NOVO RESOURCES CORP.
Novo is also pleased to outline the 2024 exploration plans for Nunyerry North, at the Egina Gold Camp, as well as planned exploration programs near Karratha. The Nunyerry North project is a 70:30 joint venture with the
Novo is in a strong financial position to execute its exploration plans in 2024, with a cash balance of
Novo is debt free and carries no rehabilitation liabilities. See below the metrics used in relation to the valuation of Novo's investment portfolio.
NUNYERRY NORTH EXPLORATION PROGRAM
The Egina Gold Camp is a contiguous tenement package, targeted on a series of structurally complex, gold-fertile corridors, hosted by rocks of the
Nunyerry North Phase 1 Drilling Results Update
Initial results from both surface and drilling samples indicated visible gold or coarse nuggety gold, with early trials conducted to assess gold variability3. Based on the results, Novo resubmitted all significant drill intercepts for multi-pot PhotonAssay whereby all sample material was split over multiple PhotonAssay pots. The final assay result was calculated as the weighted average of the pot grade and pot weight which resulted in larger overall sample weights and more accurate assay results.
All significant intercepts noted below are now derived from multi-pot PhotonAssay analysis, with an average sample size of approximately 2 kg, or four pots per sample. Whilst many significant intercepts have improved by analysing a larger sample size, the distribution of coarse gold is by definition variable, and as a consequence not all re-assaying resulted in an assay upgrade.
Out of the 30 holes drilled and assayed, 22 have returned a result greater than one gram metre. The program to date has only tested approximately 200 m of strike extent of the surface soil anomaly, with an additional 2 km remaining untested.
Mineralisation is associated with arrays of white quartz veins with minor sulphides including chalcopyrite, hosted by a mafic unit within a dominantly ultramafic package. The mafic may be constrained by the north dipping
First pass drilling defined several zones of mineralised quartz veining with interpreted shallow east plunge (intersection of the vein arrays and the Freyda and Skadi Shear Zones). Several mineralised zones are completely blind. It is likely that additional 'blind' lodes exist along the target stratigraphy, suggesting that the more subdued surface soil anomalies over the target stratigraphy are equally as prospective as the area drill tested to date.
Nunyerry North Forward Exploration Program
Detailed mapping has generated a solid geology interpretation and 3D structural model to better facilitate follow up drill planning. An additional thirty regional rock samples (Appendix 3) were collected from potential new structural targets. The 4,000 m RC drilling program, which is scheduled to start in Q2 2024, proposes to test multiple targets derived from the mapping program and surface geochemical sampling:
Approximately 2 km strike extent of the mapped target stratigraphy with coinciding surface soil anomalism will be drill tested at a nominal drill line spacing of 80 m. In particular, structural intersections with the shears and cross-cutting Aurora and Estrid Faults will be targeted.
A moderate surface anomaly exists over the mapped porphyry intrusion west of the Estrid Fault, with several rock samples returning up to 2.87 g/t gold from narrow brecciated quartz veins within the porphyry. Intrusion hosted gold has not previously been identified in the district, and drilling is planned to test for mineralisation style and tenor.
A series of structures have been mapped that are parallel to the Aurora Fault or the Freyda and Skadi shears. These represent proof of concept targets that have the potential to delineate additional parallel lodes in parallel basalt. Some of these target positions have returned rock sample results of up to 6.4 g/t Au.
KARRATHA EXPLORATION PROGRAM
A maiden RC drill program is planned to test three prospects in the Karratha district, with programs to be completed at Railway Bore, East Well, and North Whundo.
Drilling is scheduled to start in Q2 2024 and will total 3,500 m to test gold and gold-copper(+-platinum-palladium) targets defined by a combination of mapping, surface geochemistry and historic geophysics (IP chargeability anomalies).
ANALYTIC METHODOLOGY
One metre cone split samples of RC chips were split directly off the cyclone on the drill rig and were sent to Intertek Genalysis (
QA/QC for RC samples are inserted at the rate of 4 x 600g standards per 100, 4 x 600g blanks per 100 (including 2 coarse and 2 -80 blanks) and 4 riffle split duplicates per 100, providing a total of 12% QA/QC.
The first 4 drill holes were also assayed using four acid digest and 50 g charge fire assay FA50/OE as a comparative exercise, after pulverizing a cone split duplicate sample to -80 (SP64 FA50/OE). The first four drill hole significant intercepts were also analysed by 1kg 106-micron screen fire assay with ICP-OES finish (Code SF 100/OE), using the
All sample intervals greater than 0.1 g/t Au or part of an interval that falls within an interpreted mineralisation shape were resubmitted for multiple PhotonAssay analysis. This comprised a total of 436 samples. In most cases (299 samples), these were selected from remaining pulverised material available in the laboratory, averaging four pots per analysis. For 137 samples, new material was obtained by riffle splitting an approximately 2.5 kg aliquot from the field drill spoil. Samples were analysed 'in full' by splitting the crushed material into multiple PhotonAssay pots (PHXR/AU01) until all material was exhausted. This ensures that there is no further sample error by splitting sample material and provides a more representative assay result.
There were no limitations to the verification process and all relevant data was verified by a qualified person/competent person (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) and the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) respectively) by reviewing the analytical procedures undertaken by
ABOUT NOVO
Novo explores and develops its prospective land package covering approximately 7,500 square kilometres in the Pilbara region of
Contact:
Tel: +61 8 6400 6100
Email: info@novoresources.com
Tel: +1 416 543 3120
Email: leo@novoresources.com
Tel: +61 466 984 953
Email: cgilenko@citadelmagnus.com
JORC COMPLIANCE STATEMENT
The information in this report that relates to new exploration results at Nunyerry North is based on information compiled by
The information in this news release that relates to previously reported exploration results at Nunyerry North is extracted from Novo's announcement titled Successful RC Drill Program Completed Nunyerry North, RC Drilling Commenced at Bercher released to ASX on
FORWARD-LOOKING STATEMENTS
Some statements in this news release may contain 'forward-looking statements' within the meaning of Canadian and Australian securities law and regulations. In this news release, such statements include but are not limited to planned exploration activities and the timing of such. 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 annual information form for the year ended
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