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Novo Resources Corp
Symbol NVO
Shares Issued 354,630,279
Close 2024-05-29 C$ 0.135
Market Cap C$ 47,875,088
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Novo JV partner samples 2.71% Li2O, 828 ppm Cs2O at QH

2024-05-29 14:28 ET - News Release

Mr. Mike Spreadborough reports

LITHIUM EXPLORATION UPDATE 2024 QUARTZ HILL JOINT VENTURE

Novo Resources Corp. has provided an update on the exploration activities carried out and forward exploration program at the Quartz Hill joint venture in the Eastern Pilbara, Western Australia, by the company's joint venture partner Liatam Mining Pty. Ltd.

Highlights

  • Liatam intends to spend approximately $6-million during 2024 to progress lithium exploration at the Quartz Hill joint venture.
  • Exploration to date extended known lithium mineralization at the Lepidolite fields LCT (lithium-caesium-tantalum) pegmatite swarm target with best results from surface sampling by Liatam of:
    • 2.71 per cent Li2O and 828 ppm (parts per million) Cs2O;
    • 2.37 per cent Li2O, 303 ppm Ta2O5 and 883 ppm Cs2O;
    • 2.14 per cent Li2O, 615 ppm Ta2O5 and 1,195 ppm Cs2O;
    • 1.98 per cent Li2O, 277 ppm Ta2O5 and 882 ppm Cs2O;
    • 1.64 per cent Li2O, 651 ppm Ta2O5 and 2,390 ppm Cs2O;
    • 1.24 per cent Li2O, 722 ppm Ta2O5 and 1,722 ppm Cs2O.
  • Approximately 9,000 metres RC drilling planned to test the approximately six-kilometre-long and 0.8 km wide Lepidolite fields LCT pegmatite swarm in H2 2024;
  • A second LCT pegmatite swarm was identified at Quartz Hill West and The Gap with best surface results of:
    • 2.45 per cent Li2O and 589 ppm Cs2O;
    • 2.23 per cent Li2O and 1,290 ppm Cs2O;
    • 1.22 per cent Li2O, 181 ppm Ta2O5 and 780 ppm Cs2O.

Commenting on the JV with Liatam, Mike Spreadborough executive co-chairman and acting chief executive officer, said: "Novo is pleased that Liatam continues to progress the Quartz Hill joint venture with approximately $6-million (Australian) to be spent on exploration during 2024 and that plans are underway to identify further lithium-bearing pegmatites at Quartz Hill. Activities to date have validated the exciting potential of the area and we look forward to providing updates as exploration continues. Novo's ongoing exposure to future exploration and discovery success on battery metals projects via JV agreements is a core component of delivering long-term shareholder value."

The Quartz Hill joint venture is an 80-per-cent/20-per-cent unincorporated joint venture between Liatam and Novo relating to battery minerals. This joint venture was formalized on Dec. 20, 2023, when Liatam exceeded the required earn-in expenditure amount. Liatam is the owner of the included tenements and manager of the joint venture.

Quartz hill joint venture

The Quartz Hill joint venture comprises five granted exploration licences and 18 prospecting licences, covering approximately 702 square km. Field based exploration to date confirms the area is highly prospective for LCT-style (lithium-caesium-tantalum) pegmatite hosted lithium mineralization.

Exploration activities at Quartz Hill commenced in April, 2023. Work conducted to date includes fact mapping, collection and assay of 2,068 soil samples and 3,181 rock samples, and analysis of 25 petrological samples.

Detailed geological mapping and surface sampling has delineated numerous pegmatite swarms within two key exploration areas over strike lengths of several kilometres; both areas are considered prospective for further exploration including drilling by Liatam.

Lepidolite fields

The Lepidolite fields LCT pegmatite swarm is six km long, 0.8 km wide and is defined by highly anomalous float rock samples with encouraging surface assays.

The target is located approximately 10 km from the Golden Eagle mine site. Mapping has identified lepidolite-bearing pegmatite swarms hosted by the Golden Eagle Orthogneiss and minor amphibolite enclaves.

The Lepidolite fields pegmatites are typically medium grained, consisting of feldspar (albite and microcline), quartz and lesser muscovite with lepidolite, tantalite and cassiterite. Lepidolite up to 30 per cent in outcrop has been observed. Amblygonite and to a lesser extent eucryptite are identified through petrology as alteration minerals.

These results are not necessarily representative of mineralization across the district.

The pegmatites at Lepidolite fields are typically stacked, with thickness ranging from 0.1 m up to five m. The thicker pegmatites are shallow dipping toward the south while the thinner pegmatites generally dip steeply toward the north to northwest. Detailed mapping and sampling have identified five priority drill targets in the Lepidolite fields target area.

Quartz Hill West and The Gap targets

Quartz Hill West is located approximately eight km to the west of Lepidolite fields.

The target is defined by float samples anomalous in lithium, collected from numerous pegmatite swarms, with encouraging surface assays.

These results are not necessarily representative of mineralization across the district.

Mapping has identified pegmatite swarms over a strike length of three km (open along strike to the east and west) and the swarm is up to 0.5 km wide. mineralized pegmatites have also been identified over two km strike at The Gap. Pegmatites are stacked, with thickness ranging from 0.1 m up to three m and are hosted by foliated amphibolite with sedimentary interbeds.

The Quartz Hill West pegmatite composition is typically feldspar (albite and microcline), quartz and muscovite. Accessory minerals include lepidolite. The Quartz Hill West pegmatites are richer in quartz and muscovite in comparison to the lepidolite-rich pegmatites at Lepidolite fields.

Forward exploration program

Helicopter-supported heritage and ethnographic surveys are anticipated to commence in H2 2024 contingent on weather conditions and heritage considerations.

Reconnaissance mapping and surface sampling are planned to fill sampling gaps from the 2023 exploration campaign. This will include areas to the east of Lepidolite fields where pegmatite swarms are identified in geophysical data sets but do not outcrop.

A regional, conventional soil sampling program is designed to assist in identifying buried pegmatite swarms in areas of no or poor outcrop at Cadjuput Creek, Quartz Hill West/Lepidolite fields and regional targets.

On completion of the required heritage and ethnographic surveys clearances, and advanced geochemical targeting, RC drilling is scheduled for H2 2024 to test high-priority targets identified within Lepidolite fields. Various pegmatite swarms are to be drill tested targeting potential spodumene mineralization below significant Li2O float surface samples returned in 2023.

A drilling contractor has been identified to undertake approximately 9,000 m of RC drilling over the key Lepidolite fields targets, contingent on heritage and ethnographic surveys.

Helicopter-supported reconnaissance and mapping will continue to allow access to the more remote parts of the Quartz Hill project areas and prioritize further follow up sampling and mapping of pegmatites prior to drill testing.

Sampling and analytic methodology

Rock chip samples collected by Liatam were approximately one to three kilograms and were dried, crushed and pulverized (80 per cent passing 75 microns). Prepared samples are fused with sodium peroxide and digested in dilute hydrochloric acid (sodium peroxide fusion- labcode FUSNLi -- Na2O2 fusion). The resultant solution was analyzed by ICP by Jinning Testing and inspection laboratory in Maddington, Perth, primarily for Be, Cs, Fe, Li, Nb, Rb, Ta and Sn using ICP-OES finish including majors in addition to lithium and ICP-MS finish from same digest solution for key trace elements.

Jinning testing and inspection laboratory in Perth used certified reference materials (CRMs) and/or in house controls, blanks, splits and replicates which are analyzed with each batch of samples. These quality control results are reported along with the sample values in the final report. CRMs including STD samples were inserted by Liatam Mining. The insertion rate for the field CRM's and blanks was one in 50 for float samples. This is considered as industry standard.

All data were verified without limitation by a qualified person by reviewing analytical procedures undertaken.

Qualified person statement

Iain Groves (MAIG) 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. Mr. Groves is Novo's principal geologist -- technical and generative.

JORC compliance statement

The information in this news release that relates to exploration results at the Quartz Hill joint venture is based on information reviewed and approved by Mr. Groves, who is a full-time employee of Novo Resources. Mr. Groves is a competent person who is a member of the Australian Institute of Geoscientists. Mr. Groves has sufficient experience that is relevant to the style of mineralization and the type of deposits under consideration and to the activity being undertaken to qualify as a competent person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Groves consents to the inclusion in the news release of the matters based on her information in the form and context in which it appears.

About Novo Resources Corp.

Novo is an Australian-based gold explorer listed on the Australian Securities Exchange and the Toronto Stock Exchange focused on discovering stand-alone gold projects with greater than one-million-ounce development potential. Novo is an innovative gold explorer with a significant land package covering approximately 7,000 square kilometres in the Pilbara region of Western Australia, along with the 22-square-kilometre Belltopper project in the Bendigo tectonic zone of Victoria, Australia.

Novo's Vanguard project is the Egina gold camp, where De Grey is farming in at Becher and surrounding tenements through exploration expenditure of $25-million (Australian) within four years for a 50-per-cent interest. Significant gold mineralization has also been identified at Nunyerry North, this area is part of the Croyden JV (Novo 70 per cent: Creasy Group 30 per cent).

With a dedicated and disciplined acquisition program in place to identify value accretive opportunities and via its exposure to non-core minerals and metals through joint partnerships, Novo is focused on building further value for shareholders.

We seek Safe Harbor.

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