Novo Discovers Broad Gold-Bearing Swale at Egina Mining Lease and Discusses Terrace Concept
Novo Discovers Broad Gold-Bearing Swale at Egina Mining Lease and
Discusses Terrace Concept
VANCOUVER, British Columbia, May 26, 2020 -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX:
NSRPF) is pleased to announce it has discovered a broad gold bearing swale in the northwestern part of its Egina mining
lease. This new discovery ties in well with the Company’s overall interpretation regarding gold distribution across the greater
Egina terrace.
Summary:
Discovery of new gold-bearing swale at Egina mining lease
• Novo has identified a broad gold bearing swale in the northwestern quadrant of its Egina mining lease (Figure 1). This
discovery is situated a few hundred metres west of the swale that was the subject of extensive test work by the
Company in 2019. Identification of gold-bearing gravels comes from processing approximately 1 tonne bulk samples
using Novo’s mobile alluvial Knudson (“MAK”) test plant. MAK sampling indicates the presence of a northwest trending
swale up to 350 m wide that appears to extend off the mining lease onto Novo’s adjoining exploration licenses. Point
counts of gold from these MAK samples are similar to those from the test swale to the east. Gravel thickness are also
similar, 0.5-2 m thick.
• This discovery is located immediately north of a series of low hills that are capped in places by Fortescue Group gold-
bearing conglomerates. Novo believes these conglomerates were once far more extensive in this area and that as they
eroded away, gold was reworked into the modern gravel terrace.
• It is envisaged that the next phase of exploration will be to conduct bulk sampling in this area to confirm grade. Being
situated on the Egina mining lease, this discovery may prove to be a suitable location for trial bulk extraction and
processing of gravels.
Current interpretation of the greater Egina gold bearing terrace
• Through recent MAK sampling and ground penetrating radar data at Egina, the newly discovered Paradise area where
multiple broad gold bearing swales have recently been discovered (please refer to the Company’s news release dated
May 15, 2020), Novo is beginning to assimilate an interpretive model of gold distribution across the terrace in areas
north of the mining lease. Although this represents a small fraction of Novo’s overall land holdings in the region, this
interpretation speaks to the potential size of the system.
• Figure 1 illustrates an area approximately 10 km wide extending approximately 17 km northward from a series of low
rolling hills that marks the southern limit of the terrace. Novo believes this area potentially hosts an extensive system of
swales that have a general trend from south to north. Multiple areas thought to be potential gold sources lie at the head
of this swale system. This includes the recently discovered swale discussed above.
• This model helps present a picture that ties together the newly discovered gold bearing swales at Paradise with areas
further south. Gold at Paradise may be originating from weathered and eroded Fortescue conglomerates as well as
basement lode deposits in the region. If correct, this model implies that the gold-bearing swales discovered at Paradise
extend for at least 10 km to the north and south.
“We are pleased to see a model coming together of gravel gold mineralization across the greater Egina terrace,” commented
Quinton Hennigh, President and Chairman of Novo Resources. “We are starting to see a pattern of gravel gold distribution that
appears robust around Egina. Recently discovered broad gold bearing swales discovered at Paradise likely tie back to areas
further south. This implies we have a network of swales nearly 10 km wide and 17 km from south to north to further explore
around Egina, a small part of our large land holdings across the expansive terrace. We have many other target areas to test
across our terrace holdings this year. We are just getting started.”
Description of MAK sampling process:
MAK samples are collected from pits spaced approximately 50 metres apart across target areas. Pits are dug by track hoe
and range up to 3 metres depth. Targeted sample size is approximately one tonne. Samples are placed in wooden crates lined
with bulka bags and transported to Novo’s Station Peak camp where they are processed through a mobile alluvial Knudsen
centrifugal concentrator. Concentrates are panned down to reveal gold for point counting and further study.
Dr. Quinton Hennigh, P. Geo., the Company’s President, Chairman, and a Director, and a qualified person as defined by
National Instrument 43-101, has approved the technical contents of this news release.
About Novo Resources Corp.
Novo’s focus is primarily to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up
a significant land package covering approximately 13,000 square kilometres with varying ownership interests. In addition to the
Company’s primary focus, Novo seeks 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.
“Quinton Hennigh”
Quinton Hennigh
President and Chairman
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities
legislation) including, without limitation, statements as to planned exploration activities. 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 mineral resource
industry as well as the performance of services by third parties.