Gold Mineralisation Intersected in Maiden Drill Program at Nunyerry North
Gold Mineralisation Intersected in Maiden Drill Program at Nunyerry North
HIGHLIGHTS
• Strong results received from the first six drill holes of the maiden drill program at Nunyerry North, including best
intercepts of 13 m @ 1.18 g/t Au, 7 m @ 1.12 g/t Au and 3 m @ 1.37 g/t Au. 1
• Drill program designed to test the > 1.4 strike km surface gold anomaly with high grade gold in rock chip results from
sheeted quartz veins.2
• 24 holes for 2,028 m of reverse circulation (“RC”) drilling completed to date with holes intersecting significant zones of
quartz veining.
• Following on from promising early-stage results, Novo increased the current program to 2,300 m with an additional four
holes to be completed by late October 2023.
• On completion of drilling, approximately 600 m strike of the northern soil anomaly will be partially tested, leaving 700 m
to the west and 1.3 km of the southern soil anomaly to be assessed.
• De Grey Mining (ASX:DEG) commenced aircore (“AC”) drilling at Becher in the Egina Joint Venture area in September
2023, as part of an initial 39,000 m drill program (which is likely to include RC/diamond drilling). 2
• Drilling activities also scheduled to commence in early November at the Belltopper Gold project in Victoria and planning
is underway for drilling on the Balla Balla Gold Project, an emerging target in the Pilbara.
Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said, “We are very pleased with these initial results from
the drilling at Nunyerry North, which have delivered intercepts of up to 13 m @ 1.18 g/t Au from surface. As a result of these
results we have increased the size of the program to 2,300 m and look forward to completing the final holes by late October.
“Nunyerry North is an exciting exploration target for Novo and we have only started to understand the potential extent of the
gold mineralised system. We are very focused on ensuring the progress we are making on the ground continues and have
already begun planning for a follow-up drill program in the first half of 2024.
“In addition to Nunyerry North, it is great to see De Grey commence their exploration program at the Becher Project, which is
part of our Egina JV. De Grey have outlined a substantial 39,000 m program of AC, RC and diamond drilling.
“We will also commence a 2,200 m diamond drill program at our exciting Belltopper Gold project in Victoria in early November.
Belltopper is located only ~50 km south of Agnico Eagle’s Fosterville Gold Mine in the Bendigo Tectonic Zone, where over 60
Moz Au were produced historically.”
VANCOUVER, British Columbia, Oct. 16, 2023 -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO &
NVO.WT.A) (OTCQX: NSRPF) is pleased to announce promising results from the first six holes of the Company’s maiden RC
drill program at Nunyerry North, located in the southern Egina Gold Camp in the Pilbara, Western Australia (Figures 1 and 2).
The Nunyerry North project is a 70:30 joint venture with the Creasy Group.3
Previous reconnaissance work completed by Novo highlighted Nunyerry North as a high priority exploration target, with
potential to become a significant gold project and delineated > 1.4 strike km of high-tenor gold anomalism at surface. The
primary focus of this current drill program is to target significant mineralised zones defined by surface exploration along the
sizeable known strike extent.
Figure 1: Novo’s Pilbara tenure showing priority prospects, joint venture interests and the location of drilling at Nunyerry North
Figure 2: RC drilling at Nunyerry North looking to the southwest. The RC rig is drilling hole NC009, and holes NC001 to NC006
are shown in the left side of the photo.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/95d75403-2988-4c81-ac5e-0c6177e88a31
https://www.globenewswire.com/NewsRoom/AttachmentNg/ca19dd67-f029-41f4-b66d-967ef1784433
Nunyerry North Drill Program 4
Novo commenced its maiden RC drill program of approximately 2,000 m at Nunyerry North on 12 September 2023 and to date,
24 holes for 2,028 m (average depth of 84.5 m) have been completed. The program has been extended to 2,300 m on the basis
of early results, with four holes remaining to be drilled. The program is anticipated to be completed by late October 2023.
Importantly, significant zones of quartz veins and variable sulphides have been intersected. Drilling has been conducted at 40
to 60 m spaced sections, with holes approximately 20 m apart on section.
Results received from the first six drill holes include best intercepts of 13 m @ 1.18 g/t Au, 7 m @ 1.12 g/t Au and 3 m @
1.37 g/t Au (intercepts calculated using up to 3 m internal dilution and 0.3 g/t Au cut-off) (Table 1 and Appendix for hole
locations).
First pass drilling has initially targeted the western part of the main high-grade gold-in-soil anomaly (Figures 3 and 4) and was
aimed at testing vein densities and grade, potential controls on mineralisation and establishing the dips of major shear zones
such as the Skadi and Freyda Shears and the crosscutting Aurora Fault.
Hole Width m Au g/t From m intercept
NC001 13 0.48 1 13 m @ 0.48 g/t Au from 1 m - NC001
NC002 1 4.64 2 1 m @ 4.64 g/t Au from 2 m - NC002
NC002 4 1 17 4 m @ 1 g/t Au from 17 m - NC002
NC002 5 0.49 26 5 m @ 0.49 g/t Au from 26 m - NC002
NC002 4 0.36 61 4 m @ 0.36 g/t Au from 61 m - NC002
NC003 7 0.75 0 7 m @ 0.75 g/t Au from 0 m - NC003
INCLUDING 3 1.37 4 3 m @ 1.37 g/t Au from 4 m - NC003
NC003 4 0.64 32 4 m @ 0.64 g/t Au from 32 m - NC003
NC004 13 1.18 0 13 m @ 1.18 g/t Au from 0 m - NC004
NC005 4 0.9 3 4 m @ 0.9 g/t Au from 3 m - NC005
NC005 2 1.04 24 2 m @ 1.04 g/t Au from 24 m - NC005
NC005 1 0.51 79 1 m @ 0.51 g/t Au from 79 m - NC005
NC005 1 0.8 90 1 m @ 0.8 g/t Au from 90 m - NC005
NC006 7 1.12 38 7 m @ 1.12 g/t Au from 38 m - NC006
NC006 1 0.61 52 1 m @ 0.61 g/t Au from 52 m - NC006
3m internal dilution and 0.3 g/t Au cut-off
Table 1: RC drill results from first six holes drilled at Nunyerry North
The remaining four holes are focused on the eastern edge of the northern soil anomaly, where multiple shear zones intersect,
and siliceous alteration is present at surface. On completion of the maiden drilling program, approximately 600 m of strike of
the northern soil anomaly will be partially tested, leaving 700 m to the west and the 1.3 km long southern soil anomaly still to
be tested.
Exploration is progressing on other structurally controlled gold targets along the major fault corridors extending towards the
Becher area, to the northwest of Nunyerry North (Figure 5). Mineralisation defined along these fertile structures, includes shale
-hosted gold and quartz vein related gold in sandstone, shale and gabbro.
Further work at Nunyerry North will include:
• 3D targeting and detailed geological and structural modelling, once all results from the maiden drill program are
available.
• Intercepts from the first four drill holes have been sent for 1 kg screen fire-assay to assess if there is any coarse gold
variability. Results will direct future analytical procedures at the Nunyerry North Prospect.
• Targeting additional RC and diamond drilling to test the southern and western soil anomalies in H1 2024, which will
require expanding the cleared heritage areas.
• Detailed mapping and rock chip sampling in areas outside of the current limit of mapping.
Figure 3: Nunyerry North geological interpretation, soil gold geochemistry and drill hole location plan.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4fcfde72
-f5ad-41b9-989e-df2a6b06b045
The Egina Gold Camp
The Nunyerry North Prospect is located in the southern region of Novo’s highly prospective Egina Gold Camp (Figure 5) that
consists of 80 km of contiguous tenements.
In the north of the Egina Gold Camp is Novo’s highly prospective Becher Project, which is located only 28 km from De Grey
Mining’s 9.5 million ounce Hemi gold deposit. 5 In June 2023, Novo announced an earn-in arrangement that will result in the
formation of the Egina JV with De Grey. De Grey is required to spend A$25 million within four years to earn a 50% JV interest
(including a requirement for a minimum spend of A$7 million in the first 18 months).6
De Grey recently commenced AC drilling at Becher as part of its planned initial 39,000 m program of AC, RC and diamond
drilling.7
There are several other gold targets at various stages of exploration maturity, along the main structural corridors within the
southern part of the Egina Gold Camp (Figure 5).
Figure 4: The broader Nunyerry North Project area highlighting contoured gold results from soil sampling at Nunyerry North and
current drilling area.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4e9a359f-f5f3-4fd4-98cc-3ba585c5a707
Novo Pilbara Landholding
Novo currently controls (through 100% ownership and various Joint Venture or Option Agreements) approx. 9,000 sq km of
tenure in the Pilbara District of Western Australia. The size of the tenement package has been reduced from approx. 10,500
sq km over the past 18 months as field reconnaissance programs have allowed a better understanding of geological
prospectivity.
Drilling at Belltopper in Q4
Diamond drilling of multiple high-grade targets at the Belltopper Gold project in Victoria is imminent, with drilling scheduled to
start in early November 2023. Approximately 2,200 m of drilling will test structural and intrusion hosted/related gold targets,
including strong induced polarization (“IP”) geophysical anomalies.
Figure 5: Southern Egina Gold Camp tenure showing significant Au prospects, location of Nunyerry North, and joint venture
interests. 2
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/447d421c-a61f-4237-b98e-a4050b4eebf4
ABOUT NOVO
Novo explores and develops its prospective land package covering approximately 9,000 square kilometres 8 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
+61 419 329 987
Media:
Cameron Gilenko
+61 466 984 953
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 other than information concerning De Grey’s Pilbara Gold Project. Mrs De Luca is Novo’s General Manger
Exploration.
JORC COMPLIANCE STATEMENT
The information in this news release in relation to results from rock chip sampling at Nunyerry North Is extracted from Novo's
Prospectus dated 2 August 2023 (which includes an Independent Geologist's Report at Annexure 1) that was released to ASX
on 7 September 2023 and which is available to view on 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
announcement.
FORWARD-LOOKING INFORMATION
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities
legislation) including, without limitation, that exploration programs will be advanced as described in this news release. 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. 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.
APPENDIX
Nunyerry North RC drill hole locations in MGA_2020 zone 50
HOLE_ID EASTING (m) NORTHING (m) RL (m) AZI DIP DEPTH (m)
NC001 590752 7619490 277.0 331 -46 52
NC002 590757 7619480 274.4 333 -49 78
NC003 590764 7619461 269.0 334 -49 90
NC004 590792 7619495 269.4 337 -45 52
NC005 590801 7619477 268.5 332 -50 120
NC006 590809 7619460 266.5 338 -53 120
NC007 590809 7619459 266.5 281 -44 66
NC008 590703 7619451 275.4 337 -54 48
NC009 590719 7619513 282.6 160 -78 48
NC010 590689 7619484 281.3 327 -43 54
NC011 590693 7619474 282.5 329 -58 102
NC012 590770 7619450 267.2 337 -56 102
NC013 590817 7619438 263.5 337 -55 102
NC014 590836 7619493 270.3 332 -43 54
NC015 590844 7619475 267.0 331 -60 114
NC016 590848 7619464 266.0 333 -70 102
NC017 590878 7619490 264.8 339 -54 102
NC018 590892 7619475 262.9 341 -57 102
NC019 590651 7619471 270.9 333 -45 54
NC020 590627 7619425 266.8 332 -43 102
NC021 590613 7619465 270.6 91 -50 54
NC022 590665 7619436 269.0 335 -51 120
NC023 590769 7619448 267.2 331 -74 102
NC024 590712 7619430 268.0 337 -45 88
1 Refer to Table 1 and Appendix: for results.
2 Refer to the Company’s news release dated 6 September 2022.
3 Novo holds 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.
4 Refer to Endnote 2 above.
5 Refer to De Grey Mining Limited's ASX Announcement dated 15 June 2023. No assurance can be given that a similar or any
commercially mineable deposit will be determined at Novo’s Becher Project.
6 Refer to the Company's news release dated 21 June 2023.
7 Works carried out under the De Grey earn-in arrangement. Refer to the Company’s news releases dated June 21, 2023 and
June 28, 2023.
8 Nullagine Gold Project area comprises approximately 1,080km 2 of Novo’s total tenure package of 9,000km2.