Upgraded Nunyerry North Drill Results Deliver High-Grade Intercepts up to 6.12 G/T Au
Novo Resources Corp. Head Office
Suite 1100, 1199 West Hastings Street
Vancouver, BC, Canada
V6E 3T5
Australian Office
Level 3, 46 Ventnor Avenue,
West Perth WA 6005
+61 8 6400 6100
www.novoresources.com
26 March 2024
UPGRADED NUNYERRY NORTH DRILL RESULTS DELIVER
HIGH-GRADE INTERCEPTS UP TO 6.12 G/T AU
HIGHLIGHTS
• Significant d rill intercepts from the 2023 Nunyerry North program of shallow reverse
circulation drilling w ere re-analysed by multi-pot PhotonAssayTM. The drill program
comprised 30 holes for 2,424 m.
• This larger sample methodology (500 g to 4 kg assayed per sample) has upgraded a number
of the existing significant intercepts, with new intercepts including:
o 6 m @ 6.12 g/t Au from 37 m (NC017)
o 11 m @ 2.52 g/t Au from 22 m, including 6 m at 4.19 g/t Au from 22 m (NC014)
o 13 m @ 1.89 g/t Au from surface (NC004)
o 4 m @ 5.71 g/t Au from 40 m (NC015)
o 17 m @ 1.34 g/t Au from 37 m, including 4 m at 3.77 g/t Au from 50 m (NC022)
o 14 m at 1.14 g/t Au from 39 m, including 4 m at 2.16 g/t Au from 41 m (NC006)
• Re-assay of larger samples using PhotonAssay TM indicates that there is a significant
component of coarse gold within the mineralised system at Nunyerry North, consequently
future drilling will be assessed using the multi-pot PhotonAssayTM methodology.
• Follow-up drill planning at Nunyerry North includes ~ 4,000 m of reverse circulation drilling.
The program will test the 2 km strike extent of the surface soil gold anomaly, down plunge
of existing intercepts , and at depth for repeat mineralisation . Diamond drilling will test for
multiple stacked lodes below best intercepts to date.
• Near Karratha, further drill testing is scheduled to take place in Q2 2024 at three prospects
to test for gold and gold-copper(+-platinum-palladium) mineralisation.
• Novo is well-funded for ongoing exploration activities with a cash balance of A$17.4 million
(C$15.4 million) and an investment portfolio comprising A$39.3 million (C$34.8 million) in
ASX-listed and unlisted companies as at 25 March 2024.
Commenting on the high-grade results from Nunyerry North, Novo Executive Co-Chairman and
Acting CEO Mike Spreadborough said
“It is exciting to see a significant grade increase in the Nunyerry North drill results, some of
which are close to surface and demonstrate the substantial upside potential of this Project.
Plans are in in place for phase two follow -up drill program, which has been designed to test
extensions of the known target horizon, structural targets and a potential mineralised
porphyry intrusion.
Our exploration activity across key Western Australian assets continues to deliver exciting
results and importantly, we are well -funded to continue our strong exploration program
throughout 2024.”
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VANCOUVER, BC – Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO &
NVO.WT.A) (OTCQX: NSRPF) is pleased to announce updated , high -grade results from the
maiden reverse circulation (RC) drill program completed at Nunnery North in late 2023.
Novo is also pleased to outline the 2024 exploration plans for Nunyerry North, at the Egina Gold
Camp, as well as planned exploration programs near Karratha. The Nunyerry North project is a
70:30 joint venture with the Creasy Group.1
Novo is in a strong financial position to execute its exploration plans in 2024, with a cash balance
of A$17.4 million (C$15.4 million) as at 25 March 2024 . In addition, Novo’s investment portfolio
of shares held in ASX-listed companies and unlisted companies is currently valued at A$39. 3
million (C$34.8 million).
Novo is debt free and carries no rehabilitation liabilities. See below the metrics used in relation
to the valuation of Novo’s investment portfolio.
NUNYERRY NORTH EXPLORATION PROGRAM
The Egina Gold Camp is a contiguous tenement package, targeted on a series of structurally
complex, gold-fertile corridors, hosted by rocks of the Mallina Basin in the north and mafic /
ultramafic sequences further south (Figure 1). These corridors trend towards De Grey’s 11.5 Moz
Hemi Gold Project 2 to the north and northeast. This tenure has been one of the main focus
areas of Novo’s exploration programs over the last eighteen months, culminating in the Egina
JV with De Grey, and delineation of the Nunyerry North orogenic gold prospect.
Figure 1: Novo tenure showing priority prospects, joint venture interests and the location of drilling at
Nunyerry North and Becher.
The Nunyerry North prospect is located along the southern extent of the Tabba Tabba Shear, a
deep tapping gold-fertile structural corridor where Novo plans to test several key prospects in
2024.
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Nunyerry North Phase 1 Drilling Results Update
Initial results from b oth surface and drilling samples indicated visible gold or coarse nuggety
gold, with early trials conducted to assess gold variability 3. Based on the results, Novo
resubmitted all significant drill intercepts for multi -pot PhotonAssayTM whereby a ll sample
material was split over multiple PhotonAssayTM pots. The final assay result was calculated as the
weighted average of the pot grade and pot weight which resulted in larger overall sample
weights and more accurate assay results.
All significant intercepts noted below are now derived from multi-pot PhotonAssayTM analysis,
with an average sample size of approximately 2 kg , or four pots per sample. Whilst many
significant intercepts have improved by analysing a larger sample size, the distribution of coarse
gold is by definition variable, and as a consequence not all re-assaying resulted in an assay
upgrade.
Updated results now include best intercepts of:
• 6 m at 6.12 g/t Au from 37 m, including 5 m at 7.28 g/t Au from 37 m (NC017)
• 11 m at 2.52 g/t Au from 22 m, including 6 m at 4.19 g/t Au from 22 m (NC014)
• 13 m at 1.89 g/t Au from surface, including 4 m at 2.56 g/t Au from 3 m (NC004)
• 4 m at 5.71 g/t Au from 40 m, including 3 m at 7.47 g/t Au from 41 m (NC015)
• 17 m at 1.34 g/t Au from 37 m , including 4 m at 3.77 g/t Au from 50 m ; 18 m at 0.60 g/t Au
from 75 m and 7 m at 1.78 g/t Au from 59 m (NC022) – highlighting significant mineralization
over a 55 m intercept.
• 14 m at 1.14 g/t Au from 39 m (NC006)
• 16 m at 0.99 g/t Au from 2 m (NC008)
• 13 m at 0.91 g/t Au from 53 m (NC024)
• 5 m at 3.12 g/t Au from 26 m, including 4 m at 3.81 g/t Au from 26 m and 13 m at 0.80 g/t Au
from surface (NC027)
See Appendix 2 for comprehensive assay results. Intercepts are calculated using up to 3 m
internal dilution and 0.3 g/t Au cut-off) (see Appendix 1 for hole locations).
Out of the 30 holes drilled and assayed, 22 have returned a result greater than one gram * metre.
The program to date has only tested approximately 200 m of strike extent of the surface soil
anomaly, with an additional ~ 2 km remaining untested.
Mineralisation is associated with arrays of white quartz veins with minor sulphides including
chalcopyrite, hosted by a mafic unit within a dominantly ultramafic package. The mafic may be
constrained by the north dipping Freyda Shear and Skadi Shear, with the largest intercept
(NC022) adjacent to the Aurora Fault (Figures 2 and 3).
First pass drilling defined several zones of mineralised quartz veining with interpreted shallow
east plunge (intersection of the vein arrays and the Freyda and Skadi Shear Zones). Several
mineralised zones are completely blind. It is likely that additional “blind” lodes exist along the
target stratigraphy, suggesting that the more subdued surface soil anomalies over the target
stratigraphy are equally as prospective as the area drill tested to date.
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Figure 2 Nunyerry North long section (looking NNW) showing m x g/t Au (downhole width)
Figure 3: Nunyerry North geological interpretation, 2023 drill hole location and new drill target areas.
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Nunyerry North Forward Exploration Program
Detailed mapping has generated a solid geology interpretation and 3D structural model to
better facilitate follow up drill planning. An additional thirty regional rock samples (Appendix 3)
were collected from potential new structural targets. The ~4,000 m RC drilling program, which
is scheduled to start in Q2 2024, proposes to test multiple targets derived from the mapping
program and surface geochemical sampling:
• Approximately 2 km strike extent of the mapped target stratigraphy with coinciding
surface soil anomalism will be drill tested at a nominal drill line spacing of 80 m. In
particular, structural intersections with the shears and cross -cutting Aurora and Estrid
Faults will be targeted.
• A moderate surface anomaly exists over the mapped porphyry intrusion west of the
Estrid Fault, with several rock samples returning up to 2.87 g/t gold from narrow
brecciated quartz veins within the porphyry. Intrusion hosted gold has not previously
been identified in the district, and drilling is planned to test for minerali sation style and
tenor.
• A series of structures have been mapped that are parallel to the Aurora Fault or the
Freyda and Skadi shears. These represent proof of concept targets that have the
potential to delineate additional parallel lodes in parallel basalt. Some of these target
positions have returned rock sample results of up to 6.4 g/t Au.
KARRATHA EXPLORATION PROGRAM
A maiden RC drill program is planned to test three prospects in the Karratha district, with
programs to be completed at Railway Bore, East Well, and North Whundo.
Drilling is scheduled to start in Q2 2024 and will total ~3,500 m to test gold and gold -copper(+-
platinum-palladium) targets defined by a combination of mapping, surface geochemistry and
historic geophysics (IP chargeability anomalies).
NOVO FINANCIAL UPDATE
As at 25 March 2024, Novo has a cash balance of A$17.4 million (C$15.4 million).
In addition, Novo has an investment portfolio of shares held in ASX -listed and unlisted
companies that is valued at A$39.3 million (C$34.8 million), this consists of:
(1) ASX-listed companies, valued at A$1. 4 million (C$1.2 million) based on the closing price of
those shares on 25 March 2024; and
(2) Unlisted companies, valued at A$37.9 million (C$33.6 million).
Ticker Number
of shares
held
Novo
interest
Value
A$’000
Value
C$’000
(1) ASX-listed shares*
Kalamazoo Resources
Limited
ASX: KZR 10,000,000 5.78% $870 $771
GBM Resources Limited ASX: GBZ 11,363,637 1.55% $102 $91
Calidus Resources
Limited
ASX: CAI 1,347,089 0.22% $162 $143
Kali Metals Limited
(commenced trading
January 8, 2024)
ASX: KM1 566,947 0.39% $238 $211
(2) Unlisted shares**
Elementum 3D Inc. Unlisted
(US$)
2,076,560 9.01% $21,572 $19,112
San Cristobel Mining Inc. Unlisted
(US$)
2,000,000 4.32% $16,387 $14,519
6
*ASX-listed shares were converted to C$ using an exchange rate of 1.1287 : 1.
**The valuation of the unlisted shares is in line with management’s valuation as at 31 December
2023, converted using an exchange rate as at 25 March 2024 from US$ to C$ of 1 : 1.3494 and
C$ to A$ of 1 : 1.1287 and taking into account the methodologies described in the Company’s
2023 annual consolidated financial statements (2023 Annual Financial Statements).
As outlined in th e 2023 Annual Financial Statements 4, shares held in Elementum 3D and San
Cristobal Mining are initially recognised at fair value (and remeasured with reference to share
prices at which funds are raised with third -party investors ) or were based on independent
valuations performed. For further information on Novo’s investment portfolio, please refer to
Novo’s website.
ANALYTIC METHODOLOGY
One metre cone split samples of RC chips were split directly off the cyclone on the drill rig and
were sent to Intertek Genalysis ( Intertek) in Perth, Western Australia with the entire sample
smart crushed to -3mm (NVO02 prep code), with a 500 g split sample analysed for gold using
PhotonAssayTM (PHXR/AU01). Remaining drill spoil was retained on site in numbered green bags.
QA/QC for RC samples are inserted at the rate of 4 x 600g standards per 100, 4 x 600g blanks
per 100 (including 2 coarse and 2 -80# blanks) and 4 riffle split duplicates per 100, providing a
total of 12% QA /QC. Intertek also inserts PhotonAssayTM certified standards at the rate of 2 per
hundred.
The first 4 drill holes were also assayed using four acid digest and 50 g charge fire assay FA50/OE
as a comparative exercise , after pulverizing a cone split duplicate sample to -80# (SP64
FA50/OE). The first four drill hole significant intercepts were also analysed by 1kg 106 -micron
screen fire assay with ICP-OES finish (Code SF 100/OE), using the Chrysos and coarse rejects.
All sample intervals greater than 0.1 g/t Au or part of an interval that falls within an interpreted
mineralisation shape were resubmitted for multiple PhotonAssay TM analysis. This comprised a
total of 436 samples. In most cases (299 samples), these were selected from remaining
pulverised material available in the laboratory, averaging four pots per analysis. For 137 samples,
new material was obtained by riffle splitt ing an approximately 2.5 kg aliquot from the field drill
spoil. Samples were analysed ‘in f ull’ by splitting the crushed material into multiple
PhotonAssayTM pots (PHXR/AU01) until all material was exhausted. This ensures that there is no
further sample error by splitting sample material and provides a more representative assay
result.
There were no limitations to the verification process and all relevant data was verified by a
qualified person /competent person (as defined in National Instrument 43 -101 Standards of
Disclosure for Mineral Projects (NI 43 -101) and the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (JORC Code) respectively) by reviewing
the analytical procedures undertaken by Intertek.
ABOUT NOVO
Novo explores and develops its prospective land package covering approximately 7,500 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. In addition to the
Company’s primary focus, Novo seeks to leverage its internal geologi cal expertise to deliver
value-accretive opportunities to its shareholders.
Authorised for release by the Board of Directors.
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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
Mrs. Karen (Kas) De Luca (MAIG), 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. Mrs De Luca is Novo’s General Manger Exploration.
JORC COMPLIANCE STATEMENT
The information in this report that relates to new exploration results at Nunyerry North is based on
information compiled by Ms De Luca, who is a full -time employee of Novo Resources Corp. Ms De Luca is
a Competent Person who is a member of the Australian Institute of Geoscientists. Ms De Luca 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'. Ms De Lu ca
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 Nunyerry
North is extracted from Novo's announcement titled Successful RC Drill Program Completed Nunyerry
North, RC Drilling Commenced at Bercher released to ASX on 15 November 2023 and which is available to
view at www.asx.com.au. The Company confirms that the form and context in which the Competent
Person’s findings are presented have not been materially modified from the original market
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, 2022 which is available under Novo’s profile on SEDAR+
at www.sedarplus.ca and 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.
1 Novo holds a 70% interest in gold rights, other mineral rights, legal interest and mining information pursuant to the
Croyden JV agreement as announced previously in Novo news release dated 15 June 2020. See also Novo’s Prospectus
released to ASX on 7 September 2023.
2 Refer to De Grey’s public disclosure record for further details including news release Hemi Gold Project Resource
Update, 21 November 2023, relating to De Grey’s Hemi. Withnell and Wingina mining centres. No assurance can be
given that a similar (or any) commercially viable mineral deposit will be determined at Novo’s Becher Project
3 Refer to ASX Announcement, Successful RC Drill Program Completed Nunyerry North, 15 November 2023
4 Refer to Note 4 of the 2023 Annual Financial Statements.
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APPENDIX
Appendix 1 - Nunyerry North RC drill hole locations in MGA_2020 zone 50 final DGPS survey
HOLE_ID EASTING (m) NORTHING (m) RL (m) AZI DIP DEPTH (m)
NC001 590,752 7,619,490 277 331 -46 52
NC002 590,756 7,619,480 274 333 -49 78
NC003 590,764 7,619,461 269 334 -49 90
NC004 590,793 7,619,496 270 337 -45 52
NC005 590,801 7,619,478 268 332 -50 120
NC006 590,809 7,619,460 266 338 -53 120
NC007 590,810 7,619,459 266 281 -44 66
NC008 590,704 7,619,452 275 337 -54 48
NC009 590,720 7,619,512 283 160 -78 48
NC010 590,689 7,619,485 281 327 -43 54
NC011 590,693 7,619,475 282 329 -58 102
NC012 590,770 7,619,449 267 337 -56 102
NC013 590,815 7,619,444 265 337 -55 102
NC014 590,836 7,619,493 270 332 -43 54
NC015 590,845 7,619,474 267 331 -60 114
NC016 590,849 7,619,466 265 333 -70 102
NC017 590,878 7,619,491 265 339 -54 102
NC018 590,892 7,619,475 263 341 -57 102
NC019 590,650 7,619,474 271 333 -45 54
NC020 590,626 7,619,425 266 332 -44 102
NC021 590,616 7,619,465 270 91 -50 54
NC022 590,664 7,619,438 269 335 -51 102
NC023 590,769 7,619,449 267 331 -74 102
NC024 590,710 7,619,432 269 337 -46 88
NC025 591,080 7,619,513 263 69 -45 72
NC026 591,194 7,619,458 260 339 -44 102
NC027 591,156 7,619,459 263 338 -45 102
NC028 591,165 7,619,440 259 337 -46 60
NC029 590,769 7,619,457 268 360 -88 42
NC030 591,168 7,619,441 259 360 -90 36