Exploration to Expand Into the East Pilbara
Exploration to Expand Into the East Pilbara
HIGHLIGHTS
• Novo Resources signs a Determination Wide Aboriginal Heritage Protection Agreement with the Nyamal Aboriginal
Corporation covering 1,500 sq km of tenure in the East Pilbara.
• The Agreement paves the way for Novo to commence further exploration activities at the priority Bamboo and Miralga
Projects.
• A heritage site avoidance survey has been completed to facilitate drill testing of the Bamboo gold trend , including
orogenic and IRG targets.
• Surface mapping and sampling has commenced at the Miralga Project , following up on porphyry style and intrusion
related targets generated from historical data and reconnaissance work in 2021.
• Rock chip samples collected by Novo at Gully Washer (Miralga Project) associated with a mineralised breccia and
vein array returned peak results of 14.8 g/t Au, 10,083 g/t Ag, 3.8% Cu, 28.3% Pb and 3.6% Zn 1.
• The footwall of the mineralised gossanous outcrop at Gully Washer returned four
> 2,000 g/t Ag rock chip samples along 100 m of strike1.
Field photographs from exploration programs at Bamboo (left) and Miralga (right)
Commenting on the latest exploration programs in the East Pilbara, Novo Executive Co-Chairman and Acting CEO Mike
Spreadborough said “We are pleased to have reached an agreement with the Nyamal Aboriginal Corporation and thank them
for their ongoing support of Novo and our exploration endeavours on their land. The terms of this agreement attest to the
strong relationship Novo has with the Nyamal People.
Novo looks forward to advancing its exploration in the region, as we continue key activities across the priority Bamboo and
Miralga Projects.”
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1 Refer to Appendix 1 for assay results.
VANCOUVER, British Columbia, Aug. 15, 2024 -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO)
(OTCQX: NSRPF) is pleased to advise that a Determination Wide Aboriginal Heritage Protection Agreement (the Agreement )
has been signed between Novo and the Nyamal Aboriginal Corporation (NAC). The execution of this Agreement streamlines
the interactions between Novo and the Nyamal People and confirms Novo’s commitment to open, honest and transparent
dealings with the Traditional Owners of the Pilbara Region.
The Agreement with NAC covers a large part of the East Pilbara District and allows Novo to conduct non ground disturbing
surface works including mapping and surface geochemistry, specifically targeting the priority Bamboo and Miralga Projects .
A cultural heritage site avoidance survey took place at Bamboo on 6 and 7 August 2024 to enable drill testing, with a final
report expected later in the month.
The Agreement also provides for compensation payments for the benefit of the Traditional Owners which are customary and in
line with normal commercial terms for similar agreements of this nature.
EAST PILBARA DISTRICT
The East Pilbara District encompasses Novo tenements around the townships of Marble Bar and Nullagine (Figure 1) and fall
within the Nyamal and Palyku Native Title Determination areas.
Approximately 1,500 sq km of prospective and under explored tenure around Marble Bar is currently being advanced by
mapping, geochemical surveys and geophysical/remote sensing interpretation. The large landholding comprises orogenic and
intrusion-related gold targets, including porphyry / intermediate sulphidation epithermal-style targets at Gully Washer and
Shady Camp West on the Miralga Project. A new target style now includes a series of sanukitoid-like intrusions which are
evident along a major structural corridor trending along the Nullagine and Bamboo / Strattons projects. Unusual wire gold has
been identified in proximity to one of these intrusions at Strattons.
Figure 1: East Pilbara District
Bamboo – Strattons
The Bamboo and Strattons Projects are located approximately 60 km east of Marble Bar. Regional exploration programs
completed by Novo and previous explorers, have identified several gold anomalous zones within the Apex Basalt of the
Warrawoona Group. The Apex Basalt is the host to orogenic gold prospects along strike, including the Bamboo Creek mining
centre (Figure 2), where total historical production is estimated to be over 220,000 ounces at 8.7 g/t Au 2.
Figure 2: Bamboo - Strattons Projects showing mapped or interpreted intrusion targets
The tenure contains a series of 1.77 Ga Bridget Suite intrusions as part of a 150 km north-northwest trend (Figure 2). Soil
sampling completed by Novo has returned anomalous gold results in proximity to multiple intrusions some of which are
emplaced into the otherwise unmineralised Upper Fortescue sequences, suggesting mineralisation is related to their
emplacement. During field work – surface gold (Figure 3) was detected in the form of wire gold in proximity to one of these
intrusions.
The Bridget Suite intrusions range in composition from hornblende monzogranite to quartz monzonite and associated
hornblende porphyry dykes; and as such they postdate the Archean orogenic mineralisation events associated with gold
deposits in the Mosquito Creek and Mallina Basins.
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2 Refer to the Calidus Resources Ltd (ASX: CAI) ASX news release dated 19 February 2024 available at www.asx.com.au .
Novo has not conducted data verification (including as that term is defined in National Instrument 43-101 Standards of
Disclosure for Mineral Projects ) in respect of the data/information set out in that news release under the JORC Code 2012 or
NI 43-101.
With the new Nyamal Agreement now in place, Novo intends to conduct detailed mapping and soil sampling over 2 km strike
of the Apex Basalt and two Bridget Suite intrusions to identify drill targets for RC drill testing.
Figure 3: Photos of fine native gold with an unusual wire-like habit, found in proximity to an intrusion at Bamboo.
Cautionary Statement: Visual occurrence of surface gold cannot be taken as representative of bedrock mineralisation and no
assaying of the occurrence has been undertaken. Visual estimates of mineral abundance should never be considered a proxy
or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual
estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
Miralga Project
The Miralga Project is located 30 km west of Marble Bar. The project is located on the eastern flank of the North Pole Dome
where exploration in the 1970s and 1990s focussed on porphyry-style and epithermal vein-style mineralisation within the
Panorama Formation. Known porphyry mineralisation is present outside of Novo’s tenure at Miralga Creek B (Figure 4), where
Au-Ag-Cu mineralisation is associated with a stock-like Archaean porphyry, high-level dykes and epithermal veins.
Geophysical and remote sensing interpretation, coupled with review of existing geochemical datasets, identified several
porphyry targets on Novo’s tenure where some targets have seen little to no historical exploration. Anomalies were defined
using airborne magnetics and radiometric surveys (particularly potassium anomalies), sentinel and satellite imagery, along
with normalising base metal geochemical data from the 1970s to 1990s. Porphyry and intrusion-related targets have now been
defined over 25 km strike (Figure 4).
Three targets were investigated in the field, two of which require significant follow-up – Gully Washer and Shady Camp West .
Gully Washer is a precious and base-metal rich breccia and vein array related to a felsic porphyry stock which outcrops over
275 m and is up to 35 m width (Figure 5). Rock samples collected by Novo in 2021 returned peak results of 14.8 g/t Au,
10,083 g/t Ag (342 oz/t Ag), 3.8% Cu, 28.3% Pb and 3.6% Zn 3 (results are not necessarily representative of mineralisation in
the district).
High-grade mineralisation is located along the flanks of the gossanous porphyry and related to a maximum six-metre-wide
zone of malachite-bearing breccia on both hangingwall and footwall positions of the intrusion (Figure 6). The footwall of the
mineralised gossanous outcrop returned four > 2,000 g/t Ag rock chip samples along 100 m of strike, including one
sample of over 1 % Ag.
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3 Refer to Appendix 1 for assay results.
Exploration by Novo has included a handheld Niton XRF soil grid and reconnaissance mapping which defined intense alteration
zones overlapping a 1 km long NW trending Cu soil anomaly (Figure 5). The Gully Washer breccia is centered in the
approximate middle of the broader Cu anomaly and alteration zone.
Immediately east of Gully Washer , stream sediment sampling has yielded a peak assay of 266 ppb Au in an area with
distinct color anomalism on airborne imagery (Figure 5).
Figure 4: Miralga Project showing mapped or interpreted intrusion targets
Additional mapping, alteration studies, and surface soil and rock chip sampling is planned for Q3 2024 to better delineate high
grade mineralisation defined to date, to close off existing soil anomalism, to follow-up the highly anomalous stream sediment
sample and to understand the scope of the broader intrusion related target.
Figure 5: Gully Washer prospect map showing rock sample results.
Figure 6: Mineralised gossan on the southern porphyry margin looking east. Sample R00988 (taken at the position of the
central front sample bag) returned assays of 4.6 ppm Au, 99 ppm Ag, and 1.4% Pb 4.
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4 Refer to Appendix 1 for assay results
Shady Camp West was defined in the 1980s, with broad surface mapping, rock chip sampling and costeaning defining Cu-Au
-(Mo) enriched porphyry and intense alteration of the porphyry and adjacent host basalt (AMAX Australia 1980, 1981).
Information disclosed in annual exploration reports filed by AMAX Australia Limited in 1982 5 that are available on the Western
Australian Department of Energy, Mines, Industry Regulation and Safety’s (“DEMIRS”) website ( WAMEX Reports), indicate
that best costean sampling results include 30 m @ 631 ppm Cu and 100 m @ 461 ppm Cu, with peak assays of 1,350 ppm
Cu and 0.32 g/t Au in an altered and potentially leached porphyry. Rock chip results included maximum values of 1.3 g/t Au
and 12.5% Cu associated with the northern and southern margins of the rhyodacite intrusive (AMAX Australia 1980, 1981).
Information disclosed in the WAMEX Reports will assist Novo with exploration targeting.
Cautionary Statement: The exploration results contained in the WAMEX Reports have not been reported in accordance with
the JORC Code or NI 43-101 and a Competent Person/Qualified Person has not done sufficient work to disclose the
exploration results in accordance with the JORC Code 2012 or NI 43-101. It is possible that following further evaluation and/or
exploration work that the confidence in the prior reported exploration results may be reduced when reported under the JORC
Code 2012 or NI 43-101. Novo confirms that nothing has come to its attention that causes it to question the accuracy or
reliability of the results included in the WAMEX Reports, but Novo has not independently validated those results and therefore
is not to be regarded as reporting, adopting or endorsing those results. No assurance can be given that Novo will achieve
similar results as part of its exploration activities at Shady Camp West.
Shady Camp West was prioritised by Novo for investigation due to a large radiometric potassium anomaly extending over 2.2
km north to south (Figure 7) and discrete magnetic lows and highs associated with an intense colour anomaly on airborne
imagery.
Work undertaken by Novo includes rock chip sampling, grid pXRF soil sampling and reconnaissance mapping. Geological
mapping identified a suite of felsic porphyries intruding mafic and intermediate volcanics. Intense alteration and associated
weathering products include kaolinitic clay and limonite, with silicification around quartz vein stockworks.
Indicative results from handheld Niton XRF soil sampling on 160 m x 40 m spaced E-W lines highlighted a >100 ppm coherent
Cu anomaly over 1.2 km long, and open to the north, coincident with potassium alteration, magnetic complexity and maximum
quartz veining (Figure 7).
The pXRF readings are not verified by an independent laboratory and are not considered to be a proxy or substitute for
laboratory analysis. A single orientation line of -80# soil samples which were analysed by an independent laboratory has
defined a weak Au and Mo anomaly correlating with pXRF Cu anomalies, with peak results of 26 ppb Au, 3.7 ppm Mo, 100
ppm As, 250 ppm Cu and 130 ppm Zn6. Results may not be representative of mineralisation in the district.
Novo intends to conduct detailed alteration and vein mapping, soil sampling and follow-up ground geophysics if warranted, to
generate multi-element geochemistry data and geophysical anomalies to determine whether porphyry style mineralisation
exists. This program will be conducted over several weeks in Q3 2024.
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5 Refer to Amax Australia Limited 1982 Shady Camp Well Prospect Final Report – WAMEX Open File Data Report A11565.
6 Refer to Appendix 1 for assay results.
Figure 7: Shady Camp West highlighting geophysical anomalies (left) and pXRF soil Cu geochemical anomalies (right). The
potassic anomaly over 2.2 km strike partially overlaps with intense clay alteration of porphyries and host basalt (light
colouration on the imagery). Coherent Cu anomalism is open and untested to the north and correlates with maximum quartz
veining and weak Au and Mo anomalism in soils.
ANALYTIC METHODOLOGY
Rock chip samples of 1 – 3 kg were submitted to Intertek commercial Genalysis (“ Intertek”) in Perth, Western Australia
where they were dried and crushed to -3 mm and pulverized to 75 µm or better (prep code SP64), with a > 85% pass, then
assayed for Au by 50 g charge fire assay FA50/OE and for 48 elements using four acid digest – MS finish (4A/MS). Elements
that reported above the upper detection limit for 4A/MS were reanalysed using method 4AH/OE. A minimum of 2 CRM
standards relevant for the style of mineralisation and 2 blanks were submitted per 100 samples.
Soil samples were sieved to < 80 mesh and submitted to Intertek for aqua regia to analyse for 33 elements. A minimum of 2
CRM standards, 2 blanks and 4 field duplicates were submitted per 100 samples.
Stream sediment samples were sieved to < 0.9 mm and submitted to Intertek where they were dried and pulverized to 75 µm
or better (prep code SP02), with a > 85% pass, then analysed for aqua regia for 33 elements. In addition, the samples are
analysed via BLEG (Bulk Leach Extractable Gold) 500 g cyanide leach with MS finish for Au, Pt, Pd and Ag.
pXRF readings of soils and rock chips were taken using a Niton XLT5 model and were used to aid field interpretation and
identification of anomalous target mineralogy and pathfinder elements. The Niton pXRF instrument was calibrated daily and
checked against reference material four times per 100 samples and at the start and end of each day.
The Niton pXRF uses an x-ray fluorescence tube to take an immediate reading over a small surface area. It is used to obtain
an indicative value of certain elements to assist with exploration targeting. The pXRF readings are not verified by an
independent laboratory, are not considered to be a proxy or substitute for laboratory analysis. Results may not be
representative of mineralisation in the district.
Except as otherwise noted in this news release, 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 2012, Appendix 2) respectively), by reviewing QAQC performance of inserted reference material and the analytical
procedures undertaken by Intertek.
Authorised for release by the Board of Directors.
CONTACT
Investors:
Mike Spreadborough
+61 8 6400 6100
North American Queries:
Leo Karabelas
+1 416 543 3120
Media:
Cameron Gilenko
+61 466 984 953
QP STATEMENT
Mrs Karen (Kas) De Luca (MAIG), is the qualified person, as defined under NI 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 Manager Exploration.
JORC COMPLIANCE STATEMENT
The information in this report that relates to exploration results in the East Pilbara District is based on information compiled by
Mrs De Luca, who is a full-time employee of Novo Resources Corp. Mrs De Luca is a Competent Person who is a member of
the Australian Institute of Geoscientists. Mrs 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'. Mrs
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.
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, 2023 (which is available under Novo’s profile on SEDAR+ at
www.sedarplus.ca and at www.asx.com.au) 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