Drilling Underway at Highly Prospective Becher Project
MAY 5, 2023
Suite 1100, 1199 West Hastings Street
Vancouver, BC, Canada V6E 3T5
P: +1-416-543-3120 E: [email protected] www.novoresources.com
DRILLING UNDERWAY AT HIGHLY PROSPECTIVE
BECHER PROJECT
HIGHLIGHTS
• +20,000 m aircore (“AC”) drilling program underway in the northern Egina Gold Camp at Novo’s flagship
Becher Project, located in the Pilbara, Western Australia.
• Becher is situated adjacent to De Grey Mining Limited’s (ASX:DEG) 10.6 Moz Au (JORC 2012) 1 Mallina
Gold Project and 2.5 km south of their new Withnell South discovery2.
• New results from 1 m split re -assay AC samples closely mirror intercepts from previously reported
composite samples3 and include high grades of:
▪ 1m @ 7.27 g/t Au from 9 m (F0632) at the intersection of the Irvine and Heckmair trends
▪ 1 m @ 3.1 g/t Au from 17 m (F519) at Whillans
▪ 1 m @ 4.27 g/t Au from 17 m (F1393) at Bonatti
• Analysis of multielement geochemistry from the 2022 AC drill program identified prospective hornblende-
diorite intrusions (“sanukitoids”) within and around the targeted structural corridors; these intrusions are
commonly associated with gold deposits in the Mallina Basin.
• The AC program will test multiple, high-priority structural and intrusion-hosted gold targets, delineated
in well-defined and highly anomalous structural corridors and scheduled for completion by end Q2 2023.
• High-priority drill prospects are Heckmair, Irvine and Whillans, based on significant gold and pathfinder
anomalies and “sanukitoid” intrusion-related signatures in bottom of 2022 AC drill hole samples.
Commenting on the drill program, Novo Executive Co -Chairman and Acting CEO Mike Spreadborough said,
“We are very excited to have recommenced drilling at our flagship Becher Project, as we embark on a targeted
+20,000 m follow-up program for this quarter. Importantly, results from our 2022 drill program have confirmed
the right geological indicators for discovery success and w e believe there is significant prospectivity in the
Becher area.”
Drilling at the Heckmair Prospect in April 2023, showing the flat topography in open sand covered plains
1 De Grey has reported that its Hemi deposit at the Mallina Gold Project is comprised of Measured Mineral Resources of 4.7 Mt @ 1.7 g/t Au for 265 koz Au, Indicated Mineral Resources of 153.4 Mt @
1.3 g/t Au for 6,590 koz Au, and Inferred Mineral Resources of 92.6 Mt @ 1.3 g/t Au for 3,779 koz Au, as those categories are defined in the JORC Code (as defined in National Instrument 43-101 Standards
of Disclosure for Mineral Projects). Refer to De Grey’s public disclosure record for further details.
2 While certain aspects of Becher mineralisation seem analogous to that at the Mallina Gold Project as disclosed by De Grey Mining’s Mallina Gold Project, mineralisation is not necessarily representative
of mineralisation throughout the Becher Area or the Egina Gold Camp.
3 Refer to the Company’s news release dated February 14, 2023.
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VANCOUVER, BC - Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO , NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) is pleased to announce the commencement of a +20,000 m AC drilling program at the
Company’s flagship Becher Project (“Becher” or “the Project”), located in the northern sector of the Egina
Gold Camp (“Egina”). Results referred to in this news release are not necessarily representative of
mineralisation throughout the Egina Gold Camp.
The Becher Area (E47/3673, 100%-owned by Novo) contains multiple high-priority orogenic gold targets under
shallow cover in the hi ghly prospective, yet under-explored Mallina Basin. Becher is located ~28 km to the
west-southwest of De Grey Mining Limited’s ( “De Grey” ) Hemi deposit, along an interpreted gold -fertile
corridor and only 2.5 km south of their recent Withnell South discovery (Figure 1).
Novo’s 2022 drill program proved to be extremely successful on several fronts:
• The location and tenor of gold assay results from drill sampling have provided confidence in the
fertility of the interpreted regional structural corridors;
• Multi-element analysis of bottom-of-hole AC drill samples revealed intrusion -related “sanukitoid”
signatures, which are known hosts to gold mineralisation elsewhere in the district;
• The distribution of pathfinder elements such as arsenic, antimony and tungsten (amongst others)
defined vectors which have helped finesse understanding on the controls on gold mineralisation; and
• The realisation that the cover sequence is shallow (generally less than 10 m) and is less consequential
than expected, is of particular note.
All of these findings have considerable influence in targeting and prioritising the 2023 drill programs.
Final results have also been received for 1 m split samples sourced from 4 m composite samples in the reverse
circulation (“RC”) and AC drilling completed in 2022. The new results closely mirror intercepts from previously
reported composite samples3 and include high grade assays of (Appendix, Table 1) as follows:
▪ 1m @ 7.27 g/t Au from 9 m (F0632) at the intersection of the Irvine and Heckmair trends;
▪ 1 m @ 3.1 g/t Au from 17 m (F519) at Whillans; and
▪ 1 m @ 4.27 g/t Au from 17 m (F1393) at Bonatti
New results also highlight potential for Intrusion Related Gold (“IRG”) mineralisation at Irvine South and this
concept is supported by highly anomalous Au -Cu results and associated pathfinder element s (Au-Ag-Cu-Bi-
Mo-Sb) in AC on the most southerly line drilled in 2022. The presence of a strong magnetic target, coincident
with the edge of current drill coverage and its location immediately west of the Becher epithermal vein system,
provides further support for this possible target style.
The current AC program will test multiple high -priority structural and intrusion -hosted gold targets , which
appear similar to De Grey’s Mallina Gold Project 2. These targets have been defined by significant gold and
pathfinder anomalies in an ar ea of approximately 20 sq km , delineated in anomalous structural corridors at
the Heckmair, Irvine and Whillans prospects (Figures 2 to 4). Additional targets are also emerging from partly
completed reconnaissance drilling at Lowe and Bonatti . A minimum of 20,000 m of AC will be conducted as
part of the program, which commenced in mid-April 2023 and will be completed in June 2023.
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Figure 1: Novo’s Pilbara tenure, showing location of the Becher Project within the Egina Gold Camp
Figure 2: Becher target area showing the position of the De Grey Hemi and Withnell gold discoveries2
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2022 EXPLORATION PROGRAM DETAILS
In mid-2022, Novo commenced a major exploration campaign to test multiple significant shear corridors
adjacent to De Grey ’s 10.6 Moz Au (JORC 2012) 1 Mallina Gold Project. Numerous targets were identified or
enhanced utilising an expansive high-resolution aeromagnetic and radiometric survey, coupled with detailed
ground gravity surveys in mid-2022. The target style of mineralisation included both structurally controlled
orogenic gold and orogenic intrusion -hosted gold, similar mineralisation styles to those at the Hemi gold
deposit2.
Mapping in the area highlighted an abundance of transported surficial cover including aeolian sand and
sheetwash gravel, driving the interpretation that previous companies’ surface geochemical sampling programs
in the area did not effectively test the underlying targets. Two heritage surveys were completed to enable
execution of the planned 2022 program.
Systematic broad spaced AC drilling commenced in mid-September 2022 and was completed in mid-December
2022. Drilling totalled 1,413 holes for 31,824 m on 29 sections at 640 m spaced section lines, with occasional
320 m infill lines. The program aimed to test five main targets (Irvine Shear, Whillans Shear, Heckmair Fault
and Intrusion, Lowe and Bonatti Shears).
Litho-geochemical studies were conducted on bottom of hole aircore samples that were analysed for Au by
fire assay and for 33 multielements by ICP-MS. These studies have enabled Novo to discern between Millindina
mafic to ultramafic intrusive suites, possible mafic and komatiitic lavas, “sanukitoid” (hornblende-diorite)
intrusions and highly fractionated (more granitic) equivalents. Petrological investigations are pending.
Figure 3: Target map with significant 4 m composite AC drill intercepts >0.1 g/t Au and AC and RC drilling completed in 2022
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Heckmair Prospect
The Heckmair prospect is characterised by a significant hornblende -diorite “sanukitoid” intrusive complex
which has been dextrally offset by a major NNW -SSE trending fault. Within the complex there are several
demagnetised “sanukitoid” phases and fractionated felsic melts. Several high -priority targets have been
identified across the intrusion, on the margins and potential extensional zones around the intrusion and within
structural offsets cutting through the intrusion, particularly at the southern termination with the Irvine Shear
Zone.
Peak AC results for gold3 from recently received 1 m split results (0.1 g/t Au lower cut-off), include:
▪ 4 m @ 0.40 g/t Au from 12 m (F0738) repeating in new split results as 3 m @ 0.39 g/t Au from 12 m
▪ 3 m @ 0.44 g/t Au from 20 m (F0858) repeating in new split results as 2 m @ 0.47 g/t Au from 21 m
Highly anomalous base metal results have also been identified adjacent to gold targets at Heckmair, with a
peak intercept of 4 m @ 3.4 g/t Ag, 0.49% Pb and 0.1% Zn from 20 m (F0749).
Irvine Prospect
The Irvine prospect is defined by an ENE -WSW trending shear corridor hosting variably sheared sedimentary
units, as well as carbonate-silica-altered ultramafic and mafic intrusive rocks of the Millindina Suite. These are
bound on the southern shear margin by late “sanukitoid” intrusions. This corridor is extremely anomalous in
arsenic and antimony (Figures 5 and 6).
At the Irvine prospect, positive AC drilling results 3 listed below, were followed up with 3,541 m of RC drilling
from 32 holes drilled on 320 m line spacing.
▪ 8 m @ 2.15 g/t Au from 8 m (F0632) repeating in new split results as 6 m @ 2.15 g/t Au from 8 m, including
1m @ 7.27 g/t Au from 9 m at the intersection of Irvine and Heckmair trends
▪ 23 m @ 0.56 g/t Au from 0 m (A0034)
▪ 15 m @ 0.15 g/t Au from 12 m (A0029)
▪ 2 m @ 0.40 g/t Au from 3 m (F0123)
Peak RC intercepts previously reported include3:
▪ 33 m @ 0.493 g/t Au from 33 m (G0005) including 5 m @ 1.28 g/t Au
▪ 20 m @ 0.406 g/t Au from 32 m (G0016), repeating in new split results as 18 m @ 0.40 g/t Au from 32 m,
including 4 m @ 1.1 g/t Au from 45 m
▪ 24 m @ 0.39 g/t Au from 76 m (G0018) repeating in new split results as 23 m @ 0.39 g/t Au from 77 m ,
including 10 m @ 0.49 g/t Au from 80 m and 5m @ 0.51 g/t Au from 93 m
Irvine South Prospect
Highly anomalous Au -Cu results were returned from AC drilling at Irvine South (previously reported as 4 m
composites4), located just to the west of the Becher epithermal vein and include:
▪ 6 m @ 0.14 g/t Au and 0.23% Cu from 8 m and 4 m @ 0.17 g/t Au and 0.21% Cu from 20 m (A0001)
▪ 2 m @ 0.91 g/t Au and 473 ppm Cu from 66 m (A0003)
The multielement association of Au -Ag-Cu-Bi-Mo-Sb (and Sn, Ga and Ce) is suggestive of an IRG or related
system. Peak values returned include 0.23 ppm Au, 6.7 ppm Ag, 37.2 ppm Bi, 0.68% Cu, 84 ppm Sb and 12.3
ppm Mo.
New understanding based on drill hole geology and related magnetic interpretation suggest a fertile IRG
granite may be present directly south of A0001 at Irvine South . The interpreted IRG intrusion and adjacent
4 Refer to the Company’s news release dated October 27, 2022.
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sedimentary rocks have a strong Au-Ag-Cu-Bi-Mo-Sb multielement signature, lie west of the Becher epithermal
vein system and immediately south of the Irvine Shear.
Whillans Prospect
The Whillans Shear is a major E -W to WNW trending break in geology, characterised by strongly sheared
sediments with folded ultramafic and mafic lithologies of the Millindina Suite to the north. The Whillans Shear
is located 2.5 km to the south of the Withnell gold resource, currently containing 1.6 Moz of gold1. A large ENE
trending shear, with significant As -Sb and moderate gold anomalism has recently been defined (the West
Shear, Figure 4) truncating the Whillans Shear in the central part of the target area and will be a focus for
upcoming exploration.
Peak AC gold results (previously released) including recently received 1 m split results (0.1 g/t Au lower cut-
off), include3:
▪ 8 m @ 0.20 g/t Au from 16 m (F0519) repeating in new split results as 6 m @ 0.64 g/t Au from 16 m including
1 m @ 3.1 g/t Au from 17 m
▪ 4 m @ 0.37 g/t Au from 20 m (F1136) repeating in new split results as 3 m @ 0.32 g/t Au from 19 m
Bonatti and Lowe Prospects
Drilling during 2022 tested portions of the Bonatti Shear corridor, a 1.8 km wide NE -SW trend with a strike
length of approximately 13 km, incorporating the Lowe and Bonatti Prospects. The Bonatti prospect (Figure 7)
comprises folded and faulted sediments , ultramafic to mafic lithologies of the Millindina Suite and rare
“sanukitoid” intrusions in the northern sector. Encouraging results include 1m @ 4.27 g/t Au from 17 m in F1393
and 1 m @ 1.85 g/t Au from 11 m in F1242.
The Lowe prospect (Figure 7) is characterised by an isoclinally folded tholeiite unit with associated ultramafic
lithologies of the Millindina Suite and complex late-stage gabbro and fractionated felsic intrusions. AC logging
has identified large zones of intense alteration , coupled with disseminated sulphide minerals, which require
further investigation.
PLANNED 2023 DRILLING PROGRAM
Results from recent AC drilling have clearly delineated priority targets including both structurally controlled
orogenic gold and intrusion -hosted gold which appear similar to mineralisation with De Greys’ Mallina Gold
Project2. The Irvine, Heckmair and Whillans Au targets and the Irvine South Au-Cu target are the primary focus
for current AC drilling and follow-up RC drilling. A minimum of 20,000 m of AC will be conducted as part of the
current program.
WEST PILBARA DIVESTMENT
The Company also advises that it has commenced a divestment process for base metals on certain tenements
in the West Pilbara region of Western Australia. Interested parties are invited to contact Liam Twigger of
Argonaut PCF Limited of Perth, Western Australia at [email protected].
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Figure 4: Recent geological Interpretation highlighting major structures, 2022 AC drilling with gold values for bottom of hole samples
Figure 5: Recent geological interpretation highlighting major structures, 2022 AC drilling with arsenic values for bottom of hole
samples
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Figure 6: Recent geological interpretation highlighting major structures, 2022 AC drilling with antimony values for bottom of hole
samples
Figure 7: Becher targets defined by AC drilling, drilling completed to date and priority follow up AC overlain on recent geological
interpretation