill drill holes, with selected results. Right) Plan view of Tuvatu orebody as a block model, showing the trace of the Tuvatu decline and the location of the vertical section on the left. The different colors represent ore blocks of different grade forming the various lodes.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/105778_35fc524c74ba88bc_001full.jpg

Figure 2: Left) schematic cross-section across the northern part of Tuvatu showing the location of some of the drill holes that have been resampled, with selected results. Right) Plan view of Tuvatu orebody as a block model, showing the trace of the Tuvatu decline and the location of the vertical section on the left. The different colors represent ore blocks of different grade forming the various lodes.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2178/105778_35fc524c74ba88bc_002full.jpg

Table 1: Drilling Intervals Reported (intervals greater than 3.0 g/t Au cutoff are bolded)

Drill Hole	From (m)	To (m)	Interval (m)	Au (g/t)
TUDDH541	52.54	54.55	2.01	1.12
	59.00	59.40	0.40	2.24
	63.40	63.70	0.30	1.32
	69.00	70.78	1.78	1.06
	109.95	110.25	0.30	2.50
	112.60	116.83	4.23	4.61
including	115.63	116.83	1.20	14.35
including	116.23	116.53	0.30	33.85
	118.30	118.60	0.30	1.02
	120.00	123.50	3.80	3.27
including	122.30	123.50	1.20	5.71
	124.63	125.23	0.60	7.09
including	124.93	125.23	0.30	12.82
	127.20	130.20	3.00	0.87
including	129.90	130.20	0.30	6.69
TUDDH-542	73.00	73.60	0.60	0.75
	78.10	78.40	0.30	0.73
	79.80	81.50	1.70	1.65
	83.60	83.90	0.30	0.87
	91.90	94.70	2.80	1.36
TUDDH-545	74.60	75.60	1.00	3.38
	79.60	80.20	0.60	3.23
	81.60	83.60	2.00	1.4
	108.10	108.40	0.30	5.36
	123.60	131.10	7.50	20.61
including	123.60	124.60	1.00	7.97
and	125.60	126.50	0.90	8.97
and	128.30	129.80	1.50	89.03
including	128.30	128.60	0.30	227.3
and	128.60	128.90	0.30	10.48
and	128.90	129.20	0.30	39.01
and	129.20	129.50	0.30	99.42
and	129.50	129.80	0.30	68.95
and	130.80	131.11	0.30	9.88
	137.60	138.60	1.00	9.38
TUDDH-546	80.50	81.70	1.20	2.53
	97.80	99.60	1.80	1.64
	104.20	105.40	1.20	10.16
including	104.20	104.50	0.30	39.33
	109.20	109.50	0.30	3.76
	113.20	113.50	0.30	0.92
	115.90	117.40	1.50	1.04
	120.50	123.30	2.80	0.85
including	123.00	123.30	0.30	3.93
	60.20	60.50	0.30	1.61
	66.60	67.20	0.60	1.3
	68.40	69.00	0.60	1.35
TUDDH-547	70.40	71.00	0.60	2.67
	76.30	77.20	0.90	1
	87.10	88.90	1.80	1.13
	91.60	92.50	0.90	1.59
	94.30	99.70	5.40	1.96
including	94.30	95.20	0.90	5.19
	97.00	99.70	2.70	1.08
	104.50	104.80	0.30	13.47
	107.00	107.90	0.90	3.96
	110.30	111.20	0.90	0.52
	115.70	118.10	2.40	0.72
TUDDH-548	82.60	82.90	0.30	9.82
	99.20	100.40	1.20	1.15
	101.60	101.90	0.30	18.74
	106.20	107.70	1.50	6.41
including	106.20	106.50	0.30	26.34
	110.40	110.70	0.30	15.37
	113.90	115.30	1.40	1.16
	118.45	118.75	0.30	4.31
	120.85	123.35	2.50	21.34
including	121.75	123.05	1.30	38.25
including	121.75	122.05	0.30	52.27
and	122.05	122.35	0.30	21.13
and	122.35	122.75	0.40	53.82
and	122.75	123.05	0.30	20.58
	74.10	74.40	0.30	4.69
TUDDH-553	26.00	26.90	0.90	7.84
	108.50	109.50	1.00	0.79
	115.80	120.10	4.30	1.42
	173.40	175.80	2.40	33.5
including	174.50	174.90	0.40	185.6
	179.90	180.50	0.60	1.91
TUDDH544W1 (500 Zone)	643.10	644.60	1.50	17.43
including	643.10	643.40	0.30	5.10
and	643.40	643.70	0.30	75.55
and	643.70	644.00	0.30	4.05

Table 2: Survey details of diamond drill holes referenced in this release not previously reported

Hole No	Coordinates (Fiji map grid)	RL	final depth	dip	azimuth
	N	E		m		(TN)
TUDDH544, 544W1	3920795.6	1876350.7	209.7	758.5	-65.0°	132°
TUDDH541	3920733.6	1876296.8	225.1	165.6	-49.0°	002°
TUDDH542	3920845.3	1876170.4	166.6	150.5	-7.0°	139°
TUDDH545	3920732.5	1876296.8	225.1	191.6	-80°	10°
TUDDH546	3920734.1	1876298.1	225.1	170.5	-49°	13°
TUDDH547	3920733.8	1876298.0	225.1	173.5	-61°	17°
TUDDH548	3920733.4	1876297.9	225.2	200.7	-73°	15°
TUDDH553	3920724.8	1876385.5	237.0	206.4	-74°	274°
TUDDH562	3920723.3	1876385.5	237.0	244.2	-70°	248°
TUDDH563	3920796.3	1876351.1	209.7	in progress	-63°	121°

Figure 3: A) Photo of a portion of uncut drill core from TUDDH563, one of the infill drill holes, showing coarse visible goldat 13.60m depth. Analytical results pending. B) Photo of a portion of uncut drill core from TUDDH562, one of the infill drill holes, showing coarse visible goldat 165.0m depth. C) Same interval as B after cutting. Analytical results pending.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2178/105778_35fc524c74ba88bc_003full.jpgABC

Drilling and Assay Processes and Procedures
The Company is utilizing its own diamond drill rig, using PQ, HQ and ultimately NQ sized drill core rods. Drill core is logged by Company geologists and then is sawn in half and sampled by Lion One staff.

Samples are analyzed at the Company’s own geochemical laboratory in Fiji, whilst pulp duplicates of all samples with results >0.5g/t Au are re-assayed, as well as sent to ALS Global Laboratories in Australia for check assay determinations. All samples for all high-grade intercepts reported here are will be sent to ALS Global Laboratories for check assays shortly. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10g/t Au are then re-analyzed by gravimetric method. For certain high-grade samples for which results for duplicate assay are within 10% of the initial results, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples sent to ALS Townsville, Queensland, Australia are analyzed by the same methods (Au-AA26, and also Au-GRA22 where applicable). ALS also analyze for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES. (method ME-ICP61).

Qualified Person
The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Sergio Cattalani, P. Geo, who is a qualified person pursuant to National Instrument 43-101 – Standards of disclosure for Mineral Projects (“NI-43-101).

About Tuvatu
The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA”, dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,120,000 tonnes indicated at 8.17 g/t Au (294,000 oz. Au) and 1,300,000 tonnes inferred at 10.60 g/t Au (445,000 oz. Au) at a cut-off grade of 3 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of
Lion One Metals Limited
“Walter Berukoff“
Chairman and CEO

For further information
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider
accepts responsibility for the adequacy or accuracy of this release.

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws. info

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Tags LIO, Lion One Metals, maurice jackson, proven and probable, Quinton Hennigh, Tuvatu, Walter Berekoff

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

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

Post author By admin
Post date September 8, 2021

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.

Tags Blue Spec, Chris Humphryson, Comet Well, maurice jackson, Novo Resources, Nullagine, proven and probable, Quinton Hennigh

Uncategorized

Irving Resources Reports Voting Results of Annual General Meeting

Post author By admin
Post date August 26, 2021

VANCOUVER, British Columbia, Aug. 26, 2021 (GLOBE NEWSWIRE) — Irving Resources Inc. (CSE:IRV; OTCQX: IRVRF) (“Irving” or the “Company”) is pleased to announce that its Annual General Meeting of shareholders was held in Vancouver, British Columbia on August 25, 2021 at which:

the incumbent directors of the Company standing for re-election, being Akiko Levinson, Quinton Hennigh, Kevin Box, Douglas Buchanan and Haruo Harada, were all re-elected as directors of Irving for the coming year; and
Davidson & Company, the incumbent auditors of the Company, were re-appointed auditors of Irving for the coming year.

About Irving Resources Inc.:

Irving is a junior exploration company with a focus on gold in Japan. Irving also holds, through a subsidiary, a Joint Exploration Agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC). JOGMEC is a government organization established under the law of Japan, administrated by the Ministry of Economy, Trade and Industry of Japan, and is responsible for stable supply of various resources to Japan through the discovery of sizable economic deposits of base, precious and rare metals.

Additional information can be found on the Company’s website: www.IRVresources.com.

Akiko Levinson,
President, CEO & Director

THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.

CONTACT: For further information, please contact: Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 971-0209 info@IRVresources.com

Tags akiko levinson, Breccia, Irving Resources, maurice jackson, Omu, proven and probable, Quinton Hennigh

Breaking Exclusive Interviews Junior Mining Labrador Gold Uncategorized

Labrador Gold – Kingsway Gold Project, String of Golden Pearls

Post author By admin
Post date August 6, 2021

Maurice Jackson:

Joining us for a conversation is Roger Moss, the CEO of Labrador Gold (TSX.V: LAB | OTCQX: INOKF). It’s a pleasure to be speaking with you sir, as you have some very encouraging news coming from the Kingsway Gold Project, this time in the form of pristine gold grains. Before we begin, Dr. Moss, who is Labrador Gold, and what is the opportunity the company presents to shareholders?

Dr. Roger Moss:

Labrador Gold is a junior mining company based in Canada, and we’re currently exploring in Newfoundland on our flagship Kingsway Gold Project. We’ve done quite a bit of work on there over the last year, and this Spring we embarked on a 50,000-meter drill program. We made a discovery late last year of visible gold in quartz grain boulders. And we’ve been drilling for a few months with some nice high-grade hits. We are quite excited about the potential before us, and our recent press releases seem to indicate that we may be onto something. And today’s news adds even more to the story.

Maurice Jackson:

Dr. Moss take us to the Kingsway Gold Project, which is along a structure highway known for gold-bearing fluids, please acquaint us with the primary structures.

Dr. Roger Moss:

One of the things that interested me about Kingsway when I first heard about it and we moved to acquire it, was the fact that we had these major crustal structures running through it. And we know that the kinds of gold deposits that we’re looking at here, orogenic and epigenetic gold deposits, they are associated with these major crustal structures. If you have them, it’s great, you can find gold along them. And we are fortunate enough to have two, the Appleton Fault Zone and Dog Bay Line. Most of our work to date has been along the Appleton Fault Zone, and it’s almost a no brainer because down to the south of us where New Found Gold are exploring, they’ve been having incredible success exploring along the Appleton Fault Zone with their great intersections at Keats and Lotto, and most recently at the Golden Joint, so they have three occurrences down there along the Appleton Fault Zone, and ours is just starting, and our Big Vein target is also located along the Appleton Fault Zone. It seems to be a pretty prospective structure that’s running through the property.

Maurice Jackson:

Speaking of the Big Vein in the Appleton Fault Zone, at the conclusion of our last interview, you stated that, “the Big Vein may be the first of many occurrences and that the ideal situation is finding a string of pearls along the Appleton Fault Zone.” Let’s see if the ideal has the potential to come to fruition. Let’s visit the Appleton Fault Zone as earlier today, Labrador Gold announced till results of pristine gold grains. Dr. Moss, what can you share with us?

Dr. Roger Moss:

Labrador recently conducted a pretty big till sampling survey over the lowermost, southernmost two licenses of the Kingsway Project. And I think there was 57 till samples in total, and we got some nice results and the key here, and I think you said it twice, I’m going to say it again, is pristine. Pristine gold grains and that means that these grains haven’t traveled very far from their source, and that’s what we see here in these results.

Dr. Roger Moss:

If I may just digress a little bit so that I can explain why these pristine grains are so important. We’re looking at rocks and grains that have been dumped out of glaciers as they melt and recede, so when the glaciers move across the rock, they scrape and scour the bedrock and they entrain all the material that they’re scouring and they carry it with them, and when they recede and melt, they start dropping that material all the way back to the source, so the more pristine the gold grains are, the closer to the source they would have been because you can’t transport these very flaky gold grains very far without completely modifying their shape.

Dr. Roger Moss:

And so, in terms of gold grain morphology for till sampling, we talk about pristine, closest to the source. Modified, further away, maybe around half a kilometer or more, and then reshaped where the gold grains are totally bent onto themselves and more rounded, and that’s furthest away from the source and probably up to over a kilometer away from the source. So, the pristine grains that we have, they indicate that those grains are very close to the source of mineralization that they came from.

Maurice Jackson:

Identifying the source, mode of transportation, along with pristine gold is a huge success. Does today’s release bode well on the ideal of having a string of pearls along the Appleton Fault Zone?

Dr. Roger Moss:

Oh, absolutely! To give you an example, and this is where it gets really exciting because we had a till sample that was taken right next to Big Vein, and it had something like 165 grains of gold in total and something like 80% of them were pristine. That’s great. So, it hadn’t come very far from the source, but we know that Big Vein has visible gold in there. We found a big boulder last year of quartz vein with visible gold in it, so it’s not a big jump to say that, “Well yeah, sure. That till sample came from Big Vein.” It seems to be a reasonable idea, but the results that we announced today, there are two samples, another one with 165 grains of gold, somewhere just over 90% of them pristine, very close to the source and the other one, 311 grains of gold, just over 80% pristine.

Dr. Roger Moss:

311 grains of gold is almost double the number of grains of gold that we found in the sample next to Big Vein and that occurs 700 to 800 meters northeast of Big Vein, so that means that the gold grains in those samples did not come from Big Vein. They came from somewhere much closer to the sample locations, so this goes back to my pearls on a string story, and we’re just adding pearls to the string with these till samples. It’s very exciting. It means that Big Vein is likely not the only occurrence that we’re going to be drilling, and there’s definitely more to be found along this Appleton Fault Zone.

Maurice Jackson:

Speaking of extending the string, Labrador Gold has embarked on a 50,000-meter drill program this spring. What work is currently being conducted on-site, and do you have any updates on when we may expect more assays?

Dr. Roger Moss:

Oh, that’s what everybody asks, of course. You got to ask it at some point and the answer is always the same. The labs are backed up, we’re getting results, but they’re much slower, and it seems like as every week goes by the turnaround time gets longer. One of our guys was at the lab yesterday and he came back, and he said, “Roger, you won’t believe the number of samples that are in that lab waiting to be assayed.” He said, “There are bags and bags and bags, just waiting to be assayed.”

Dr. Roger Moss:

I said, “Man, you should have taken a photograph, and that could be my answer when I get asked that question. ‘Look, folks this is what it’s like, the labs are jampacked”. We are getting results in, we will be putting out more results from the drilling. It’s going well, and yeah, I know patience is not the biggest trait of some investors, but you know what? I think that we’re going to be there. When these results come in, it’s going to be good, and I think we’ve got a long way to go yet, so yeah, I think patience is definitely required here.

Maurice Jackson:

Leaving the Kingsway Gold Project, let’s get into some numbers. Sir, please provide the capital structure for Labrador Gold.

Dr. Roger Moss:

Right now, we have around 150 million shares outstanding, and probably another 50 million warrants and options, so just over 200 million are fully diluted. We have 35 million in the bank. We don’t have any debt. So yeah, I think we’re in a pretty good position to keep on with this exploration that we’re doing and to keep going.

Maurice Jackson:

In closing, Dr. Moss, what would you like to convey to shareholders?

Dr. Roger Moss:

Well, earlier in the season when we were drilling, and it can be frustrating sometimes when we’re not hitting as often as we would like or we don’t see the results that we would like, but of course not every hole is going to hit, but I just tell myself, “Don’t stop believing,” and that’s the name of the game here. You have to believe as a geologist in this industry, you got to believe that you’re going to find the deposit that you’re looking for. And I think all indications right now are that we’re on the right track, and it’s a matter of time before we see something significant.

Maurice Jackson:

Dr. Moss for readers that wants to get more information about Labrador Gold, please share the contact details.

Dr. Roger Moss:

Yeah, you can email info@labradorgold.com, www.labradorgold.com is our web address. And I would recommend people look at our Twitter feed @LabGoldCorp. We post a lot of information on Twitter. YouTube is another channel, our YouTube channel, lots of videos there, so there’s a lot of information out there besides what’s on the website, but yeah, Twitter and YouTube both are channels that we use fairly extensively.

Maurice Jackson:

Dr. Moss, it’s been a pleasure speaking with you. Wishing you and Labrador Gold the absolute best, sir.

And as a reminder, I am a licensed representative to buy and sell precious metals through Miles Franklin Precious Metals Investments, where we have several options to expand your precious metals portfolio, from physical delivery of gold, silver, platinum, palladium, and rhodium, to offshore depositories, and precious metals IRA’s. Give me a call at 855.505.1900 or you may email: Maurice@MilesFranklin.com. Finally, please subscribe to www.provenandprobable.com, where we provide: Mining Insights and Bullion Sales, subscription is free.

Tags Big Vein, Kingsway Gold Project, Labrador Gold, maurice jackson, Newfound Gold, proven and probable, Quinton Hennigh, Roger Moss

Junior Mining

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

Post author By admin
Post date August 5, 2021

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 ²Pilbara 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

On Behalf of the Board of Directors,

Novo Resources Corp.

“ Quinton Hennigh ”

Quinton Hennigh

Non-Executive Co-Chairman

Tags Blue Spec, Chris Humphryson, Comet Well, Njullagine, Novo Resources, Quinton Hennigh

FOUNDATIONAL READING

FOUNDATIONAL READING

FOUNDATIONAL READING

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Labrador Gold Intersects 54.17 G/T Au Over 0.95m at the Big Vein Target

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.

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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.