High Grade Gold Intersected in First Drill Program at Talga Talga Gold Project

- September 27th, 2021

HIGHLIGHTS Reverse Circulation drilling program intersects high-grade mineralization at Novo’s Talga Talga Gold Project in the Pilbara region of Western Australia Results include 3 m at 25.5 gt Au from 28 m, and 3 m at 23.3 gt Au from 11 m at the NW Australian prospect These are significant drilling results from Novo’s expanded orogenic and brownfields exploration program A corridor of mineralized structures …

HIGHLIGHTS

  • Reverse Circulation (“ RC ”) drilling program intersects high-grade mineralization at Novo’s Talga Talga Gold Project (“ Talga Gold Project ”) in the Pilbara region of Western Australia
  • Results include 3 m at 25.5 g/t Au from 28 m, and 3 m at 23.3 g/t Au from 11 m at the NW Australian prospect
  • These are significant drilling results from Novo’s expanded orogenic and brownfields exploration program
  • A corridor of mineralized structures approximately three kilometres long has been defined, with the majority of the trend ready to be tested by drilling
  • Follow up drilling program planned for early 2022

Novo Resources Corp. ( “Novo” or the “Company” ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on recent exploration work conducted at its 100% controlled Talga Gold Project.

Summary

The Talga Gold Project is located approximately 110 km north of the Company’s flagship Beatons Creek conglomerate gold project (the “ Nullagine Gold Project ”).

During July and August 2021, sixty-five shallow RC holes were drilled for a total of 3,240 m, testing three targets along the mineralized corridor. This program constitutes the first phase of drilling, with holes spaced 80 m x 20 m on sections along the mineralized corridor, and with most holes only targeting the first (shallowest) shear.

Drilling at the NW Australian prospect, within the Talga Gold Project, intersected 3 m at 25.5 g/t Au from 28 m and 3 m at 23.3 g/t Au from 11 m in the upper shear horizon in two adjacent sections. The high-grade gold results are supported up and down dip with intersections showing the same target position.

Elevated intersections at McPhees NE and McPhees Reward, both prospects within the Talga Gold Project, confirm and extend historical intersections. Of note is the intersection of 2 m at 7.4 g/t Au in 21TT0053 from 38 m.

These results are not necessarily representative of all of the mineralization at Talga Gold Project.

Follow up drilling, planned for early 2022, will now directly target these high-grade gold plunging shoots to better determine strike extent and depth potential.

Samples were submitted to the Intertek Testing Services (Australia) Pty Ltd’s (“ Intertek ”) lab for PhotonAssay providing rapid turnaround time for exploration assay results, with all assays received within two weeks of sample submission. Novo’s use of this technology is a powerful tool to expedite exploration and discovery.

“We are excited by these promising results from the Talga Gold Project,” commented Dr. Quinton Hennigh, the Company’s Non-Executive Co-Chairman and a director. “Since committing to an A$14.5 million exploration budget through the end of 2021 and accelerating exploration efforts, Novo has been able to target near-mine and regional prospects in an effort to develop its exploration and production pipeline, including additional work anticipated to commence at the Genie and Parnell-Vulture prospects in the coming weeks.”

Detail

The Talga Gold Project is one of Novo’s East Pilbara assets and is located approximately 110 km north of the Nullagine Gold Project ( Figure 1 ). Gold occurs in lode quartz veins hosted by metamorphosed volcanic and sedimentary rocks of the Warrawoona Supergroup, the same Formation that hosts Calidus Resources Limited’s (ASX: CAI) Warrawoona gold project approximately 35 km south of the Talga Gold Project which is currently being developed and is expected to go into production during H1 2022 1 .

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/21c3b3be-004f-4d8b-ab49-1f77d15acf14

High grade rock samples collected by previous operators and by Novo ( refer to the Company’s news release dated December 13, 2018 ), combined with detailed mapping, define a corridor of mineralized structures approximately three kilometres long, with the majority of the trend untested by drilling.

During July and August 2021, sixty-five shallow RC holes were drilled for a total of 3,240 m, testing three targets along the mineralized corridor ( Figure 2 ). Holes were drilled using a track mounted L8 rig that is particularly suited for small footprint drilling in difficult terrain, with the only limitation being the depth penetration. This program constitutes the first phase of drilling, with holes nominally 80 m x 20 m spaced on sections along the mineralized corridor, and with most holes only targeting the first (shallowest) shear.

Drilling at the NW Australian prospect, within the Talga Gold Project, intersected 3 m at 25.5 g/t Au from 28 m and 3 m at 23.3 g/t Au from 11 m in the upper shear horizon in two adjacent sections ( Figure 3 ). The high-grade gold results are supported up and down dip with intersections showing the same target position. The position of the high-grade gold results appears to be related to the cross-cutting fault ( Figure 4 ) with the western intersection lining up with high-grade gold rock samples at surface providing a plunge direction to mineralization. Furthermore, historical workings are located in a similar plunge direction in relation to the eastern intersection. For additional results, refer to Table 1. These results are not necessarily representative of all of the mineralization at Talga Gold Project.

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1d5321b4-6965-4741-916b-82698aa58d66

Mapping and drilling data interpreted to date suggests that the cross-cutting structures are critical in forming the high-grade gold components to mineralization at the Talga Gold Project, with all historical workings and elevated rock sample results related to thicker quartz near cross cutting structures.

Follow up drilling can now directly target these high-grade gold plunging shoots to better determine strike extent and depth potential and is planned for early 2022.

Elevated intersections at McPhees NE and McPhees Reward, both prospects with the Talga Gold Project, confirm and extend historical intersections. Of note, is the intersection of 2 m at 7.4 g/t Au from 38 m in hole 21TT0053. This hole was extended as a test of the second shear, which has never been drilled and is only recently recognized from mapping and rock sampling ( Figure 5 ).

Samples were submitted to the Intertek lab for PhotonAssay ( refer to the Company’s news release dated May 18, 2021 ), providing rapid turnaround time for exploration assay results, with all assays received within two weeks of sample submission. Novo’s use of this technology is a powerful tool to expedite exploration.

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/859f25f2-7de8-43b8-b15b-6eee8cc89828

Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/451a05bc-2ab9-4265-ad14-d23bb27d0ec0

Figure 5 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/be3bde29-2992-45e8-b85e-3b3767ff17a9

Sample Collection and Analytic Methodology

Drill hole location details are listed in Table 2. All holes were angled to be perpendicular to the intersected mineralization, with the intersected widths representative of the true width of the mineralised zone. Samples were taken as one metre intervals from RC chips using a cone splitter. This generates an approximately 3 – 5 kg sample. All samples were dry with a sample recovery of 100%. When significant water was intersected, the hole was abandoned.

RC samples from the Talga Gold Project were submitted to Intertek Laboratory in Perth, Australia. Intertek is an independent and accredited lab. Samples are crushed to -2 mm and RSD split into a single 500-gram jar for PhotonAssay. To test for gold variability and potential coarse gold effect, field duplicates and crushed duplicates were analysed. Standards and blanks are inserted in the sample sequence to test for lab performance.

There were no limitations to the verification process and all relevant data was verified by a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects by reviewing analytical procedures undertaken the laboratory. Dr. Quinton Hennigh (P.Geo.) is the qualified person 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 is commissioning its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 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

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, planned exploration activities, determination of Talga strike extent and depth potential via additional drilling, and the expected timing of receipt of assay results. 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 11-month fiscal year ended December 31, 2020, 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: Significant intercept table for all results from this phase of drilling at the Talga Gold Project. The table is generated using a 1 g/t cut-off grade and allowing 2 m of internal dilution.

Prospect Hole ID From To Interval Grade Gram*metres
NW Australian 21TT0012 28 31 3 25.5 76.5
NW Australian 21TT0015 11 14 3 23.3 69.9
McPhees NE 21TT0040 65 68 3 5.93 17.8
McPhees Reward 21TT0053 38 40 2 7.36 14.7
NW Australian 21TT0011 16 18 2 5 10
NW Australian 21TT0010 14 16 2 3.92 7.84
McPhees Reward 21TT0052 17 19 2 3.53 7.06
NW Australian 21TT0016 17 18 1 6.09 6.09
NW Australian 21TT0019 16 17 1 4.52 4.52
NW Australian 21TT0013 38 39 1 4.12 4.12
McPhees Reward 21TT0057 14 15 1 4.06 4.06
NW Australian 21TT0004 37 38 1 3.62 3.62
NW Australian 21TT0029 10 12 2 1.77 3.53
McPhees NE 21TT0047 24 25 1 3.23 3.23
McPhees NE 21TT0042 44 45 1 3.22 3.22
NW Australian 21TT0002 24 25 1 3.04 3.04
McPhees Reward 21TT0053 8 9 1 2.73 2.73
McPhees Reward 21TT0059 40 41 1 2.48 2.48
McPhees NE 21TT0042 62 64 2 1.19 2.38
NW Australian 21TT0017 27 28 1 2.21 2.21
McPhees Reward 21TT0049 25 26 1 2.13 2.13
McPhees NE 21TT0038 46 47 1 1.73 1.73
NW Australian 21TT0013 24 25 1 1.49 1.49
NW Australian 21TT0007 19 20 1 1.48 1.48
McPhees Reward 21TT0058 41 42 1 1.16 1.16
NW Australian 21TT0006 11 12 1 1.11 1.11
McPhees Reward 21TT0051 51 52 1 1.11 1.11
NW Australian 21TT0020 30 31 1 1.02 1.02
McPhees NE 21TT0041 32 33 1 1.01 1.01
Marzipan 21TT0033 43 44 1 1 1

Table 2: Collar details for all holes from this phase of drilling at the Talga Gold Project.

Hole ID Drill Type Prospect Total Depth Date completed Tenement Easting Northing RL Azi Dip
21TT0001 RC NW Australian 48 17/07/2021 P45/3134 795533 7676322 161 130 -55
21TT0002 RC NW Australian 54 17/07/2021 P45/3134 795523 7676339 159 130 -55
21TT0003 RC NW Australian 60 18/07/2021 P45/3134 795454 7676274 162 150 -55
21TT0004 RC NW Australian 48 18/07/2021 P45/3134 795444 7676291 161 150 -55
21TT0005 RC NW Australian 36 23/07/2021 P45/3134 795463 7676290 162 110 -60
21TT0006 RC NW Australian 54 23/07/2021 P45/3134 795410 7676203 175 150 -55
21TT0007 RC NW Australian 36 23/07/2021 P45/3134 795400 7676220 171 150 -55
21TT0008 RC NW Australian 36 23/07/2021 P45/3134 795390 7676238 166 150 -55
21TT0009 RC NW Australian 48 24/07/2021 P45/3134 795380 7676255 163 150 -55
21TT0010 RC NW Australian 66 24/07/2021 P45/3134 795340 7676163 171 150 -55
21TT0011 RC NW Australian 30 24/07/2021 P45/3134 795330 7676180 166 150 -55
21TT0012 RC NW Australian 42 25/07/2021 P45/3134 795320 7676198 166 150 -55
21TT0013 RC NW Australian 54 25/07/2021 P45/3134 795310 7676215 165 150 -55
21TT0014 RC NW Australian 72 25/07/2021 P45/3134 795271 7676123 179 160 -55
21TT0015 RC NW Australian 30 26/07/2021 P45/3134 795261 7676140 172 160 -55
21TT0016 RC NW Australian 36 26/07/2021 P45/3134 795251 7676158 167 160 -55
21TT0017 RC NW Australian 54 26/07/2021 P45/3134 795241 7676175 165 160 -55
21TT0018 RC NW Australian 30 28/07/2021 P45/3134 795202 7676083 183 150 -55
21TT0019 RC NW Australian 48 28/07/2021 P45/3134 795192 7676100 176 150 -55
21TT0020 RC NW Australian 42 28/07/2021 P45/3134 795182 7676118 171 150 -55
21TT0021 RC NW Australian 66 28/07/2021 P45/3134 795172 7676135 169 150 -55
21TT0022 RC NW Australian 42 29/07/2021 P45/3134 795112 7676078 177 150 -55
21TT0023 RC NW Australian 24 29/07/2021 P45/3134 795132 7676043 184 150 -55
21TT0024 RC NW Australian 30 29/07/2021 P45/3134 795122 7676060 181 150 -55
21TT0025 RC NW Australian 54 29/07/2021 P45/3134 795102 7676095 182 150 -55
21TT0026 RC NW Australian 30 30/07/2021 P45/3134 795068 7675994 181 150 -55
21TT0027 RC NW Australian 42 30/07/2021 P45/3134 795048 7676029 171 150 -55
21TT0028 RC NW Australian 72 30/07/2021 P45/3134 795038 7676046 169 150 -55
21TT0029 RC NW Australian 36 31/07/2021 P45/3134 794989 7675972 178 150 -55
21TT0030 RC NW Australian 36 31/07/2021 P45/3134 794979 7675989 170 150 -55
21TT0031 RC NW Australian 54 31/07/2021 P45/3134 794969 7676006 166 150 -55
21TT0032 RC Marzipan 54 1/08/2021 P45/3134 795595 7676082 168 220 -60
21TT0033 RC Marzipan 54 1/08/2021 P45/3134 795664 7676050 161 220 -60
21TT0034 RC Marzipan 30 1/08/2021 P45/3134 795652 7676035 160 225 -60
21TT0035 RC Marzipan 42 2/08/2021 P45/3134 795738 7676014 157 225 -60
21TT0036 RC Marzipan 36 2/08/2021 P45/3134 795725 7675997 156 225 -60
21TT0037 RC McPhees NE 54 3/08/2021 M45/618 794484 7675449 191 140 -55
21TT0038 RC McPhees NE 84 3/08/2021 M45/618 794457 7675488 182 140 -55
21TT0039 RC McPhees NE 90 4/08/2021 M45/618 794563 7675624 193 140 -90
21TT0040 RC McPhees NE 84 6/08/2021 M45/618 794423 7675510 188 140 -55
21TT0041 RC McPhees NE 60 6/08/2021 M45/618 794427 7675452 186 140 -55
21TT0042 RC McPhees NE 72 7/08/2021 M45/618 794493 7675506 187 140 -55
21TT0043 RC McPhees NE 102 7/08/2021 M45/618 794448 7675536 179 140 -55
21TT0044 RC McPhees NE 54 9/08/2021 M45/618 794280 7675358 208 140 -55
21TT0045 RC McPhees NE 54 9/08/2021 M45/618 794216 7675312 199 140 -55
21TT0046 RC McPhees NE 30 10/08/2021 M45/618 794190 7675275 193 140 -60
21TT0047 RC McPhees NE 48 11/08/2021 M45/618 794162 7675296 198 140 -60
21TT0048 RC McPhees Reward 18 11/08/2021 M45/618 793830 7674948 262 140 -60
21TT0049 RC McPhees Reward 30 11/08/2021 M45/618 793853 7674994 261 140 -60
21TT0050 RC McPhees Reward 60 11/08/2021 M45/618 793824 7675025 272 140 -60
21TT0051 RC McPhees Reward 78 12/08/2021 M45/618 793796 7675055 266 140 -60
21TT0052 RC McPhees Reward 24 13/08/2021 M45/618 793303 7674823 195 130 -60
21TT0053 RC McPhees Reward 60 13/08/2021 M45/618 793317 7674811 200 130 -60
21TT0054 RC McPhees Reward 48 20/08/2021 M45/618 793257 7674810 189 130 -60
21TT0055 RC McPhees Reward 54 20/08/2021 M45/618 793223 7674841 186 130 -60
21TT0056 RC McPhees Reward 42 20/08/2021 M45/618 793237 7674775 187 130 -60
21TT0057 RC McPhees Reward 60 20/08/2021 M45/618 793253 7674761 191 130 -60
21TT0058 RC McPhees Reward 54 21/08/2021 M45/618 793206 7674803 185 130 -60
21TT0059 RC McPhees Reward 60 21/08/2021 M45/618 793194 7674706 186 130 -60
21TT0060 RC McPhees Reward 66 22/08/2021 M45/618 793151 7674691 186 130 -60
21TT0061 RC McPhees Reward 54 22/08/2021 M45/618 793164 7674733 184 130 -60
21TT0062 RC McPhees Reward 84 23/08/2021 M45/618 793146 7674769 188 130 -60
21TT0063 RC McPhees Reward 24 23/08/2021 M45/618 793234 7674724 194 130 -60
21TT0064 RC McPhees Reward 12 24/08/2021 M45/618 793190 7674671 183 130 -60
21TT0065 RC McPhees Reward 54 24/08/2021 M45/618 793212 7674637 183 130 -60

_______________

1 Refer to Calidus ’ public disclosure at https://www.calidus.com.au/ .


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

Tags

Leave a Reply