Near-Mine High-Grade Mineralization Confirmed 3 km from Golden Eagle Processing Plant
Suite 880, 580 Hornby Street
Vancouver, BC, Canada V6C 3B6
P: +1-416-543-3120 E: [email protected] www.novoresources.com
October 21, 2021
Near-Mine High-Grade Mineralization Confirmed 3 km
from Golden Eagle Processing Plant
HIGHLIGHTS
• Preliminary results include 8 m @ 4.6 g/t Au from 26 m, 10 m @ 3.0 g/t Au from 32 m, 3 m @ 8.9 g/t
Au from 5 m, 13 m @ 2.0 g/t Au from 12 m, and 8m @ 3.2 g/t from 37m
• Genie is part of a wider, untested +1.25 km long prospective gold zone within 3 km of the Company’s
Golden Eagle processing plant (the “Golden Eagle Plant”)
• Mineralization remains open in all directions with follow up drilling already in progress
• Maiden reverse circulation (“ RC”) drilling program intersects multiple zones of high-grade
mineralization at Novo’s Genie oxide gold target in the Pilbara region of Western Australia
• New style of gold mineralization in the Mosquito Creek Basin, relating to an interpreted early phase
of dolerite intrusion
VANCOUVER, BC - Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO , NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) is pleased to provide an update on recent brownfields exploration drilling conducted at the
Genie prospect.
The maiden RC drilling program of 31 holes (for a total of 1,787 m ) was completed at Genie in September
2021. Significant intersections returned to date include, but are not limited to:
• 8m @ 4.6 g/t Au from 26 m (21NU0093)
• 10m @ 3.0 g/t Au from 32 m (21NU0089)
• 3m @ 8.9 g/t Au from 5 m (21NU0085)
• 13m @ 2.0 g/t Au from 12 m (21NU0092)
• 8m @ 3.2 g/t Au from 37 m (21NU0094)
Genie is a near-mine oxide prospect that forms part of a broader +1.25 km long previously untested lode-gold
target located within 3 km of the Golden Eagle Plant (Figure 1).
“Novo has an exceptional exploration team capable of quickly identifying and testing impactful targets around
the Nullagine Gold Project,” commented Dr. Quinton Hennigh, Non-Executive Co-Chairman of Novo. “Quickly
recognizing the excellent potential and new style of mineralization at Genie is a prime example of their
strength. And Genie is just one of the first targets on our list. Many more targets are currently being tested, all
of which could have near -term impact on delivering resources for the operation. We are thrilled with these
early results and eagerly await a large volume of exploration drill results to come. With access to Chrysos
PhotonAssay, we expect to deliver a steady stream of results to the market on an ongoing basis.”
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(Figure 1: Locality map for Novo’s Genie prospect in the Pilbara region of Western Australia.)
DETAILS
This maiden drilling program across the western sector at Genie has provided numerous highly significant
results and highlights the potential for the prospect to provide valuable oxide feed to the nearby Golden Eagle
Plant. Gold mineralization occurs across multiple, stacked, shallow to moderately SW dipping z ones and
remains open in all directions.
This program was designed to test the tenor of gold minerali zation where mapping and rock chip sampling
highlighted excellent potential for near-surface mineable gold mineralization. Drilling was completed at 20 m
to 40 m line spacing and 20 m hole spacing along the drill traverses.
Table 1 below provides a list of significant intersections (reporting >1 gram/metre) using parameters that
include a 0.5 g/t Au cut-off and no more than 2 m internal waste. Reported widths are indicative of true widths.
Considering the highly significant results from th is program, further drilling is now a priority with follow up
holes designed to extend and further define the extent of mine ralization. This second, more aggressive drill
program is already in progress.
Genie is located toward the western margin of a prospective gold-mineralized corridor characterized by strong
quartz veining within sheeted dolerite dykes and turbiditic sediments of the Mosquito Creek Formation. This
style of minerali zation relating to an interpreted early phase of dolerite intrusion represents a new gold
mineralization style in the region.
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The local geology at Genie is characteri zed by a swarm of mineralized quartz-veined dolerite dykes defined
over ~320 m strike, with individual dykes up to 80 m long and 10 m wide (Figure 2). The dolerite dykes trend
NW (locally orthogonal to the overall ENE-trending mineralized corridor) and dip shallowly to moderately to
the SW. One 50 m long historic working is present in the central drill area. Sand cover and quartz colluvium
obscures the geology immediately west, south, and north of the outcropping mineralization where the target
extends under cover (Figure 3 and Figure 4).
RC drill s amples were submitted to Intertek Testing Services (Au stralia) Pty Ltd .’s (“ Intertek”) lab for
PhotonAssay (refer to the Company’s news release dated May 18, 2021), providing rapid turnaround time for
exploration assay results, with assays received within two weeks of sample submission.
(Figure 2: Drill collars at Genie with mapped geology. Yellow points delineate holes drilled with assays returned. Black points delineat e
phase 2 planned drill collars. Cross sections shown in Figures 3 and 4.)
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(Figure 3: Drill cross section A with interpreted solid geology, quartz veining (blue hatch), significant (>0.5ppm) intercepts (red hatc h), and 0.2 g/t Au
mineralization halo (red open cross-hatch).)
(Figure 4: Drill cross section B with interpreted solid geology, quartz veining (blue hatch), significant (>0.5ppm) intercepts (red ha tch), and 0.2 g/t Au
mineralization halo (red open cross-hatch).)
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Analytic Methodology
RC samples from Genie were submitted to Intertek in Perth, Australia. Samples are crushed to -2 mm and RSD
split into a single 500-gram jar for PhotonAssay. To test for gold variability and potential coarse gold effect,
field duplicates and crushed duplicates were analysed. Standard s and blanks are inserted in the sample
sequence to test for lab performance.
There were no limitations to the verification process and all relevant data was verified by a qualified person
as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects by reviewing analytical
procedures undertaken by the various laboratories. Dr. Quinton Hennigh (P. Geo.) is the qualified person
responsible for, and having reviewed and approved, the technical information contained in this news release.
Dr. Hennigh is the Non-Executive Co-Chairman and a director of Novo.
About Novo
Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land
package covering approximately 13,250 square kilometres in the Pilbara region of Western Australia. In
addition to the Company’s primary focus, Novo s eeks to leverage its internal geological expertise to deliver
value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416)
543-3120 or e-mail [email protected].
On Behalf of the Board of Directors,
Novo Resources Corp.
“Michael Spreadborough”
Michael Spreadborough
Executive Co-Chairman
Forward-looking information
Some statements in this news release contain forward -looking information (within the meaning of Canadian
securities legislation) including, without limitation, planned exploration activities, the expected timing of
receipt of assay results , and that the second Genie drill program will further define the extent of
mineralization. These statem ents 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 achi evements 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 management’s discussion and analysis for the six months ended June
30, 2021, which is available under Novo’s profile on SEDAR at www.sedar.com. 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.
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Table 1: Significant intercept table for all results from this phase of drilling at Genie. The table is generated
using a 0.5 g/t Au cut -off grade and no more than 2 m internal waste. Reported intervals (widths) are
considered representative of true widths.
HOLE ID COORDSYS EASTING NORTHING HEIGHT
AZI
GRID DIP
DEPTH
FROM
DEPTH
TO
Au
(ppm)
Width
(m)
Gram*
metres
21NU0077 MGA94_51 202963 7571292 384 90 -50 21 33 1.9 12 22.4
21NU0077 MGA94_51 202963 7571292 384 90 -50 8 10 1.3 2 2.5
21NU0078 MGA94_51 202961 7571271 384 90 -50 14 25 1.4 11 15.8
21NU0079 MGA94_51 202980 7571268 384 90 -50 11 12 1.2 1 1.2
21NU0080 MGA94_51 202979 7571266 384 45 -50 6 14 0.6 8 4.9
21NU0081 MGA94_51 202968 7571255 383 45 -50 19 21 3.7 2 7.4
21NU0081 MGA94_51 202968 7571255 383 45 -50 1 3 0.8 2 1.6
21NU0082 MGA94_51 203003 7571260 387 45 -50 34 39 2.3 5 11.6
21NU0082 MGA94_51 203003 7571260 387 45 -50 0 3 0.7 3 2.2
21NU0082 MGA94_51 203003 7571260 387 45 -50 51 53 0.9 2 1.9
21NU0083 MGA94_51 202988 7571246 384 45 -50 6 13 2.1 7 14.7
21NU0083 MGA94_51 202988 7571246 384 45 -50 18 28 1.2 10 12.3
21NU0084 MGA94_51 202973 7571231 384 45 -50 82 89 1.4 7 10.1
21NU0084 MGA94_51 202973 7571231 384 45 -50 44 46 1.9 2 3.8
21NU0084 MGA94_51 202973 7571231 384 45 -50 71 73 0.8 2 1.6
21NU0085 MGA94_51 202957 7571217 384 45 -50 5 8 8.9 3 26.7
21NU0085 MGA94_51 202957 7571217 384 45 -50 58 72 1.2 14 16.9
21NU0086 MGA94_51 202943 7571202 385 45 -50 41 49 1.0 8 7.9
21NU0086 MGA94_51 202943 7571202 385 45 -50 68 73 1.3 5 6.7
21NU0086 MGA94_51 202943 7571202 385 45 -50 2 5 1.4 3 4.1
21NU0087 MGA94_51 202928 7571187 385 45 -50 8 10 0.8 2 1.6
21NU0088 MGA94_51 203026 7571255 385 45 -50 54 64 2.1 10 21.0
21NU0088 MGA94_51 203026 7571255 385 45 -50 31 39 0.9 8 7.1
21NU0088 MGA94_51 203026 7571255 385 45 -50 17 21 0.7 4 2.7
21NU0088 MGA94_51 203026 7571255 385 45 -50 24 26 0.8 2 1.6
21NU0088 MGA94_51 203026 7571255 385 45 -50 2 3 1.5 1 1.5
21NU0089 MGA94_51 203056 7571282 386 45 -50 32 42 3.0 10 29.6
21NU0089 MGA94_51 203056 7571282 386 45 -50 4 10 4.0 6 23.8
21NU0089 MGA94_51 203056 7571282 386 45 -50 13 17 1.0 4 4.2
21NU0090 MGA94_51 203042 7571267 386 45 -50 12 22 0.8 10 8.1
21NU0090 MGA94_51 203042 7571267 386 45 -50 7 9 3.8 2 7.5
21NU0090 MGA94_51 203042 7571267 386 45 -50 51 53 1.5 2 3.0
21NU0091 MGA94_51 203102 7571302 387 45 -50 1 2 1.0 1 1.0
21NU0092 MGA94_51 203092 7571291 385 45 -50 12 25 2.0 13 26.3
21NU0092 MGA94_51 203092 7571291 385 45 -50 8 9 1.6 1 1.6
21NU0093 MGA94_51 203079 7571278 386 45 -50 26 34 4.6 8 36.4
21NU0093 MGA94_51 203079 7571278 386 45 -50 10 11 1.1 1 1.1
21NU0093 MGA94_51 203079 7571278 386 45 -50 4 5 1.0 1 1.0
21NU0094 MGA94_51 203062 7571263 385 45 -50 37 45 3.2 8 25.3
21NU0094 MGA94_51 203062 7571263 385 45 -50 16 19 1.4 3 4.1
21NU0094 MGA94_51 203062 7571263 385 45 -50 48 49 1.0 1 1.0
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HOLE ID COORDSYS EASTING NORTHING HEIGHT
AZI
GRID DIP
DEPTH
FROM
DEPTH
TO
Au
(ppm)
Width
(m)
Gram*
metres
21NU0095 MGA94_51 203046 7571248 385 45 -50 10 11 3.2 1 3.2
21NU0096 MGA94_51 203031 7571233 384 45 -50 62 64 5.6 2 11.2
21NU0096 MGA94_51 203031 7571233 384 45 -50 79 81 5.2 2 10.5
21NU0096 MGA94_51 203031 7571233 384 45 -50 45 47 1.4 2 2.9
21NU0098 MGA94_51 203123 7571292 387 45 -50 11 12 1.8 1 1.8
21NU0099 MGA94_51 203108 7571278 386 45 -50 33 36 2.3 3 6.8
21NU0100 MGA94_51 203148 7571278 386 45 -50 47 48 1.4 1 1.4
21NU0101 MGA94_51 203133 7571263 386 45 -50 18 19 2.6 1 2.6
21NU0101 MGA94_51 203133 7571263 386 45 -50 42 43 1.3 1 1.3
21NU0102 MGA94_51 203119 7571249 385 45 -50 2 4 0.7 2 1.4