Novo Advances Beatons Creek Resource Work
February 20 2019 - 8:00AM
Novo Resources Corp. (“
Novo” or
the “
Company”) (TSX-V: NVO; OTCQX: NSRPF) is
pleased to announce advancements in resource work including
wireframe modeling and receipt of initial results from its bulk
sampling program at the Company’s Beatons Creek project in
Nullagine, WA. Final bulk sample assays are expected soon at which
time work on a new resource model will be completed. Novo
anticipates announcing a new resource for Beatons Creek around the
end of the first quarter, 2019.
In the Company’s news release dated October 10,
2018, Novo announced a global resource including 345 Koz Au (4.594
Mt @ 2.3 gpt Au) in the measured and indicated categories and 322
Koz Au (3.790 Mt @ 2.6 gpt Au) in the inferred category at Beatons
Creek. Reference should be made to the technical report
entitled “NI 43-101 Technical Report Resource Update, Beatons Creek
Gold Project, Pilbara Region, Australia” issued on November 20,
2018, which was prepared for Novo by Leonel Lopez (AIPG- Geol. Eng.
QP, SME-RM) of Tetra Tech, Golden, Colorado. This technical report
is available under the Company’s profile on the SEDAR website at
www.sedar.com (filing date: November 21, 2018) and on the
Company’s website at www.novoresources.com. Since that time, Novo
has completed considerable additional work including diamond
drilling, downhole imaging of reverse circulation drill holes and
bulk sampling. Results to date include:
- An expanded wireframe model (Figure 1) constructed utilizing
high-resolution data gathered from detailed diamond core logging
and visual/acoustical imaging of reverse circulation drill holes.
Such high-quality data allows for greater confidence in
interpreting continuity of gold-bearing conglomerate beds from one
hole to the next while also allowing for tighter constraint of the
upper and lower boundaries of each bed.
- Better domain definition than utilized in previous models.
Diamond core holes, often drilled at an angle, enable discernment
of fault zones thus helping establish well-defined domains within
the model.
- Return of assays from 45 bulk samples (Please see Table 1
below). Bulk samples, each weighing approximately 2 tonnes, were
collected from outcropping areas across the project (Figure 2,
Figure 3, and Figure 4). Assays from these 45 samples range
between 0.49 and 6.16 gpt Au and display a weighted mean value of
2.55 gpt Au. Results from another 20 bulk samples are awaited. Bulk
sample data are expected to help verify resource grades in the
updated resource model.
Table 1 - Calculated Head Grades for 45
Bulk Samples from Beatons Creek:
Sample ID |
Sample Mass (kg) |
Head Grade (g/t) |
Sample ID |
Sample Mass (kg) |
Head Grade (g/t) |
BSX001 |
2098.5 |
1.34 |
BSX057 |
1388 |
3.49 |
BSX005 |
2112 |
2.26 |
BSX058 |
2307.5 |
2.70 |
BSX006 |
1961 |
1.93 |
BSX059 |
1932.5 |
1.24 |
BSX012 |
780 |
1.61 |
BSX060 |
1462.5 |
0.49 |
BSX016 |
1380.7 |
1.52 |
BSX061 |
1090 |
1.93 |
BSX017 |
509 |
0.61 |
BSX062 |
2021.5 |
1.38 |
BSX026 |
1671 |
1.13 |
BSX063 |
2950.5 |
1.49 |
BSX027 |
1658 |
1.23 |
BSX064 |
2457.5 |
3.27 |
BSX038 |
480.7 |
1.92 |
BSX065 |
4567 |
4.39 |
BSX041 |
2429.5 |
2.93 |
BSX066 |
3047.5 |
1.79 |
BSX042 |
479.7 |
0.65 |
BSX067 |
3909 |
4.73 |
BSX043 |
4134 |
4.33 |
BSX068 |
3190.5 |
4.46 |
BSX046 |
4901.5 |
5.42 |
BSX069 |
3681 |
4.29 |
BSX047 |
2236.5 |
0.59 |
BSX070 |
2151.5 |
0.94 |
BSX048 |
3801 |
1.33 |
BSX071 |
2320.5 |
1.23 |
BSX049 |
1606 |
1.28 |
BSX072 |
2533 |
2.97 |
BSX050 |
947.5 |
1.09 |
BSX073 |
1797.5 |
2.84 |
BSX051 |
1637.5 |
2.00 |
BSX074 |
3849 |
1.32 |
BSX052 |
654.5 |
6.16 |
BSX075 |
2778.5 |
1.27 |
BSX053 |
1027 |
3.00 |
BSX076 |
1831 |
2.00 |
BSX054 |
1646 |
1.08 |
BSX077 |
1768 |
3.13 |
BSX055 |
1010 |
1.15 |
BSX078 |
2637 |
1.92 |
BSX056 |
1242 |
4.00 |
|
|
|
In addition to results discussed above, Novo
personnel collected 50-kg bulk samples from long, continuous
channels cut across subordinate conglomerate units occurring
between the principal targeted conglomerate beds as part of an
effort to determine the gold grade of these layers. Should the
lower-grade subordinate conglomerate assays yield positive results,
such rock layers may become part of the overall resource at Beatons
Creek.
“We are eager to receive final assays and
complete our new resource model for Beatons Creek,” commented Dr.
Quinton Hennigh, President and Chairman of Novo Resources. “This
new resource will be the culmination of a long, iterative process
whereby we refined our geologic understanding as well as our bulk
sampling techniques to better tackle this layered, coarse-gold
deposit. It will establish a blueprint for how to approach such
unusual deposits thus unlocking their economic potential.”
Bulk Sample Processing
Novo staff collected bulk samples discussed in
this news release. Each sample weighs approximately 2 tonnes. Bulk
samples were submitted to SGS Minerals in Perth, Australia.
Processing encompasses coarse crushing and screening, followed by
impact milling and screening, then processing through a gravity
concentrator. Concentrates are analyzed in the entirety whereas
tails are split and analyzed. A head grade is calculated based upon
the gold recovered from each of sample streams (Figure 5).
Results presented here are preliminary results.
Various tails splits are undergoing further assays as a matter of
checks. Final assays including all sub-splits will be presented in
their entirety upon receipt.
Dr. Quinton Hennigh, P. Geo., the Company’s,
President and Chairman and a qualified person as defined by
National Instrument 43-101, has approved the geological content of
this news release. Dr. Simon Dominy, FAusIMM (CP), a consultant
geometallurgist to the Company and a qualified person as defined by
National Instrument 43-101, has approved the processing and bulk
sample grade content of this news release.
About Novo Resources Corp.
Novo’s focus is to explore and develop gold
projects in the Pilbara region of Western Australia, and Novo has
built up a significant land package covering approximately 12,000
sq km with varying ownership interests. For more information,
please contact Leo Karabelas at (416) 543-3120 or
e-mail leo@novoresources.com
On Behalf of the Board of Directors,
Novo Resources Corp.
“Quinton Hennigh”Quinton Hennigh 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.
Forward-looking information
Some statements in this news release contain forward-looking
information (within the meaning of Canadian securities legislation)
including, without limitation, statements as to the expected timing
of the receipt of exploration results and that Novo is expecting a
significant increase in the Beatons Creek conglomerate-hosted Au
deposit resource. 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.
PDFs accompanying this announcement are available at:
http://resource.globenewswire.com/Resource/Download/b9f5d028-0ef7-4655-a29b-2a1ac87f3cbb
http://resource.globenewswire.com/Resource/Download/bbb5e318-d976-4a1b-a1fe-deb2f546f152
http://resource.globenewswire.com/Resource/Download/ef055e91-84ef-4e3e-b542-0753c0ed6c06
http://resource.globenewswire.com/Resource/Download/1b7159ae-bba4-4251-a648-894b5290a221
http://resource.globenewswire.com/Resource/Download/afc6c9b2-d359-4d24-9214-7a934041e46a
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