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VANCOUVE R, BC / TheNewswire / March 2, 2015 - Novo Resources Corp. (CSE: NVO; OTCQX: NSRPF) ("Novo" or the "Company") is pleased to announce assay results from the first ever deep diamond drill hole, ND14DD-1, to test down-dip extensions of gold-bearing conglomerates at its Beatons Creek gold project near Nullagine, Western Australia ( please see attached Geology Map ) . In a news release dated December 10, 2014, Novo announced completion of a 963.4 m deep vertical diamond core hole drilled in an area approximately 3 km southwest of Grant's Hill. This hole encountered siliciclastic rocks dominated by sandstone and pebble conglomerates with lesser shale and cobble conglomerates belonging to the Hardy Formation, the same rock unit that hosts gold-bearing conglomerates at Beatons Creek. Detailed logging carried out since publication of that news release determined that a section from approximately 529-572 meters displayed several pyritic pebble conglomerate horizons (reefs) believed to represent a distal facies of the gold-bearing conglomerates found further northeast.
Several gold-bearing intercepts are present in the interval of interest. In particular, four reefs contain gold values ranging from 0.38 to 0.50 grams per tonne (gpt) Au over lengths ranging from 0.47 to 1.54 meters ( please see Summary of Gold Intercepts table below ). The down-hole position of these gold intercepts corresponds well to a horizon of high grade gold-bearing reefs encountered in two historic and three recent drill holes completed by the Company approximately 2.5 km northeast ( please see attached Cross Sections A-A' and B-B') . These five holes each encountered one or more gold-bearing reefs with grades ranging from 7 to 31.5 gpt Au. Higher grades may relate to proximity near a major fault thought to control sedimentation at the time of deposition of the gold-bearing conglomerate beds.
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|Summary of Gold Intercepts in ND14DD-1 |
|---------------------------------------------|
|Hole |From (m)|To (m) |Length (m)|Au (gpt)|
|---------------------------------------------|
|ND14DD-1|562.59 |563.06 |0.47 |0.50 |
|---------------------------------------------|
| |563.96 |565.50 |1.54 |0.42 |
|---------------------------------------------|
| |566.68 |567.95 |1.27 |0.47 |
|---------------------------------------------|
| |569.96 |570.46 |0.50 |0.38 |
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"We are encouraged by the gold intercepts encountered in hole ND14DD-1," commented Dr. Quinton Hennigh, President, CEO and director of Novo Resources. "These results fill in a critical part of our understanding of the Nullagine sub-basin. It appears that proximity to the major basin-bounding structure on the east side of the basin may be critical to finding higher grades. We are already thinking about our next steps, testing areas to the east and northeast of this first hole."
Partial funding for this drill hole comes from a $200,000 grant from the Western Australian Mines Department ( please refer to Novo's news release dated December 17, 2013 for details ). Novo is highly appreciative of the support that it has been given by the Western Australian Mines Department.
Quality Control and Quality Assurance
Diamond drilling discussed in this news release was conducted under the supervision of Dr. Quinton Hennigh, Novo's Chief Executive Officer, President and Director. Core samples were cut and a half split was submitted to Genalysis Laboratories, Perth, WA for fire assay with ICP finish. A 50 g charge was utilized for fire assay.
Dr. Quinton Hennigh, the Company's Chief Executive Officer, President and Director 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's focus is to evaluate, acquire and explore gold properties. The company presently has multiple joint ventures earning a 70% interest in approximately 1,800 square kilometers of the Pilbara region, Western Australia. 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
CEO and President
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Geology Map
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Cross Sections A-A' and B-B'
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