Significant Results From Historical Drill Hole Infill Assay Program at Belltopper
Significant Results From Historical Drill Hole Infill Assay Program at Belltopper
HIGHLIGHTS
• Detailed re-logging and additional sampling from 11 historical diamond holes in priority target areas at the Belltopper
Gold Project (‘Belltopper’), has delivered multiple new significant gold intercepts across a range of known and
emerging targets.
• Significant new intercepts from the recent additional (infill) sampling include:
• 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.
• These results validate prospective gold intervals identified during the re-logging exercise, including current modelled high
-grade gold +/- antimony reefs that were intersected, but not originally sampled in historic programs.
• NW Fault 9 and NW Fault 4 , identified from previous modelling, belong to an important set of gold-bearing, west-
dipping structures that form a component of the anticline-related (e.g. Fosterville-style), epizonal targets at Belltopper.
• The re-logging program has 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.
• Current focus is on delivering an exploration target for the network of high-grade historic and newly discovered gold reefs
at Belltopper and growing the pipeline of conceptual high-value shallow and deeper targets.
Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said, “Belltopper in Victoria is an exciting high-grade gold
project, located in a proven gold jurisdiction. The excellent work completed by our geological team, which has uncovered
multiple significant intercepts including grades of up to 12.01 g/t Au, highlights the exciting opportunity we have in front of us
to further explore and develop Belltopper into a project with size and scale. We have a busy period of work planned at
Belltopper at a time when the price of gold is at all-time highs.”
VANCOUVER, British Columbia, Aug. 22, 2024 -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO)
(OTCQX: NSRPF) is pleased to report significant assay results received from a relogging and infill sampling program
completed across 11 previously under sampled, historic drill holes, located within priority target corridors at the Belltopper
Gold Project (‘Belltopper’) in Victoria (Figure 1).
Figure 1, Belltopper Gold Project location map with regional gold occurrences and major structures.1
Novo has not conducted data verification (as that term is defined in National Instrument 43-101 Standards of Disclosure for
Mineral Projects and JORC 2012) in respect of the data set out in Figure 1 and therefore is not to be regarded as reporting,
adopting or endorsing those results/figures. No assurance can be given that Novo will achieve similar results at Belltopper.
____________________________________
1 See the following for source documents in relation to the [historical gold] production figures for Bendigo, Fosterville, Costerfield, Castlemaine and Ballarat. Wilson, C. J. L.,
Moore, D. H., Vollgger, S. A., & Madeley, H. E. (2020). Structural evolution of the orogenic gold deposits in central Victoria, Australia: The role of regional stress change and
the tectonic regime. Ore Geology Reviews, 120 , 103390. Phillips, G. N., & Hughes, M. J. (1996). The geology and gold deposits of the Victorian gold province. Ore Geology
Reviews, 11 (5), 255-302. Costerfield Operation, Victoria, Australia, NI 43-101 Technical Report, March 2024; Agnico Eagle Mines Detailed Mineral Reserve and Mineral
Resources Statement (as at December 31, 2023). Agnico Eagle Mines Limited. Fosterville Gold Mine. Retrieved August 21, 2024, from Agnico Eagle Website For Comet and
Sunday Creek exploration results, refer: Great Pacific Gold Company TSXV release dated 11 January 2024, and Southern Cross Gold Company ASX release dated 5 March
2024, respectively.
SUMMARY
A re-logging and infill sampling program completed on 11 previously under-sampled historic diamond drill holes at Belltopper,
has delivered multiple new significant gold intercepts across a range of known and emerging targets.
Highlights include:
• 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.
• 2.0 m @ 7.19 g/t Au from 52 m (including 1.15 m @ 12.01 g/t Au from 52 m) in MD04.
• 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.
• 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.
• 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.
• 13 m @ 0.64 g/t Au from 90 m (including 1 m @ 1.92 g/t Au from 94 m) in DDHMA2.
(Note: See Appendix 2 for complete assay results.)
The mineralisation presented in the body of this news release is not necessarily representative of mineralisation throughout
the Belltopper Gold Project. Intercepts are expressed as down-hole intersections and should not be presumed to represent
true widths, which vary from hole to hole and between reefs (refer JORC Table 1).
New intercepts associated with the Never Despair (e.g. DDHMA1) and West Panama (e.g. DDHMA2) reefs (Figure 2),
further highlight the unrealised potential for a network of historic high-grade gold-reefs on the Project that have been developed
to varying degrees at surface or underground during the mid to late 1800’s, but not extensively mined. Most of the key historic
reefs on the project have very little (< 5 holes) to no modern drill testing.
New intercepts reported for the Butchers Gully Fault (e.g. MD04, MD06A) showcase the potential for this emerging +1 km
steep, northwest dipping structure, that trends in parallel with the high-grade Leven Star Reef.
The new significant intercept associated with NW Fault 4 (MD07) is notable. This target was mapped as a sub-vertical to
steep west-south-west dipping quartz reef and belongs to an important set of gold-bearing, west-dipping structures that form a
component of the anticline-related (e.g. Fosterville-style) epizonal targets at Belltopper. The NW Fault 4 target may potentially
link with the NW Fault 9 target mapped to the north (Figure 2), which returned 2.0 m @ 15.18 g/t Au from 9 m, in recently
drilled BTD0042. These target faults combined have a strike length of ~1 km.
Of further note, both NW Fault 4 and NW Fault 9 are also modelled to interact with the Missing Link Granite, a porphyritic
felsic intrusion and hence provide targeted structural intersections to test for intrusion hosted mineralisation, either along the
margins of, or extending into, the Missing Link Granite itself.
Detailed information from re-logging allows better understanding of the geology and controls on higher-grade mineralisation at
Belltopper. Data from the program has allowed Novo to precisely locate and refine specific target reefs and key structural
features, such as modelled high-grade shoots and high-priority target anticline corridors. This is fundamental data that will be
applied to ongoing targeting moving forward.
____________________________________
2
Refer to the Company’s news release dated June 4, 2024, released to ASX on June 5, 2024.
RESULTS AND INTERPRETATION FROM THE RELOGGING PROGRAM
A recent review of archived historic diamond core has highlighted a significant opportunity to validate several targets at
Belltopper, by means of re-visiting select historic drill core and completing a re-logging and infill sampling exercise.
The re-logging program at Belltopper focused on 11 historic drill holes located within current priority target areas (Figure 2).
Historic sampling practices vary from hole to hole, but as a general theme, the sampling was restricted to specific targets, or
completed as niche-style sampling, and in many instances, what are recognised as gold-prospective zones today, were not
originally sampled.
Figure 2, Location of re-logged and infill sampled historic drill-holes with significant new assays highlighted. Callouts represent
new assays > 5-gram x meters.
Detailed geology and geotechnical logging were completed on all 11 holes and included collection of magnetic susceptibility
and specific gravity data. The re-logging campaign included a sampling component which involved gold and multi-element
assaying on previously uncut prospective intervals identified during the re-logging exercise, or across uncut intervals where
modelled target reefs are projected to intersect the drill hole. Samples for assay were also collected where previous historic
significant assays remained open (either at upper or lower sample intervals), or where infill sampling was extended to cover
previous gaps in data between closely spaced historic assays.
Standard QAQC practices were adhered to as outlined in JORC Table 1. In total some 1,643 primary and 225 QC samples
were submitted for fire assay gold and multi-element as part of the re-logging exercise. Table 1 highlights all (+2-gram x metre)
significant intercepts returned from the recent infill sampling program completed. Refer to Appendices for a full listing of all
anomalous (>0.3-gram x metre) intersections. The intercepts presented in both Table 1 and Appendix 2 represent either:
• entirely new independent intercepts, or
• extension and upgrading of historic intercepts, or
• extension and integration of two or more previous intercepts by means of infill sampling.
Table 1, Significant (+ 2-gram x metre) intersections reported for recent infill sampling of historic drill holes at Belltopper.
Intercepts calculated with 0.3 g/t Au cut-off and 2 m internal dilution. High grade included intercepts calculated with 1.0 g/t Au
and no internal dilution. All significant intersections from recent infill sampling program on historic drill holes reported.
Drill
Hole Including From
(m)
To
(m)
Interval
(m) ^
Au
(g/t)
Au
g*m
^^
Intersection
MD03 14.00 19.00 5.00 0.55 2.7 5.00 m @ 0.55 g/t Au from 14 m
MD03 45.00 47.00 2.00 1.80 3.6 2.00 m @ 1.80 g/t Au from 45 m
MD04 43.00 45.00 2.00 3.87 7.7 2.00 m @ 3.87 g/t Au from 43 m
MD04 inc. 43.00 44.00 1.00 6.92 6.9 1.00 m @ 6.92 g/t Au from 43 m
MD04 52.00 54.00 2.00 7.19 14.4 2.00 m @ 7.19 g/t Au from 52 m
MD04 inc. 52.00 53.15 1.15 12.01 13.8 1.15 m @ 12.01 g/t Au from 52 m
MD06A 36.00 39.10 3.10 3.29 10.2 3.10 m @ 3.29 g/t Au from 36 m
MD06A inc. 37.30 38.60 1.30 7.26 9.4 1.30 m @ 7.26 g/t Au from 37.3 m
MD06A 420.00 425.50 5.50 0.70 3.9 5.50 m @ 0.70 g/t Au from 420 m
MD07 25.00 30.00 5.00 0.69 3.4 5.00 m @ 0.69 g/t Au from 25 m
MD07 78.90 81.00 2.10 3.82 8.0 2.10 m @ 3.82 g/t Au from 78.9 m
MD07 inc. 79.30 79.90 0.60 9.74 5.8 0.60 m @ 9.74 g/t Au from 79.3 m
MD07 154.00 155.60 1.60 1.22 2.0 1.60 m @ 1.22 g/t Au from 154 m
MD08A 123.00 125.00 2.00 1.60 3.2 2.00 m @ 1.60 g/t Au from 123 m
MD08A inc. 124.00 125.00 1.00 2.30 2.3 1.00 m @ 2.30 g/t Au from 124 m
LSDDH7 196.40 197.40 1.00 3.41 3.4 1.00 m @ 3.41 g/t Au from 196.4 m
DDHMA1 41.10 45.10 4.00 0.64 2.6 4.00 m @ 0.64 g/t Au from 41.1 m
DDHMA1 169.00 175.00 6.00 4.37 26.2 6.00 m @ 4.37 g/t Au from 169 m
DDHMA1 inc. 169.00 174.00 5.00 5.18 25.9 5.00 m @ 5.18 g/t Au from 169 m
DDHMA2
DDHMA2 inc.
90.00
94.00
103.00
95.00
13.00
1.00
0.64
1.92
8.4
1.9
13.00 m @ 0.64 g/t Au from 90 m
1.00 m @ 1.92 g/t Au from 94 m
^ All width and intercepts are expressed as metres downhole rather than true width. Most intersections tabulated above will
have an oblique component. Refer to drill cross sections and JORC Table 1. Calculated as length weighted averages. ^^ Au g/t
multiplied by metres.
The Never Despair Reef was intersected at approximately 170 m down-hole in DDHMA1 and is characterised by a 5m wide
zone of silica – sericite altered sediments with intervals of white, bleached puggy fault material and laminated quartz veins
(Figure 3). Assays returned 6.0 m @ 4.37 g/t Au from 169 m, including 5.0 m @ 5.18 g/t Au across the reef. Strongly
elevated arsenic, and elevated silver, molybdenum and antimony accompany this interval.
Figure 3, DDHM01 from 169.15 m – 174.9 m. Never Despair intersection returning 6.0 m @ 4.37 g/t Au from 169 m. Strongly
elevated As, and elevated Ag, Mo, and Sb accompany this interval.
The Never Despair Reef dips to the NE and is currently interpreted up to 675 m along strike. Surface workings are restricted
to the central portion of the trend and along a roughly 200 m section of the Never Despair structure, in a complex area where
multiple reefs with different orientations converge. Local underground development along the Never Despair Reef itself is
primarily within 30 m of the surface below the significant surface workings, although additional development along a 20 m
segment of the reef occurs to depths down to 60 m in the south, where the Never Despair Reef converges at depth with the
adjacent Panama Fault (Figure 2 and Figure 4).
The Butchers Gully Fault was intersected at shallow depths in several re-logged historic holes, including: MD02, MD03,
MD04 and MD06A; with the best intercepts reporting 2.0 m @ 7.19 g/t Au from 52 m (including 1.15 m @ 12.01 g/t Au ) 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; and 3.10 m @ 3.29 g/t Au from 36 m
(including 1.3 m @ 7.26 g/t Au ) in MD06A. Elevated arsenic, bismuth, and antimony accompany these intervals. This fault
typically manifests in shallow core intervals as a limonite-rich zone, with quartz fracture veining and intervals of iron and
sulphidic tectonic breccia.
The Butchers Gully Fault is an emerging, +1 km long target reef that dips sub-vertical to steeply to the northwest and trends in
parallel with the high-grade Leven Star Reef, which is located roughly 80 m to the southeast (Figure 2 and Figure 4). Refer to
Table 1 (>2-gram x metre) and Appendix 2 (>0.3-gram x metre) for additional significant intercepts on these drill holes.
Target NW Fault 4 was intersected at around 80 m down-hole in MD07 (Figure 4) and is represented by a limonite rich puggy
tectonic fault breccia host predominantly in silt (Figure 5). A significant gold interval associated with this structure returned 2.1
m @ 3.82 g/t Au from 78.9 m, including 0.6 m @ 9.74 g/t Au . This intercept is bound by a 10 cm section of core loss
between 79.9 m – 80.0 m. Elevated arsenic, antimony, bismuth, molybdenum and tungsten accompany this interval.
Figure 4, Geological cross section displaying the portion of drill traces for re-logged holes that fall within the field of view. Refer
to Figure 2 for location of cross section A – A’. Cross section is north-facing with a +/- 20 m field of view. Callouts highlight
significant intersections > 5-gram x metre that are captured within the field of view. Refer to Appendix 2 for all significant (>
0.3-gram x metre) for drill holes part depicted on section.
Target NW Fault 4 represents a mapped, sub-vertical to steeply west-dipping quartz-bearing tectonic breccia, which is
interpreted over an ~ 320 m strike length and modelled to interact with the Missing Link Granite outcrop (Figure 2). Target NW
Fault 9 may represent an extension of NW Fault 4, mapped to the north, which returned 2.0 m @ 15.18 g/t Au from 9 m, in
previously reported assays for drill hole BTD004 3. Both faults report narrow, high-grade results and display similar
mineralisation styles and multi-element characteristics. These faults have a combined target strike-length of ~ 1 km (Figure 2
and Figure 4).
____________________________________
3 Refer to the Company’s news release dated June 4, 2024, released to ASX on June 5, 2024.
Figure 5, MD07 from 76.9 m – 81.0 m. The limonite rich puggy fault breccia represents the NW Fault 4 mineralised structure
returning 2.1 m @ 3.82 g/t Au from 78.9 m, including 0.6 m @ 9.74 g/t Au . Elevated arsenic, antimony, bismuth,
molybdenum and tungsten accompany this interval.
The West Panama Reef was intersected at around 41 m down-hole in DDHMA1 returning 4.0 m @ 0.64 g/t Au from 41.1 m,
and at 90 m down-hole in DDHMA2 returning 13 m @ 0.64 g/t Au from 90 m including 1 m @ 1.92 g/t Au. Elevated arsenic,
bismuth, antimony, and tungsten are associated with this interval. Within DDHMA2 this fault is represented by strongly silica
and sericite altered and annealed granulestone with well-developed quartz stockwork veining.
The West Panama Reef is a steep to moderately steep, NE-dipping structure that is currently interpreted to extend for ~ 670
m (Figure 2 and Figure 5). Small segments (<10%) of this reef were explored and developed locally down to a depth of around
90 m.
BELLTOPPER FORWARD PROGRAM
Current work is focussed on delivering an exploration target for the dense network of known, emerging and newly discovered
high-grade, epizonal gold-reefs that characterise the landscape at Belltopper.
Integration of historic, recent and new exploration data from the current logging and sampling program into an evolving 3D
target model is ongoing and fundamental to effective targeting. This includes integration of data and interpretation from the
recent hyperspectral sampling program which is currently being progressed and scheduled to be complete by the end of Q3
2024.
The recent re-logging program, coupled with previous exploration, have allowed an improved understanding of the overall
prospectivity, mineralisation styles and characteristics, and key structural controls on the higher-grade zones at Belltopper.
From these learnings, both the extensions to modelled high-grade zones, along with well understood reefs are targeted; as
well as high-value, emerging shallow and deeper conceptual targets, which includes both intrusion related mineralisation, and
the world class, Fosterville-style, high-grade epizonal mineralisation, of which Belltopper displays many of these
characteristics.
Authorised for release by the Board of Directors.
CONTACT
Investors:
Mike Spreadborough
+61 8 6400 6100
North American Queries:
Leo Karabelas
+1 416 543 3120
Media:
Cameron Gilenko
+61 466 984 953
QP STATEMENT
Dr. Christopher Doyle (MAIG), is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for
Mineral Projects (‘NI 43-101’), responsible for, and having reviewed and approved, the technical information contained in this
news release. Dr. Doyle is Novo’s Exploration Manager – Victoria.
There were no limitations to the verification process and all relevant data and records were reviewed and verified by a qualified
person (as defined in NI 43-101).
JORC COMPLIANCE STATEMENT
The information in this report that relates to new exploration results at the Belltopper Gold Project is based on information
compiled by Dr. Christopher Doyle, who is a full-time employee of Novo Resources Corp. Dr. Christopher Doyle is a
Competent Person who is a member of the Australian Institute of Geoscientists. Dr. Christopher Doyle has sufficient
experience that is relevant to the style of mineralisation and the type of deposits under consideration and to the activity being
undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves'. Dr. Christopher Doyle consents to the inclusion in the report of the
matters based on her information in the form and context in which it appears.
The information in this news release that relates to previously reported exploration results at Belltopper is extracted from
Novo's announcement released to ASX on 5 June 2024 and which is available to view at www.asx.com.au. The Company
confirms that it is not aware of any new information that materially affects the information included in the original market
announcement and that all material assumptions and technical parameters underpinning the estimates in the market
announcement continue to apply and have not materially changed.
FORWARD-LOOKING STATEMENTS
Some statements in this news release may contain “forward-looking statements” within the meaning of Canadian and
Australian securities law and regulations. In this news release, such statements include but are not limited to planned
exploration activities and the timing of such. 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 annual
information form for the year ended December 31, 2023 (which is available under Novo’s profile on SEDAR+ at
www.sedarplus.ca and at www.asx.com.au) in the Company’s prospectus dated 2 August 2023 which is available at
www.asx.com.au. 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.
ABOUT NOVO
Novo is an Australian based gold explorer listed on the ASX and the TSX focused on discovering standalone gold projects with
> 1 Moz development potential. Novo is an innovative gold explorer with a significant land package covering approximately
6,700 square kilometres in the Pilbara region of Western Australia, along with the 22 square kilometre Belltopper project in the
Bendigo Tectonic Zone of Victoria, Australia.
Novo’s key project area is the Egina Gold Camp, where De Grey Mining is farming-in to form a JV at the Becher Project and
surrounding tenements through exploration expenditure of A$25 million within 4 years for a 50% interest. The Becher Project
has similar geological characteristics as De Grey’s 12.7 Moz Hemi Project 1. Novo is also advancing gold exploration at
Nunyerry North, part of the Croydon JV (Novo 70%: Creasy Group 30%), where 2023 exploration drilling identified significant
gold mineralisation. Novo continues to undertake early-stage exploration across its Pilbara tenement portfolio.
Novo has also formed lithium joint ventures with both Liatam and SQM in the Pilbara which provides shareholder exposure to
battery metals.
Novo has a significant investment portfolio and a disciplined program in place to identify value accretive opportunities that will
build further value for shareholders.
Please refer to Novo’s website for further information including the latest corporate presentation.
1. Refer to De Grey ASX Announcement, Hemi Gold Project Resource Update, dated 21 November 2023. No assurance can be given that a similar {or any) commercially
mineable deposit will be determined at Novo’s Becher project.
APPENDIX 1: BELLTOPPER DRILL COLLARS
Hole ID Hole
Type
Depth
(m) Easting Northing
RL
AHD
(m)
Collar
Dip (°)
Collar
Azimuth
(MGA94
55) (°)
Collar
Azimuth
(Mag) (°)
Company Date
completed
BTD001 DD 323.7 263866.02 5880369.85 524.18 -66 128.484 118.984 NOVO 28-Nov-23
BTD002 DD 594 263701.31 5881202.77 457.18 -60 145.117 135.617 NOVO 21-Dec-23
BTD003 DD 389.7 264162.29 5880827.97 489.97 -51.05 135.07 125.57 NOVO 18-Jan-24
BTD004 DD 521 263530.06 5880820.71 471.69 -45 90.23 80.73 NOVO 08-Feb-24
BTD005 DD 299.9 263394.65 5880825.96 471.94 -50 90.495 80.995 NOVO 19-Feb-24