Further Standout Becher GOLD Results Highlight Encouraging Growth Potential
Suite 1100, 1199 West Hastings Street
Vancouver, BC, Canada V6E 3T5
P: +1-416-543-3120 E: [email protected] www.novoresources.com
23 May 2023
FURTHER STANDOUT BECHER GOLD RESULTS
HIGHLIGHT ENCOURAGING GROWTH POTENTIAL
HIGHLIGHTS
• Ongoing aircore (“ AC”) drilling at Novo’s 100%-owned flagship Becher Project continues to deliver
promising results, with over 10,000 m of the planned Q2 2023 20,000 m program complete.
• Becher is located in the northern section of the Egina Gold Camp 28 km along trend from De Grey Mining
Limited’s (ASX:DEG) 10.6 Moz Au (JORC 2012)1 Mallina Gold Project.
• Drilling is being completed on intrusion -related and structural gold targets generated from the 2022
program2 which identified an initial priority focus area of ~20 sq km at the Heckmair, Irvine and Whillans
prospects.
• 423 holes for a total of 10,080 m of AC drilling have been completed on 320 m spaced infill drill lines
(previously 640 m spaced) at the highly prospective Heckmair intrusion and Irvine shear corridor prospects.
Promising results have been generated from the first 349 holes under shallow cover (10 – 20 m) including:
▪ 3m @ 5.23 g/t Au from 9 m in F1474
▪ 3m @ 2.93 g/t Au from 9 m in F1739
▪ 3 m @ 2.08 g/t Au from 12 m F1427
▪ 3 m @ 1.04 g/t Au from 18 m in F1469
▪ 1 m @ 1.57 g/t Au from 30 m in F1603
▪ 9 m @ 0.77 g/t Au from 6 m (including 3 m @ 2.05 g/t Au from 6 m) in F1631
▪ 15 m @ 0.61 g/t Au from 0 m (including 6 m @ 1.16 g/t Au from 0 m) in F1711
▪ 9 m @ 0.39 g/t Au from 51 m in F1597
▪ 12 m @ 0.28 g/t Au from 6 m (including 6m @ 0.42 g/t Au from 9 m) in F1498
▪ 18 m @ 0.24 g/t Au from 21 m (including 6 m @ 0.39 g/t Au from 24 m) in F1582
• Most AC gold intercepts to date have been hosted in hornblende diorite intrusion or sediments. AC drilling
is a standard approach of shallow drilling that will be used to guide future deeper drilling.
• Prioritised targets at Heckmair and Irvine will be assessed for deeper RC drilling in Q3 2023, with the
remaining ~10,000 m of AC drilling continuing to test additional key areas at Heckmair and Whillans.
Commenting on the drill program, Novo Executive Co -Chairman and Acting CEO Mike Spreadborough said ,
“We are very excited by further standout assay results from our Becher Project, which is located in the Egina
Gold Camp. Our ongoing AC program has highlighted the potential for significant mineralisation throughout
the area. Novo has discovered a large broad area of gold anomalism with recent drilling now confirming gold
mineralisation extending into the underlying intrusions and sandstone rock units adjacent to De Grey’s Mallina
Gold Project. Novo will continue the current drilling program to build on the excellent progress to date at Becher
to further define the extent of mineralisation.”
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. No assurance can be given that a similar or any mineral resource estimate will be determined at Novo’s
Becher Project.
2 Refer to the Company’s news release dated March 6, 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 report continued outstanding results from the 2023 AC drilling program at
Becher. Results referred to in this news release are not necessarily representative of mineralisation
throughout the Egina Gold Camp.
The Becher Project is located in the northern section of the Egina Gold Camp 28 km along trend from De Grey
Mining Limited’s (“De Grey”) (ASX:DEG) 10.6 Moz Au (JORC 2012)1 Mallina Gold Project. Novo commenced its
2023 AC program at Becher in mid-April 2023 and has already received gold results for 3,350 (including QAQC)
samples of priority drilling , facilitated by a fast -tracked field sampling methodology and ChrysosTM
PhotonAssay analysis, currently achieving an assay turnaround time of 5 – 12 days.
Figure 1 - Egina Gold Camp tenure showing the Becher and Nunyerry North Projects and the priority Becher prospects.
Background
The Becher Project covers an area approximately 20 sq km in the north of the 100% Novo owned E47/3673
exploration tenement. The area is characterised by shallow cover overlaying the highly prospective and under-
explored Mallina Basin. Becher is situated adjacent to De Grey’s (ASX:DEG) 10.6 Moz Au (JORC 2012)1 Mallina
Gold Project and 2.5 km south of their Withnell South discovery3 (Figure 1).
During 2022, over 32,000 m of drilling was conducted by Novo on broad regional lines (640 m line spacing),
focused on ENE trending gold -fertile, structurally complex corridors at Becher and successfully delineated
three standout gold and associated pathfinder element targets at Irvine, Heckmair and Whillans. Analysis of
multielement geochemistry from bottom-of-hole samples also identified prospective hornblende -diorite
intrusions within and around the targeted structural corridors. These intrusions are commonly associated with
gold deposits in the Mallina Basin.
The current 20,000 m AC program is testing multiple, high-priority structural and intrusion-hosted gold targets
generated from the 2022 programs , delineated in well -defined and highly anomalous structural corridors.
3 While certain aspects of Becher mineralisation seem analogous to that at the Ma llina Gold Project as disclosed by De Grey’s Mallina Gold Project, mineralisation is not necessarily representative of
mineralisation throughout the Becher Area or the Egina Gold Camp.
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Drilling is being completed at high-priority drill prospects at Heckmair, Irvine and Whillans following significant
gold and pathfinder anomalies and “sanukitoid” intrusion -related signatures in the 2022 AC bottom-of-hole
drill hole samples.
The current drilling program is on schedule for completion by the end of Q2 2023.
Drilling and Results
To date, 423 holes for a total of 10,080 m AC drilling have been completed over the eastern Heckmair and
Irvine prospects (Figure 2), with standout gold assay results returned in the first 349 holes. New results show
high potential for minerali sation hosted both within the large Heckmair hornblende-diorite intrusion, along
and in proximity to large cross -cutting and offset structures and at the margins of the intrusion where they
are in contact with the Constantine Sandstone country rocks, all under shallow cover.
Results from the current AC program are located on 320 m lines across the Heckmair prospect and infill the
previous 640 m drilling completed during the 2022 program. In addition, an east-west traverse was conducted
across both the western and eastern faulted blocks of the Heckmair intrusion, intersecting anomalous gold
mineralisation within a demagnetised portion of the intrusion (Figure 2 and Figure 3). Additional infill lines at
Irvine are spaced as closely as 160 m in some areas.
Significant intercepts (> 2 g*m in tenor) include:
▪ 3 m @ 5.23 g/t Au from 9 m in F1474
▪ 15 m @ 0.61 g/t Au from 0 m including 6 m @ 1.16 g/t Au from 0 m in F1711
▪ 3 m @ 2.93 g/t Au from 9 m in F1739
▪ 9 m @ 0.77 g/t Au from 6 m including 3 m @ 2.05 g/t Au from 6 m in F1631 and
4 m @ 0.4 g/t Au from 27 m including 3 m @ 0.49 g/t Au from 27 m in F1631
▪ 3 m @ 2.08 g/t Au from 12 m in F1427
▪ 18 m @ 0.24 g/t Au from 21 m including 6 m @ 0.39 g/t Au from 24 m in F1582
▪ 9 m @ 0.39 g/t Au from 51 m including 6 m @ 0.45 g/t Au from 51 m in F1597
▪ 12 m @ 0.28 g/t Au from 6 m including 6 m @ 0.42 g/t Au from 9 m in F1498
▪ 3 m @ 1.04 g/t Au from 18 m in F1469
▪ 1 m @ 1.57 g/t Au from 30 m in F1603
Refer to Table 1 in the Appendix below for a complete list of assay results.
Two AC cross-sections examples are shown from the Heckmair intrusion Figure 5 and the Irvine Shear corridor
Figure 5 below.
Figure 4 shows a significant zone of pervasive sericite altered and quartz veined intrusion identified in F1498
in the northern portion of the western Heckmair block , with an intercept of 12 m @ 0.28 g/t Au from 6 m,
including 6 m @ 0.42 g/t Au from 9 m. The intrusion is characteristic of the medium to coarse grained
hornblende-diorite intercepted in other holes within the Heckmair prospect.
An intercept of 3 m @ 5.23 g/t Au from 9 m in F1474 was associated with quartz veining hosted within the
Heckmair intrusive in proximity to the southern contact with the Constantine Sandstone country sediments.
Anomalous mineralisation occurs both within the sediments to the south and within the intrusion to the north.
An intercept of 9 m @0.77 g/t Au from 9 m including 3m @ 2.05 g/t Au was identified in F1631 and is associated
with quartz veining and shearing within the Constantine Sandstone country rocks ( Figure 5). F1631 is located
at the boundary of the Irvine and Heckmair prospects, with the inferred contact of the intrusion with the
sediments approximately 36m to the north-west of the hole collar.
Refer to Table 1 in the Appendix below for a complete list of assay results. True widths from AC drilling cannot
be estimated at this time.
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Figure 2 - Becher Project showing main prospects, target zones, AC drilling progress to date and planned AC drilling over interpreted
geology.
Figure 3 - Close up of the Heckmair-Irvine-Whillans focus area with 2022 interpreted target zones and significant gold intercepts from
2022/2023 AC drilling programs.
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Figure 4 - Sections from the recent AC drilling at Heckmair (looking east).
Figure 5 - Sections from the recent AC drilling at Irvine (looking north-east)
Next Steps
Latest results from infill AC drilling highlight the need to continue prioritising these targets, including both
structurally controlled and intrusion related gold which appear similar to mineralisation at De Greys’ Mallina
Gold Project3. Drilling of the remaining ~10,000 m AC drilling continues at Heckmair and Whillans, and targets
at Heckmair and Irvine will be considered for follow-up deeper RC drilling in Q3 2023.
Given ongoing gold and multielement results, AC drilling will continue past the 20,000 m Q2 2023 program
completing the regional reconnaissance 640 m spaced drill lines at Bonatti, and follow up any new targets at
closer spacing.
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Analytical methodology
One-metre samples are collected from the drill rig and placed on the ground in piles for geological quantitative
and qualitative logging. These piles are then speared at three -meter composites into a 500 -gram ChrysosTM
PhotonAssay jar. Some of the end of hole intervals are shorter than three meters depending on final hole
depths. Jars are dispatched weekly to Intertek Genalysis (“Intertek”) in Perth, Western Australia and analysed
for gold using ChrysosTM PhotonAssay (PHXR/AU01).
QAQC procedures for the program include insertion of a certified blank approximately every 25 samples (4 per
hundred), a ChrysosTM PhotonAssay certified standard approximately every 50 samples (2 per 100) and
duplicate sampling (split of 3 m composite) at the rate of 4 per hundred. In addition, Intertek inserts ChrysosTM
PhotonAssay certified standards at the rate of 2 per hundred.
QP STATEMENT
Mr. Alwin Van Roij (MAIG), is the qualified person, as defined under NI 43 -101, responsible for, and having
reviewed and approved, the technical information contained in this news release other than information
concerning De Grey’s Mallina Gold Project. Mr. Van Roij is Novo’s Exploration Manger – East Pilbara.
ABOUT NOVO
Novo explores and develops its prospective land package covering approximately 10,500 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 focu s, Novo seeks to leverage its
internal geological expertise to deliver value-accretive opportunities to its stakeholders.
For more information, please contact Michael Spreadborough at +61 -419-329-687 or
[email protected], or Leo Karabelas at +1-416-543-3120 or [email protected].
On Behalf of the Board of Directors,
Novo Resources Corp.
“Michael Spreadborough”
Michael Spreadborough
Executive Co-Chairman and Acting CEO
Forward-looking information
Some statements in this news release contain forward -looking information (within the meaning of Canadian
securities legislation) including, without limitation, that 2023 AC program will test multiple, high -priority
structural and intrusion-hosted gold targets generated from the 2022 programs, that Heckmair and Irvine will
be assessed for follow-up deeper RC drilling in Q3 2023, whilst the remaining approx. 10,000 m AC drilling
continues to further test Heckmair and Whillans, and that AC drilling will continue past the 20,000 m Q2 2023
program completing the regional reconnaissance 640 m spaced drill lines at Bonatti, and also follow up any
new targets at closer spacing . These statements address future events and conditions and, as s uch, 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.sedar.com. Forw ard-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 th at the Company will make additional updates
with respect to those or other forward-looking statements.
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APPENDIX
Table 1: Becher Area – location data for 2023 AC drill holes
HOLE_ID COORDSYS EASTING
(m)
NORTHING
(m)
RL
(m) AZI DIP TYPE DEPTH LEASE
F1414 MGA94_50 619441 7685023 58.0 180 -60 AC 97 E47/3673
F1415 MGA94_50 619441 7685048 57.9 180 -60 AC 97 E47/3673
F1416 MGA94_50 619441 7684423 59.1 180 -60 AC 67 E47/3673
F1417 MGA94_50 619441 7684448 59.1 180 -60 AC 85 E47/3673
F1418 MGA94_50 619761 7684110 58.5 180 -60 AC 12 E47/3673
F1419 MGA94_50 619761 7684135 58.4 180 -60 AC 19 E47/3673
F1420 MGA94_50 619761 7684160 58.3 180 -60 AC 16 E47/3673
F1421 MGA94_50 619761 7684185 58.2 180 -60 AC 10 E47/3673
F1422 MGA94_50 619761 7684210 58.1 180 -60 AC 10 E47/3673
F1423 MGA94_50 619761 7684235 58.0 180 -60 AC 7 E47/3673
F1424 MGA94_50 619761 7684260 58.0 180 -60 AC 7 E47/3673
F1425 MGA94_50 619761 7684285 58.0 180 -60 AC 11 E47/3673
F1426 MGA94_50 619761 7684310 57.9 180 -60 AC 13 E47/3673
F1427 MGA94_50 619761 7684335 57.9 180 -60 AC 20 E47/3673
F1428 MGA94_50 619761 7684360 57.9 180 -60 AC 13 E47/3673
F1429 MGA94_50 619761 7684385 57.9 180 -60 AC 15 E47/3673
F1430 MGA94_50 619761 7684410 57.9 180 -60 AC 21 E47/3673
F1431 MGA94_50 619761 7684435 57.8 180 -60 AC 33 E47/3673
F1432 MGA94_50 619761 7684460 57.8 180 -60 AC 15 E47/3673
F1433 MGA94_50 619761 7684485 57.9 180 -60 AC 16 E47/3673
F1434 MGA94_50 619761 7684510 57.9 180 -60 AC 16 E47/3673
F1435 MGA94_50 619761 7684535 57.9 180 -60 AC 16 E47/3673
F1436 MGA94_50 619761 7684560 57.9 180 -60 AC 17 E47/3673
F1437 MGA94_50 619761 7684585 57.9 180 -60 AC 19 E47/3673
F1438 MGA94_50 619761 7684610 57.8 180 -60 AC 21 E47/3673
F1439 MGA94_50 619761 7684635 57.8 180 -60 AC 15 E47/3673
F1440 MGA94_50 619761 7684660 57.7 180 -60 AC 19 E47/3673
F1441 MGA94_50 619761 7684685 57.7 180 -60 AC 21 E47/3673
F1442 MGA94_50 619761 7684710 57.6 180 -60 AC 27 E47/3673
F1443 MGA94_50 619761 7684735 57.7 180 -60 AC 25 E47/3673
F1444 MGA94_50 619761 7684760 57.6 180 -60 AC 28 E47/3673
F1445 MGA94_50 619761 7684785 57.6 180 -60 AC 22 E47/3673
F1446 MGA94_50 619761 7684810 57.6 180 -60 AC 25 E47/3673
F1447 MGA94_50 619761 7684835 57.6 180 -60 AC 25 E47/3673
F1448 MGA94_50 619761 7684860 57.7 180 -60 AC 23 E47/3673
F1449 MGA94_50 619761 7684885 57.6 180 -60 AC 25 E47/3673
F1450 MGA94_50 619761 7684910 57.7 180 -60 AC 22 E47/3673
F1451 MGA94_50 619761 7684935 57.7 180 -60 AC 29 E47/3673
F1452 MGA94_50 619761 7684960 57.8 180 -60 AC 27 E47/3673
F1453 MGA94_50 619761 7684985 57.8 180 -60 AC 28 E47/3673
F1454 MGA94_50 619761 7685010 57.8 180 -60 AC 24 E47/3673
F1455 MGA94_50 619761 7685035 57.7 180 -60 AC 24 E47/3673
F1456 MGA94_50 619761 7685060 57.7 180 -60 AC 30 E47/3673
F1457 MGA94_50 619761 7685085 57.7 180 -60 AC 24 E47/3673
F1458 MGA94_50 619761 7685110 57.7 180 -60 AC 24 E47/3673
F1459 MGA94_50 619761 7685135 57.7 180 -60 AC 24 E47/3673
F1460 MGA94_50 619761 7685160 57.7 180 -60 AC 40 E47/3673
F1461 MGA94_50 619761 7685185 57.7 180 -60 AC 25 E47/3673
F1462 MGA94_50 619121 7683985 59.0 180 -60 AC 24 E47/3673
F1463 MGA94_50 619121 7684010 59.0 180 -60 AC 25 E47/3673
F1464 MGA94_50 619121 7684035 59.0 180 -60 AC 24 E47/3673
F1465 MGA94_50 619121 7684060 59.0 180 -60 AC 24 E47/3673
F1466 MGA94_50 619121 7684085 59.0 180 -60 AC 24 E47/3673
F1467 MGA94_50 619121 7684110 59.0 180 -60 AC 20 E47/3673
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HOLE_ID COORDSYS EASTING
(m)
NORTHING
(m)
RL
(m) AZI DIP TYPE DEPTH LEASE
F1468 MGA94_50 619121 7684135 58.9 180 -60 AC 24 E47/3673
F1469 MGA94_50 619121 7684160 58.9 180 -60 AC 26 E47/3673
F1470 MGA94_50 619121 7684185 58.9 180 -60 AC 25 E47/3673
F1471 MGA94_50 619121 7684210 58.9 180 -60 AC 24 E47/3673
F1472 MGA94_50 619121 7684235 58.9 180 -60 AC 24 E47/3673
F1473 MGA94_50 619121 7684260 58.8 180 -60 AC 25 E47/3673
F1474 MGA94_50 619121 7684285 58.7 180 -60 AC 24 E47/3673
F1475 MGA94_50 619121 7684310 58.7 180 -60 AC 29 E47/3673
F1476 MGA94_50 619121 7684335 58.7 180 -60 AC 12 E47/3673
F1477 MGA94_50 619121 7684360 58.5 180 -60 AC 12 E47/3673
F1478 MGA94_50 619121 7684385 58.5 180 -60 AC 16 E47/3673
F1479 MGA94_50 619121 7684410 58.4 180 -60 AC 14 E47/3673
F1480 MGA94_50 619121 7684435 58.3 180 -60 AC 19 E47/3673
F1481 MGA94_50 619121 7684460 58.3 180 -60 AC 15 E47/3673
F1482 MGA94_50 619121 7684485 58.2 180 -60 AC 15 E47/3673
F1483 MGA94_50 619121 7684510 58.2 180 -60 AC 13 E47/3673
F1484 MGA94_50 619121 7684535 58.2 180 -60 AC 10 E47/3673
F1485 MGA94_50 619121 7684560 58.1 180 -60 AC 12 E47/3673
F1486 MGA94_50 619121 7684585 58.1 180 -60 AC 15 E47/3673
F1487 MGA94_50 619121 7684610 58.0 180 -60 AC 18 E47/3673
F1488 MGA94_50 619121 7684635 58.0 180 -60 AC 18 E47/3673
F1489 MGA94_50 619121 7684660 58.0 180 -60 AC 24 E47/3673
F1490 MGA94_50 619121 7684685 58.1 180 -60 AC 20 E47/3673
F1491 MGA94_50 619121 7684710 58.1 180 -60 AC 17 E47/3673
F1492 MGA94_50 619121 7684735 58.1 180 -60 AC 15 E47/3673
F1493 MGA94_50 619121 7684760 58.1 180 -60 AC 22 E47/3673
F1494 MGA94_50 619121 7684785 58.1 180 -60 AC 20 E47/3673
F1495 MGA94_50 619121 7684810 58.1 180 -60 AC 21 E47/3673
F1496 MGA94_50 619121 7684835 58.3 180 -60 AC 22 E47/3673
F1497 MGA94_50 619121 7684860 58.3 180 -60 AC 23 E47/3673
F1498 MGA94_50 619121 7684885 58.4 180 -60 AC 21 E47/3673
F1499 MGA94_50 619121 7684910 58.4 180 -60 AC 18 E47/3673
F1500 MGA94_50 619121 7684935 58.5 180 -60 AC 22 E47/3673
F1501 MGA94_50 619121 7684960 58.4 180 -60 AC 19 E47/3673
F1502 MGA94_50 619121 7684985 58.5 180 -60 AC 18 E47/3673
F1503 MGA94_50 619121 7685010 58.5 180 -60 AC 16 E47/3673
F1504 MGA94_50 619121 7685035 58.6 180 -60 AC 16 E47/3673
F1505 MGA94_50 619121 7685060 58.9 180 -60 AC 16 E47/3673
F1506 MGA94_50 619121 7685085 58.6 180 -60 AC 13 E47/3673
F1507 MGA94_50 619121 7685110 58.3 180 -60 AC 16 E47/3673
F1508 MGA94_50 619121 7685160 58.0 180 -60 AC 17 E47/3673
F1509 MGA94_50 619121 7685135 58.2 180 -60 AC 18 E47/3673
F1510 MGA94_50 619121 7685185 57.9 180 -60 AC 24 E47/3673
F1511 MGA94_50 619121 7685210 58.0 180 -60 AC 28 E47/3673
F1512 MGA94_50 619121 7685235 58.1 180 -60 AC 27 E47/3673
F1513 MGA94_50 620071 7684606 57.7 90 -60 AC 12 E47/3673
F1514 MGA94_50 620046 7684606 57.6 90 -60 AC 10 E47/3673
F1515 MGA94_50 620021 7684604 57.7 90 -60 AC 10 E47/3673
F1516 MGA94_50 619996 7684604 57.7 90 -60 AC 12 E47/3673
F1517 MGA94_50 619971 7684605 57.6 90 -60 AC 13 E47/3673
F1518 MGA94_50 619946 7684607 57.6 90 -60 AC 9 E47/3673
F1519 MGA94_50 619921 7684610 57.7 90 -60 AC 11 E47/3673
F1520 MGA94_50 619896 7684611 57.6 90 -60 AC 12 E47/3673
F1521 MGA94_50 619871 7684612 57.7 90 -60 AC 10 E47/3673
F1522 MGA94_50 619846 7684612 57.7 90 -60 AC 14 E47/3673
F1523 MGA94_50 619821 7684607 57.8 90 -60 AC 15 E47/3673
F1524 MGA94_50 619796 7684603 57.8 90 -60 AC 24 E47/3673
F1525 MGA94_50 619771 7684609 57.8 90 -60 AC 17 E47/3673