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Novo Resources Corp
Symbol NVO
Shares Issued 160,395,032
Close 2018-08-16 C$ 4.08
Market Cap C$ 654,411,731
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Novo confirms Au continuity between Comet Well, Purdy's

2018-08-16 09:18 ET - News Release

Dr. Quinton Hennigh reports

NOVO-ARTEMIS JV CONFIRMS CONTINUITY OF UPPER GOLD-BEARING CONGLOMERATE FROM COMET WELL TO PURDY S REWARD

Novo Resources Corp. has confirmed that recent surface mapping and trenching indicate the upper gold-bearing conglomerate at Comet Well (80 per cent Novo, 10 per cent Gardner Mining, 10 per cent Smith) appears continuous with the basal gold-bearing conglomerate at Purdy's Reward (50 per cent Novo, 50 per cent Artemis joint venture on conglomerate and paleoplacer gold), a current explored strike of approximately 3.4 kilometres. These gold-bearing conglomerates remain open along strike to the northeast and southwest, and down dip to the southeast into the Fortescue basin. At Purdy's Reward, exploration has recently recommenced, where infill drilling and bulk sampling are being undertaken to further evaluate the gold deposit.

  • Soon after identifying two distinct gold nugget-bearing conglomerate units at Comet Well, Novo Resources noted that nuggets from the upper unit displayed a similar large size and flattened shape to those observed in the basal gold-bearing conglomerate uncovered at Purdy's Reward in late 2017 by the Novo-Artemis joint venture. Novo Resources and the Novo-Artemis JV have recently conducted mapping and trenching in intermediate areas indicating these conglomerates are one and the same.
  • Novo Resources and the Novo-Artemis JV are encouraged by the apparent continuity of these gold-bearing conglomerates over an explored strike length of 3.4 kilometres. They are generally shallow and accessible for bulk sampling. Several new trenches opened up in the intermediate area between Comet Well and Purdy's Reward reveal numerous detector strikes. Bulk samples (five to 10 tonnes) are currently being collected from newly opened areas and will be prioritized in the processing queue.
  • The upper gold-bearing conglomerate at Comet Well is associated with a distinct mafic volcanic tuff marker bed that helps enable its identification in the field. As the upper gold-bearing conglomerate and associated tuff project are northeastward toward Purdy's Reward, a series of north-northeast-trending faults is encountered beyond which the mafic tuff is no longer present. Gold-bearing conglomerates persist, however, stepping down through the stratigraphic section to a position directly on basement. Small fragments of what appear to be mafic tuff occur within the basal gold-bearing conglomerate at Purdy's Reward.
  • Novo Resources and the Novo-Artemis JV believe these north-northeast faults must have been active during deposition of the conglomerate beds. Purdy's Reward was the upthrown block, hence gold-bearing conglomerate was deposited straight onto basement, whereas Comet Well was the downthrown block and nuggets were deposited onto older conglomerate beds.
  • Because these gold-bearing conglomerates display good lateral continuity and are generally shallow, Novo Resources and the Novo-Artemis JV are growing more confident that they will be the main focus of future large-scale bulk sample extraction.

Recommencement of exploration at Purdy's Reward

The Novo-Artemis JV recently commenced infill diamond drilling at Purdy's Reward. These drill holes are utilized to gather information about the depth and thickness of targeted conglomerate units. Given the extremely nuggety nature of the deposit, gold grades are being assessed by bulk sampling. Bulk samples using Novo Resources' new five-to-10-tonne sampling protocol will soon be collected from trenches in areas near where the Novo-Artemis JV collected 300 kilograms of gold-bearing bulk samples in 2017.

The exploration strategy of both Novo Resources and the Novo-Artemis JV is to generate sufficient geologic and grade data for the gold-bearing conglomerates at Comet Well and Purdy's Reward to produce a mineralization report -- a critical item needed to convert the current exploration licences to mining leases. The Novo-Artemis JV's aim is to ultimately move the project toward large-scale bulk sample extraction and testing as a critical means of determining its potential viability with sufficient data available for a mineralization report by the end of 2018. For more details on the Novo-Artemis JV, please refer to the company's news release dated Aug. 15, 2017.

Dr. Quinton Hennigh, the company's president and chairman, and a qualified person as defined by National Instrument 43-101, has approved the technical contents of this news release.

About Novo Resources Corp.

Novo Resources' focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo Resources has built up a significant land package covering approximately 12,000 square kilometres with varying ownership interests.

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