Novo Files Updated Beatons Creek Technical Report
Novo Files Updated Beatons Creek Technical Report
VANCOUVER, British Columbia, May 13, 2019 -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX:
NSRPF) is pleased to announce that it has filed a technical report prepared pursuant to National Instrument 43-101 Standards
of Disclosure for Mineral Projects (“NI 43-101”) related to its April 1, 2019 news release ( http://novoresources.com/news-
media/news/display/index.php?content_id=346) announcing the increased resource estimate for its Beatons Creek Gold
Project, Western Australia (the “ 2019 Resource Estimate”). The independent technical report, entitled “NI 43-101 Technical
Report, Mineral Resource Update, Beatons Creek Conglomerate Gold Project, Pilbara Region, Western Australia” (the “ 2019
Technical Report ”), with an effective date of February 28, 2019 and an issue date of May 13, 2019, was prepared for Novo by
Dr. Simon C. Dominy (FAusIMM (CPGeo)) of Surrey, UK and Dr. Quinton T. Hennigh (P.Geo.) of Longmont, USA. Dr. Dominy
and Dr. Hennigh are qualified persons as defined under NI 43-101. The 2019 Technical Report is available under the
Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) website at www.sedar.com (filing
date: May 13, 2019) and on the Company’s website at www.novoresources.com.
Highlights:
• The updated 2019 Resource Estimate includes a 30% increase in tonnes driven predominantly by an improved
geological framework from the recent diamond drilling program compared to the previous 2018 estimate supported by
the technical report titled “NI 43-101 Technical Report Resource Update, Beatons Creek Gold Project, Pilbara Region,
Australia” issued on November 20, 2018 (the “2018 Resource Estimate”) and filed on SEDAR (www.sedar.com) under
the Company’s profile on November 21, 2018.
• The new model sees an increase of 115,000 oz Au (+33%) in the Indicated Mineral Resource category (over the 2018
Resource Estimate’s Measured + Indicated) within the Open Pit.
• Recent three-stage gravity recoverable gold (“GRG”) test work on the fresh mineralization achieved a gravity recovery in
the range of 89-95%.
• The expanded 2019 Resource Estimate, along with Beatons Creek’s high metallurgical recovery (+97% gravity + carbon
-in-leach; please refer to the Company’s news release dated March 7, 2017 for further details), make it the premier gold
deposit in the Nullagine mining camp in the eastern Pilbara region.
• Mineralization remains open to the north-west and south-west with several areas identified for resource development
drilling.
2019 Resource Estimate:
Open Pit Mineral Resources (oxide and fresh mineralization)
Cut-off Grade Tonnes Grade Ounces Troy Au
Classification Au g/t (x1000) Au g/t (x1000)
Indicated 0.5 6,645 2.1 457
Inferred 0.5 3,410 2.7 294
Open Pit Mineral Resources (oxide mineralization)
Cut-off Grade Tonnes Grade Ounces Troy Au
Classification Au g/t (x1000) Au g/t (x1000)
Indicated 0.5 4,500 1.9 272
Inferred 0.5 765 1.8 44
Open Pit Mineral Resources (fresh mineralization)
Cut-off Grade Tonnes Grade Ounces Troy Au
Classification Au g/t (x1000) Au g/t (x1000)
Indicated 0.5 2,145 2.7 185
Inferred 0.5 2,645 2.9 250
Underground Mineral Resources (fresh mineralization)
Cut-off Grade Tonnes Grade Ounces Troy Au
Classification Au g/t (x1000) Au g/t (x1000)
Inferred 3.5 885 5.3 152
Total Mineral Resources (oxide and fresh mineralization; open pit and underground)
Cut-off Grade Tonnes Grade Ounces Troy Au
Classification Au g/t (x1000) Au g/t (x1000)
Indicated 0.5 6,645 2.1 457
Inferred 0.5, 3.5 4,295 3.2 446
Notes:
1. Open pit Mineral Resources contain oxide and fresh mineralization within an optimized shell and constrained within a
mineralized wireframe.
2. An optimized Whittle pit shell was estimated with the following indicative parameters:
(a) USD $1,311 (AUD $1,850) / troy ounce;
(b) Metallurgical recoveries of 95% oxide and 90% fresh;
(c) SGs applied: Oxide 2.40 t/m3 and fresh 2.85 t/m3 based on measurements taken on drill core;
(d) USD $2.40 / tonne mining cost for oxide and USD $3.68 / tonne for fresh;
(e) USD $17.00 / tonne oxide and USD $19.00 / tonne fresh processing cost; and
(f) USD $3.00 / tonne general and administrative costs.
3. Underground Mineral Resources contain fresh mineralization outside the optimized shell. Underground resources are
constrained to discrete areas of contiguous mineralization. NB: cut-off grade for underground resource has been increased
from 2.0 Au g/t to 3.5 Au g/t for the 2019 Resource Estimate.
4. Columns may not total due to rounding.
5. One troy ounce is equal to 31.1034768 grams.
In this news release, the terms “Mineral Resource”, “Inferred Mineral Resource”, “Indicated Mineral Resource” and “Measured
Mineral Resource” have the meanings given in the CIM Definition Standards on Mineral Resources and Mineral Reserves
adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council.
Dr. Quinton Hennigh (P.Geo.) is the qualified person pursuant to NI 43-101 responsible for, and having reviewed and approved,
the technical information contained in this news release. Dr. Hennigh is President, Chairman, and a director of Novo
Resources Corp.
About Novo Resources Corp.
Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a
significant land package covering approximately 12,000 sq km with varying ownership interests. 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.
Cautionary Note to U.S. Readers Regarding Estimates of Inferred, Indicated and Measured Resources
This news release uses the term "inferred mineral resources", "indicated mineral resources" and "measured mineral
resources". We caution U.S. investors that while these terms are recognized and required by Canadian regulations, they are
not recognized by the U.S. Securities and Exchange Commission (the “ SEC”). "Inferred mineral resources" have a great
amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an "inferred mineral resource" will ever be upgraded to a higher category. Under Canadian rules,
estimates of "inferred mineral resources" may not form the basis of a feasibility study or prefeasibility studies. U.S. investors
are cautioned not to assume that any part or all of an “inferred mineral resource” exists or is economically or
legally mineable . The terms "indicated mineral resources" and "measured mineral resources" are not defined under SEC
Industry Guide 7 and are not normally permitted to be used in documents filed with the SEC. U.S. investors are cautioned
not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry
Guide 7 reserves.