HIGHLIGHTS

  • Preliminary results include 8 m @ 4.6 g/t Au from 26 m, 10 m @ 3.0 g/t Au from 32 m, 3 m @ 8.9 g/t Au from 5 m, 13 m @ 2.0 g/t Au from 12 m, and 8m @ 3.2 g/t from 37m
  • Genie is part of a wider, untested +1.25 km long prospective gold zone within 3 km of the Company’s Golden Eagle processing plant (the “ Golden Eagle Plant ”)
  • Mineralization remains open in all directions with follow up drilling already in progress
  • Maiden reverse circulation (“ RC ”) drilling program intersects multiple zones of high-grade mineralization at Novo’s Genie oxide gold target in the Pilbara region of Western Australia
  • New style of gold mineralization in the Mosquito Creek Basin, relating to an interpreted early phase of dolerite intrusion

VANCOUVER, British Columbia, Oct. 21, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. “Novo” or the “Company” ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on recent brownfields exploration drilling conducted at the Genie prospect.

The maiden RC drilling program of 31 holes (for a total of 1,787 m) was completed at Genie in September 2021. Significant intersections returned to date include, but are not limited to:

  • 8m @ 4.6 g/t Au from 26 m (21NU0093)
  • 10m @ 3.0 g/t Au from 32 m (21NU0089)
  • 3m @ 8.9 g/t Au from 5 m (21NU0085)
  • 13m @ 2.0 g/t Au from 12 m (21NU0092)
  • 8m @ 3.2 g/t Au from 37 m (21NU0094)

Genie is a near-mine oxide prospect that forms part of a broader +1.25 km long previously untested lode-gold target located within 3 km of the Golden Eagle Plant ( Figure 1 ).

“Novo has an exceptional exploration team capable of quickly identifying and testing impactful targets around the Nullagine Gold Project,” commented Dr. Quinton Hennigh, Non-Executive Co-Chairman of Novo. “Quickly recognizing the excellent potential and new style of mineralization at Genie is a prime example of their strength. And Genie is just one of the first targets on our list. Many more targets are currently being tested, all of which could have near-term impact on delivering resources for the operation. We are thrilled with these early results and eagerly await a large volume of exploration drill results to come. With access to Chrysos PhotonAssay, we expect to deliver a steady stream of results to the market on an ongoing basis.”

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c05eca1a-8c72-48dd-b6e0-ec85f617ca56

DETAILS

This maiden drilling program across the western sector at Genie has provided numerous highly significant results and highlights the potential for the prospect to provide valuable oxide feed to the nearby Golden Eagle Plant. Gold mineralization occurs across multiple, stacked, shallow to moderately SW dipping zones and remains open in all directions.

This program was designed to test the tenor of gold mineralization where mapping and rock chip sampling highlighted excellent potential for near-surface mineable gold mineralization. Drilling was completed at 20 m to 40 m line spacing and 20 m hole spacing along the drill traverses.

Table 1 below provides a list of significant intersections (reporting >1 gram/metre) using parameters that include a 0.5 g/t Au cut-off and no more than 2 m internal waste. Reported widths are indicative of true widths.

Considering the highly significant results from this program, further drilling is now a priority with follow up holes designed to extend and further define the extent of mineralization. This second, more aggressive drill program is already in progress.

Genie is located toward the western margin of a prospective gold-mineralized corridor characterized by strong quartz veining within sheeted dolerite dykes and turbiditic sediments of the Mosquito Creek Formation. This style of mineralization relating to an interpreted early phase of dolerite intrusion represents a new gold mineralization style in the region.

The local geology at Genie is characterized by a swarm of mineralized quartz-veined dolerite dykes defined over ~320 m strike, with individual dykes up to 80 m long and 10 m wide ( Figure 2 ). The dolerite dykes trend NW (locally orthogonal to the overall ENE-trending mineralized corridor) and dip shallowly to moderately to the SW. One 50 m long historic working is present in the central drill area. Sand cover and quartz colluvium obscures the geology immediately west, south, and north of the outcropping mineralization where the target extends under cover ( Figure 3 and Figure 4 ).

RC drill samples were submitted to Intertek Testing Services (Australia) Pty Ltd.’s (“ Intertek ”) lab for PhotonAssay ( refer to the Company’s news release dated May 18, 2021 ), providing rapid turnaround time for exploration assay results, with assays received within two weeks of sample submission.

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/37f27fc1-dd56-4390-88ed-4983931d3f9a

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9fec7a6f-0dfa-4dff-a0c6-59d8fd1b6472

Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f1b74cfd-fc60-4b03-ab69-22453472de66

Analytic Methodology

RC samples from Genie were submitted to Intertek in Perth, Australia. Samples are crushed to -2 mm and RSD split into a single 500-gram jar for PhotonAssay. To test for gold variability and potential coarse gold effect, field duplicates and crushed duplicates were analysed. Standards and blanks are inserted in the sample sequence to test for lab performance.

There were no limitations to the verification process and all relevant data was verified by a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects by reviewing analytical procedures undertaken by the various laboratories. Dr. Quinton Hennigh (P. Geo.) is the qualified person responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is the Non-Executive Co-Chairman and a director of Novo.

About Novo

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 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. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail [email protected] .

On Behalf of the Board of Directors,

Novo Resources Corp.

“ Michael Spreadborough 

Michael Spreadborough

Executive Co-Chairman

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, planned exploration activities, the expected timing of receipt of assay results, and that the second Genie drill program will further define the extent of mineralization. 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 resource industry and the risk factors identified in Novo’s management’s discussion and analysis for the six months ended June 30, 2021, which is available under Novo’s profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.

Table 1: Significant intercept table for all results from this phase of drilling at Genie. The table is generated using a 0.5 g/t Au cut-off grade and no more than 2 m internal waste. Reported intervals (widths) are considered representative of true widths.

HOLE ID COORDSYS EASTING NORTHING HEIGHT AZI

GRID

DIP DEPTH

FROM

DEPTH

TO

Au

(ppm)

Width

(m)

Gram*

metres

21NU0077 MGA94_51 202963 7571292 384 90 -50 21 33 1.9 12 22.4
21NU0077 MGA94_51 202963 7571292 384 90 -50 8 10 1.3 2 2.5
21NU0078 MGA94_51 202961 7571271 384 90 -50 14 25 1.4 11 15.8
21NU0079 MGA94_51 202980 7571268 384 90 -50 11 12 1.2 1 1.2
21NU0080 MGA94_51 202979 7571266 384 45 -50 6 14 0.6 8 4.9
21NU0081 MGA94_51 202968 7571255 383 45 -50 19 21 3.7 2 7.4
21NU0081 MGA94_51 202968 7571255 383 45 -50 1 3 0.8 2 1.6
21NU0082 MGA94_51 203003 7571260 387 45 -50 34 39 2.3 5 11.6
21NU0082 MGA94_51 203003 7571260 387 45 -50 0 3 0.7 3 2.2
21NU0082 MGA94_51 203003 7571260 387 45 -50 51 53 0.9 2 1.9
21NU0083 MGA94_51 202988 7571246 384 45 -50 6 13 2.1 7 14.7
21NU0083 MGA94_51 202988 7571246 384 45 -50 18 28 1.2 10 12.3
21NU0084 MGA94_51 202973 7571231 384 45 -50 82 89 1.4 7 10.1
21NU0084 MGA94_51 202973 7571231 384 45 -50 44 46 1.9 2 3.8
21NU0084 MGA94_51 202973 7571231 384 45 -50 71 73 0.8 2 1.6
21NU0085 MGA94_51 202957 7571217 384 45 -50 5 8 8.9 3 26.7
21NU0085 MGA94_51 202957 7571217 384 45 -50 58 72 1.2 14 16.9
21NU0086 MGA94_51 202943 7571202 385 45 -50 41 49 1.0 8 7.9
21NU0086 MGA94_51 202943 7571202 385 45 -50 68 73 1.3 5 6.7
21NU0086 MGA94_51 202943 7571202 385 45 -50 2 5 1.4 3 4.1
21NU0087 MGA94_51 202928 7571187 385 45 -50 8 10 0.8 2 1.6
21NU0088 MGA94_51 203026 7571255 385 45 -50 54 64 2.1 10 21.0
21NU0088 MGA94_51 203026 7571255 385 45 -50 31 39 0.9 8 7.1
21NU0088 MGA94_51 203026 7571255 385 45 -50 17 21 0.7 4 2.7
21NU0088 MGA94_51 203026 7571255 385 45 -50 24 26 0.8 2 1.6
21NU0088 MGA94_51 203026 7571255 385 45 -50 2 3 1.5 1 1.5
21NU0089 MGA94_51 203056 7571282 386 45 -50 32 42 3.0 10 29.6
21NU0089 MGA94_51 203056 7571282 386 45 -50 4 10 4.0 6 23.8
21NU0089 MGA94_51 203056 7571282 386 45 -50 13 17 1.0 4 4.2
21NU0090 MGA94_51 203042 7571267 386 45 -50 12 22 0.8 10 8.1
21NU0090 MGA94_51 203042 7571267 386 45 -50 7 9 3.8 2 7.5
21NU0090 MGA94_51 203042 7571267 386 45 -50 51 53 1.5 2 3.0
21NU0091 MGA94_51 203102 7571302 387 45 -50 1 2 1.0 1 1.0
21NU0092 MGA94_51 203092 7571291 385 45 -50 12 25 2.0 13 26.3
21NU0092 MGA94_51 203092 7571291 385 45 -50 8 9 1.6 1 1.6
21NU0093 MGA94_51 203079 7571278 386 45 -50 26 34 4.6 8 36.4
21NU0093 MGA94_51 203079 7571278 386 45 -50 10 11 1.1 1 1.1
21NU0093 MGA94_51 203079 7571278 386 45 -50 4 5 1.0 1 1.0
21NU0094 MGA94_51 203062 7571263 385 45 -50 37 45 3.2 8 25.3
21NU0094 MGA94_51 203062 7571263 385 45 -50 16 19 1.4 3 4.1
21NU0094 MGA94_51 203062 7571263 385 45 -50 48 49 1.0 1 1.0
21NU0095 MGA94_51 203046 7571248 385 45 -50 10 11 3.2 1 3.2
21NU0096 MGA94_51 203031 7571233 384 45 -50 62 64 5.6 2 11.2
21NU0096 MGA94_51 203031 7571233 384 45 -50 79 81 5.2 2 10.5
21NU0096 MGA94_51 203031 7571233 384 45 -50 45 47 1.4 2 2.9
21NU0098 MGA94_51 203123 7571292 387 45 -50 11 12 1.8 1 1.8
21NU0099 MGA94_51 203108 7571278 386 45 -50 33 36 2.3 3 6.8
21NU0100 MGA94_51 203148 7571278 386 45 -50 47 48 1.4 1 1.4
21NU0101 MGA94_51 203133 7571263 386 45 -50 18 19 2.6 1 2.6
21NU0101 MGA94_51 203133 7571263 386 45 -50 42 43 1.3 1 1.3
21NU0102 MGA94_51 203119 7571249 385 45 -50 2 4 0.7 2 1.4


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One thought on “Novo (NVO.TO): Near-Mine High-Grade Mineralization Confirmed 3 km from Golden Eagle Processing Plant

  1. Gregory Luze says:

    It’s a nice drill report, but they really need to get the sorter going and increase the grade they’re sending through the mill. Once that happens they can increase gold produced by orders of magnitude. Perhaps they’re doing that.

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