Drilling Commences on Purdy's North Gold and Nickel-Copper Targets

Drilling Commences on Purdy's North Gold and Nickel-Copper Targets

  • RC drilling has commenced at Purdy's North, testing a series of prospective gold and nickel-copper targets adjacent to Azure Minerals Limited's ( "Azure" ) Andover nickel-copper-cobalt discovery ( "Andover" ) and Artemis Resources Limited's ( "Artemis" ) Carlow Castle gold-copper-cobalt discovery ( "Carlow Castle" ).
  • Drilling program will start at the Milburn nickel-copper-gold and Morto Lago orogenic gold targets, as part of a large campaign testing multiple targets across the district.
  • Heritage surveys have been completed at Morto Lago, Milburn and the Southcourt prospects at Purdy's North and the Bushmill prospect in the Maitland Intrusion.
  • Additional targets for drilling include 47K, Thorpe, Bob's Well VHMS and the Bullock Park area. Work on these targets is awaiting final heritage clearance.
  • Geophysical Induced Polarisation ( "IP" ) and Fixed Loop Electromagnetic ( "FLEM" ) survey results used at several prospects to finesse high priority targeting from previous programs 1 .
  • High resolution aeromagnetic and radiometric survey across Purdy's North and the Bob's Well trend have enabled advances in structural interpretation and understanding geological setting.

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on gold and nickel-copper targets at Purdy's North on EL471745 and on the Maitland Intrusion (EL473443) in the West Pilbara region of Western Australia. Purdy's North is adjacent to Azure Minerals Limited's ( "Azure" ) Andover VC-07 nickel-copper-cobalt massive sulphide discovery ( "Andover" ) and Artemis Resources Limited's ( "Artemis" ) Carlow Castle gold-copper-cobalt discovery ( "Carlow Castle" ). It should be noted that there is no certainty that EL471745 nor EL473443 contains the same levels of mineralization as either of these discoveries 1 .

" We are excited to get on the ground at these drill targets, " commented Mr. Mike Spreadborough, Novo's Executive Co-Chairman, Acting CEO, and director. " This is a highly prospective region and there has been well-documented recent exploration success from our neighbours, including Azure Minerals and Artemis Resources. These projects are an important part of our broader exploration strategy and we look forward to seeing what our drilling program returns. "

A 4,500m RC drilling program has commenced, representing the first part of a broader drilling campaign on multiple targets in the Purdy's North area and other significant prospects in the Karratha district. This initially includes drilling targets for orogenic gold (copper-cobalt) at Morto Lago and Morto Lago North, and intrusive related nickel-copper-cobalt (gold-platinum group elements) targets at Milburn, Southcourt and Bushmill. Additional targets for drilling currently undergoing heritage surveys include 47K, the Bullock Park area, Thorpe and the Bob's Well – East Well VHMS trend (Figure 1).

An initial 5-day heritage survey was completed at both Purdy's North and further south on the Maitland Intrusion, clearing several prospects for access, with a second 5-day survey currently in progress.

Several of the extensive high-order copper, nickel geochemical anomalies at Purdy's North, initially defined by surface soil sampling and mapping have now been tested by either IP or FLEM surveys or a combination of both. A high resolution aeromagnetic/radiometric survey was also completed across Purdy's North and the Bob's Well VHMS trend. Results from this detailed technical work have been utilised to finesse original targets generated by mapping and surface sampling in late 2021.

https://www.globenewswire.com/NewsRoom/AttachmentNg/4dd83164-a7c3-49b4-be0c-91c81e490a21  
Figure 1 : Prospect location at the Purdy's North and Maitland/Dingo intrusive areas.

The Milburn and Morto Lago prospects are located 1.5 km due east of Carlow Castle. At Milburn, the target is a discrete Electromagnetic geophysical ("EM") anomaly up to 300 m long and 200 m wide, overlaying a gabbro and meta-basalt contact. Two copper-nickel-gold occurrences in historic workings are present on the edge of the EM anomaly and are associated with the NNW trending sheared basalt-gabbro (intrusion) contact with anomalous copper. At Morto Lago, the target is a gold-quartz vein system that manifests as a 70 m wide subcrop over 350 m in an outwash claypan, mostly obscured by regolith, but with significant rock chip gold assay results (up to 6.63 g/t gold). Recently discovered is the Morto Lago North trend, where a complex array of malachite bearing sulphidic veins sub-crop in outwash plains over several hundred metres strike and 100m width, with pXRF values of >2000 ppm arsenic and 101 ppm gold (these pXRF values are likely indicative of gold being present, but do not accurately reflect gold grade).

The Bushmill historic EM anomaly is located 5 km south of the Radio Hill nickel-copper-cobalt Project. The VTEM target is located in the sheared northwest corner of the Maitland Intrusion and manifests as a single weak to moderate conductor at a depth of approximately 75 m. The EM plate is obscured by sand, gravel, and clay which has previously made surface sampling ineffective. Down-hole EM (DHEM) will be conducted on all nickel targets drilled.

https://www.globenewswire.com/NewsRoom/AttachmentNg/f64d66c1-dc9f-45a6-a5fb-9dde0a32744e  
Figure 2 : Field photo of the Stark Drilling RC rig at Morto Lago.

https://www.globenewswire.com/NewsRoom/AttachmentNg/44b63ec8-0da5-4086-8d27-3495d515aca2  
Figure 3 : Field photo of the Ngarluma heritage survey with six survey vehicles on the road to the Bushmill prospect in the Karratha district.

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. 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

Rock chip samples were assayed by Intertek Genalysis in Perth, Western Australia and were crushed and pulverized and assayed for Au by four acid digest and 50 g charge fire assay FA50/OE and for 48 multielement using four acid digest – MS finish (4A/MS). QAQC protocols included 12 standards and blanks in the two batches with Morto Lago rock chip samples, representing 10% QAQC. No QAQC issues were detected. All relevant data was verified by a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (" NI 43-101 ") by reviewing analytical procedures undertaken by Intertek Genalysis.

Table 1 – All rock chip samples from the Morto Lago subcrop

Sample Description Easting Northing Au ppm
W10753 Grey quartz vein sub crop with 5 % sulphides weak brecciation 509116 7698569 6.631
W10712 Sub crop of brecciated quartz vein sub crop with gossanous selvage 509137 7698599 4.542
W10755 Sulphidic quartz vein selvage 509117 7698574 0.866
W10754 Quartz vein with red fe-ox and minor malachite 509119 7698576 0.222
W10714 Quartz vein subcrop, with disseminated sulphides and malachite 509093 7698629 0.208
W10711 Subcrop of massive Fe rock 509127 7698596 0.002

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under NI 43-101, responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is the non-executive co-chairman and a director of Novo.

ABOUT NOVO

Novo operates its flagship Beatons Creek Project while exploring and developing its prospective land package covering approximately 11,000 square kilometres in the Pilbara region of Western Australia. In addition to the Company's primary focus, Novo seeks to leverage 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 leo@novoresources.com.

On Behalf of the Board of Directors,

Novo Resources Corp.

" Michael Spreadborough "

Michael Spreadborough

Executive Co-Chairman and Acting CEO

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that DHEM will be conducted on all nickel targets drilled at Bushmill. 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 three-month period ended March 31, 2022, 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.

___________________________
1
Refer to the Company's news release dated
November 30, 2021 .


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

NVO.WT:CA
The Conversation (0)
Significant Results From Malmsbury Victorian Projects Exploration Update

Significant Results From Malmsbury Victorian Projects Exploration Update

HIGHLIGHTS

  • New exciting high-grade assay results received from the 11-hole, 3,162 m diamond drilling program recently completed at the 50%-owned Malmsbury gold project (" Malmsbury Project ") located 50 km SSW of the high-grade Fosterville gold mine in Victoria, Australia.
  • Significant results generated from the last two holes drilled in the program at Queens Birthday (MD20) and Leven Star (MD21) reefs include:
    • 3.1 m @ 9.27 g/t Au from 400.9 m (MD20);
    • 8.1 m @ 5.79 g/t Au from 131.9 m (MD21); and
    • 6.2 m @ 3.92 g/t Au from 144.6 m (MD21).
  • Step-out hole MD22 returned 45 m @ 0.23 g/t Au from 134 m successfully intersecting the gold-mineralised felsic intrusive (Missing Link Monzogranite) 80 m north of previous reported drilling (MD17 1 ).
  • These new results together with previously released results affirm the success of this drilling program and support the exploration potential of the Malmsbury Project.
  • Induced polarization (" IP ") survey commenced on the Malmsbury Project and adjacent 50%-owned Queens gold project (" Queens Project "). Ground gravity and magnetic data to be collected concurrently with the IP survey. Novo expects this will take approximately six weeks to complete.
  • Diamond drilling planned for H1 2023 will test remaining high-priority mapping targets at the Malmsbury Project, in addition to developing high-grade shoot potential on the Leven Star Reef and key significant results from the recent diamond drilling campaign.

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an exploration update from the 50%-owned Malmsbury Project (RL006587) and adjacent 50%-owned Queens Project (EL007112), located approximately 50 km SSW of the high-grade Fosterville mine in Victoria, Australia (Figure 1). The Malmsbury Project is a joint venture with ASX-listed GBM Resources Ltd. (ASX:GBZ) (" GBM ") and the Queens Project is a joint venture with ASX-listed Kalamazoo Resources Ltd. (ASX:KZR) (" Kalamazoo ").

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Novo Releases Inaugural Sustainability Statement

Novo Releases Inaugural Sustainability Statement

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce that it has published its inaugural sustainability statement (the " Statement ") for the 12-month period ended June 30, 2022.

The Statement is available on the Company's website .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Novo Reports Q3 2022 Financial Results

Novo Reports Q3 2022 Financial Results

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) reports its financial results for the nine-month period ended September 30, 2022. All amounts are expressed in Canadian dollars, unless otherwise noted.

This news release should be read together with Novo's management's discussion and analysis (the " MD&A ") and condensed interim consolidated financial statements (the " Financial Statements ") for the nine-month period ended September 30, 2022 (" YTD 2022 ") which are available under Novo's profile on SEDAR (www.sedar.com). The three-month period ended September 30, 2022 is referred to as " Q3 2022 " in this news release.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Beatons Creek Updated Mineral Resource Estimate

Beatons Creek Updated Mineral Resource Estimate

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) announces an updated Mineral Resource estimate (the " 2022 MRE ") for the Beatons Creek gold project (" Beatons Creek ") located in the Nullagine region of Western Australia. The 2022 MRE incorporates extensive reverse circulation ( "RC" ) drilling completed between January 2020 and May 2022. The effective date of the 2022 MRE is June 30, 2022. A Technical Report (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (" NI 43-101 ")) in respect of the 2022 MRE will be filed under the Company's SEDAR profile upon its completion.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Standout Results From Becher Aircore Drilling Along Trend From Hemi Gold Deposit

Standout Results From Becher Aircore Drilling Along Trend From Hemi Gold Deposit

HIGHLIGHTS

  • Standout gold results have been intersected on the southern Irvine Shear corridor including 20 m @ 0.67 g/t Au , as part of the current aircore drilling program at the high priority Becher   Area in the Egina District.
  • Over 650 shallow aircore holes for 16,500 m of the > 30,000 m program have been completed.
  • The aircore program will test multiple structural and intrusive targets along a series of significant mineralized corridors, some interpreted to extend to De Grey Mining Limited's (" De Grey ") Hemi gold deposit within the Mallina gold project (" Hemi ").
  • Several additional quartz veined, large-scale sericite-silica-sulphide alteration zones have been identified from drilling across the Irvine and Whillans Shear corridors, with assays pending.
  • Deeper reverse circulation (" RC ") drilling will commence in November 2022, designed to follow-up significant aircore results and test discrete drill targets within the Becher Area.
  • Numerous targets have been enhanced or newly identified from a recent high resolution aeromagnetic and radiometric survey, coupled with detailed ground gravity surveys which have advanced structural interpretation and geological understanding.
  • Two heritage surveys were recently completed, enabling infill and extensional aircore drilling traverses and RC drilling to be completed for the remainder of 2022 and first half of 2023.
  • Initial results from the Becher Area, combined with previously reported results from Nunyerry North 1 , reconfirm potential for the Egina District to be a standalone gold production hub.

" Our first aircore drill results have yielded strong gold results at the Becher Area, " commented Dr. Quinton Hennigh, Non-Executive Co-Chairman of Novo, " indicating that the Whillans and Irvine shear zones are indeed prospective for deposits similar to those at De Grey's adjacent Mallina project. Aircore drilling, a means of rapid, shallow drilling widely used across Australia as a first pass means of testing new areas for mineralization, is proving highly effective at Becher. Several large-scale anomalies are emerging, the largest of which is 650m across and situated along the southern Irvine shear zone. Alteration assemblages, lithologies, geochemical associations and size of these mineralized areas are similar to those observed in other nearby large gold discoveries. Although we have lots more drilling to complete and results to come in, the anomalies suggest that deeper drill testing is required. "

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Zodiac Gold Terminates Exclusivity Agreement with Mable and Fable Limited to Pursue Multiple Strategic Opportunities and Announces Up To C$500,000 Shareholder-Led Private Placement

Zodiac Gold Terminates Exclusivity Agreement with Mable and Fable Limited to Pursue Multiple Strategic Opportunities and Announces Up To C$500,000 Shareholder-Led Private Placement

Zodiac Gold Inc. (TSXV: ZAU) ("Zodiac Gold" or the "Company"), a West-African gold exploration company, announces that it has terminated the exclusivity agreement previously entered into with Mable and Fable Limited ("MFL") on September 26, 2024, due to MFL's failure to satisfy their funding obligations under the agreement.

By terminating the exclusivity agreement, the Company is now free to pursue multiple strategic opportunities (including partnerships, joint ventures and financings) that have emerged since the announcement of its recent iron ore discovery. Following that announcement, Zodiac Gold has received substantial interest from multiple parties regarding these high-potential assets. The Company intends to evaluate these opportunities with a view towards identifying how to best leverage its iron ore assets in one or more transactions that will maximize shareholder value. In parallel, Zodiac Gold intends to continue to build on the exploration success of its recently completed Alasala and Arthington drilling programs at its Todi Project.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
PROSPECT RIDGE CONFIRMS LARGE MINERALIZED SYSTEM AT COPPER RIDGE ZONE OF KNAUSS CREEK PROPERTY IN BRITISH COLUMBIA, CANADA

PROSPECT RIDGE CONFIRMS LARGE MINERALIZED SYSTEM AT COPPER RIDGE ZONE OF KNAUSS CREEK PROPERTY IN BRITISH COLUMBIA, CANADA

Prospect Ridge Resources Corp. (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce the results of its drilling campaign at the Copper Ridge Zone (" Copper Ridge ") of its wholly-owned Knauss Creek property located approximately 35 kilometres (km) northeast of Terrace, British Columbia .

Drill Program Highlights

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Element79 Announces Closing of First Tranche of Non-Brokered Private Placement

Element79 Announces Closing of First Tranche of Non-Brokered Private Placement

(TheNewswire)

Element79 Gold Corp.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Riverside Resources Announces the Launch of Blue Jay Resources and Its Ontario Gold Project Portfolio

Riverside Resources Announces the Launch of Blue Jay Resources and Its Ontario Gold Project Portfolio

Intention to Spinout Blue Jay in 2025

Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company"), is pleased to announce the completed transfer of its three key Ontario gold properties: Pichette, Oakes, and Duc to its wholly-owned subsidiary, Blue Jay Resources Inc ("Blue Jay"). This move lays the groundwork for Riverside's strategic plan to advance its Ontario portfolio by establishing Blue Jay as a standalone exploration company. Blue Jay can fully focus on the exploration, discovery, and value-creation potential that these assets deserve. This structure provides Riverside shareholders with exposure to potential gains, while also paving the way for capital investment aimed at unlocking value in these properties.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Grande Portage Announces First Closing of Non-Brokered Private Placement -- Pursuant to the Listed Issuer Financing Exemption

Grande Portage Announces First Closing of Non-Brokered Private Placement -- Pursuant to the Listed Issuer Financing Exemption

Not for distribution to United States newswire services or for dissemination in the United States.

Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) ("Grande Portage" or the "Company") is pleased to announce that it has completed a first closing of its non-brokered private placement previously announced on October 30, 2024 for the sale of 3,470,000 units (each, a "Unit") at a price of C$0.30 per Unit for aggregate gross proceeds of C$1,041,000 (the "Offering"). The Offering is being carried out pursuant to Part 5A of National Instrument 45-106 - Prospectus Exemptions - Listed Issuer Financing Exemption (the "LIFE Exemption") to purchasers resident in Canada, and in jurisdictions outside of Canada in compliance with the applicable securities laws of those jurisdictions. The Company has an offering document (the "Offering Document") related to the Offering that can be accessed under Grande Portage's profile at www.sedarplus.ca and on the Company's website at https:grandeportage.com. Except for one US accredited investor, all other investors participating in the first closing subscribed for Units under the LIFE Exemption, and the Units issued pursuant to the LIFE Exemption are not subject to any statutory hold period in Canada. However, the Units issued to the US accredited investor are subject to Rule 144 resale restrictions under applicable US securities laws and will bear a legend to that effect

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Two New Reduced Intrusive  Targets, Totalling Four, Identified at Tombstone Belt, Yukon - Gold Orogen, New Spin Co of Lode Gold

Two New Reduced Intrusive Targets, Totalling Four, Identified at Tombstone Belt, Yukon - Gold Orogen, New Spin Co of Lode Gold

Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: SBMIF) ("Lode Gold " or the "Company") is pleased to announce the results of our ongoing interpretation of data collected during the summer 2024 QMAGT survey.

Importantly, two additional RIRGS targets "Stingray" and "Camp" have been defined on the Golden Culvert property as a direct result of incorporating the new geophysical data with existing geochemical datasets. These new targets complement the RIRGS targets already identified (a total of four highly prospective RIRGS targets, namely "Border", "Steelhead", "Stingray" and "Camp") by Gold Orogen, subsidiary of Lode Gold, on its nearby WIN property.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×