Novo Resources Corp. - September Quarterly Update
Novo Resources Corp. - September Quarterly Update
VANCOUVER, British Columbia, Oct. 23, 2024 --
HIGHLIGHTS
• Significant Q3 2024 exploration results received from drilling programs at Novo Resource’s priority targets across the
Pilbara (Western Australia) and Belltopper Project (Victoria).
• Drilling at Nunyerry North completed in July with 34 RC holes for 3,942 m. The program tested multiple new targets
along strike of known mineralisation and down plunge of existing intercepts extending the high-grade Main Lode to 500
m strike/plunge and intersected high-grade gold along the Estrid Fault.
• Standout intercepts from drilling at Nunyerry North include4:
• 13 m at 2.68 g/t Au from 66 m, including 3 m at 10.41 g/t Au from 66 m
• 11 m at 2.20 g/t Au from 84 m, including 1 m at 18.06 g/t Au from 86 m
• 17 m at 1.85 g/t Au from 25 m, including 7 m at 3.55 g/t Au from 25 m
• 9 m at 2.52 g/t Au from 87 m, including 2 m at 8.89 g/t Au from 92 m
• At the Egina Gold Project, De Grey Mining (ASX: DEG) continued an aggressive exploration program at the Becher
Project, with drilling at four main prospects, being the Heckmair, Irvine, Lowe and Whillans Prospects. Egina is located
near De Grey’s 12.7 Moz Hemi Gold Project1.
• In addition to Novo’s approx. 60,000 m AC and RC drilling completed in 2023, De Grey has completed 34,180 m of AC
drilling and 9,129 m of RC drilling to date across the four main prospects, testing prospective intrusions and regional
structures, as well as a drone magnetic survey.
• De Grey satisfied its initial A$7 million minimum expenditure commitment over a 15-month period on exploration at the
Egina Gold Project.
• Novo completed a review of the antimony (Sb) – gold (Au) potential across its Pilbara landholding. Two prospects in the
early stages of exploration rank highly for antimony potential, including the historic Sherlock Crossing (Clarke)
antimony mine and the Southeast Wyloo antimony-gold stream sediment anomaly.
• Detailed re-logging and additional sampling from 11 historical diamond holes in priority target areas at the Belltopper
Gold Project in Victoria, delivered multiple new significant gold intercepts across a range of known and emerging
targets2.
• The Belltopper re-logging program confirmed controls on higher-grade mineralisation and refined the position of several
target reefs and key structural features such as modelled high-grade shoots and high priority target anticline corridors 2.
• 6.0 m @ 4.37 g/t Au from 169 m (including 5.0 m @ 5.18 g/t Au from 169 m) in DDHMA1 on the Never Despair
Reef.
• 2.0 m @ 7.19 g/t Au from 52 m (including 1.15 m @ 12.01 g/t Au from 52 m) and 2.0 m @ 3.87 g/t Au from 43
m (including 1.0 m @ 6.92 g/t Au from 43 m) in MD04 on the emerging Butchers Gully Fault target, a layer
parallel structure to the high-grade Leven Star Reef.
• 3.1 m @ 3.29 g/t Au from 36 m (including 1.3 m @ 7.26 g/t Au from 37.3 m) in MD06A, also on the Butchers
Gully Fault.
• 2.1 m @ 3.82 g/t Au from 78.9 m (including 0.6 m @ 9.74 g/t Au from 79.3 m) in MD07 on NW Fault 9, an
important, west-dipping, sub-parallel trending structure to the high-priority Missing Link Reef target.
• 13 m @ 0.64 g/t Au from 90 m (including 1 m @ 1.92 g/t Au from 94 m) in DDHMA2 on the West Panama Reef.
• An exploration target was defined at Belltopper (the Exploration Target) 3 through geological modelling of priority target
reefs following completion of 2024 drilling and the release of assay results.
• The Exploration Target excludes numerous emerging prospective zones and conceptual targets based on progressive
geological and geochemical understanding.
• Novo is in a strong financial position to continue its exploration focus on Western Australia and Victoria, with no debt
and a cash balance of A$6.7 million (C$6.3 million) and investments of approximately A$44.6 million (C$41.6
million) as of 30 September 2024.
Commenting on the September quarter, Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said, “Novo
continues to actively explore and drill across our highly prospective exploration portfolio in Western Australia and Victoria. The
September quarter was another productive quarter with our geological teams delivering excellent results in the Pilbara and at
our Belltopper Project. Key standout achievements from the quarter were the definition of the Belltopper Exploration Target
which highlights the exciting growth opportunity we have at this Project and subsequent to quarter end, our joint venture partner
De Grey Mining completing its initial A$7 million minimum expenditure commitment on exploration at the Egina Gold Project.
“Importantly, De Grey will continue with its investment to earn a 50% joint venture interest in the Egina tenements by spending
an additional A$18 million through to June 30, 2027 and this commitment from De Grey highlights the exciting opportunity
ahead at Egina. De Grey is just starting to scratch the surface at Egina, with several highly prospective areas yet to be
systematically tested, providing multiple new targets to explore and build further value.”
Drilling at Nunyerry North
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9da9e36c-01b4-4b85-afef-981dcee5aeda
SUSTAINABILITY
There were no significant safety, environment, or community incidents during Q3 2024.
Discussions with the representatives of the Traditional Owners are on-going as Novo reviews and updates the relevant access
agreements. Updated Determination Wide agreements were executed with the Nyamal and Kariyarra Peoples during the
quarter. Novo remains in close contact with the Traditional Owners to ensure appropriate heritage protection for planned
exploration activities across the Pilbara
WESTERN AUSTRALIAN GOLD PORTFOLIO
Egina Gold Camp
The Egina Gold Camp (EGC) is an 80 km long contiguous tenement package, which hosts Novo’s current high priority Pilbara
targets ( Figure 1 ) at Nunyerry North and Becher. The tenure is focussed on a series of structurally complex, gold-fertile
corridors and is hosted by rocks of the Mallina Basin in the north and mafic / ultramafic sequences further south. This belt is
the primary focus for Novo’s 2024 Pilbara exploration programs.
Figure 1: Novo Pilbara tenure showing main projects and significant prospect.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c67b0085-0b41-402d-8428-5c15889cde67
Nunyerry North
The Nunyerry North prospect lies within Exploration License E47/2973 in the southern EGC, located 150 km from Port
Hedland. The tenement is subject to a joint venture agreement, with Novo holding a 70% interest and the remaining 30% held
by Rockford Metals Pty Ltd, an entity of Mark Creasy (The Creasy Group).
In addition to the Nunyerry North and Egina JV, several other priority gold targets are also being progressed along the main
structural corridors within the EGC ( Figure 2 ). These prospects form part of Novo’s regional reconnaissance program along
the Tabba Tabba Shear Corridor in 2024.
Nunyerry North (70% Novo / 30% Creasy Group)
Novo completed a maiden RC drilling program of 30 holes for 2,424 m at Nunyerry North in Q4 2023. Phase 2 RC drilling
continued to completion on 21 July at Nunyerry North 4 with final drill metrics of 34 holes for 3,942 m testing four main targets
(Figure 3 ). Angled drill holes ranged from 66 m to 192 m in depth (average 116 m) and were drilled on 40 m to 80 m spaced
sections. All holes were drilled oriented perpendicular to the interpreted mineralised trend, with the intersected widths
representative of the true width of the mineralisation unless noted otherwise.
Figure 2: Novo Tenure in the Central Pilbara showing the Egina Gold Camp and Balla Balla Gold Project Au prospects,
location of Nunyerry North, and JV interests.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4810cb57-3197-4e51-877a-403d7f4a06ff
Drilling at the Main Lode target area successfully extended known gold mineralisation by 250 m to ~ 500 m strike (see long
section in Figure 4 ) and produced several significant intercepts (see results below). High-grade gold results were returned
from drilling along the Estrid Fault and also require follow up.
Best results from the latest drilling include 4:
• 13 m at 2.68 g/t Au from 66 m, including 3 m at 10.41 g/t Au from 66 m (NC046)
• 11 m at 2.20 g/t Au from 84 m, including 1 m at 18.06 g/t Au from 86 m (NC046)
• 17 m at 1.85 g/t Au from 25 m, including 7 m at 3.55 g/t Au from 25 m (NC063)
• 9 m at 2.52 g/t Au from 87 m, including 2 m at 8.89 g/t Au from 92 m (NC061)
• 2 m at 7.38 g/t Au from 42 m (NC051)
The mineralisation presented in the body of this release is not necessarily representative of mineralisation throughout the
Nunyerry North Project. Intercepts are expressed as down-hole intersections and should not be presumed always to represent
true widths, which may vary from hole to hole.
Assays from the Porphyry target included a best intercept of 7 m at 0.1 g/t Au, coinciding with elevated XRF assays on RC
powder of up to 0.21% Cu; no significant intercepts were returned from the Aurora West target testing potential offset to the
basalt target horizon.
Figure 3: Nunyerry project area with interpreted geology, highlighting strike extent of favourable stratigraphy and additional
structural targets.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3194eebe-2ec0-4367-b7bf-d654fe823428
Figure 4: Nunyerry North long section (looking NNW) showing m x g/t Au (downhole width)
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6027c880-223c-4bfe-82e0-6d1bba20191f
Egina Earn-in/JV (De Grey earning a 50% interest)
At the Egina Gold Project, JV partner De Grey continued AC drilling at the Becher Project, with drilling at Heckmair, Irvine,
Lowe and Whillans Prospects. In addition to Novo’s approx. 60,000 m AC and RC drilling completed in 2023, De Grey has now
completed 34,180 m of AC drilling and 9,129 m of RC drilling to date across the four main prospects, testing prospective
intrusions and regional structures5.
A drone magnetic survey was completed across parts of the northern JV tenure during the quarter, which was flown to enable
more detailed structural and geological interpretation of bedrock.
Results were received from the AC program and are summarised in Figure 5 below.
Figure 5: Egina JV drill results showing anomalous gold intercepts.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/82be04d2-1d22-45d6-985e-375ae9d5c697
Whillans Prospect
• Multiple thin anomalous gold intercepts were returned at the Whillans prospect from drillholes MSRC0074, and
MSRC0076, associated with minor quartz veining and weak sericite alteration of metasedimentary arkosic sandstone
and siltstone.
Heckmair Prospect
• Multiple thin intercepts were returned at the southern edge of the Heckmair sanukitoid intrusion from drillholes
MSRC0012, MSRC0013, MSRC0068, MSRC0069, including 6 m @ 1.2g/t Au in MSRC0068. All intercepts were
associated with minor quartz veining and weak sericite alteration and hosted within a dioritic intrusion.
Irvine and Heckmair East Prospects
• Aircore drilling at Irvine, extending to the eastern side of the Heckmair Intrusion identified broad zones of Zn-Pb-Ag and
gold anomalism within the weathered horizon. These are adjacent to the previously reported intercepts of base metal
mineralisation within the Heckmair Fault that bisects the Heckmair intrusion ( Figure 6 and Figure 7).
In the Mallina basin, base metal anomalies can signal enhanced gold prospectivity. Better gold intercepts included 12 m @
0.8 g/t Au (including 4 m @ 2.1 g/t Au) in MSAC0989. Gold mineralisation is hosted in quartz veining within metasediments,
immediately adjacent to an intrusion. Anomalous base metal intercepts include 25 m @ 0.99% Zn+Pb (MSAC0962) and 43 m
@ 0.53% Zn+Pb (MSAC0963).
The mineralisation presented in the body of this release is not necessarily representative of mineralisation throughout the
Egina district.
Figure 6: Plan showing anomalous base metal results in AC drilling at Heckmair East.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/99286317-138f-454a-89d3-ecb23efa9c6b
Figure 7: Section showing anomalous base metal (Zn+Pb) results in AC drilling at Heckmair East
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b73f349e-0db6-4c91-a648-609d10a0650b
Tabba Tabba Shear Corridor
Further southwest along the Egina Gold Camp, exploration work by Novo has commenced on multiple high priority targets
along the ~ 60 km long fertile Tabba Tabba Corridor ( Figure 8 )4. The latter is underexplored, as access is difficult and
significant parts of the corridor are covered with shallow alluvium and colluvium or overlain by Fortescue Group basalt.
Several conceptual targets were identified from recent re-interpretation, with most having received little to no historical
exploration. Conceptual targets focus on structural intersections of faults and shears within the Tabba Tabba Shear Corridor,
particularly where folded stratigraphy and / or minor intrusions are noted.
The Kilkenny prospect was explored by Kilkenny Gold NL (Kilkenny) in the late 1990s and comprised several short costeans
and 18 shallow percussion holes for a total of 530 m drilled, following up a coherent gold in soil anomaly. Despite the very
small program, Kilkenny returned best costean samples of 8 m at 4.2 g/t Au, 8 m at 2.1 g/t Au, and drilling results of 5 m at
5.0 g/t Au from 9 m (ACN05) and 5m at 1.7 g/t Au from 14 m, including 2 m at 3.5 from 14 m (ACN13). Novo has not
conducted data verification (as that term is defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects
(NI 43-101)) of this data.
At Teichman Top, several historic workings are present, and modern exploration includes results of 25.5 g/t Au and 32.3 g/t Au
from rock samples. Novo has not conducted data verification (as that term is defined in NI 43-101) of this data. This prospect is
located within the Yandeyarra Reserve and has not been accessible in recent years due to the requirement to complete
access agreements.
Drilling and surface sample results may not be representative of mineralisation in the district.
Novo recently completed a mapping and surface sampling campaign over these prospective parts of the Tabba Tabba Corridor
to delineate targets for potential future drill testing. The initial program comprised six mapping areas and approximately 1,200
surface soil samples, with opportunistic rock and stream sediment samples where appropriate. Results are pending.
Figure 8: Geological context and main prospects of the Tabba Tabba Corridor
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d4b3c51d-a892-4e7d-af9c-81af8ef18368
Balla Balla Gold Project
Balla Balla is an emerging exploration project centred on the Sholl Shear and associated potentially fertile structural corridors
undercover (Figure 2). The Project is considered prospective for intrusion-hosted gold mineralisation, in addition to structurally
controlled gold. Geophysical interpretation and research of historical data completed in 2023 advanced the Company’s
understanding of prospectivity in the project area and further delineated priority targets. The Company is awaiting tenement
grant prior to commencing on-ground exploration programs, including AC drilling.
Antimony (Sb) Review
A review of antimony prospectivity 6 was completed across Novo’s Pilbara landholding, with two prospects in the early stages
of exploration ranking highly for antimony potential (Figure 9).
The Sherlock Crossing (Clarke) antimony mine was discovered in 1906 and operated during 1907 to 1916. According to
historic records, the mine initially produced 16 tonnes of concentrate grading 53% Sb and 10.9 g/t Au to 72.9 g/t Au and in
1916, a further 5.66 tonnes of concentrate grading 42.2% Sb and 15.6 g/t Au. No assurance can be given that Novo will
achieve similar results as part of its exploration activities at Sherlock Crossing .
Novo conducted reconnaissance work, collected rock chip samples and undertook soil sampling at Sherlock Crossing in 2022
with peak results of 1.71 g/t Au and 592 ppm Sb. Follow up mapping and sampling was conducted during the quarter to further
test the high-grade historical record, with assays awaited.
Southeast Wyloo includes two, 2km-strike high-order Sb (± Au) stream sediment anomalies, where reconnaissance rock chip
sampling completed by Novo in mid-2023 yielded peak results of 387 g/t Ag, 5.0% Pb, 1.6% Zn, 2.4% Cu, 0.38% Sb, and
0.52 g/t Au.
Both projects will require detailed follow-up exploration work.