Novo Sees Possibility for Significant Growth at Beatons Creek
VANCOUVER, Oct. 06, 2020 - Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce that mapping and surface rock sampling indicate the possibility of considerable extensions of the Beatons Creek conglomerate gold system.
Highlights:
- The main M1 and M2 conglomerate gold lodes at the Beatons Creek gold project have been traced at surface along the western side of the Grant’s Hill fault, adding some 1.6 km of surface strike length, and remain open to the west (see Figure 1 below).
- Spot rock chip sample results include results of 2.7 g/t Au, 3.5 g/t Au and 2.1 g/t Au from conglomerate material similar to that within the resource area east of the fault (these grades are not necessarily representative of mineralization at Beatons Creek). These samples are believed to be from the important M1 and M2 conglomerate gold lodes.
- The M1 and M2 gold lodes were encountered in historical diamond drilling within the same fault block, some 3 km to the southeast suggesting this may represent a major extension of the conglomerate system (see Figure 2 below). The system remains wide open down the axis of the Nullagine embayment.
- These newly prospected areas have recently been consolidated under Novo’s control through of the acquisition of Creasy Group interests in the Nullagine area (for further details, please see the Company’s news releases dated June 15, 2020 and September 15, 2020).
Beatons Creek Extensions
Novo’s current mapping and sampling program is designed on the basis of an improved geological understanding of the mineralized sequence from its 2018 diamond drilling program and mineral resource update (please refer to the Company’s news release dated April 1, 2019). Diamond drilling across the resource area demonstrated strong continuity of the M1 and M2 gold lodes within the main mineralised sequence, which led to the renewed focus on surface extensions on the western side of the Grant’s Hill fault. Preliminary evidence of mineralization was already indicated here from rock sampling completed by previous operators and by Novo in 2013 and 2014.
Detailed mapping west of the Grant’s Hill fault has identified the same marker horizons and unit contacts as part of the established resource stratigraphy, including the two boulder lag positions known as the M1 and M2 conglomerate gold lodes. Anomalous rock samples with results akin to those within the current resource area are encouraging and confirm that these lodes are mineralized. Further work including extensive bulk sampling and drilling is required for an adequate test of grade and to confirm these preliminary indications. The next step in the process of determining a Beatons Creek resource extension is to obtain heritage clearance, followed by trenching and costean sampling at surface as well as RC drilling to test the lodes in the subsurface.
Analytic Methodology
Spot rock chip samples were submitted to the Intertek Laboratory in Perth, Australia. Samples were crushed and pulverised and assayed using a 50-gram charge fire assay with an OES-finish. There were no limitations to the verification process and all relevant data was verified. Dr. Quinton Hennigh (P.Geo.) is the qualified person pursuant to NI 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is President, Chairman, and a director of Novo Resources Corp.
About Novo Resources Corp.
Novo is advancing its flagship Beatons Creek gold project to production while exploring and developing its highly prospective land package covering approximately 14,000 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. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com
On Behalf of the Board of Directors,
“Quinton Hennigh”
Quinton Hennigh
Chairman and President
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.
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, a possible extension of the estimation of mineral resources at the Company’s Beatons Creek project. 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, results of heritage surveys, trenching and costean sampling, RC drilling, and customary risks of the resource industry and risks and uncertainties inherent to mineral resource estimates.
PDFs accompanying this announcement are available at:
http://ml.globenewswire.com/Resource/Download/74171592-8afd-4ebb-ae47-fbfc87c4305a
http://ml.globenewswire.com/Resource/Download/4b519c34-6ace-4667-b105-5c0264e87051