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Novo Resources Corp
Symbol C : NVO
Shares Issued 76,513,034
Close 2015-09-15 C$ 0.72
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Novo releases Beatons Creek NI 43-101 resource estimate

2015-09-16 10:01 ET - News Release

Dr. Quinton Hennigh reports

NOVO ANNOUNCES ROBUST NEAR-SURFACE RESOURCE AT ITS BEATONS CREEK GOLD PROJECT, AUSTRALIA

Novo Resources Corp. has released a robust near-surface resource estimate for its Beatons Creek gold project in Western Australia. This 2015 resource estimate is based on multiple campaigns of reverse circulation (RC) drilling and trench (costean) sampling conducted between 2011 and 2015. The effective date of the 2015 resource estimate is Sept. 15, 2015. A technical report in respect of the 2015 resource estimate will be filed under the company's profile on SEDAR.

"Approximately a year ago, upon recognizing the existence of near-surface gold-bearing conglomerates that might be amenable to simple gravity gold recovery, Novo set about undertaking an aggressive campaign of RC drilling and costean sampling to prove up a sizable resource of sufficient grade and quality to be advanced toward production," commented Dr. Quinton Hennigh, president, chief executive officer and director of Novo Resources. "Today, we are pleased to announce this campaign has met its target of generating a robust near-surface resource which we expect can quickly be advanced through economic study.

"Our view is the oxide fraction of this near-surface resource can support a modest-scale mine employing simple, cheap gravity recovery, the potential cash flow from which can allow us to continue to explore this very large gold system."

Highlights:

  • Near-surface measured and indicated resources of 3,337,000 tonnes grading 2.7 grams per tonne gold containing 292,000 troy ounces gold and 2,668,000 tonnes grading 2.4 grams per tonne gold containing 203,000 troy ounces;
  • Also reported are underground mineral resources including 55,000 tonnes grading 4.2 grams per tonne gold containing 7,000 troy ounces gold and 369,000 tonnes grading 4.7 grams per tonne containing 56,000 troy ounces gold;
  • In contrast to the previously announced inferred resource for the Beatons Creek gold project (refer to the company's news release dated May 1, 2013), the 2015 resource estimate also encompasses a newly drilled, mostly oxide target area situated north of the previously stated resource;
  • The 2015 resource estimate is built around a tightly constrained wire-frame model; assays used to calculate grades include large mass RC and costean samples collected by Novo during the 2014/2015 drilling and sampling campaigns;
  • Grades of the 2015 resource estimate are nearly twice those reported for the previous resource, a reflection of the focus on quality taken by Novo; also, the 2015 resource estimate includes a majority of ounces in the higher-quality measured and indicated categories;
  • The near-surface oxide fraction of the 2015 resource estimate will be subjected to a preliminary economic assessment over the next two months, with the intention of quantifying capital and operating costs of a modest-sized, gravity-only gold project.

The Beatons Creek NI 43-101 resource estimate is summarized in the attached table.

                    NEAR-SURFACE MINERAL RESOURCES (1)

Classification     Cut-off grade    Tonnes      Grade    Troy ounces (3) Au
                         (g/t Au)    (000s)   (g/t Au)                (000s)   
     
Measured                     0.5       515        3.1                    51             
Indicated                    0.5     2,822        2.7                   241            
Measured and
indicated                    0.5     3,337        2.7                   292            
Inferred                     0.5     2,668        2.4                   203            

                     UNDERGROUND MINERAL RESOURCES (2)

Classification     Cut-off grade    Tonnes      Grade    Troy ounces (3) Au
                         (g/t Au)    (000s)   (g/t Au)                (000s)  
      
Measured                     2.0         -          -                     -             
Indicated                    2.0        55        4.2                     7             
Measured and 
indicated                    2.0        55        4.2                     7             
Inferred                     2.0        369       4.7                    56     
       
       GLOBAL MINERAL RESOURCES (NEAR SURFACE AND UNDERGROUND)

Classification     Cut-off grade    Tonnes      Grade    Troy ounces (3) Au
                         (g/t Au)    (000s)   (g/t Au)                (000s) 
       
Measured                0.5, 2.0       515        3.1                    51            
Indicated               0.5, 2.0     2,877        2.7                   249           
Measured and
indicated               0.5, 2.0     3,392        2.7                   299           
Inferred                0.5, 2.0     3,037        2.7                   259 

Notes:
(1) Near-surface mineral resources contain oxide and sulphide material 
    within an optimized shell and within a mineralized wire frame.
(2) Underground mineral resources contain sulphide resources outside 
    of an optimized shell and within a mineralized wire frame.
(3) One troy ounce is equal to 31.1034768 grams.          

Resource modelling

Mineral resources comprising the 2015 resource estimate were estimated by multiple-pass ordinary kriging (OK) method within modelled reef domains. Mineral resources are currently defined in seven reef domains, each divided into oxide type and sulphide mineral type by a shallow weathering profile.

The majority of assays used for the 2015 resource estimate were determined using LeachWell methodology, which was statistically determined to be the most reliable method. Assays were capped at 25 grams per tonne gold prior to compositing and were statistically evaluated on a reef-domain and mineral-type basis.

With regard to mineral resources that are not mineral reserves and do not have demonstrated economic viability, it is uncertain if applying economic modifying factors will convert measured and indicated mineral resources to reserves. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues. However, no issues are known at this time. The quantity and grade of reported inferred resources in this estimation are uncertain in nature; there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource; and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. The mineral resources in this news release were estimated using current Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards, definitions and guidelines.

Arnand van Heerden, PGeo, SACNASP, MAusIMM, of Tetra Tech in Golden, Colo., has co-ordinated the 2015 resource estimate for the Beatons Creek gold project and is independent of Novo Resources for purposes of NI 43-101, Standards of Disclosure for Mineral Projects. Mr. van Heerden is a qualified person as defined by NI 43-101.

Mr. van Heerden is preparing a technical report in respect of the 2015 resource estimate, which the company is obligated, under NI 43-101, to file on SEDAR within 45 days of the date this news release was disseminated.

Dr. Quinton Hennigh, PhD, PGeo, is the qualified person pursuant to NI 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is the president, chief executive officer and a director of Novo Resources.

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