VANCOUVER, British Columbia, Feb. 13, 2020 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce that it has recovered 562.25 grams of natural coarse gold from a large, 413.6 cubic metre, bulk sample at its Egina gold project, Western Australia. In addition, recent exploration work has led to the discovery of new terrace gravels yielding coarse gold.
HighlightsBulk sample 6A, a 413.6 cubic metre bulk sample collected at the Egina mining lease late last year, yielded 562.25 grams of natural coarse gold nuggets, 324.84 grams of which were recovered by metal detecting and 237.41 grams recovered when processed through the Company’s IGR3000 gravity gold plant (please see table below for results).Bulk sample 6A comes from the higher grade swale within the study area. Although fine gold content is still being evaluated, the coarse gold yield appears to reconcile well with earlier small-scale bulk samples collected in the immediate vicinity of this location in 2019. Discussion of smaller bulk samples including those collected from lower grade margins of the swale is presented in Company news releases dated August 22, 2019, October 9, 2019 and December 3, 2019. (for further information – https://www.novoresources.com/news-media/news/).A second bulk sample, 6B, measuring 763.2 cubic metres, was partially processed prior to the end of the 2019 field season and the balance will be processed as weather permits (please refer to Figure 1 for bulk sample locations). Metal detecting yielded 210.9 grams of coarse gold from this sample.Novo’s geologic team has recently made a new terrace gold discovery, Road to Paradise, in an area approximately 11 km north-northeast of the Egina mining lease. Through regional study of surficial geology followed by target refinement using ground penetrating radar (“GPR”), a broad swale filled with shallow terrace gravels has been identified. Novo has confirmed the presence of coarse gold (Figure 2) in an area of widely spaced test pits, an exciting development given this area has no known history of prospecting. This discovery, along with two made in late 2019 (please refer to the Company’s news release dated December 17, 2019 for further details – https://www.novoresources.com/news-media/news/), provides further indication the vast gravel terrace in this region has good potential to host coarse gold deposits. Novo is targeting discovery of five new areas of gold-bearing gravels similar to the test area in which much work was focused in 2019, with the intent to evaluate these through exploration as well as generate multiple areas for potential test-mining.This year has brought two cyclones and unusually heavy monsoonal rains to the Egina area. Last week, cyclone Damien resulted in flooding across the region. Novo safely evacuated its team from the Station Peak Camp prior to the storm, and is now awaiting waters to recede before returning to site to recommence exploration.“Recent large-scale bulk samples reconcile well with our much smaller bulk samples collected mid-2019,” commented Quinton Hennigh, President, Chairman, and a Director of Novo Resources. “This gives us confidence that our approach of assessing grades of gravels utilizing 4×16 metre bulk sample panels is indeed effective and appears suitable for estimating resources of this very coarse gold system, a critical step as we advance the project to trial extraction and processing.”“In addition to positive reconciliation displayed by large scale bulk sampling, our exploration team has continued to make exciting new gold-bearing gravel discoveries,” continued Dr. Hennigh. “Late in 2019, our team set a goal of generating at least five new areas, each covering a substantial surface area, displaying similar coarse gold potential to our 2019 test area. With our third confirmed coarse gold area, Road to Paradise, we are well on our way to reaching this goal. This discovery is remarkable given it was made through our regional surficial geology study followed by target refinement using GPR. No gold was previously known in this area. We are confident we have a successful strategy to discovering new gold-bearing gravels.”Large-Scale Bulk Sample Results TableLarge-scale bulk samples discussed in this news release were collected from trenches approximately 4 m wide under the supervision of Novo personnel. Trench 19EGTR006A extends for 52m, and trench 19EGTR006B is 86m in length. Trench depth varies from about 1 – 1.5 metres. Sandy soil overburden was stripped prior to gravel extraction. Some underlying bedrock material was excavated along with gold-bearing gravels to ensure capture of gold on the bedrock interface. Each sample was excavated in lifts approximately 20-30 cm thick. Every lift was detected for gold nuggets by Novo personnel prior to removal, and the location and weight of each nugget was recorded without limitation prior to being securely stored. Trench bulk sample gravel material of the entire excavated trench length is transported to Novo’s Station Peak camp and processed through the Company’s IGR 3000 gravity gold plant. Various concentrates and tailings from the IGR 3000 plant are currently being analyzed to evaluate fine grain gold. Once these results have returned, the fine gold contribution will be added to the coarse gold tally. X-ray fluorescence analysis of nuggets indicates purities ranging from 89-95%. Densities of gravels vary widely generally ranging between about 1.4-2.1 tonnes per cubic metre. Unlike hard rock gold deposits, alluvial gold deposit grades are commonly reported in grams per cubic metres.
Dr. Quinton Hennigh, P. Geo., the Company’s President, Chairman, and a Director, and a qualified person as defined by National Instrument 43-101, has approved the technical contents 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 13,000 sq km with varying ownership interests. 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.“Quinton Hennigh”
Quinton Hennigh
President and ChairmanNeither 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 planned exploration activities. 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:
Figure 1: http://ml.globenewswire.com/Resource/Download/b1aac809-fb56-4247-8c19-8fa19fbd73ed
Figure 2: http://ml.globenewswire.com/Resource/Download/fde7cf4a-b4c9-4995-bc52-55d909be8097
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