Bay Street News

Upgraded Nunyerry North Drill Results Deliver High-Grade Intercepts Up to 6.12 g/t Au

Bay Street

HIGHLIGHTS

Commenting on the high-grade results from Nunyerry North, Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said

“It is exciting to see a significant grade increase in the Nunyerry North drill results, some of which are close to surface and demonstrate the substantial upside potential of this Project. Plans are in in place for phase two follow-up drill program, which has been designed to test extensions of the known target horizon, structural targets and a potential mineralised porphyry intrusion.

Our exploration activity across key Western Australian assets continues to deliver exciting results and importantly, we are well-funded to continue our strong exploration program throughout 2024.”

VANCOUVER, British Columbia, March 26, 2024 (GLOBE NEWSWIRE) — Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce updated, high-grade results from the maiden reverse circulation (RC) drill program completed at Nunnery North in late 2023.

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 Creasy Group.1

Novo is in a strong financial position to execute its exploration plans in 2024, with a cash balance of A$17.4 million (C$15.4 million) as at 25 March 2024. In addition, Novo’s investment portfolio of shares held in ASX-listed companies and unlisted companies is currently valued at A$39.3 million (C$34.8 million).

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 Mallina Basin in the north and mafic / ultramafic sequences further south (Figure 1). These corridors trend towards De Grey’s 11.5 Moz Hemi Gold Project2 to the north and northeast. This tenure has been one of the main focus areas of Novo’s exploration programs over the last eighteen months, culminating in the Egina JV with De Grey, and delineation of the Nunyerry North orogenic gold prospect.

Figure 1: Novo tenure showing priority prospects, joint venture interests and the location of drilling at Nunyerry North and Becher.

The Nunyerry North prospect is located along the southern extent of the Tabba Tabba Shear, a deep tapping gold-fertile structural corridor where Novo plans to test several key prospects in 2024.

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.

Updated results now include best intercepts of:

See Appendix 2 for comprehensive assay results. Intercepts are calculated using up to 3 m internal dilution and 0.3 g/t Au cut-off) (see Appendix 1 for hole locations).

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 Freyda Shear and Skadi Shear, with the largest intercept (NC022) adjacent to the Aurora Fault (Figures 2 and 3).

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.

Figure 2 Nunyerry North long section (looking NNW) showing m x g/t Au (downhole width)

Figure 3: Nunyerry North geological interpretation, 2023 drill hole location and new drill target areas.

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:

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).

NOVO FINANCIAL UPDATE

As at 25 March 2024, Novo has a cash balance of A$17.4 million (C$15.4 million).

In addition, Novo has an investment portfolio of shares held in ASX-listed and unlisted companies that is valued at A$39.3 million (C$34.8 million), this consists of:

(1) ASX-listed companies, valued at A$1.4 million (C$1.2 million) based on the closing price of those shares on 25 March 2024; and

(2) Unlisted companies, valued at A$37.9 million (C$33.6 million).

  Ticker Number of shares held Novo interest Value
A$’000		 Value
C$’000
(1) ASX-listed shares*
Kalamazoo Resources Limited ASX: KZR 10,000,000 5.78% $870 $771
GBM Resources Limited ASX: GBZ 11,363,637 1.55% $102 $91
Calidus Resources Limited ASX: CAI 1,347,089 0.22% $162 $143
Kali Metals Limited (commenced trading January 8, 2024) ASX: KM1 566,947 0.39% $238 $211
(2) Unlisted shares**
Elementum 3D Inc. Unlisted (US$) 2,076,560 9.01% $21,572 $19,112
San Cristobel Mining Inc. Unlisted (US$) 2,000,000 4.32% $16,387 $14,519

*ASX-listed shares were converted to C$ using an exchange rate of 1.1287 : 1.

**The valuation of the unlisted shares is in line with management’s valuation as at 31 December 2023, converted using an exchange rate as at 25 March 2024 from US$ to C$ of 1 : 1.3494 and C$ to A$ of 1 : 1.1287 and taking into account the methodologies described in the Company’s 2023 annual consolidated financial statements (2023 Annual Financial Statements).

As outlined in the 2023 Annual Financial Statements4, shares held in Elementum 3D and San Cristobal Mining are initially recognised at fair value (and remeasured with reference to share prices at which funds are raised with third-party investors) or were based on independent valuations performed. For further information on Novo’s investment portfolio, please refer to Novo’s website.

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 (Intertek) in Perth, Western Australia with the entire sample smart crushed to -3mm (NVO02 prep code), with a 500 g split sample analysed for gold using PhotonAssay™ (PHXR/AU01). Remaining drill spoil was retained on site in numbered green bags.

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. Intertek also inserts PhotonAssay™ certified standards at the rate of 2 per hundred.

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 Chrysos and coarse rejects.

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 Intertek.

ABOUT NOVO

Novo explores and develops its prospective land package covering approximately 7,500 square kilometres in the Pilbara region of Western Australia, along with the 22 square kilometre Belltopper project in the Bendigo Tectonic Zone of Victoria, 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.

Authorised for release by the Board of Directors.

CONTACT

Investors:
Mike Spreadborough
+61 8 6400 6100
info@novoresources.com		 North American Queries:
Leo Karabelas
+1 416 543 3120
leo@novoresources.com		 Media:
Cameron Gilenko
+61 466 984 953
cgilenko@citadelmagnus.com

QP STATEMENT

Mrs. Karen (Kas) De Luca (MAIG), is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this news release. Mrs De Luca is Novo’s General Manger Exploration.

JORC COMPLIANCE STATEMENT

The information in this report that relates to new exploration results at Nunyerry North is based on information compiled by Ms De Luca, who is a full-time employee of Novo Resources Corp. Ms De Luca is a Competent Person who is a member of the Australian Institute of Geoscientists. Ms De Luca has sufficient experience that is relevant to the style of mineralisation and the type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Ms De Luca consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

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 15 November 2023 and which is available to view at www.asx.com.au. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market

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 December 31, 2022 which is available under Novo’s profile on SEDAR+ at www.sedarplus.ca and in the Company’s prospectus dated 2 August 2023 which is available at www.asx.com.au. 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.

_______________
1 Novo holds a 70% interest in gold rights, other mineral rights, legal interest and mining information pursuant to the Croyden JV agreement as announced previously in Novo news release dated 15 June 2020. See also Novo’s Prospectus released to ASX on 7 September 2023.
2 Refer to De Grey’s public disclosure record for further details including news release Hemi Gold Project Resource Update, 21 November 2023, relating to De Grey’s Hemi. Withnell and Wingina mining centres. No assurance can be given that a similar (or any) commercially viable mineral deposit will be determined at Novo’s Becher Project
3 Refer to ASX Announcement, Successful RC Drill Program Completed Nunyerry North, 15 November 2023
4 Refer to Note 4 of the 2023 Annual Financial Statements.

APPENDIX

Appendix 1 – Nunyerry North RC drill hole locations in MGA_2020 zone 50 final DGPS survey

HOLE_ID EASTING (m) NORTHING (m) RL (m) AZI DIP DEPTH (m)
NC001 590,752 7,619,490 277 331 -46 52
NC002 590,756 7,619,480 274 333 -49 78
NC003 590,764 7,619,461 269 334 -49 90
NC004 590,793 7,619,496 270 337 -45 52
NC005 590,801 7,619,478 268 332 -50 120
NC006 590,809 7,619,460 266 338 -53 120
NC007 590,810 7,619,459 266 281 -44 66
NC008 590,704 7,619,452 275 337 -54 48
NC009 590,720 7,619,512 283 160 -78 48
NC010 590,689 7,619,485 281 327 -43 54
NC011 590,693 7,619,475 282 329 -58 102
NC012 590,770 7,619,449 267 337 -56 102
NC013 590,815 7,619,444 265 337 -55 102
NC014 590,836 7,619,493 270 332 -43 54
NC015 590,845 7,619,474 267 331 -60 114
NC016 590,849 7,619,466 265 333 -70 102
NC017 590,878 7,619,491 265 339 -54 102
NC018 590,892 7,619,475 263 341 -57 102
NC019 590,650 7,619,474 271 333 -45 54
NC020 590,626 7,619,425 266 332 -44 102
NC021 590,616 7,619,465 270 91 -50 54
NC022 590,664 7,619,438 269 335 -51 102
NC023 590,769 7,619,449 267 331 -74 102
NC024 590,710 7,619,432 269 337 -46 88
NC025 591,080 7,619,513 263 69 -45 72
NC026 591,194 7,619,458 260 339 -44 102
NC027 591,156 7,619,459 263 338 -45 102
NC028 591,165 7,619,440 259 337 -46 60
NC029 590,769 7,619,457 268 360 -88 42
NC030 591,168 7,619,441 259 360 -90 36

Appendix 2 – Nunyerry North RC drill results at a 0.3 g/t Au cut-off and 3 m internal dilution. Higher grade sections are at a 1.0 g/t Au cut-off and 1 m internal dilution.

Hole ID width m Au g/t From m intercept
NC001 13 0.56 1 13 m at 0.56 g/t Au from 1 m
Including 1 1.67 13 1 m at 1.67 g/t Au from 13 m
NC002 1 3.68 2 1 m at 3.68 g/t Au from 2 m
NC002 1 0.34 8 1 m at 0.34 g/t Au from 8 m
NC002 5 1.25 16 5 m at 1.25 g/t Au from 16 m
Including 4 1.38 16 4 m at 1.38 g/t Au from 16 m
NC002 8 0.44 26 8 m at 0.44 g/t Au from 26 m
NC002 5 0.74 60 5 m at 0.74 g/t Au from 60 m
Including 1 1.91 63 1 m at 1.91 g/t Au from 63 m
NC003 6 0.64 0 6 m at 0.64 g/t Au from 0 m
Including 2 1.18 4 2 m at 1.18 g/t Au from 4 m
NC003 3 0.86 32 3 m at 0.86 g/t Au from 32 m
Including 1 1.90 32 1 m at 1.90 g/t Au from 32 m
NC004 13 1.89 0 13 m at 1.89 g/t Au from 0 m
Including 1 8.17 0 1 m at 8.17 g/t Au from 0 m
and 4 2.56 3 4 m at 2.56 g/t Au from 3 m
and 2 1.99 10 2 m at 1.99 g/t Au from 10 m
NC005 4 1.00 3 4 m at 1.00 g/t Au from 3 m
Including 3 1.01 4 3 m at 1.01 g/t Au from 4 m
NC005 4 1.00 24 4 m at 1.00 g/t Au from 24 m
Including 3 1.18 24 3 m at 1.18 g/t Au from 24 m
NC005 1 0.51 79 1 m at 0.51 g/t Au from 79 m
NC005 1 0.42 83 1 m at 0.42 g/t Au from 83 m
NC005 1 0.80 90 1 m at 0.80 g/t Au from 90 m
NC006 14 1.14 39 14 m at 1.14 g/t Au from 39 m
Including 4 2.16 41 4 m at 2.16 g/t Au from 41 m
and 1 3.86 48 1 m at 3.86 g/t Au from 48 m
NC007       NSI
NC008 16 0.99 2 16 m at 0.99 g/t Au from 2 m
Including 1 1.23 2 1 m at 1.23 g/t Au from 2 m
and 1 3.58 6 1 m at 3.58 g/t Au from 6 m
and 1 5.30 10 1 m at 5.30 g/t Au from 10 m
and 1 3.09 17 1 m at 3.09 g/t Au from 17 m
NC009       NSI
NC010 8 0.59 10 8 m at 0.59 g/t Au from 10 m
Including 1 1.19 11 1 m at 1.19 g/t Au from 11 m
and 1 1.71 15 1 m at 1.71 g/t Au from 15 m
NC011 1 0.31 27 1 m at 0.31 g/t Au from 27 m
NC011 1 0.45 30 1 m at 0.45 g/t Au from 30 m
NC011 4 1.56 79 4 m at 1.55 g/t Au from 79 m
Including 3 1.83 79 3 m at 1.83 g/t Au from 79 m
NC011 4 0.63 87 4 m at 0.63 g/t Au from 87 m
Including 1 1.43 89 1 m at 1.43 g/t Au from 89 m
NC011 1 0.40 101 1 m at 0.40 g/t Au from 101 m
NC012 1 0.38 55 1 m at 0.38 g/t Au from 55 m
NC012 3 1.11 95 3 m at 1.11 g/t Au from 95 m
Including 1 2.50 95 1 m at 2.50 g/t Au from 95 m
NC012 2 0.99 100 2 m at 0.99 g/t Au from 100 m
Including 1 1.44 100 1 m at 1.44 g/t Au from 100 m
NC013 1 0.59 66 1 m at 0.59 g/t Au from 66 m
NC014 11 2.52 22 11 m at 2.52 g/t Au from 22 m
Including 6 4.19 22 6 m at 4.19 g/t Au from 22 m
and 1 1.24 32 1 m at 1.24 g/t Au from 32 m
NC015 1 0.48 0 1 m at 0.48 g/t Au from 0 m
NC015 1 0.74 13 1 m at 0.73 g/t Au from 13 m
NC015 1 0.31 34 1 m at 0.31 g/t Au from 34 m
NC015 4 5.71 40 4 m at 5.71 g/t Au from 40 m
Including 3 7.47 41 3 m at 7.47 g/t Au from 41 m
NC015 1 0.41 87 1 m at 0.41 g/t Au from 87 m
NC015 2 1.33 95 2 m at 1.33 g/t Au from 95 m
NC016 4 0.33 3 4 m at 0.33 g/t Au from 3 m
NC016 2 1.33 36 2 m at 1.32 g/t Au from 36 m
NC016 1 0.44 58 1 m at 0.44 g/t Au from 58 m
NC016 7 1.26 72 7 m at 1.26 g/t Au from 72 m
Including 1 6.98 72 1 m at 6.98 g/t Au from 72 m
NC017 2 2.41 31 2 m at 2.41 g/t Au from 31 m
Including 1 4.01 32 1 m at 4.01 g/t Au from 32 m
NC017 6 6.12 37 6 m at 6.12 g/t Au from 37 m
Including 5 7.28 37 5 m at 7.28 g/t Au from 37 m
NC017 1 0.37 100 1 m at 0.37 g/t Au from 100 m
NC018 1 0.31 26 1 m at 0.31 g/t Au from 26 m
NC018 1 0.33 47 1 m at 0.33 g/t Au from 47 m
NC018 2 1.36 52 2 m at 1.35 g/t Au from 52 m
Including 1 2.38 52 1 m at 2.38 g/t Au from 52 m
NC018 1 1.88 58 1 m at 1.88 g/t Au from 58 m
NC018 1 0.46 75 1 m at 0.46 g/t Au from 75 m
NC019 1 0.31 30 1 m at 0.31 g/t Au from 30 m
NC020 1 0.42 60 1 m at 0.42 g/t Au from 60 m
NC020 1 1.84 85 1 m at 1.84 g/t Au from 85 m
NC021 9 0.94 45 9 m at 0.94 g/t Au from 45 m
Including 1 6.00 48 1 m at 6.00 g/t Au from 48 m
and 1 1.02 52 1 m at 1.02 g/t Au from 52 m
NC022 17 1.34 37 17 m at 1.34 g/t Au from 37 m
Including 3 1.08 37 3 m at 1.08 g/t Au from 37 m
and 1 2.22 42 1 m at 2.22 g/t Au from 42 m
and 4 3.77 50 4 m at 3.77 g/t Au from 50 m
NC022 7 1.78 59 7 m at 1.78 g/t Au from 59 m
Including 1 2.78 60 1 m at 2.78 g/t Au from 60 m
and 2 4.60 64 2 m at 4.60 g/t Au from 64 m
NC022 18 0.61 75 18 m at 0.60 g/t Au from 75 m
Including 3 1.43 79 3 m at 1.43 g/t Au from 79 m
and 1 2.00 86 1 m at 2.00 g/t Au from 86 m
and 1 1.41 91 1 m at 1.41 g/t Au from 91 m
NC023       NSI
NC024 1 0.48 43 1 m at 0.48 g/t Au from 43 m
NC024 13 0.91 53 13 m at 0.91 g/t Au from 53 m
Including 1 2.00 58 1 m at 2.00 g/t Au from 58 m
and 1 4.10 61 1 m at 4.10 g/t Au from 61 m
and 1 2.94 64 1 m at 2.94 g/t Au from 64 m
NC024 4 0.40 78 4 m at 0.40 g/t Au from 78 m
NC025 3 2.51 28 3 m at 2.51 g/t Au from 28 m
Including 2 3.41 29 2 m at 3.41 g/t Au from 29 m
NC025 4 0.36 68 4 m at 0.36 g/t Au from 68 m
NC026       NSI
NC027 13 0.80 0 13 m at 0.80 g/t Au from 0 m
Including 3 1.57 6 3 m at 1.57 g/t Au from 6 m
NC027 1 0.37 19 1 m at 0.37 g/t Au from 19 m
NC027 5 3.12 26 5 m at 3.12 g/t Au from 26 m
Including 4 3.81 26 4 m at 3.81 g/t Au from 26 m
NC028       NSI
NC029       NSI
NC030       Not assayed

Appendix 3 – Nunyerry North spot rock sample results

Sample id Type Prospect Easting GDA94 Z50 Northing GDA94 Z50 RL m Au ppm Au method
A008868 rock chip Nunyerry North 591,202 7,619221 252 0.0025 FA50/OE
A008871 rock chip Nunyerry North 591,146 7,619110 269 0.0025 FA50/OE
A008872 rock chip Nunyerry North 591,111 7,619159 286 0.0025 FA50/OE
A008875 rock chip Nunyerry North 591,097 7,619211 276 0.0025 FA50/OE
A008876 rock chip Nunyerry North 591,091 7,619208 277 0.0025 FA50/OE
A008903 rock chip Nunyerry North 590,435 7,619102 268 0.009 FA50/OE
A008911 rock chip Nunyerry North 591,246 7,619243 265 0.047 FA50/OE
A008913 rock chip Nunyerry North 591,214 7,619238 257 0.0025 FA50/OE
A008863 rock chip Nunyerry North 590,468 7,619353 285 0.0025 FA50/OE
A008864 rock chip Nunyerry North 590,497 7,619362 278 0.042 FA50/OE
A008869 rock chip Nunyerry North 591,212 7,619237 253 0.0025 FA50/OE
A008870 rock chip Nunyerry North 591,247 7,619252 260 0.007 FA50/OE
A008873 rock chip Nunyerry North 591,100 7,619219 273 0.0025 FA50/OE
A008902 rock chip Nunyerry North 590,461 7,619095 265 0.021 FA50/OE
A008904 rock chip Nunyerry North 590,356 7,619079 274 0.044 FA50/OE
A008905 rock chip Nunyerry North 590,336 7,619106 274 6.368 FA50/OE
A008906 rock chip Nunyerry North 590,281 7,619087 287 0.0025 FA50/OE
A008907 rock chip Nunyerry North 590,248 7,619,110 287 0.0025 FA50/OE
A008908 rock chip Nunyerry North 590,265 7,619,126 276 0.013 FA50/OE
A008909 rock chip Nunyerry North 591,239 7,619,240 261 0.007 FA50/OE
A008910 rock chip Nunyerry North 591,257 7,619,236 263 2.985 FA50/OE
A008912 rock chip Nunyerry North 591,263 7,619,245 263 0.008 FA50/OE
W19936 rock chip Nunyerry North 590,548 7,619,390 286 0.066 FA50/OE
W19937 rock chip Nunyerry North 590,565 7,619,397 286 1.806 FA50/OE
W19938 rock chip Nunyerry North 590,580 7,619,413 281 0.023 FA50/OE
W19984 rock chip Nunyerry North 590,433 7,619,347 290 0.008 FA50/OE
W19985 rock chip Nunyerry North 590,434 7,619,345 289 0.0025 FA50/OE
W19934 rock chip Nunyerry North 590,564 7,619,362 277 0.04 FA50/OE
W19935 rock chip Nunyerry North 590,565 7,619,382 282 0.008 FA50/OE
W19986 rock chip Nunyerry North 590,460 7,619,346 285 0.017 FA50/OE

JORC Code, 2012 Edition – Table1

Section 1 Sampling Techniques and Data

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary
Sampling techniques
  • Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
  • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
  • Aspects of the determination of mineralisation that are Material to the Public Report.
  • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g., ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g., submarine nodules) may warrant disclosure of detailed information.
  • The Nunyerry North Prospect located in the Egina Gold Camp was tested using reverse circulation (“RC”) drilling.
  • Drill holes were located to intersect the main interpreted vein sets and obliquely intersect shears and faults.
  • RC drilling obtained one metre split samples from a face sampling hammer bit using an industry standard cone splitter attached to the cyclone to collect an approximately 2-3 kg split material in pre-numbered calico bags.
  • Regular air and manual cleaning of the cyclone was conducted at the end of every hole, to remove buildup of dust and chip material where present.
  • Standards, blanks and replicate assays were inserted into the sample sequence in the field.
  • A downhole Reflex single shot and downhole gyro survey tool were calibrated prior to the drilling program commencing, and a pXRF machine for multi-element analysis was calibrated every day.
  • The 2-3 kg sample was dried and crushed to <2mm at the lab to obtain a 500g sample for Au analysis by Chrysos PhotonAssay™ at an independent certified laboratory.
  • For a subset of samples, the remaining crushed material was pulverized to 75 µm at 85% passing and tested using 50 gram Fire Assay and/or 1 kg Screen Fire Assay.
  • Remaining crushed material or material riffle split from green bags were submitted to be crushed, and analysed using multiple PhotonAssay™ for a larger sample better representing coarse gold systems.
  • Based on statistical analysis of these results, there is no evidence to suggest the samples are not representative.
  • Rock chips samples were collected by grab sampling 1 – 3 kg of material which was dispatched to Intertek Genalysis, Western Australia for analysis. Rock chips were also analysed by pXRF in the field. Sample sites were selected based on lithological representivity and the same sampling technique was employed at each sample site where possible.
Drilling techniques
  • Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core diameter, triple or standard tube, depth of diamond tails, face-sampling bit, or other type, whether core is oriented and if so, by what method, etc).
  • A total of 29 RC holes and 1 open hole percussion for an aggregate total of 2,424 m were completed with depths ranging from 36 m to 120 m, averaging 80.8 m. RC drilling was undertaken using a 5 ¼ inch face sampling hammer bit.
Drill sample recovery
  • Method of recording and assessing core and chip sample recoveries and results assessed.
  • Measures taken to maximise sample recovery and ensure representative nature of the samples.
  • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
  • The samples were visually checked for recovery as an estimate of variance from the average 100% recovery and were checked for moisture content and sample quality (contamination), recorded every metre by the geologist.
  • The cyclone was routinely cleaned ensuring no material build up.
  • The ground conditions were excellent with consistent recoveries and generally dry samples (96.5%), minimal moist samples (2.1 % of the total) and negligible wet samples (1.4 % of the total).
  • The cyclone emits minimal dust such that sample bias by losing fines and concentrating coarse material is deemed to be negligible.
  • The possibility of sample bias through selective recoveries is considered negligible and there is no relationship between grade and sample recoveries/quality or moisture content.
Logging
  • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
  • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
  • The total length and percentage of the relevant intersections logged.
  • One metre RC drill samples were directly split on the drill rig using an industry standard cone splitter to collect approximately 2-3 kg of split material in a pre-numbered calico bag and the remainder of the sample (bulk sample) collected in a numbered large green plastic bag and laid out in rows or 20 or 30 samples. The bulk sample was speared diagonally to collect a representation of the material for each metre. The speared 1m sample was sieved to separate the fine and coarse material. The geologist then logged chips from each metre in direct sunlight (including lithology, grain size, colour, alteration, weathering, vein percent and sulphide mineralogy) before part of the sample was placed in a chip tray for permanent storage.
  • Fine material was collected in chip trays and analysed using the pXRF for pathfinder elements.
  • 2,424 m were logged representing all drilled meters from all drill holes.
  • The logging was qualitative, except for logging of vein percent which was quantitative.
  • For rock samples, a brief description of characteristics was recorded at each sample site
Sub-sampling techniques and sample preparation
  • If core, whether cut or sawn and whether quarter, half or all core taken.
  • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.
  • For all sample types, the nature, quality, and appropriateness of the sample preparation technique.
  • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
  • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.
  • Whether sample sizes are appropriate to the grain size of the material being sampled.
  • One metre RC drill samples were directly split on the drill rig using an industry standard cone splitter to collect approximately 2-3 kg of split material in a pre-numbered calico bag.
  • All samples were dry crushed to minus 2 mm by Intertek Genalysis using a smart crusher to create a 500 g aliquot, then assayed for gold by Chrysos PhotonAssay™.
  • A parallel series of cone split 1m samples (to test variance of the gold techniques being used) from the first 4 drill holes (totaling 296 samples, incl 24 QAQC) were dry crushed to minus 2mm and pulverized (SP64) to 95% passing 80 µm by Intertek Genalysis to create a 50 g charge, then assayed for gold by fire assay FA50/OE.
  • The first four drill hole significant intercepts were also analysed by 1kg 106 microns screen fire assay and ICP-OES finish (Code SF 100/OE), using the Chrysos and coarse reject residues.
  • All significant zones (> 0.1 ppm and/or part of an interpreted mineralised position) were analysed again using multiple PhotonAssay™ pots. These samples were selected from existing coarse reject residues already at the lab, or riffle split from coarse bulk sample material on the drill site.
  • pXRF readings of multielements were taken using a NITON XLT5 model, on the fine material collected during sieving of the chips for logging. The fines were compressed into chip trays and transported to an airconditioned office where the fine sample was analyzed using 90 second total reading time and 4 filters. The Niton pXRF machine was calibrated daily and QAQC protocols of at least 4 standards per 80 samples was maintained.
  • Rock chip samples were dry crushed and pulverised (SP64) by Intertek Genalysis to create a 50 g charge, then assayed for gold by fire assay FA50/OE and for 48 multielement using four acid digest – MS finish (4A/MS).
  • The sampling techniques and sample size is considered appropriate for this style of gold mineralisation.
Quality of assay data and laboratory tests
  • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
  • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
  • Nature of quality control procedures adopted (e.g., standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (if lack of bias) and precision have been established.
  • Chrysos PhotonAssay™ and fire assay techniques are considered appropriate and industry standard for Au with the detection limits as stated.
  • The assay technique is regarded as total analysis.
  • The RC and rock sample methodology noted above is considered appropriate for orogenic gold style mineralization with possible coarse gold.
  • The following “blind to the lab” QAQC protocols submitted with each batch were adhered to: 1 CRM coarse blanks and 1 CRM 200 micron blanks per 100 samples, 2 Certified Reference Material standards per 100 appropriate for the style of assaying being undertaken, and 4 riffle split field duplicates per 100 samples; No QAQC issues were detected. The accuracy and precision of the data revealed that the data is consistent with levels routinely achieved for Au assay data and no grade bias is present.
Verification of sampling and assaying
  • The verification of significant intersections by either independent or alternative company personnel.
  • The use of twinned holes.
  • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
  • Discuss any adjustment to assay data.
  • Primary data was collected using database compatible excel templates which were then forwarded to the database manager email for upload to the Geobank (v2022.5) database, buffered through a validation portal that ensures code, interval and primary record compliance. Geobank is a front-end UX/UI tender software platform (developed and sold by Micromine) attached to a SQL v15.1 server.
  • Assay data were loaded from lab certificates received from the registered laboratory by an internal database manager or external database consultant, and industry-standard audit trails and chain-of-custody was adhered to.
  • Significant intercepts were calculated using a 0.3 g/t Au cut-off and up to 3 m consecutive internal dilution. High grade components use a 1 g/t Au cut-off and allow 1 m consecutive internal dilution. These generated in Micromine and were verified by at least two company geologists via manual and automatic calculations.
  • Verification included checking the data against original logs, utilising laboratory certificates and cross-checking drill sections.
  • No adjustments of the assay data were made.
Location of data points
  • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
  • Specification of the grid system used.
  • Quality and adequacy of topographic control.
  • All RC drill holes were drilled on locations marked by pegs which were established using a DGPS (Trimble RTK system) with a ± 10cm easting and northing accuracy, and ± 20 cm vertical accuracy.
  • The datum used is GDA2020 zone 50.
  • Drill holes were drilled within 3 m of the original peg with co-ordinates changed accordingly where holes were moved slightly from the original peg position.
  • Drill holes were surveyed using an RTK (with a ± 10cm easting and northing accuracy, and ± 20 cm vertical accuracy) at the end of the program to ascertain the exact location of the final drill hole.
  • The RTK DGPS data was used for topographic control.
  • A reflex down hole multi-shot camera was utilized for the first 11 drill holes (NC001 to NC011), 3m back from the hammer within a stainless steel (non-magnetic) 6m starter rod at the rate of roughly every 20m downhole.
  • A north seeking gyro was utilized from drill hole NC012 at the rate of approximately every 20m downhole.
  • The top 9 to 15 m of drillholes NC001, NC002, NC003, NC004, NC006, NC007 and NC009, were resurveyed using the north seeking gyro.
  • The drill holes generally show only minor deviation in both azimuth and dip.
  • All surface sample reconnaissance locations were recorded in by hand-held GPS using the GDA94-Z50 co-ordinate system.
Data spacing and distribution
  • Data spacing for reporting of Exploration Results.
  • Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
  • Whether sample compositing has been applied. 
  • Data spacing is sufficient to demonstrate grade and geological continuity.
  • The drillholes were collared on sections approximately 40 to 60 metres apart with holes spaced at approximately 20 m spacings on section.
  • 1 m spaced drill samples were collected. Samples were not composited.
Orientation of data in relation to geological structure
  • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
  • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
  • The geology of the Nunyerry North target area includes sheeted quartz vein-related gold mineralization, juxtaposed by regional shears and offset faults in E-W trending stratigraphy dipping to the north at 80 degrees. The shears dip to the north at 55 to 70 degrees, and the offset faults dip to the east-northeast at about 70-75 degrees. Two main quartz vein sets are identified: one dipping 20 to 60 degrees toward the SSE and the second sub-vertical set steeply dipping and striking N to NNE.
  • Drill holes were collared at approximately 336 degrees azimuth to intersect the main vein sets, with three holes drilling towards 066-, 280- and 090-degrees azimuth to intersect the cross-cutting faults and secondary vein sets. The drill holes dip between 090 and 45 degrees.
  • No sampling bias is recognized with preliminary sectional interpretations highlighting the dip of mineralised vein sets to be 60 degrees to the SSW.
Sample security
  • The measures taken to ensure sample security.
  • RC samples were collected in calico bags provided to the drillers at the start of each hole. Calico bags were tied up and placed on the green bags before being placed in polyweave bags which were zip tied and removed from the drill site daily.
  • Rock samples are collected by Novo staff
  • Samples were transported to Karratha by Novo staff and placed into bulka bags in a locked shed.
  • All samples are stored and managed on site by internal staff.
  • Samples were transported by reputable transport companies to a registered laboratory. Chain of custody is maintained by con notes and tracking numbers from Karratha to the registered laboratory.
  • At the registered laboratory the individual samples are registered and tracked through the preparation and analysis process.
Audits or reviews
  • The results of any audits or reviews of sampling techniques and data.
  • No audits have been undertaken.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status
  • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
  • The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.
  • The Nunyerry North prospect is on Exploration License E47/2973, located in the broader Egina Gold Camp, and 150 km from Port Hedland. The tenement is subject to a Joint Venture agreement with Novo Resources holding a 70% interest and the remaining 30% held by Rockford Metals Pty Ltd, an entity of Mark Gareth Creasy (Creasy Group).
  • There are several Registered Heritage Sites within this tenement, however not overlapping with the immediate drilling area.
  • The Prospect is covered by the granted Yindjibarndi People and RTIO Indigenous Land Use Agreement (Initial ILUA) (WI2014/005) and is subject to a land access and mineral exploration agreement with the Native Title Holders.
  • The tenements are currently in good standing and there are no known impediments.
Exploration done by other parties
  • Acknowledgment and appraisal of exploration by other parties.
  • Numerous companies had worked in the general area in the past including; 1968 (A13076), US Steel Corporation Complete, 1977 (A7202), Occidental Minerals Corporation of Australia, 1977 (A7237, A7238, A7308), CRA Exploration Pty Ltd Explored, 1981 (A10873), West Coast Holdings Ltd, Command Minerals NL, 1982 (A11291), Pancontinental Mining Ltd, 1985 (A17643), CRA Exploration Pty Ltd, 1995-1996 (A44168, A47363), Mark Creasy, 1996 (A47385), Kilkenny Gold NL Explored, 1998 (A54099, A54394), Kilkenny Gold NL Gold, 2004 (A68128), Bullion Minerals-Farno McMahon Pty Ltd, 2008 (A77811, A81531) and Chalice Gold Mines Ltd
  • 2016 – 2018 Rockford Metals Ltd (Creasy Group). Rockford Metals were the first company to define the Nunyerry North Prospect as a target. Upon granting, geological reconnaissance, rock chip, soil and stream sampling was completed targeting gold associated with the Mallina Formation, quartz veins within Archean mafic/ultramafic greenstone belt rocks and regional locations returning maxima of 20.7 ppm Au (rock chip sample), 650 ppb Au (soil sample) and 745 ppb Au (stream sample). Surface soil geochemical sampling was targeting a gold anomalous quartz veins hosted within Archaean mafic/ultramafic Greenstone Belt rocks. The gold content varies from 0.001 to 2.13 ppm (average is 0.25 ppm) and defined a 1.3 km long, 200 m wide >30 ppb Au gold anomaly in a broadly anomalous 2 km long zone with several lower order 500 m long >10 ppb Au anomalies.
  • In 2018, an aeromagnetic/radiometric survey was completed over the Nunyerry Project by Rockford Metals Ltd at 30 m sensor height and 50 m line spacing for a total of 21,829 line kilometres.
Geology
  • Deposit type, geological setting, and style of mineralisation.
  • The target area includes orogenic structurally controlled quartz vein-related gold mineralisation within a sequence of ultramafic komatiites and mafic rocks, juxtaposed by regional shears and offset faults. The target hosts a 1.4 km long, high-order surface soil anomaly, where rock chip sampling in 2021 returned peak high-grade results from quartz veins including 30.3 g/t Au, 21.1 g/t Au and 9.0 g/t Au; with additional sampling in 2022 delivering 8.81 g/t Au and 7.39 g/t Au.
Drill hole Information
  • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes, including Easting and northing of the drill hole collar, Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar, dip and azimuth of the hole, down hole length and interception depth plus hole length.
  • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
  • All relevant information for the Nunyerry North RC drill program is summarized in the release Appendix – Table 1
Data aggregation methods
  • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated.
  • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
  • The assumptions used for any reporting of metal equivalent values should be clearly stated.
  • All significant drill intercepts were calculated using a 0.3 g/t Au cut-off and up to 3 m consecutive internal dilution.
  • Higher grade components of significant intercepts were calculated using a 1 g/t Au cut-off and up to 1 m consecutive internal dilution.
  • No upper cut-off grades were applied.
  • All samples are 1 m splits.
  • Gold is the only metal of economic significance being reported.
Relationship between mineralisation widths and intercept lengths
  • These relationships are particularly important in the reporting of Exploration Results.
  • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
  • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g., ‘down hole length, true width not known’).
  • Preliminary sectional interpretation highlights that the main veins interpreted were intersected roughly perpendicular to the drill holes.
  • Estimates for true widths are between 75% and 100% of the downhole intercept.
Diagrams
  • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
  • Refer to the body of the release for appropriate maps and diagrams.
Balanced reporting
  • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
  • All significant drilling intercepts are provided in the body of the main report and all intercepts reported in Appendix Table 2
Other substantive exploration data
  • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
  • No additional data.
Further work
  • The nature and scale of planned further work (e.g., tests for lateral extensions or depth extensions or large-scale step-out drilling).
  • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.
  • Refer to the body of the release.

(No Section 3 or 4 report as no Mineral Resources or Ore Reserves are reported in this Appendix)

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/e89da28f-dfb6-4d0f-a59a-0e361f849463

https://www.globenewswire.com/NewsRoom/AttachmentNg/57e4c7d4-e293-4eed-b96b-c33efb9ab4ee

https://www.globenewswire.com/NewsRoom/AttachmentNg/8372d2b1-e038-407c-8612-e9b6ccfa4189

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