Mechanical Sorting Program Update

Mechanical Sorting Program Update

KEY POINTS

  • Phase Two mechanical sorting trial completed using samples from Comet Well, Purdy's Reward, and Egina using Novo's wholly-owned Steinert KSS 100F LIXT fine mechanical sorting unit (" Sorter ")
  • Results from the Phase Two trial confirm that strong upgrade ratios can be achieved by running lower grade material through the Sorter in line with results from higher grade material
  • Phase Three trial at Comet Well will be deferred to H1 2023
  • Novo to prioritize immediate attention to developing the Fresh mineral resource at the Beatons Creek Gold Project (" Beatons Creek ") and high-potential exploration programs

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) provides an update on its mechanical sorting program.

Phase Two Trial

The Phase Two mechanical sorting trial has been completed, with samples from Comet Well, Purdy's Reward, and Egina processed through the Sorter which was assembled adjacent to the Golden Eagle processing plant at the Nullagine Gold Project (" Nullagine ").

The Phase Two trials represent a culmination of four years of test work conducted by Novo to determine the amenability of mechanical sorting across its 11,000 sq km of Pilbara tenure in Western Australia.

The Phase Two trial involved thirty-three samples, primarily from the Comet Well and Purdy's Reward tenements, which were processed though the Sorter. The Comet Well and Purdy's Reward samples were taken from areas peripheral to the main mineralized zone representing lower-grade tenor material and contained approximately 145 tonnes of bulk sample material. Concentrates from each sample were collected in their entirety and the tails or ‘rejects' stream was sub-sampled and sent for assay via Chrysos™ PhotonAssay.

The Phase Two trial confirmed that the mass pull to concentrate averaged 1.05% for lower-grade tenor material, which aligns with previously collected results from higher-grade lab scale test work. Preliminary Phase Two results are outlined in Table 1 below.

Phase Three Trial

Following completion of the Phase Two trial, the Sorter was scheduled to be transported to Comet Well for the Phase Three trial, which is designed to process up to 20,000 tonnes of potentially mineralized material from the Comet Well and Purdy's Reward projects.

Detailed project planning has confirmed that the expected cost of the Phase Three trial has significantly increased from earlier estimates. Work completed as part of the project plan development confirms the nuggety nature of the Comet Well and Purdy's Reward mineralization and the difficulty in confirming gold inventory. The use of the Sorter to complete processing of a test parcel of potentially mineralized material remains the most appropriate means of determining potential gold deposition and project economics, and it is expected that the Phase Three trial will assist with establishing a modest mineral inventory for the Comet Well and Purdy's Reward projects.

Following the production pause at Beatons Creek 1 and requirement to direct immediate attention towards development of the Fresh mineral resource, along with exploration across high potential Pilbara-wide targets in the short-to-medium term, the Novo Board of Directors has made the decision to defer the Phase Three trial at Comet Well until the first half of CY2023. Novo's Sorter project team has been reassigned to assist with the Beatons Creek Fresh feasibility study 2 .

Novo is dedicated to prioritizing resources to deliver key workstreams at the Beatons Creek Fresh mineral resource including completion of the Feasibility Study 2 , upgrading the current Fresh mineral resource, and continued resource and extensional drilling to expand potential for life-of-mine operations. Additionally, Novo is also focused on aggressively advancing the high-potential exploration targets at Becher for gold in the Egina district and at Purdy's North for nickel in the West Pilbara district.

Commenting on the mechanical sorting update, Executive Co-Chairman, acting Chief Executive Officer, and director Mike Spreadborough said, "While we are disappointed to defer the Phase Three trial at Comet Well, all work to date shows that innovative use of sorting technology for the Comet Well and Purdy's Reward projects is expected to generate positive results. Our immediate focus is on delivering shareholder value through the plan we outlined for Phase Two operations at Beatons Creek."

"We have a very busy second half planned and once we complete those various workstreams, we will re-consider the timing of the Phase Three trial at Comet Well and make a decision on the path forward."

SAMPLE PREPARATION, ASSAYING AND QUALITY ASSURANCE/QUALITY CONTROL

Concentrate samples from the Sorter were collected in their entirety. The tails or ‘rejects' stream was sub-sampled at regular intervals manually. This was achieved by placing a container through the full width of the sample stream as it transferred by gravity from one conveyor belt to another. A composite of approximately 20kg from the ‘rejects' stream was collected across the sample run. All samples and sub-samples were then weighed (wet), recorded, and submitted for transport to Intertek's mineral laboratory in Maddington, Western Australia.

On sample receipt at Intertek Maddington, all samples and sub-samples were dried for 24 hours. They were then fed through a Smart Crusher, where their material particle size was reduced to P90 -3 mm. The crushed concentrate and ‘rejects' samples were then placed into Chrysos™ PhotonAssay pots. The pots were then assayed in their entirety by Chrysos™ PhotonAssay. Chrysos™ PhotonAssay is a non-destructive method, based on technology that measures gold concentration via X-ray excitation to produce gamma rays. Intertek Chrysos™ PhotonAssay is NATA accredited (3244) via ISO/IEC 17025 (2017) for method PA W0002. Program design, quality assurance/quality control, and interpretation of results is performed by qualified persons employing quality control (" QC ") analysis consistent with industry best practices. Chrysos™ PhotonAssay certified CRMs and blanks are included at a rate of 1 in 40 samples for QC purposes by Intertek, the results of which are provided to Novo. Novo does not know of any factors of sampling that could materially affect the accuracy or reliability of the assay data disclosed.

All data was verified without limitation by a qualified person by reviewing analytical procedures undertaken.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) 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. Dr. Hennigh is the non-executive co-chairman and a director of Novo.

CAUTIONARY STATEMENT

The decision by the Company to produce at the Beatons Creek Project was not based on a feasibility study of mineral reserves demonstrating economic and technical viability and, as a result, there is an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Production has not achieved forecast to date. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability.

The Company cautions that its declaration of commercial production effective October 1, 2021 3 only indicates that Beatons Creek was operating at anticipated and sustainable levels and it does not indicate that economic results will be realized.

ABOUT NOVO

Novo operates its flagship Beatons Creek gold 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 Phase Three trials at Comet Well will begin in the first half of CY2023, that the Beatons Creek Fresh feasibility study and upgrade of the current Beatons Creek Fresh mineral resource and continued resource and extensional drilling is expected to expand life-of-mine operations, that the use of the Sorter to complete processing of a test parcel of potentially mineralized material remains the most appropriate means of determining potential gold deposition and project economics, that it is expected that the Phase Three trial will assist with establishing a modest mineral inventory for the Comet Well and Purdy's Reward projects, and that funds will be allocated to aggressively explore key sulphide and oxide prospects along the Mosquito Creek formation to extend operations at Nullagine beyond Beatons Creek. 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.

Table 1 shows the assay and mass pull data from the first ten samples of the Phase Two trial, confirming strong upgrade ratios from low grade material can be achieved through the Sorter in a single pass.

Sample ID Total Sample
Feed Mass (t)
Con. Grade
(Au, g/t)
Rejects Grade
(Au, g/t)
Total Au
Recovery (%)
Mass Pull to
concentrate, %
Head Grade
(Au, g/t)
Upgrade
Ratio
P1 2.1910 1.1375 0.0009 86% 0.49% 0.0065 174
P2 2.6260 2.2372 0.0009 99% 6.05% 0.1363 16
P3 2.8680 0.0533 0.0008 42% 1.08% 0.0014 39
P4 1.5370 2.1603 0.0016 95% 1.30% 0.0296 73
P5 4.6220 0.3960 0.0018 73% 1.16% 0.0064 62
P6 0.4440 6.3822 0.0215 83% 1.60% 0.1232 52
P7 6.6720 3.5877 0.0004 98% 0.69% 0.0252 142
P8 5.1750 0.8324 0.0005 92% 0.67% 0.0060 138
P9 5.2090 0.0661 0.0005 30% 0.34% 0.0008 86
P10 4.2790 0.0476 0.0005 52% 1.06% 0.0010 50

___________________
1 Refer to the Company's news release dated
June 14, 2022 .
2 Refer to the Company's news release dated June 14, 2022 .
3 Refer to the Company's news release dated October 12, 2021 .


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Freegold Ventures Limited Logo (CNW Group/Freegold Ventures Limited)

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Highlights from the 2023 Drill Program targeting the area west of Willow Creek

GS2314

Hole GS2314, located 150 metres west of 478950E, was drilled to the west.



HOLE
NUMBER

AZIMUTH

DIP

DEPTH
(M)

FROM
(M)

TO
(M)

INTERVAL
(M)

AU
G/T

GS2314

270

-70

748.6

125

141.5

16.5

2.1





293.6

296

2.4

82.5





385.7

499

113.3

5.42

including




480.7

489.8

9.1

6.5

including




495.9

499

3.1

160

GS2331

Targeted the area to the north of the historic known veins, intersected several
zones of higher-grade mineralization



HOLE
NUMBER

AZIMUTH

DIP

DEPTH
(M)

FROM
(M)

TO
(M)

INTERVAL
(M)

AU
G/T

GS2331

360

-50

543.2

19.4

37

17.6

0.56





215.5

259.4

43.9

0.92





276.5

288

11.5

2.0





370.9

406.8

35.9

1.41

GS2332

Drilled on the western edge of the current resource. Returned broad zones
higher than resource grade, including multiple high-grade intercepts



HOLE
NUMBER

AZIMUTH

DIP

DEPTH
(M)

FROM
(M)

TO
(M)

INTERVAL
(M)

AU
G/T

GS2332

360

-55

709.9

104.5

107.6

3.1

41.4





355.7

358.8

3.1

25.3





383.1

413.6

30.5

1.02





474.6

500.8

26.2

1.23





543.8

614.8

71

1.0

including




582.8

614.8

32

1.38

GS2333

The farthest southwest hole collared 200 metres west of the previous drilling,
outside the existing resource and within a 1.5-kilometre-long gold-in-soil
geochemical anomaly.



HOLE
NUMBER

AZIMUTH

DIP

DEPTH
(M)

FROM
(M)

TO
(M)

INTERVAL
(M)

AU
G/T

GS2333

360

-50

632.2

106.7

107.6

0.9

12.15





165.2

202.4

37.2

0.66





355.7

632.2

276.5

1.76

including




355.7

404.5

48.8

1.31

including




438

505.1

67.1

4.25

including




502

505.1

3.1

79

including




608.3

632.2

23.9

4.09

including




614.4

617.5

3.1

24.2

GS2334

Drilled to the south. GS2334 appears to have drilled over the top of the
projected zone of mineralization intersected in GS2333



HOLE
NUMBER

AZIMUTH

DIP

DEPTH
(M)

FROM

(M)

TO

(M)

INTERVAL
(M)

AU
G/T

GS2334

180

-50

660.8

183.6

627.3

443.7

0.71

including




325.2

520.3

195.1

1.06

including




399.6

401.4

1.8

45.1

including




587

627.3

40.3

0.84

GS2335

It was drilled just west of Willow Creek, on the western edge of the current
resource. Returned higher than resource grade, including multiple high-grade
intercepts. GS2335 is notable in that it is closer to surface at significantly
higher resource grade than seen on the east side of Willow Creek



HOLE
NUMBER

AZIMUTH

Dip

DEPTH
(M)

FROM
(M)

TO
(M)

INTERVAL
(M)

AU
G/T

GS2335

360

-55

810.8

63.2

64.1

0.9

12.2





96.6

511.1

414.5

0.8

including




96.6

230.1

133.5

1.43

including




142.3

145.4

3.1

27.1

GS2336

It was drilled just west of Willow Creek, on the western edge of the current
resource and behind 2335. Returned higher than resource grade, including
multiple high-grade intercepts. GS2336 is notable in that it is closer to surface
at significantly higher than resource grade than seen on the east side of
Willow Creek



HOLE
NUMBER

AZIMUTH

Dip

DEPTH
(M)

FROM
(M)

TO
(M)

INTERVAL
(M)

AU
G/T

GS2336

360

-55

831.3

15.9

31.1

15.2

0.52





166.1

218.5

52.4

0.59





257.7

677.3

419.6

0.86

including




308.2

327.7

19.5

4.26

including




308.2

311.2

3

25.3

including




483.1

504.7

21.6

1.09

including




521.8

558.4

36.6

2.86

including




521.8

524.9

3.1

28.8

including




655.9

677.3

21.4

0.75





708.7

726

17.3

0.86





758.2

772.4

14.2

1.43

GS2337

It was drilled at an azimuth of 315 o to cross the Tolovana Vein swarm
extensions to the southwest. The hole successfully intersected various zones
of higher-grade mineralization.

HOLE
NUMBER

AZIMUTH

Dip

DEPTH
(M)

FROM
(M)

TO
(M)

INTERVAL
(M)

AU
G/T

GS2337

315

-50

784.3

260

704

444

0.85

including




341

354.7

13.7

1.21

including




367.8

443

75.2

1.31

including




367.8

369

1.2

20.2

including




506

517

11

2.27

including




552.1

575

22.9

0.94

including




668

704

36

2.01

including




668

671

3

13.45

The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.


A plan map showing the locations of the drill holes targeting the area west of Willow Creek can be found here:

https://freegoldventures.com/site/assets/files/6287/goldensummit_dolphin-cleary_resource_drilling_western_a.pdf

In addition to the ongoing drill program, metallurgical, baseline environmental, cultural resource, and wetland studies are underway. An updated mineral resource estimate based on the 2023 drill program is scheduled to be completed by the end of Q2 2024.

A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Laboratories. Core samples were prepared in ALS's facility using the PREP-31BY package. Each core sample is crushed to better than 70 %, passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay analyzes all samples with an AAS finish, method code Au-AA23 (30g sample size) and over 10 g/t are automatically assayed using a FA Grav method, Au-GRAV21. Additional Au screening is performed using ALS's Au- SCR24 method; select samples are dry-screened to 100 microns. A duplicate 50g fire assay is conducted on the little fraction, and an assay is conducted on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Analytical and assay procedures are conducted in ALS's North Vancouver and Reno facilities.

A QA/QC program included laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards.

The Qualified Person for this release is Alvin Jackson , P.Geo., Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.

About Freegold Ventures Limited
Freegold is a TSX-listed company focused on exploration in Alaska . Through leases, it holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood.

Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. 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, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2023 , filed under Freegold's profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold's business, results of operations, and financial condition.

SOURCE Freegold Ventures Limited

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2024/23/c3893.html

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GOLD ROYALTY ANNOUNCES RECORD TOTAL REVENUE, LAND AGREEMENT PROCEEDS AND INTEREST AND GEOS

First Quarter Results to be Released on May 13, 2024

Gold Royalty Corp. (" Gold Royalty " or the " Company ") (NYSE American: GROY) is pleased to announce record quarterly Total Revenue, Land Agreement Proceeds and Interest*, driven by the Company's cornerstone royalties, recent royalty acquisitions and its unique royalty generator model. All amounts are expressed in U.S. dollars unless otherwise noted.

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Gold Royalty Announces Board Change

Gold Royalty Announces Board Change

Gold Royalty Corp. (" Gold Royalty " or the " Company ") (NYSE American: GROY) announced today that Glenn Mullan has stepped down as a director of the Company.

About Gold Royalty Corp.

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NV Gold Announces Secured Loan Terms

NV Gold Announces Secured Loan Terms

NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) ("NV Gold" or the "Company") announces that that it has entered into (i) a secured loan agreement with John Watson (the "Lender") pursuant to which the Lender provided a loan to the Company in the principal amount of US$50,000 (the "Secured Loan") and (ii) a share pledge agreement with the Lender, which secures an aggregate principal amount of US$400,000 in loans provided to the Company by the Lender to date, as described herein

The Company previously entered into loan agreements with the Lender on June 26, 2023, July 10, 2023, September 18, 2023 and January 22, 2024, pursuant to which the Lender provided the Company with loans in the aggregate principal amount of US$350,000 (the "Prior Loans" and together with the Secured Loan, the "Loans").

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RUA GOLD Provides an Update on the Reefton Drilling Program and the next phase of drill targets

RUA GOLD Provides an Update on the Reefton Drilling Program and the next phase of drill targets

RUA GOLD Corporation (CSE: RUA) (OTC: NZAUF) (WKN: A4010V) ("RUA GOLD" or the "Company") is pleased to provide an exploration update for the Reefton Project on the South Island of New Zealand .

  • Preliminary results confirm the Pactolus system extends south for 550 meters along strike and is well mineralized on surface.
  • The Company is analyzing the results to better understand the plunge and tenor of the ore shoots at this early stage of exploration.
  • The Company has developed multiple new high-grade targets at past producing mines in the Murray Creek area for drill testing in Q2/2024.

Pactolus

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Element79 Gold Corp. Confirms Oversubscribed Final Tranche Of Equity Unit Offering Raising Over $867,000

Element79 Gold Corp. Confirms Oversubscribed Final Tranche Of Equity Unit Offering Raising Over $867,000

(TheNewswire)

Element79 Gold Corp.

Vancouver, BC April 18, 2024 Element79 Gold Corp. (CSE:ELEM)(OTC:ELMGF)(FSE:7YS0) ("Element79" or "the Company") The Company is pleased to announce that it has closed its final round of capital raising efforts, announcing that that the previously initiated non-brokered Private Placement of Equity Units was met with overwhelming investor interest, resulting in an oversubscription.

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