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Novo Resources Corp
Symbol NVO
Shares Issued 245,939,504
Close 2022-05-09 C$ 0.88
Recent Sedar Documents

Novo Resources drills 14 m of 6.1 g/t Au at Malmsbury

2022-05-10 10:39 ET - News Release

Mr. Michael Spreadborough reports

HIGH-GRADE GOLD MINERALIZED ZONE INTERSECTED AT MALMSBURY PROJECT

Novo Resources Corp. has released significant assay results received from the current diamond drilling program on RL006587 at the Malmsbury project, approximately 50 kilometres south-southwest of the high-grade Fosterville mine in Victoria, Australia.

Novo exercised its option over the Malmsbury project to earn a 50-per-cent interest and the right to earn an additional 10-per-cent interest by incurring $5-million (Australian) in exploration expenditure over a four-year period.

"These preliminary, high-grade results from the Malmsbury project are very promising," commented Kas De Luca, Novo's general manager, exploration. "Following the early success and results from the first three holes of this drill program, further work to confirm potential for mineralization extension, including IP and additional drilling, are planned for 2022 and early 2023. We look forward to working with our partner, GBM, to continue advancing the exciting potential of the Malmsbury project."

Details

Drilling program 2021 to 2022

Approximately 2,000 metres (seven holes, one in progress) of a circa 2,650 m planned diamond drilling program have been completed to date at the Malmsbury project. At the time of writing, gold and multielement assays from three of six holes completed have been returned in full. Significant results from these early holes are highly encouraging and include, but are not limited to:

  • 14 m at 6.1 grams per tonne Au from 120 m, including three m at 11.1 g/t Au from 131 m (MD16);
  • 10 m at 4.9 g/t Au from 173 m, including seven m at 6.8 g/t Au from 175 m (MD16);
  • Four m at 8.6 g/t Au from 188 m (MD16);
  • 7.8 m at 3.6 g/t Au from 32.2 m, including 1.85 m at 12.5 g/t Au from 34.15 m (MD13);
  • Four m at 2.9 g/t Au from 80 m, including 0.4 m at 24.4 g/t Au from 81.2 m (MD13);
  • 9.1 m* at 2.4 g/t Au from 65.4 m, including 2.5 m* at 5.9 g/t Au from 70.4 m (MD14).

*Interval not closed owing to 0.5 m core loss from 72.9 m to 73.4 m

The attached table below provides a list of significant intersections (reporting over one-gram metre) using parameters that include a 0.3 g/t Au cut-off and no more than two m internal waste for drill holes MD13, MD14 and MD16. Reported intersections for MD14 and MD13 are considered at (or close to) true widths, with exception to the Leven Star reef intersection in MD13 circa 32 m to 40 m that will have an oblique component. Reported intersections for MD16 are considered to have an oblique, down-dip component, and thus true widths will have reduced intersections.

Drill holes MD13, MD14 and MD16 were drilled to target high-grade potential shoot zones and other high-order gold targets, including the Missing Link Gold reef. In addition, these holes will provide material for metallurgical test work from the Leven Star mineralization. All three holes were drilled as larger core diameter HQ3 (triple-tube method) to provide a bigger sample size and maximize core return. All holes successfully intersected the Leven Star reef mineralization.

Drill hole MD14 was planned to drill beyond the interpreted Leven Star reef position to test extensions to the Missing Link and Panama South historic gold reef workings. Significant gold mineralization within multiple puggy, sulphide-rich, sericite altered shears in distinctly bleached sediments from 65 m to 74 m strongly suggest that the Missing Link reef has been intercepted in this hole, and add a significant strike and down-dip extension to the known extent of this gold reef target.

The Missing Link reef was also likely intersected in MD13 within similarly bleached and sericite altered sediments from 71 m to 84 m, returning four m at 2.9 g/t Au from 80 m, including a narrow high-grade interval of 0.4 m at 24.4 g/t Au from 81.2 m, and confirming the high-grade potential for this reef.

Drill hole MD16 targeted a complex potential splay and high-grade shoot zone on the Leven Star mineralization where previous historic reverse circulation (RC) drilling conducted by GBM intersected seven m at 5.4 g/t Au (LSCR015), including two m at 16 g/t Au from 67 square metres (not verified by Novo), on section and up dip from MD16. Three distinct zones of high-grade gold mineralization were returned from MD16, including:

  • An upper zone characterized by wide limonitic tectonic fault breccia in strongly oxidized material from 73 m to 96 m;
  • A middle, fresh sulphide zone within a sulphide-rich (arsenopyrite stringers and disseminations) and moderately silicified, sericite altered and distinctly bleached siltstone and fine sandstone package from 120 m to 141 m;
  • A lower fresh sulphide zone (potential newly discovered splay) from 173 m to 197 m.

Reported intercepts for MD16 are interpreted to be oblique. Exact true widths cannot be determined until mineralization trends are remodelled to incorporate the recent results (including the new potential splay zone); however, these are anticipated to be a reduction in the stated intersection widths.

Drill hole MD17 was designed as a westerly directed, circa 400 m hole to test the recently discovered Missing Link monzogranite at depth, in addition to the Missing Link and Hanover West historic gold reefs. This hole aimed to determine the geometry and gold endowment of the intrusion and targeted the monzogranite for its potential as an IRGS (intrusion-related gold system), in addition for the potential for orogenic vein-style mineralization.

MD17 successfully intercepted the Missing Link monzogranite between 204 m and 269 m down hole, in addition to a smaller and potentially parallel shallow subsurface granite dike interpreted in strongly oxidized material near the collar. Drilling confirms a steep (70 to 80 degrees) east-dipping geometry for the intrusive that widens noticeably at depth. The intrusive is characterized by strong sericite alteration and disseminated sulphides throughout with regular intervals of planar white quartz-sulphide stockwork veining. A distinct one m wide sulphide shear breccia within strongly quartz-veined sandstone occurs within a metre of the upper granite contact.

Results referred to in this news release are not necessarily representative of mineralization throughout the Malmsbury project.

Forward work program 2022

Diamond drilling continues with the remaining two holes on the Drummond field (farmland) to test between the Queens-Egyptian and O'Connor's historic reefs. These holes aim to test the down-dip continuity of the high-grade reefs and constitute the final holes as part of the phase 1 drilling program at the Malmsbury project. The program will be completed in the current quarter with final assays anticipated across Q2/Q3 2022.

The work program moving forward will involve a larger second phase of drilling in 2022 and 2023 in addition to an induced polarization survey to help define sulphide-rich target zones and enhanced quartz veining within the granite (IRGS) target corridor, in addition to delineating disseminated sulphide haloes around various high-priority gold reef targets. Further expansion of systematic soil geochemistry, mapping and rock chip sampling is also scheduled.

Sampling and analytic methodology

Rock chip

Rock chip samples and drill core is assayed at ALS Brisbane using the using four-acid digest ore-grade 30-gram charge fire assay with atomic absorption finish (method Au-AA25) and multielement using four-acid digest inductively coupled plasma mass spectrometry (method ME-MS61) after pulverization.

Quality assurance/quality control for rock chip samples was completed at the rate of three standards and three blanks per 100 samples.

Diamond core

The diamond drill core was sampled by cutting the core in half longitudinally. Samples were cut to geological boundaries or to a preferred length of one m. The core was halved along the plane of orientation using a diamond saw and the upper half of the core dispatched for analysis and the lower half returned to the core tray in its original orientation. Sampling interval lengths range from 0.3 m up to 1.3 m. Core loss zones greater than or equal to 0.2 m are recorded. Sampling does not cross core loss zones of greater than or equal to 0.3 m. Depending on their relationship to potential mineralization, zones with core loss less than 0.3 m and greater than 0.1 m can terminate a sampling sequence or be included within a sample interval with the percentage of sample recovery recorded. Where core loss cannot be specifically attributed, the percentage of sample recovery is recorded.

All core samples were crushed and pulverized (ALS CRU-21/PUL-23) and subsampled for fire assay and multielement analysis (ALS Au-AA26, ME-MS61). Drill core duplicates are inserted at a rate of one sample every 25. To produce a duplicate sample, the whole core sample is first cut in half, with half of the core returned to the tray. The other half is then quartered with one-quarter used as a primary sample and the other as the duplicate.

Blanks and standards are inserted at a rate of eight samples in 100, with three OREAS CRM standards (OREAS 232, OREAS 239, OREAS 264) and one blank (OREAS C26d) systematically repeated.

No QA/QC issues were detected. All relevant data were verified by a qualified person as defined in National Instrument 43-101 by reviewing analytical procedures undertaken by ALS.

QP 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 except for the GBM results. 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 12,500 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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