Novo Resources Corp. press release
Novo Resources Corp. - September Quarterly Update
TSX - Toronto Stock Exchange · Gold · Platinum · Copper · Lead · Zinc · Silver · Antimony · Arsenic · Lithium · Nickel · Australia
VANCOUVER, British Columbia, Oct. 23, 2024 (GLOBE NEWSWIRE) --
HIGHLIGHTS
Significant Q3 2024 exploration results received from drilling programs at Novo Resource’s priority targets across the Pilbara (Western Australia) and Belltopper Project (Victoria). Drilling at Nunyerry North completed in July with 34 RC holes for 3,942 m. The program tested multiple new targets along strike of known mineralisation and down plunge of existing intercepts extending the high-grade Main Lode to 500 m strike/plunge and intersected high-grade gold along the Estrid Fault. Standout intercepts from drilling at Nunyerry North include 4 : 13 m at 2.68 g/t Au from 66 m, including 3 m at 10.41 g/t Au from 66 m 11 m at 2.20 g/t Au from 84 m, including 1 m at 18.06 g/t Au from 86 m 17 m at 1.85 g/t Au from 25 m, including 7 m at 3.55 g/t Au from 25 m 9 m at 2.52 g/t Au from 87 m, including 2 m at 8.89 g/t Au from 92 m
At the Egina Gold Project, De Grey Mining (ASX: DEG) continued an aggressive exploration program at the Becher Project, with drilling at four main prospects, being the Heckmair, Irvine, Lowe and Whillans Prospects. Egina is located near De Grey’s 12.7 Moz Hemi Gold Project 1 . In addition to Novo’s approx. 60,000 m AC and RC drilling completed in 2023, De Grey has completed 34,180 m of AC drilling and 9,129 m of RC drilling to date across the four main prospects, testing prospective intrusions and regional structures, as well as a drone magnetic survey. De Grey satisfied its initial A$7 million minimum expenditure commitment over a 15-month period on exploration at the Egina Gold Project. Novo completed a review of the antimony (Sb) – gold (Au) potential across its Pilbara landholding. Two prospects in the early stages of exploration rank highly for antimony potential, including the historic Sherlock Crossing (Clarke) antimony mine and the Southeast Wyloo antimony-gold stream sediment anomaly. Detailed re-logging and additional sampling from 11 historical diamond holes in priority target areas at the Belltopper Gold Project in Victoria, delivered multiple new significant gold intercepts across a range of known and emerging targets 2 . The Belltopper re-logging program confirmed controls on higher-grade mineralisation and refined the position of several target reefs and key structural features such as modelled high-grade shoots and high priority target anticline corridors 2 . 6.0 m @ 4.37 g/t Au from 169 m (including 5.0 m @ 5.18 g/t Au from 169 m) in DDHMA1 on the Never Despair Reef. 2.0 m @ 7.19 g/t Au from 52 m (including 1.15 m @ 12.01 g/t Au from 52 m) and 2.0 m @ 3.87 g/t Au from 43 m (including 1.0 m @ 6.92 g/t Au from 43 m) in MD04 on the emerging Butchers Gully Fault target, a layer parallel structure to the high-grade Leven Star Reef. 3.1 m @ 3.29 g/t Au from 36 m (including 1.3 m @ 7.26 g/t Au from 37.3 m) in MD06A, also on the Butchers Gully Fault. 2.1 m @ 3.82 g/t Au from 78.9 m (including 0.6 m @ 9.74 g/t Au from 79.3 m) in MD07 on NW Fault 9, an important, west-dipping, sub-parallel trending structure to the high-priority Missing Link Reef target. 13 m @ 0.64 g/t Au from 90 m (including 1 m @ 1.92 g/t Au from 94 m) in DDHMA2 on the West Panama Reef.
An exploration target was defined at Belltopper (the Exploration Target) 3 through geological modelling of priority target reefs following completion of 2024 drilling and the release of assay results. The Exploration Target excludes numerous emerging prospective zones and conceptual targets based on progressive geological and geochemical understanding. Novo is in a strong financial position to continue its exploration focus on Western Australia and Victoria, with no debt and a cash balance of A$6.7 million (C$6.3 million) and investments of approximately A$44.6 million (C$41.6 million) as of 30 September 2024.
Commenting on the September quarter, Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said, “Novo continues to actively explore and drill across our highly prospective exploration portfolio in Western Australia and Victoria. The September quarter was another productive quarter with our geological teams delivering excellent results in the Pilbara and at our Belltopper Project. Key standout achievements from the quarter were the definition of the Belltopper Exploration Target which highlights the exciting growth opportunity we have at this Project and subsequent to quarter end, our joint venture partner De Grey Mining completing its initial A$7 million minimum expenditure commitment on exploration at the Egina Gold Project.
“Importantly, De Grey will continue with its investment to earn a 50% joint venture interest in the Egina tenements by spending an additional A$18 million through to June 30, 2027 and this commitment from De Grey highlights the exciting opportunity ahead at Egina. De Grey is just starting to scratch the surface at Egina, with several highly prospective areas yet to be systematically tested, providing multiple new targets to explore and build further value.”
Drilling at Nunyerry North
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9da9e36c-01b4-4b85-afef-981dcee5aeda
SUSTAINABILITY
There were no significant safety, environment, or community incidents during Q3 2024.
Discussions with the representatives of the Traditional Owners are on-going as Novo reviews and updates the relevant access agreements. Updated Determination Wide agreements were executed with the Nyamal and Kariyarra Peoples during the quarter. Novo remains in close contact with the Traditional Owners to ensure appropriate heritage protection for planned exploration activities across the Pilbara
WESTERN AUSTRALIAN GOLD PORTFOLIO
Egina Gold Camp
The Egina Gold Camp (EGC) is an 80 km long contiguous tenement package, which hosts Novo’s current high priority Pilbara targets ( Figure 1 ) at Nunyerry North and Becher. The tenure is focussed on a series of structurally complex, gold-fertile corridors and is hosted by rocks of the Mallina Basin in the north and mafic / ultramafic sequences further south. This belt is the primary focus for Novo’s 2024 Pilbara exploration programs.
_Figure 1: __Novo Pilbara tenure showing main projects and significant prospect. _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c67b0085-0b41-402d-8428-5c15889cde67
Nunyerry North
The Nunyerry North prospect lies within Exploration License E47/2973 in the southern EGC, located 150 km from Port Hedland. The tenement is subject to a joint venture agreement, with Novo holding a 70% interest and the remaining 30% held by Rockford Metals Pty Ltd, an entity of Mark Creasy (The Creasy Group).
In addition to the Nunyerry North and Egina JV, several other priority gold targets are also being progressed along the main structural corridors within the EGC ( Figure 2 ). These prospects form part of Novo’s regional reconnaissance program along the Tabba Tabba Shear Corridor in 2024.
Nunyerry North (70% Novo / 30% Creasy Group)
Novo completed a maiden RC drilling program of 30 holes for 2,424 m at Nunyerry North in Q4 2023. Phase 2 RC drilling continued to completion on 21 July at Nunyerry North 4 with final drill metrics of 34 holes for 3,942 m testing four main targets ( Figure 3 ). Angled drill holes ranged from 66 m to 192 m in depth (average 116 m) and were drilled on 40 m to 80 m spaced sections. All holes were drilled oriented perpendicular to the interpreted mineralised trend, with the intersected widths representative of the true width of the mineralisation unless noted otherwise.
_Figure 2: __Novo Tenure in the Central Pilbara showing the Egina Gold Camp and Balla Balla Gold Project Au prospects, location of Nunyerry North, and JV interests. _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4810cb57-3197-4e51-877a-403d7f4a06ff
Drilling at the Main Lode target area successfully extended known gold mineralisation by 250 m to ~ 500 m strike (see long section in Figure 4 ) and produced several significant intercepts (see results below). High-grade gold results were returned from drilling along the Estrid Fault and also require follow up.
Best results from the latest drilling include 4 :
13 m at 2.68 g/t Au from 66 m, including 3 m at 10.41 g/t Au from 66 m (NC046) 11 m at 2.20 g/t Au from 84 m, including 1 m at 18.06 g/t Au from 86 m (NC046) 17 m at 1.85 g/t Au from 25 m, including 7 m at 3.55 g/t Au from 25 m (NC063) 9 m at 2.52 g/t Au from 87 m, including 2 m at 8.89 g/t Au from 92 m (NC061) 2 m at 7.38 g/t Au from 42 m (NC051)
The mineralisation presented in the body of this release is not necessarily representative of mineralisation throughout the Nunyerry North Project. Intercepts are expressed as down-hole intersections and should not be presumed always to represent true widths, which may vary from hole to hole.
Assays from the Porphyry target included a best intercept of 7 m at 0.1 g/t Au, coinciding with elevated XRF assays on RC powder of up to 0.21% Cu; no significant intercepts were returned from the Aurora West target testing potential offset to the basalt target horizon.
_Figure 3: __Nunyerry project area with interpreted geology, highlighting strike extent of favourable stratigraphy and additional structural targets. _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3194eebe-2ec0-4367-b7bf-d654fe823428
_Figure 4: __Nunyerry North long section (looking NNW) showing m x g/t Au (downhole width) _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6027c880-223c-4bfe-82e0-6d1bba20191f
Egina Earn-in/JV (De Grey earning a 50% interest)
At the Egina Gold Project, JV partner De Grey continued AC drilling at the Becher Project, with drilling at Heckmair, Irvine, Lowe and Whillans Prospects. In addition to Novo’s approx. 60,000 m AC and RC drilling completed in 2023, De Grey has now completed 34,180 m of AC drilling and 9,129 m of RC drilling to date across the four main prospects, testing prospective intrusions and regional structures 5 .
A drone magnetic survey was completed across parts of the northern JV tenure during the quarter, which was flown to enable more detailed structural and geological interpretation of bedrock.
Results were received from the AC program and are summarised in Figure 5 below.
_Figure 5: __Egina JV drill results showing anomalous gold intercepts. _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/82be04d2-1d22-45d6-985e-375ae9d5c697
Whillans Prospect
Multiple thin anomalous gold intercepts were returned at the Whillans prospect from drillholes MSRC0074, and MSRC0076, associated with minor quartz veining and weak sericite alteration of metasedimentary arkosic sandstone and siltstone.
Heckmair Prospect
Multiple thin intercepts were returned at the southern edge of the Heckmair sanukitoid intrusion from drillholes MSRC0012, MSRC0013, MSRC0068, MSRC0069, including 6 m @ 1.2g/t Au in MSRC0068. All intercepts were associated with minor quartz veining and weak sericite alteration and hosted within a dioritic intrusion.
Irvine and Heckmair East Prospects
Aircore drilling at Irvine, extending to the eastern side of the Heckmair Intrusion identified broad zones of Zn-Pb-Ag and gold anomalism within the weathered horizon. These are adjacent to the previously reported intercepts of base metal mineralisation within the Heckmair Fault that bisects the Heckmair intrusion ( Figure 6 and Figure 7 ).
In the Mallina basin, base metal anomalies can signal enhanced gold prospectivity. Better gold intercepts included 12 m @ 0.8 g/t Au (including 4 m @ 2.1 g/t Au) in MSAC0989. Gold mineralisation is hosted in quartz veining within metasediments, immediately adjacent to an intrusion. Anomalous base metal intercepts include 25 m @ 0.99% Zn+Pb (MSAC0962) and 43 m @ 0.53% Zn+Pb (MSAC0963).
The mineralisation presented in the body of this release is not necessarily representative of mineralisation throughout the Egina district.
_Figure 6: __Plan showing anomalous base metal results in AC drilling at Heckmair East. _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/99286317-138f-454a-89d3-ecb23efa9c6b
_Figure 7: __Section showing anomalous base metal (Zn+Pb) results in AC drilling at Heckmair East _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b73f349e-0db6-4c91-a648-609d10a0650b
Tabba Tabba Shear Corridor
Further southwest along the Egina Gold Camp, exploration work by Novo has commenced on multiple high priority targets along the ~ 60 km long fertile Tabba Tabba Corridor ( Figure 8 ) 4 . The latter is underexplored, as access is difficult and significant parts of the corridor are covered with shallow alluvium and colluvium or overlain by Fortescue Group basalt.
Several conceptual targets were identified from recent re-interpretation, with most having received little to no historical exploration. Conceptual targets focus on structural intersections of faults and shears within the Tabba Tabba Shear Corridor, particularly where folded stratigraphy and / or minor intrusions are noted.
The Kilkenny prospect was explored by Kilkenny Gold NL (Kilkenny) in the late 1990s and comprised several short costeans and 18 shallow percussion holes for a total of 530 m drilled, following up a coherent gold in soil anomaly. Despite the very small program, Kilkenny returned best costean samples of 8 m at 4.2 g/t Au, 8 m at 2.1 g/t Au, and drilling results of 5 m at 5.0 g/t Au from 9 m (ACN05) and 5m at 1.7 g/t Au from 14 m, including 2 m at 3.5 from 14 m (ACN13). Novo has not conducted data verification (as that term is defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101)) of this data.
At Teichman Top, several historic workings are present, and modern exploration includes results of 25.5 g/t Au and 32.3 g/t Au from rock samples. Novo has not conducted data verification (as that term is defined in NI 43-101) of this data. This prospect is located within the Yandeyarra Reserve and has not been accessible in recent years due to the requirement to complete access agreements.
Drilling and surface sample results may not be representative of mineralisation in the district.
Novo recently completed a mapping and surface sampling campaign over these prospective parts of the Tabba Tabba Corridor to delineate targets for potential future drill testing. The initial program comprised six mapping areas and approximately 1,200 surface soil samples, with opportunistic rock and stream sediment samples where appropriate. Results are pending.
_Figure 8 __: Geological context and main prospects of the Tabba Tabba Corridor _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d4b3c51d-a892-4e7d-af9c-81af8ef18368
Balla Balla Gold Project
Balla Balla is an emerging exploration project centred on the Sholl Shear and associated potentially fertile structural corridors undercover ( Figure 2 ). The Project is considered prospective for intrusion-hosted gold mineralisation, in addition to structurally controlled gold. Geophysical interpretation and research of historical data completed in 2023 advanced the Company’s understanding of prospectivity in the project area and further delineated priority targets. The Company is awaiting tenement grant prior to commencing on-ground exploration programs, including AC drilling.
Antimony (Sb) Review
A review of antimony prospectivity 6 was completed across Novo’s Pilbara landholding, with two prospects in the early stages of exploration ranking highly for antimony potential ( Figure 9 ).
The Sherlock Crossing (Clarke) antimony mine was discovered in 1906 and operated during 1907 to 1916. According to historic records, the mine initially produced 16 tonnes of concentrate grading 53% Sb and 10.9 g/t Au to 72.9 g/t Au and in 1916, a further 5.66 tonnes of concentrate grading 42.2% Sb and 15.6 g/t Au. No assurance can be given that Novo will achieve similar results as part of its exploration activities at Sherlock Crossing .
Novo conducted reconnaissance work, collected rock chip samples and undertook soil sampling at Sherlock Crossing in 2022 with peak results of 1.71 g/t Au and 592 ppm Sb. Follow up mapping and sampling was conducted during the quarter to further test the high-grade historical record, with assays awaited.
Southeast Wyloo includes two, 2km-strike high-order Sb (± Au) stream sediment anomalies, where reconnaissance rock chip sampling completed by Novo in mid-2023 yielded peak results of 387 g/t Ag, 5.0% Pb, 1.6% Zn, 2.4% Cu, 0.38% Sb, and 0.52 g/t Au.
Both projects will require detailed follow-up exploration work.
_Figure 9: __Location map of the Sherlock Crossing antimony mine and SE Wyloo targets. _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fb3d0f4d-8a74-4e04-a07c-7b00197d939c
Forward Programs – Pilbara
At the Egina JV De Grey is currently awaiting final assay results from Becher including AC re-splits. Work will continue compiling and analysing results from recently completed work programs in addition to generating additional targets and developing follow-up programs.
Given the normal period of high temperatures and cyclone risks it is expected that all exploration drill programs will remain suspended until approximately March 2025.
Follow up sampling and mapping is planned on the antimony targets at Sherlock Crossing/Clarke and Southeast Wyloo. Regional reconnaissance work will continue in the East Pilbara at Miralga, prior to the onset of more challenging conditions throughout summer.
BELLTOPPER GOLD PROJECT, VICTORIA
The Belltopper Gold Project ( Belltopper ) is located 120 km northwest of Melbourne and approximately 50 km south of Agnico Eagle’s (TSX: AEM) Fosterville Gold Mine ( Figure 10 ) in the Bendigo Zone, an area with historical gold production of more than 60 million ounces 7 . The tenure at Belltopper is 100% owned by Novo.
During the quarter, a relogging and infill sampling program was conducted across 11 previously under sampled, historic drill holes with all results received during the period. In addition, an Exploration Target was defined through geological modelling of priority target reefs following completion of all 2024 drilling and receipt of all assay results (including the relogging program).
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/124aca70-e1dd-42e9-abd9-ca62401fd389
Figure 10: Belltopper Gold Project location map with regional gold occurrences and major structures 8 .
Historical Core - Relogging and Sampling Program
The relogging and infill sampling program delivered multiple new significant gold intercepts across a range of known and emerging targets ( Figure 11 ), including the following:
6.0 m @ 4.37 g/t Au from 169 m (including 5.0 m @ 5.18 g/t Au from 169 m) in DDHMA1 on the Never Despair Reef. 2.0 m @ 7.19 g/t Au from 52 m (including 1.15 m @ 12.01 g/t Au from 52 m) and 2.0 m @ 3.87 g/t Au from 43 m (including 1.0 m @ 6.92 g/t Au from 43 m) in MD04 on the emerging Butchers Gully Fault target, a layer parallel structure to the high-grade Leven Star Reef. 3.1 m @ 3.29 g/t Au from 36 m (including 1.3 m @ 7.26 g/t Au from 37.3 m) in MD06A, also on the Butchers Gully Fault. 2.1 m @ 3.82 g/t Au from 78.9 m (including 0.6 m @ 9.74 g/t Au from 79.3 m) in MD07 on NW Fault 9, an important, west-dipping, sub-parallel trending structure to the high-priority Missing Link Reef target. 13 m @ 0.64 g/t Au from 90 m (including 1 m @ 1.92 g/t Au from 94 m) in DDHMA2 on the West Panama Reef.
The re-logging program confirmed controls on higher-grade mineralisation and refined the position of several target reefs and key structural features such as modelled high-grade shoots and high priority target anticline corridors.