High-Quality GOLD Targets Advanced at Purdy’S North, Becher Area, and Nunyerry
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SEPTEMBER 6, 2022
HIGH-QUALITY GOLD TARGETS ADVANCED
AT PURDY’S NORTH, BECHER AREA, AND NUNYERRY
HIGHLIGHTS
• Comprehensive exploration update regarding l arge-scale exploration programs underway across Novo’s
highly prospective 11,000 sq km portfolio of Pilbara tenements (Figure 1).
• Purdy’s North reverse circulation (“ RC”) drilling is ongoing at the Morto Lago gold-copper target with
drilling intersecting several zones of quartz -veining and alteration, with assays pending. Morto Lago is
adjacent to Azure Minerals Limited’s ( “Azure”) (ASX:AZS) Andover nickel -copper-cobalt discovery
(“Andover”) and Artemis Resources Limited’s ( “Artemis”) (ASX:ARV) Carlow Castle gold -copper-cobalt
discovery (“Carlow Castle”).
• Purdy’s North RC drilling underway at the Milburn target, also adjacent to Andover and Carlow Castle,
where the first three holes have highlighted a moderate dipping interpreted thrust fault with zones of
pyrrhotite, chalcopyrite and pentlandite (visual identification confirmed by pXRF), with assays pending.
• Several high priority West Pilbara targets including Southcourt, NRV06, and Bushmill nickel-copper targets
are drill ready.
• > 30,000 m aircore drilling program to commence this month in the Becher area within the Egina District
testing m ultiple targets delineated along a significant mineralized corridor potentially extending to De
Grey Mining Limited’s (“De Grey”) (ASX:DEG) Hemi gold discovery (“Hemi”).
• High-order gold soil anomaly at Nunyerry North now extends over 1.4 km strike, with a second 1.2 km
long soil anomaly at > 30 ppb gold defined south of the main target. Rock chip sampling returned peak
high-grade results from quartz veins including 8.81 g/t gold, 7.39 g/t gold and 1.23 g/t gold. Further
detailed mapping has defined additional swarms of quartz veins and specimen gold has been detected.
• Over 20,000 m of RC drilling completed in near-mine exploration programs at the Nullagine Gold Project
(“NGP”) in H1 2022, advancing several satellite prospects.
• Reconnaissance programs commenced on regional districts in the East Pilbara with rock samples up to
94.7 g/t gold collected at Little Elsie.
• Expansive high resolution aeromagnetic and radiometric geophysical survey programs completed across
Purdy’s North and Egina (Becher area ) have advance d structural interpretation and geological
understanding, and detailed ground gravity geophysical surveys at Egina and the Mosquito Creek Belt
(“MCB”) have commenced.
• Significant diamond d rilling program totalling 3,162 m for 11 holes completed at the 50% -owned
Malmsbury gold project (“Malmsbury Project”) joint venture with ASX-listed GBM Resources Ltd. (“GBM”)
(ASX:GBZ), located 50 km SSW of the high-grade Fosterville gold mine in Victoria, Australia.
• Additional significant results received to date from the Malmsbury Project program include 7.75 m @ 2.8
g/t gold from 87 m (MD15); 0.95 m @ 10 g/t gold from 102.65 m (MD17). Step-out hole MD22 successfully
intercepted the Missing Link Monzogranite 80 m north of the gold -mineralized intrusive in MD17 1. Gold
and multi-element assays for MD20, MD21 and MD22 (final hole) are pending.
• At the Malmsbury Project, close-spaced ground magnetic and ground gravity surveys are being designed
to sharpen previously identified geophysical targets. An induced polarization (“IP”) survey is also planned
to define sulphide rich granite-related targets and disseminated sulphide haloes around the high -grade
gold reef targets.
1 Refer to the Company’s news release dated June 21, 2022.
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Figure 1: Location map showing Novo Pilbara tenement holding with prospect type, location, and priority target areas labelled.
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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 provide an exploration update on the Company’s highly -prospective, multi -
commodity portfolio of projects based in Western Australia and Victoria.
Exploration programs are currently underway or have been recently co mpleted at gold and nickel -copper
targets at Purdy’s North (Figure 2) in the Karratha District , structural and intrusive -related gold targets at
Egina, orogenic and conglomerate gold targets across the NGP, and structural and intrusive related gold
targets at the Malmsbury Project in Victoria.
“We are excited to get on the ground at these high-quality drill targets,” commented Mr. Mike Spreadborough,
Novo’s Executive Co-Chairman, Acting CEO, and a director. “This is a highly prospective region and there has
been well-documented recent exploration success from our neighbours, including Azure and Artemis, who own
projects in close proximity to Novo’s Purdy’s North project . Drilling across these high -quality targets is an
important part of our broader exploration strategy to expand the size, scale and diversification of Novo’s
projects and we look forward to assessing the results each program generates.”
“We have prioritized exploration as a key growth area in the next 12 months and have allocated and approved
the necessary funds to deliver on this objective. With a number of drill rigs spinning at various targets over the
coming months it is shaping up be a very busy end to 2022 and start to 2023.”
“Our exploration team has built up a plethora of high value drill targets, ” commented Dr. Quinton Hennigh,
Novo’s Non-Executive Co-Chairman and a director. “ With cash in the bank, we are in an excellent position to
aggressively tackle each of these targets with systematic first pass drilling. Drilling, which is just getting started,
is already turning up very promising intercepts of significant quartz-sulphide veining from Morto Lago, possible
magmatic nickel -copper sulphide mineralization at Milburn , and new strong gold intercepts from the
Malmsbury Project. We have lots to look forward to, including maiden drilling for Hemi-style mineralization at
Egina, further follow up work at the very robust Nunyerry North gold in soil anomaly , and drilling additional
strong nickel-copper targets at Karratha. At the same time , we are diligently exploring the NGP to build up
inventories of gold mineralization. We are very excited to ramp up our exploration efforts across the Pilbara
and look forward to lots of good news to come.”
Figure 2: RC drill rig at Morto Lago.
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WEST PILBARA REGION
Purdy’s North (E47/1745)
Novo’s gold and battery metals exploration strategy 2 includes advancing targets in the Karratha District,
adjacent to Azure’s Andover discovery and Artemis’ Carlow Castle discovery. 44 RC drill holes for 4,713 m have
been completed to date, focussing initially on the Milburn area to the north of Purdy’s North and 1.5 km due
east of Carlow Castle (Figure 3). Results referred to in this news release are not necessarily representative of
mineralization throughout Purdy’s North.
Drilling to date has focused on the Morto Lago and Milburn electromagnetic (“EM”) anomalies with
preparations underway for drilling at Southcourt and NRV06, and the Bushmill EM Ni -Cu targets in the
Yanyarre Well Project area. Planning for drilling at 47K, 48K, Sullam and Bobs Well prospects is also
progressing.
The Morto Lago and Morto Lago North gold-copper target (Figure 4) is where a gold mineralized-quartz vein
system manifests at surface as a wide subcrop over 350 m strike in an outwash claypan, mostly obscured by
regolith, but with already reported 3 significant rock chip gold assay results (up to 6.63 g/t gold), and a series
of malachite bearing sulphidic veins which sub-crop in outwash plains over several hundred metres strike and
100 m width. Wide spaced reconnaissance drill traverses are testing the mapped sulphidic quartz-vein swarms
along strike from the Carlow Castle gold-copper-cobalt mineralization. To date, several zones of quartz veins
with chalcopyrite, arsenopyrite and pyrite have been intersected in multiple holes with intercepts up to 24 m
down hole thickness. New rock chip gold assay results for quartz vein sub -crop at Morto Lago North include
5.29 g/t gold, 1.27 g/t gold, and 0.97 g/t gold.
The Milburn EM anomaly target is a discrete EM geophysical anomaly up to 300 m long and 200 m wide
overlaying a gabbro and meta -basalt contact , with associated historical copper -nickel-gold occurrences
identified at surface. Already three holes to the north of the main target conductor have highlighted a
moderate SW dipping interpreted thrust fault with zones of disseminated pyrrhotite, chalcopyrite and
pentlandite (visually confirmed by pXRF).
Refer to Table 1 in Appendix 2 below for a listing of rock chip and soil sample results. Results referred to in
this news release are not necessarily representative of mineralization throughout Purdy’s North project.
Figure 3: Prospect location at the Purdy's North and Maitland/Dingo intrusive areas.
2 Refer to the Company’s news release dated August 2, 2022.
3 Refer to the Company’s news release dated February 17, 2022.
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Figure 4: Drill program and interpreted geology – Morto Lago/Milburn.
Nunyerry North (E47/2973)
The Nunyerry North Prospect is a quartz vein-related structurally controlled gold target where a high order
soil anomaly has been defined over 640 m coupled with high grade rock chip samples and favourable
structures4. Work in 2022 has included extensional grid soil sampling, rock chip sampling and detailed
mapping.
Phase 2 grid soil sampling has extended the Nunyerry North anomaly to over 1. 4 km strike (Figure 5) and
defined a second 1.2 km long soil anomaly at > 30 ppb gold south of the main target. Eight soil samples
collected in mid -2022 have returned > 1 g/t gold including 2.1 g/t gold and 1.5 g/t gold in soil, making the
total to date, 18 soils > 1 g/t gold over a kilometre strike within the anomalous area.
4 Refer to the Company’s news release dated February 17, 2022.
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Figure 5: Gold in soil anomaly at the Nunyerry North prospect.
Rock chip sampling in the eastern half of the main anomaly returned peak high-grade results from quartz veins
including 8.81 g/t gold, 7.39 g/t gold and 1.23 g/t gold. Further detailed mapping has defined additional
swarms of quartz veins within the main t arget and specimen gold has been detected in the main target area
(Figure 6).
Figure 6: Specimen gold from the main soil anomaly at the Nunyerry North prospect.
The geology of the Nunyerry North target area includes quartz vein -related gold mineralization within a
sequence of ultramafic komatiites and mafic rocks, juxtaposed by regional shears and offset faults. Follow-up
work planned include s heritage surveys and logistics for road access in pre paration for drilling . Novo’s
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exploration licence 47/2973 is 70%-owned, with the remaining 30% held by Mark Gareth Creasy and entities
controlled by him (the “Creasy Group”)5.
Refer to Table 1 in Appendix 2 b elow for a listing of rock chip and soil sample results. Results referred to in
this news release are not necessarily representative of mineralization throughout Nunyerry North or the
Croydon Project.
Egina District
The Becher Area (E47/3673) contains multiple targets along the highly prospective , yet under -explored
Mallina Basin geology across a significant NE trending mineralized corridor potentially extending to De Grey’s
Hemi gold discovery 6 (Figure 7). Previous explorers have defined two large (> 1 km strike) coincident high -
order Au-As-Sb soil anomalies along the structural corridor, with limited reconnaissance aircore drilling within
the Au-As-Sb anomalous zones intersecting up to 4.38 g/t gold6.
Figure 7: Becher area interpreted intrusive targets showing the position of the De Grey Hemi orogenic gold discovery hosted to the
northeast of Becher along the interpreted fertile corridor.
Exploration in 2022 has advanced the understanding of the system, with preparations for a significant aircore
drilling program to commence in the very near future. Exploration to date has included:
• Regolith and geological mapping, identifying intensely altered and sulphidized ultramafic rocks within
the Irvine prospect;
• Detailed structural and geological interpretation and the definition of several shear corridors,
including the ENE trending Irvine a nd Bonatti Shears and the E -W trending Whillans and Heckmair
Shears. Interpretation of the underlying geology has relied heavily on existing aeromagnetic imagery,
5 Refer to the Company’s news release dated June 15, 2020 and September 15, 2020.
6 Refer to the Company’s news release dated November 4, 2021.
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defining magnetic stratigraphy including ultramafic and mafic intrusions along with magnetic lows
possibly representing “ Hemi-type” intrusion s with a predominantly sedimentary sequence in the
Malina Formation;
• A high-resolution low-altitude aeromagnetic survey over the tenement was recently completed, with
results expected in the near term. Re -interpretation of the geology and target definition will be
conducted to prioritise aircore drilling;
• A detailed ground gravity survey is currently in progress , with 4,800 stations planned, to aid in the
definition of structural architecture, and finesse potential granitic “sanukitoid” intrusions and mafic -
ultramafic stratigraphy;
• A heritage survey over approximately 70-line km for drill traverses; and
• Planning for a minimum of 30,000 m of regional 640 m to 320 m spaced lines of aircore drilling (Figure
8) to commence by mid-September, testing four shear corridors and numerous sanukitoid targets, as
well as antimony-arsenic-gold soil anomalies defined by previous explorers6.
To fast-track anomaly definition and rapid, effective follow up to RC targeting, samples from the aircore drilling
will be analysed for gold using detectORE TM proprietary technology already in use on site at the NGP,
facilitating more efficient sample selection during grade control drilling. Novo has been a Platinum Sponsor of
the detectORETM technology since September 2021.
Results referred to in this news release are not necessarily representative of mineralization throughout the
Egina district. Refer to the Appendices for a full listing of results.
Figure 8: Planned air core traverses (red lines), regional shear corridors and previous drilling (black dots) over airborne magnetics.