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Novo Resources Corp
Symbol NVO
Shares Issued 245,939,504
Close 2021-11-19 C$ 1.54
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Novo begins 15,000 m RC drill program at Nullagine

2021-11-19 09:22 ET - News Release

Mr. Michael Spreadborough reports

NOVO COMMENCES 15,000 M RC DRILLING PROGRAM AT THE PARNELL-VULTURE TREND AT NULLAGINE

Highlights:

  • Novo continues its brownfields exploration programs focusing on oxide opportunities at its highly prospective Nullagine gold project (NGP), with a 15,000-metre reverse circulation (RC) drilling program commenced at the Parnell-Vulture trend during the first week of November, 2021;
  • Parnell is located some 45 kilometres from the Golden Eagle processing facility and is accessed by a robust, reliable haul road and associated infrastructure;
  • Parnell covers a strike length of approximately two km and contains a series of vein-hosted targets with historical drill intercepts including nine m at 8.4 grams per tonne gold from seven m, 12 m at 14.6 g/t gold from 40 m and seven m at 6.1 g/t gold from 40 m. These results are not necessarily representative of mineralization throughout the district;
  • First PhotonAssay gold results from the drill program via the company's priority arrangement with Intertek are anticipated by early December, 2021.

Novo Resources Corp. has provided an update on brownfields exploration programs focusing on oxide opportunities at its highly prospective Nullagine gold project. The Parnell and Vulture reverse circulation programs are part of the NGP exploration program ramp-up, with forward programs currently being generated at several priority basement targets.

The main mineralized trend at Parnell is mostly untested with modern RC drilling, with only few and sporadic lines of shallow holes completed in the 1980s and 1990. In 1987, Chase Minerals NL drilled 25 shallow RC holes totalling 1,098 metres, and in 1995, Welcome Stranger Mining Company NL drilled a further 11 RC holes for 420 m. Targeting directly in and around small historical workings, these operators returned grades including:

  • 12 m at 14.6 grams per tonne gold from 40 m;
  • Nine m at 8.4 g/t gold from seven m;
  • Seven m at 6.1 g/t gold from 40 m.

These results are not necessarily representative of mineralization throughout the district. These historical data were disclosed in annual exploration reports filed by Chase and Welcome Stranger with the Western Australian Department of Mines, Industry Regulation and Safety (DMIRS). The technical information contained herein has been extracted from these reports. Reference should be made to the reports which are available on DMIRS's website.

Novo conducted detailed mapping and gridded soil sampling to determine mineralization potential at the Parnell and Vulture prospects, but has not conducted sufficient work to validate all historic data. A series of robust, coherent gold anomalies returned from soil sampling confirmed targets highlighted during the June mapping program, peaking at 7.8 g/t Au. Significant rock chip samples (up to 14.6 g/t Au) were also returned from both Parnell and Vulture, again highlighting the presence of high-grade gold targets, and further confirming the prospectivity of this area.

Parnell comprises high-grade veins in a one to five m wide shear zone trending approximately east-west. The south-dipping zone of shearing is intruded by two porphyry dikes with the best zone of quartz veining in the footwall of the main six m wide porphyry dike. Gold mineralization dips south at steep to moderate angles. Sandstone and interbedded siltstone-sandstone sequences adjacent to the main shear are extremely bleached in the weathering profile, indicating likely sericite alteration of the original rock. Alteration is up to 50 m wide.

Drill targets focus on the main mineralized shear zone, as well as vein swarms to the north and south of the main shear zone.

Analytic methodology

For the upcoming drilling program, samples will be collected from the rig using a cone splitter, and submitted to Intertek Laboratory in Perth, Australia. Samples will be crushed to minus two millimetres and submitted to PhotonAssay for gold analysis.

Qualified person statement

Dr. Quinton Hennigh (PGeo) 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 Resources Corp.

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.

We seek Safe Harbor.

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