Novo Resources Provides Pilbara Exploration Program Update
TSX VENTURE: NVO
VANCOUVER, British Columbia, Dec. 13, 2018 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to provide an update of exploration activities and short-term objectives at several of its Pilbara gold projects.
- Novo’s preliminary bulk sampling program at Egina is nearing completion. An approximately 170 tonne bulk sample was recently excavated (Figure 1) and is being processed utilizing the Company’s IGR3000 gravity gold plant. Initial results are expected by the end of the month.
- Sampling and processing protocols developed during this preliminary bulk sampling phase will enable Novo to undertake systematic bulk sampling across other parts of the expansive gravel terrace at Egina beginning after the wet season ends in March.
- In addition to the 170 tonne bulk sample, three smaller samples weighing approximately 20 tonnes each were collected for detailed metallurgical test work including mechanical sorting tests similar to those recently undertaken on bulk samples from Comet Well (please refer to the Company’s news release dated November 19, 2018). Metallurgical test work will be geared toward developing a processing scheme suited for Egina gravels.
- Novo anticipates trial bulk sampling and processing of a few tens of thousands of tonnes at Egina in 2019.
- Assays of concentrates from recent mechanical sorting tests are expected back by the end of December. Analyses of waste material from these tests are anticipated to return the first quarter of 2019 at which time the effectiveness of mechanical sorting and its potential commercial application can be more fully assessed.
- Novo anticipates generating a mineralization report for the Karratha gold project for submission to the Western Australian Department of Mine, Industry Regulation and Safety during the first quarter of 2019. This report forms the basis for seeking grant of a mining lease at Karratha. Novo is also working towards a native title agreement with the Ngarluma people, another key step in the process of obtaining a mining lease.
- A suite of 58 bulk samples, each weighing approximately two tonnes, was collected from gold-bearing conglomerates across the Beatons Creek project during 2018. Analyses from these samples are expected to return by February 2019.
- In addition to bulk sampling, Novo undertook infill and step-out diamond drilling to enable geological remodeling and expansion of the Beatons Creek deposit.
- Novo anticipates utilizing forthcoming data from bulk sampling and diamond drilling to develop a new resource model for Beatons Creek during the first quarter of 2019. The recently updated Beatons Creek resource (please refer to the Company’s news releases dated October 10 and November 21, 2018) includes measured and indicated resources of 345 thousand oz Au (4.594 million tonnes at 2.3 grams per tonne Au) and an inferred resource of 322 thousand oz Au (3.790 million tonnes at 2.6 grams per tonne Au). Reference should be made to the technical report entitled NI 43-101 Technical Report Resource Update, Beatons Creek Gold Project, Pilbara Region, Australia, with an effective date of August 10, 2018 and an issue date of November 20, 2018, prepared for Novo by Leonel Lopez (AIPG- Geol. Eng. QP, SME-RM) of Tetra Tech, Golden, Colorado (the “2018 Technical Report”). The 2018 Technical Report is available under Novo’s profile on the SEDAR website (www.sedar.com).
- Talga Talga is one of Novo’s East Pilbara assets and is located approximately 110 km north of Beatons Creek. Gold occurs in lode quartz veins hosted by metamorphosed volcanic and sedimentary rocks of the Warrawoona Supergroup, the same rocks that host Calidus Resources Ltd.’s Warrawoona gold project approximately 35 km south of Talga Talga.
- Recent spot rock chip sampling of veins has returned highly encouraging assay results including grades of 81.4 g/t, 46.9 g/t, 35.1 g/t and 30.0 g/t gold (these grades are not necessarily representative of mineralization at Talga Talga). Of a total of 149 samples, 68 returned grades greater than 0.5 g/t gold and 33 returned grades greater than 5.0 g/t gold.
- These rock chip results combined with detailed mapping define a corridor of mineralized structures approximately three kilometers long (Figure 2 and Figure 3).
- An updated geological interpretation will drive further exploration in 2019 anticipated to include a component of diamond drill testing.
Spot rock chip samples from Talga Talga were submitted to Genalysis Laboratory in Perth, Australia. Given the occurrence of coarse gold on the property, analyses were performed on 1 kg pulverized charges subjected to LeachWell™ technique. Following LeachWell™ analysis, tailings from each sample were rinsed and dried. A 50 gram split was subjected to fire assay with OES-finish. Grades reported in this news release are a mathematical combination of LeachWell™ analyses and residual gold in tails as determined by fire assay. There were no limitations to the verification process and all relevant data was verified.
Dr. Quinton Hennigh, P. Geo., the Company’s, President and Chairman and a qualified person as defined by National Instrument 43-101, has approved and verified the geological content of this news release.
About Novo Resources Corp.
On Behalf of the Board of Directors,
Novo Resources Corp.
President and Chairman
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, statements as to planned exploration activities and the expected timing of the receipt of results. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource industry as well as the performance of services by third parties.
(Figure 1 – Excavation of a 170 tonne bulk sample of gold-bearing lag gravels at Egina. Sand and soil is first stripped off the targeted gravel layer. Yellow material at the base of the bench is weathered sedimentary rock belonging to the Mallina Formation comprising basement in this region. The targeted gravel horizon rests on top of the Mallina Formation and beneath the white line.)
(Figure 2 – Geologic map of the Talga Talga project. Spot rock chip sampling has defined a three kilometer long corridor of mineralized structures extending from McPhee’s Reward in the southwest to NW Australian in the northeast.)
(Figure 3 – Oblique view looking southwest along a three kilometer corridor of mineralized structures extending from NW Australian to McPhee’s Reward. Inset photographs show examples of gold-bearing quartz veins. Dips are generally 35-40 degrees northwest.)