NOVO RESOURCES EXPLORATION UPDATE Growing a diversified and exciting gold and battery metals portfolio across Western Australia and Victoria
Suite 880, 580 Hornby Street
Vancouver, BC, Canada V6C 3B6
P: +1-416-543-3120 E: [email protected] www.novoresources.com
January 28, 2022
NOVO RESOURCES EXPLORATION UPDATE
Growing a diversified and exciting gold and battery metals
portfolio across Western Australia and Victoria
HIGHLIGHTS
• Very large portfolio of Western Australian tenements (approximately 12,500 sq km) highly prospective
for conglomerate and orogenic/intrusion-related gold deposits, base-metals and battery-metals (Ni,
Cu, Co, Li, Ta, PGE, Zn and Ag)
• Accelerating near-mine exploration programs at Nullagine Gold Project (“NGP”), with a 20,000 m
reverse circulation (“RC”) drill program underway and completion expected in H1 2022
• Successful programs and significant results from initial RC drill programs at Genie 1 and the Parnell-
Vulture Trend 2 in the East Pilbara. More recent drill results (not necessarily representative of
mineralization throughout the East Pilbara region) from Genie include:
▪ 13 m at 2.78 g/t gold from 1 m
▪ 22 m at 1.61 g/t gold from 8 m
▪ 7 m at 4.57 g/t gold from 47 m
▪ 12 m at 2.45 g/t gold from 6 m
• New orogenic gold/intrusion-related and conglomerate-hosted gold targets identified in 2021 across
regional exploration programs including Golden Eye (conglomerate) and Becher, Becher Southeast,
and Irvine (orogenic vein systems) in addition to the sanukitoid intrusive targets along strike from De
Grey Mining’s Hemi deposit and Catia (orogenic vein target)
• New battery-metal and base-metal targets identified including Purdy’s North (Cu -Ni-Co) adjacent to
Azure Minerals’ Andover deposit 3, East Well and Bob’s Well (VHMS), Gully Washer at Miralga
(Au-Ag-Zn-Pb-Cu) and Kurrana Pegmatites (Li-Ta)
• Main conglomerate targets at Comet Well and Purdy’s Reward in the West Pilbara have been
advanced for selective large-scale sampling programs in 2022
• Commencement of Phase 1 diamond drilling program (approximately 1,750 m) testing high-priority
gold targets at “Belltopper Hill” on the 50%-owned Malmsbury Gold Project (“ Malmsbury Project”),
50km SSW of the high-grade Fosterville gold mine in Victoria
• Gold exploration advanced by fast turnaround of gold assays received via the Company’s priority
PhotonAssay arrangement with Intertek4
1 Refer to the Company’s news release dated October 21, 2021.
2 Refer to the Company’s news release dated January 21, 2022.
3 Refer to the Company’s news release dated November 30, 2021
4 Refer to the Company’s news release dated May 18, 2021.
Suite 880, 580 Hornby Street
Vancouver, BC, Canada V6C 3B6
P: +1-416-543-3120 E: [email protected] www.novoresources.com
Figure 1: Novo tenure and priority prospects – Pilbara, Western Australia.
Suite 880, 580 Hornby Street
Vancouver, BC, Canada V6C 3B6
P: +1-416-543-3120 E: [email protected] www.novoresources.com
VANCOUVER, BC - Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO , NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) is pleased to provide an exploration update on the Company’s highly -prospective, multi-
commodity portfolio of projects based in Western Australian and Victoria (figure 1 above). The Company
completed several successful exploration programs in 2021 and has already commenced key programs in
2022.
Nullagine Gold Project Near-Mine/District Exploration
RC drill programs across NGP ramped-up in late 2021 (November and December) with two rigs testing high
priority orogenic quartz vein-related gold (‘lode gold’) targets including Genie, the Parnell-Vulture trend, Red
Ensign, Margies, Crossing and Linq (figure 2 below).
Importantly, initial results from drilling at both Genie and Parnell-Vulture have been highly encouraging, with
several holes intercepting high-grade gold from near-surface1,2.
Infill and extensional drilling in 2022 will follow up on the successful programs completed in 2021 and new
drill programs will be developed to test additional priority targets which have already been approved from a
compliance and heritage perspective.
The majority of Novo’s high priority lode gold targets are positioned on granted Mining Leases and are easily
accessible by established haul roads and associated infrastructure.
(Figure 2: Location map for NGP showing Novo tenure and priority prospects.)
Genie
Genie is a near-mine oxide lode gold prospect that forms part of a broader +1.25 km long previously untested
target located within 3 km of the Company’s Golden Eagle processing facility (the “Golden Eagle Plant”).
Suite 880, 580 Hornby Street
Vancouver, BC, Canada V6C 3B6
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A maiden 31-hole, 1,787 m RC dril l program was completed at Genie in September 2021 . The program
successfully intersected a new style of gold mineralisation for the district , hosted by a swarm of intrusive
dolerite dykes. Multiple zones of high-grade mineralization have now been identified1.
Additional drilling completed in November 2021 continued to produce good results, including:
• 13 m at 2.78 g/t gold from 1 m (21NU0172)
• 22 m at 1.61 g/t gold from 8 m (21NU0083A)
• 7 m at 4.57 g/t gold from 47 m (21NU0086A)
• 12 m at 2.45 g/t gold from 6 m (21NU0087A)
Refer to table 1 and table 2 below for full results.
In addition, detailed mapping and rock chip sampling of previously untested but prospective quartz veined
dolerite outcrops in the area immediately west of Genie returned exciting assays up to 26.8 g/t gold and 14.2
g/t gold (figure 3 below). The grade tenor in the recently tested dolerite outcrop appears the same or higher
than encountered elsewhere on the prospect, confirming standout prospectivity in this area (not necessarily
representative of mineralization throughout the East Pilbara region).
(Figure 3: Rock chip sampling results from December 2021 mapping at Genie.)
Suite 880, 580 Hornby Street
Vancouver, BC, Canada V6C 3B6
P: +1-416-543-3120 E: [email protected] www.novoresources.com
Parnell -Vulture
Parnell – Vulture is located some 45 km from the Company’s Golden Eagle Plant and is also accessible by an
established access road and associated infrastructure. To date a total of 82 drill holes for 5,200 meters have
been completed at Parnell and Vulture (figure 4 below).
Covering a strike length of approximately 2 kms, Parnell-Vulture contains a series of vein-hosted targets, with
historical drill intercepts including 9 m at 8.4 g/t gold from 7 m, 12 m at 14.6 g/t gold from 40 m and 7 m at
6.1 g/t gold from 40m5 (not necessarily representative of mineralization throughout the East Pilbara region).
Recent results f rom Parnell - Vulture2, received via the Company’s priority arrangement with Intertek 4,
showed similar width and grade tenor as historical drilling intersections, improving confidence in historical
data and potential strike extent.
Further infill and extensional drilling will be designed to test this area.
(Figure 4: Map of historical and Novo significant intercepts at Parnell and Vulture prospect to date.)
Red Ensign
Detailed mapping and sampling at the Red Ensign prospect, approximately 23 km from the Golden Eagle Plant,
has delineated highly prospective ENE trending shear zones, which extend a further ~400 m east of previously
mapped zones and link the Red Ensign to Union Jack prospects along the same mineralized corridor. Drilling
is expected to commence at this high priority target in H1 2022.
5 Refer to the Company’s news release dated November 19, 2021.
Suite 880, 580 Hornby Street
Vancouver, BC, Canada V6C 3B6
P: +1-416-543-3120 E: [email protected] www.novoresources.com
Orogenic and Intrusion Hosted Gold Targets
Several high priority orogenic quartz vein and intrusion related targets have been identified for drill testing in
2022.
Key targets include:
• The sanukitoid intrusions, epithermal-like vein systems at Becher
• Lode gold targets at Becher Southeast and Irvine in the northern Egina Project
• High grade quartz-vein related gold mineralization at Station Peak (also Egina) and Catia in the Bellary
Dome
Egina
At Egina, field mapping and rock chip sampling have been completed at the Becher South, Becher Southeast,
and Irvine prospects, all of which fall within a significant and coherent As-Sb-in-soils anomaly (> two km total
strike length). These targets are within a structural corridor where numerous intrusive sanukitoid targets have
been interpreted from aeromagnetics (figure 5 below). Mapping and 3D modelling also continues at Station
Peak in preparation for drilling in 2022.
(Figure 5: Summary map of northern Egina tenements, showing Novo targets and main regional gold deposits, draped over regional greyscale
aeromagnetic image.)
Catia
At Catia (Bellary Dome) 6, mapping and rock chip sampling programs have defined a structurally complex
shoot-style gold-rich quartz vein target bound by a major structure. Peak rock chip results are 166.7 g/t gold
and 41.2 g/t gold. These results are not necessarily representative of mineralization throughout the East
Pilbara region. RC drilling is scheduled in 2022.
6 Refer to the Company’s news release dated June 12, 2020.
Suite 880, 580 Hornby Street
Vancouver, BC, Canada V6C 3B6
P: +1-416-543-3120 E: [email protected] www.novoresources.com
Conglomerate-Hosted Gold Targets
Highly prospective conglomerate-hosted gold targets at Comet Well and Purdy’s Reward have been
developed in readiness for a large-scale bulk testing and mechanical sorting trial, which is scheduled to
commence in H2 2022. A series of 130t bulk samples from Comet Well and Purdy’s Reward across 3 km of
strike are expected to be completed on site via the Novo-Steinert mechanical sorter.
Follow up programs are also being developed to advance all current conglomerate-hosted gold targets across
the Pilbara, including Virgin Creek and Contact Creek near Marble Bar, the Greylin/Boulder Hill trend in the
West Pilbara and Edney’s Find located in the Bellary Dome near Paraburdoo, over which Novo has an option
to earn a 100% interest in gold rights6.
Golden Eye is a new conglomerate target located along the eastern margin of the Mosquito Creek Basin in the
East Pilbara, approximately 60 km east of the Golden Eagle Plant . Golden Eye was defined during regional
mapping in early December 2021. A previously unidentified 1 to 12 m thick buckshot pyrite-bearing cobble
conglomerate is exposed at surface for approximately 800 m and is located at the base of the Hardey
Formation. The target shows considerable evidence of previous unrecorded prospecting. Rock sample results
are pending analysis.
Base Metal/Battery Metal Targets
Purdy’s North
In the West Pilbara , mapping, pXRF grid soil sampling and rock chip sampling programs completed in 2021
returned significant and encouraging results at the Milburn, Southcourt and NRV06 anomalies at Purdy’s
North (exploration licence 47/1745) adjacent to Azure Minerals’ (ASX: AZS) (“Azure”) Andover Cu-Ni (-Co)
discovery7 and hosted in the Andover mafic-ultramafic intrusion (figure 6 below).
Ground geophysical crews are being sourced for Q2 2022 to target massive sulphide anomalism and enable
targeted drilling for budgeted 2022 drill programs.
Azure’s VC-07 geophysical anomaly (> 1 km strike length) is located just 1.27 km from Novo’s Purdy’s North
tenement eastern boundary and trends into Purdy’s North. It is estimated that approximately 22.5 km sq of
the highly prospective Andover Intrusion is present within Purdy’s North (figure 7 below).
Exploration planned for the highly prospective Purdy’s North prospect in early 2022 includes ground fixed
loop transient electromagnetic (“EM”) surveys to better define 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 conducted across
Purdy’s North.
7 Refer to the Company’s news release dated November 30, 2021.
Suite 880, 580 Hornby Street
Vancouver, BC, Canada V6C 3B6
P: +1-416-543-3120 E: [email protected] www.novoresources.com
(Figure 6: Base-metal and battery-metal targets in the West Pilbara tenements, showing current mines and discoveries.)
Miralga
A new precious-metal and base-metal rich breccia related to felsic porphyry dykes has been identified at the
Gully Washer prospect on the Miralga Project, 30 km west of Marble Bar, with high-grade gold, silver, copper,
lead and zinc results returned from Novo rock samples. Best results include 14.8 g/t gold and 6.1 g/t gold with
best silver, copper, lead and zinc results exceeding the analytical upper detection limit (500 ppm silver, 2%
copper, 1% lead, and 2% zinc respectively) (results are not necessarily representative of m ineralization
throughout the West Pilbara region). Follow up assays are pending.
Purdy’s North
Cu-Ni (-Co)
East Well/Bobs
Well VHMS Trend