Novo Identifies Ni-Cu Targets at Southcourt, Andover Intrusion, Adjacent to Azure’S Andover VC-07 Ni-Cu-Co Discovery
Suite 880, 580 Hornby Street
Vancouver, BC, Canada V6C 3B6
P: +1-416-543-3120 E: [email protected] www.novoresources.com
NOVEMBER 30, 2021
NOVO IDENTIFIES Ni-Cu TARGETS AT SOUTHCOURT, ANDOVER
INTRUSION, ADJACENT TO AZURE’S ANDOVER VC-07 Ni-Cu-Co
DISCOVERY
HIGHLIGHTS
• Novo’s extensive greenfields exploration program has recently identified and advanced a series Ni-Cu-
Co targets adjacent to Azure Minerals Limited’s (“Azure”) (ASX: AZS) Andover VC-07 Ni-Cu-Co massive
sulphide discovery (“Andover”) and Artemis Resources Limited’s (“Artemis”) (ASX: ARV) Carlow Castle
Au-Cu-Co discovery (“Carlow Castle”)
• Novo’s 100%-owned exploration licence 47/1745 contains several airborne electromagnetic (“VTEM”)
anomalies (previously defined in 2007 by Legend Mining Limited (“Legend”) (ASX: LEG)) which have
not been drill tested, along with large high order soil geochemical anomalies (including Cu, Ni and Co)
associated with the VTEM conductors, including the Southcourt and Milburn prospects
• Novo is n ow progressing ground electromagnetic (“EM”) geophysical surveys in the near -term to
advance these discoveries
• This work is consistent with Novo’s accelerated exploration strategy targeted at growing the
Company’s portfolio of gold and battery metals prospects in the Pilbara region of Western Australia
VANCOUVER, BC - Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO , NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) is pleased to advise that it has recently identified and advanced a series of Au-Cu and Ni-Cu-
Co targets on EL47/1745, adjacent to Andover1 and Carlow Castle 2 in the West Pilbara region of Western
Australia, although there is no certainty that EL47/1745 contains the same levels of mineralization as either of
these discoveries.
The general area has benefited from a renewed exploration interest since Azure announced its drilling success
on Andover in November 2020 1 with 3.9m @ 2.85% Ni and 0.47% Cu from 94.5m in their maiden drill hole
ANDD001, subsequent to success by the Creasy Group, in 2018, who intersected 7m @ 2.62% Ni and 0.65%
Cu in ADRC0023.
Recent geochemical sampling by Novo over previously defined VTEM conductors on EL47/1745 (weak
conductors within airborne electro-magnetic surveys by Legend4,5) has defined several large high-order Cu, Ni
and Co anomalies relating to the VTEM targets.
Results and technical information referred to in this news release from Azure, Legend, Artemis , Westfield
Minerals Ltd (“ Westfield”) and AMAX Exploration (“AMAX”) are not necessarily representative of
mineralization throughout the district. This historical data was disclosed in ASX announcements, other public
disclosure documents, and annual exploration reports filed on the Western Australian Department of Mines,
Industry Regulation and Safety’s (“ DMIRS”) website (collectively, “Disclosure”) issued by Azure, Legend,
Artemis, Westfield, and AMAX . The technical information contained herein has been extracted from this
1 Refer to Azure’s ASX announcement dated November 9, 2020.
2 Refer to Artemis’ ASX announcement dated November 20, 2019.
3 Refer to Azure’s ASX announcement dated August 6, 2020.
4 Refer to Legend’s ASX announcement dated July 23, 2007.
5 Refer to Legend’s Annual Report 2009 – WAMEX Open File Data Rept. A82043
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Disclosure. Reference should be made to the relevant Disclosure which is available online at the links provided
in various footnotes throughout this news release.
A qualified person has not verified the technical information contained in the Disclosure, and Novo is unaware
of the existence of any technical report prepared in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects or the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves in connection with the technical information contained in the Disclosure. Novo is
unable to comment on the reliability of the technical information contained in the Disclosure and therefore,
reliance should not be placed on such technical information.
(Figure 1 – EL47/1745 location and priority targets, in relation to Andover and Carlow Castle.)
Southcourt Anomalies
Three weak VTEM conductors 3km WNW of Andover are present in a zone of complex geology within the
Andover intrusion at Novo’s Southcourt prospect (Figure 1), including layered gabbro and ultramafic intrusive
rocks.
Detailed 20 x 20 m to 20 x 40 m spaced soil sampling undertaken by Novo utilizing a Niton XL5 pXRF has defined
a high-order 500 m long Cu anomaly flanking the western two VTEM conductors (Figure 2). Co and Ni partially
overlap the broad copper anomaly (Figure 3). Peak pXRF soil values include 1,456 ppm Cu, 1,521 ppm Ni, and
1,938 ppm Co. Peak rock chip results utilizing the pXRF for spot assaying on sulphide minerals or Cu -Ni oxide
minerals yielded up to 19.6% Cu, 0.13% Co and 2.07% Ni. These results are not necessarily representative of
mineralization throughout the entire district. Novo interprets the broad anomaly to be a zone of disseminated
sulphide (Figure 5a) on the margin of potentially more substantial sulphide bodies at depth (VTEM target).
Additional assay results are pending.
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Milburn Anomaly
One high intensity VTEM anomaly is present at Milburn , 1.4km ESE from the east end of Carlow Castle.
Previous work by Legend6 included eight lines of ground EM which identified a single conductor modelled to
a dip of 45 o west at a depth of 35 m. The EM anomaly was followed up by Legend 5,7,8 with 17 -2 mm soil
samples which returned peak values of 36 and 33 ppb Au and previous rock chip sampling yielded values of
4.83% Cu, 0.15 g/t Au and 0.21% Ni. The anomaly was not drilled by Legend.
In 1967, Westfields Minerals9 defined a 1 km long induced polarization (“IP”) anomaly (Fig. 3) to the south of
the EM conductor and completed shallow vertical percussion holes with a best result of 6m @ 0.22% Ni and
0.15% Cu (BH31) (Fig. 3). Subsequent drilling in 1971 by AMAX10 intersected a sequence of mafic and ultramafic
rocks with 1 to 10% diss eminated sulfides (pyrite, pyrrhotite and rare chalcopyrite) with best results from
PDH20A (Fig. 3) of 3.66 m @ 0.23% Ni and 0.17% Cu. These results are not necessarily representative of
mineralization throughout the entire district. Importantly, Au, Co and PGE minerals were not analyzed.
Detailed 20 x 20m spaced soil sampling undertaken by Novo utilizing a Niton XL5 pXRF has defined a high -
order 450 m long Cu anomaly flanking the eastern side of the VTEM conductor (Figure 4). Peak pXRF soil values
include 1 ,677 ppm Cu, 1 ,131 ppm Ni , and 238 ppm Co. Peak rock chip results utilizin g the pXRF for spot
assaying on sulphide minerals or Cu-NI oxide minerals yielded up to 15.2% Cu, 92 ppm Co and 0.33% Ni. These
results are not necessarily representative of mineralization throughout the entire district. Figure 5b highlights
a copper rich siliceous altered mafic rock from the trend. Additional assay results are pending.
(Figure 2 – Southcourt Cu soil geochemistry (pXRF) with overlapping Co anomaly and VTEM conductors (white dashed circles).)
6 Refer to Legend’s ASX announcement dated October 02, 2007.
7 Refer to Legend’s ASX announcement dated January 24, 2008.
8 Refer to Legend’s Annual Report 2009 – WAMEX Open File Data Rept. A69000
9 Refer to Westfields Final Report 1967 – WAMEX Open File Data Rept. A982
10 Refer to AMAX Final Report 1972 – WAMEX Open File Data Rept. A3472
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(Figure 3 – Southcourt Ni soil geochemistry (pXRF) with overlapping Cu anomaly Co anomaly (white shapes) and VTEM conductors (white dashed
circles.))
(Figure 4 – Milburn Cu soil geochemistry (pXRF) and VTEM conductors (white dashed circles) and the location of Westfields IP anomaly and drillholes
in the general area.)
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Other significant targets (Figure 1) on EL47/1745 include:
Anna Valley, which is in the SW corner of EL47/1745. This VTEM anomaly defined by Legend4,5 was
followed up with a ground fixed loop transient EM (“ FLTEM”) survey6 defining a strong conductor
dipping between 35 - 55°to the northwest with a modelled depths of 30 to 35 m. The target was
thought to relate to a chert body which outcrops to the west, but the target is under thick alluvial and
colluvial cover.
Fortune South #1 and #2, which are part of a 2 km long shear zone with several historic workings and
a number of metal detector pits where sheared gabbro and anastomosing quartz veins are present.
Previous sampling has assayed up to 8.51 g/t Au and 0.134% Cu on EL47/17458. pXRF rock chip samples
at Fortune South #2 into banded and sheared Cu -rich gossan (Figure 5d) yielded peak values of 60%
Cu and 802 ppm Ni. These target types (shear-related Au-Cu) are not highlighted by VTEM.
Thorpe East, which is part of a 2 km long shear corridor with several historic workings and peak assay
results of 3.11 ppm Au 8. Novo has identified significant gossanous zones ( Figure 5c) associated with
quartz veining, yielding up to 676 ppm As, 3.5% Cu, 0.15% Ni , and 48.6 ppm Mo. These target types
(shear-related Au-Cu) are not highlighted by VTEM.
Carlow Castle Extension, on which Artemis2 have reported a soil geochemical anomaly and favourable
stratigraphy along strike and to the east of Carlow Castle, on E L47/1745, directly north of Milburn.
Novo has not yet conducted any work on this 1.7 km long zone of potential. This orogenic Au -Cu-Co
target type is not highlighted by VTEM.
The foregoing results at Anna Valley, Fortune South #1 and #2, and Thorpe East are not necessarily
representative of mineralization throughout the entire district.
Exploration planned for EL47/1745 by Novo in early 2022 includes ground FLTEM surveys to better define the
EM conductors, possible induced polarization lines across the identified target zones pending results of EM ,
and drilling into the main target areas, including the Milburn, Southcourt and Anna Valley prospects. Drill holes
will be surveyed using downhole EM techniques to locate off -hole conductors. Extensive first pass
reconnaissance soil sampling, regional to detailed mapping, and rock chip sampling will be con ducted across
highly prospective EL47/1745.
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a. Sample at Southcourt showing gabbro with malachite and
fe-oxides after sulfides assaying 11% Cu, 0.6% Ni, 147 ppm Co
(pXRF spot point sample).
b. Copper rich siliceous altered basalt at Milburn historic
workings yielding in pXRF 346 ppm As, 7% Cu and 792 ppm Ni
(5090220E, 7698419,7N).
c. Gossan in pit at Thorp East shear zone. pXRF sample assayed
peak results of 1% Cu and 597 ppm Ni.
d. Copper gossan at Fortune South #2 (507535E, 7696074N).
pXRF rock chip samples yield peak values of 60% Cu and 802
ppm Ni.
(Figure 5 – Milburn Cu soil geochemistry (pXRF) and VTEM conductors (white dashed circles).)
Analytic Methodology
The pXRF assay technique utilized a Niton XL5 handheld XRF machine. The Niton is calibrated daily, with 4
QAQC standards (fit for purpose including certified Ni, Cu and Co values) run concurrently, with an additional
2 standards checked per 100 readings and 4 QAQC standard assayed before the machine is shut down. pXRF
is utilized as a preliminary exploration technique for base metals. Soil samples are unprepared and analysed
for 30 seconds using two machine filters and rock chip samples are point analysed for 90 seconds using 4
machine filters. The pXRF is a spot reading device and has diminished precision due to grainsize effect,
especially on rock samples where peak results represent a window of < 10mm field of view.
QP STATEMENT
Dr. Quinton Hennigh (P.Geo.) 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 the technical information extracted from the Disclosure.
Dr. Hennigh is the non-executive co-chairman and a director of Novo.
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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 seeks to lever age 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. 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 management’s
discussion and analysis for the nine-month period ended September 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.