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Novo Resources Corp
Symbol NVO
Shares Issued 245,939,504
Close 2022-06-21 C$ 0.53
Recent Sedar Documents

Novo drills 79.9 m of 0.26 g/t Au at Malmsbury

2022-06-21 13:19 ET - News Release

Mr. Michael Spreadborough reports

NEW STYLE OF GOLD MINERALIZATION ENCOUNTERED AT MALMSBURY PROJECT, VICTORIA, AUSTRALIA

Novo Resources Corp. has released additional 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.

Highlights:

  • Diamond drilling continues at the 50-per-cent-owned Malmsbury gold project joint venture with Australian Securities Exchange listed GBM Resources Ltd., located 50 kilometres south-southwest of the high-grade Fosterville gold mine in Victoria, Australia, with over 2,500 metres completed as at the end of May, 2022.
  • Drill hole MD17 encountered a new style of disseminated mineralization, 79.9 metres of 0.26 grams per tonne gold from 197 metres, hosted by the Missing Link monzogranite between 204 metres and 269 metres downhole, in addition to gold-bearing sediments across its upper and lower contacts. Results represent a newly discovered style of mineralization and are not necessarily representative of mineralization throughout the Malmsbury project. Novo considers the highly elevated levels of gold in this intercept to be strongly anomalous, leaving open the possibility of higher grades nearby. Review of multielement analysis for MD17 is continuing.
  • Remaining assays for the Malmsbury drill program are expected over the coming months.
  • The Missing Link monzogranite target is now defined over 340 metres strike and 40 metres width (at surface) and remains completely open at depth. Drilling confirms a steep (70 degrees to 80 degrees) east-dipping elongated body that widens at depth. Positive gold assays from the current diamond drilling further validate the potential for an intrusion-hosted and/or intrusion-related gold system (IRGS) at the Malmsbury project.
  • Two additional diamond holes are to be included in the current drilling program based on recent success: a stepout hole to further test the monzogranite target and an additional hole on the Leven Star reef to test a potential high-grade shoot zone as supported by significant high-grade intersections returned from MD161.
  • Preparations are under way for an induced polarization (IP) survey to test for mineralization in the Belltopper Hill area. This survey is designed to define sulphide-rich granite-related targets and disseminated sulphide halos around the high-grade gold reef targets.

"The latest results from diamond drilling on the Malmsbury project continue to look encouraging and will be complemented by the planned geophysics later in the year," commented Kas De Luca, Novo's general manager, exploration. "[Three-dimensional] modelling and targeting by the joint venture later in the year will be a critical step in advancing the Malmsbury project, and the intrusion-related gold mineralization will form an important part of understanding the overall system."

Details

2021/2022 drilling program

Approximately 2,525 metres (eight holes, one in progress and one planned) of an expanded, approximately 2,800-metre diamond drilling program have been completed through the end of May at the Malmsbury project. At the time of writing, gold and multielement assays from four of eight holes completed have been returned. Significant results from the first three of these holes (MD13, MD14 and MD16) were reported previously.

Drill hole MD17 was drilled to 380 metres in a westerly direction 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, in addition for the potential for orogenic vein-style mineralization.

MD17 successfully intersected the Missing Link monzogranite between 204 metres and 269 metres downhole, 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 degrees 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-metre-wide sulphide-shear-breccia within strongly quartz veined sandstone occurs within a metre of the upper granite contact.

Drill hole MD17 was sampled in two stages, with priority given to sampling across the monzogranite interval and contact zones. Gold assays recently returned from the priority sampling only are presented herein. The remainder of gold assays from MD17 (second stage), in addition to very recently returned multielement data, are still in quality assurance/quality control and review and will be reported once fully interrogated.

The attached table outlines the significant intersection returned (gold only) for the priority sampled portion of MD17. The intersection was calculated using parameters that include a 0.1-gram-per-tonne-gold cut-off and no more than five metres of internal waste and are considered appropriate for reporting wider and typically more diffused gold values associated with mineralized intrusive occurrences. The reported intersection in the attached table is considered close to true width.

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

Forward work program 2022

Diamond drilling continues at Malmsbury with two additional priority diamond holes to be included in the current drilling program based on recent success, including: (1) an approximately 80-metre stepout hole north of MD17 to test the Missing Link monzogranite in an area of significant gold-in-soil and rock chips; and (2) an additional hole on the Leven Star reef to test a potential high-grade shoot identified in recently reported significant results from MD162.

The work program moving forward will involve a larger second phase of drilling to both build on current success and test remaining high-priority targets not drilled in the current round. This is scheduled for late 2022 or 2023, pending rig availability.

Planning is also advancing on an IP survey, scheduled for Q3 2022, to define sulphide-rich target zones and enhanced quartz veining within the granite (IRGS) target corridor, in addition to delineating disseminated sulphide halos around high-priority gold reef targets. Further expansion of systematic soil geochemistry, mapping and rock-chip sampling is also scheduled.

Sampling and analytic methodology

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 1.0 metre. 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 metre up to 1.3 metres. Core loss zones greater than or equal to 0.2 metre are recorded. Sampling does not cross core loss zones of greater than or equal to 0.3 metre. Depending on their relationship to potential mineralization, zones with core loss less than 0.3 metre and greater than 0.1 metre 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 and ME-MS61).

Drill core duplicates are inserted at a rate of one duplicate sample for every 25 samples. 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 (certified reference material) standards (OREAS 232, OREAS 239 and 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, Standards of Disclosure for Mineral Projects, by reviewing analytical procedures undertaken by ALS.

Qualified person statement

Dr. Christopher Doyle, MAIG, is the qualified person, as defined under NI 43-101, responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Doyle is Novo's exploration manager, Victoria and project generation.

About Novo Resources Corp.

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 11,000 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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