HIGHLIGHTS
- Novo has commenced its maiden drill program at Nunyerry North, a highly promising exploration target in the southern
Egina Gold Camp , Pilbara,Western Australia 1 - Approx. 2,000 m of reverse circulation drilling will focus on investigating structurally controlled gold targets and extensive gold in soil anomalies
- Previous exploration at Nunyerry delineated a > 1.4 strike km high tenor surface gold anomaly with bonanza grade gold assays from quartz veins in rock chip samples2
- Novo’s partner De Grey is planning a substantial drilling program of approximately 39,000 m, commencing in September at the Egina joint venture area3, in the northern
Egina Gold Camp , with a focus on the Becher project - Drilling activities are also scheduled to commence in the fourth quarter of 2023 at the Bamboo-Strattons and
Balla Balla Gold projects in the Pilbara, as well as the Belltopper Gold project inVictoria
Figure 1: RC drilling underway at Nunyerry North.
In addition,
Drilling activities are also scheduled to commence in the fourth quarter of 2023 at the Bamboo-Strattons and
Figure 2: Novo’s Pilbara tenure, showing priority prospects and joint venture interests.
THE
The
This tenure has been one of the main focus areas for Novo’s exploration programs over the past eighteen months, culminating in the Egina JV with De Grey (which provides for the potential spend of up to
Figure 3:
Nunyerry North Prospect7
Nunyerry North is a compelling, high priority exploration target with significant prospectivity, located in the southern part of the Egina Gold Camp. This site boasts a high-grade soil anomaly and presents substantial exploration potential (Figure 4). Situated just 36 km from a major regional road, Nunyerry North also offers excellent long-term logistics.
Novo has initiated its maiden RC drill program of approximately 2,000 m at Nunyerry North, expected to be completed in the coming weeks.8
Mapping and rock chip sampling in the area identified sheeted quartz vein-related gold mineralisation within a basement sequence of ultramafic komatiites and mafic rocks, juxtaposed by regional shears and offset faults. The shears dip north at 75 degrees, and offset faults are interpreted to dip to the west at 75 degrees.
The initial drilling plan covers an area of ~ 600 m of strike over the main soil anomaly and peak rock chip results, where mapped vein densities are also optimal. Hole spacing over the main target area varies from a 20 x 40 to 60 m spaced grid, with lower priority areas more broadly spaced. The average depth of drilling is 95 m with a maximum depth of 120 m planned in the first pass program. A north seeking gyro will be used for down hole survey and samples will be dispatched initially for Au by PhotonAssayTM for rapid turnaround, with pXRF analysis of multielements conducted at site.
Figure 4: Contoured gold results from soil sampling at Nunyerry North and high-grade gold results from rock chip sampling9
Egina JV – Becher
The recent
The Egina JV introduces De Grey’s proven exploration success and experience within the region and provides a strong platfrom to accelerate exploration programs at Becher. Being free-carried to earn-in completion allows Novo to advance other prospective areas within the Company's portfolio.
The combined Egina JV and De Grey’ tenure forms a strategically significant land position in the
ABOUT NOVO
Novo explores and develops its prospective land package covering approximately 10,500 square kilometres in the Pilbara region of
Authorised for release by the Board of Directors.
CONTACT
Investors: +61 419 329 987 mike.spreadborough@novoresources.com | Media: +61 466 984 953 cgilenko@citadelmagnus.com |
QP STATEMENT
Mrs.
JORC COMPLIANCE STATEMENT
The information in this news release in relation to results from rock chip sampling at Nunyerry North Is extracted from Novo's Prospectus dated
FORWARD-LOOKING INFORMATION
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that exploration programs will be advanced as described in this news release. 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
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ENDNOTES
1 Refer to Novo's news release dated
2 Refer to the Company’s news release dated
3 Works carried out under the De Grey earn-in arrangement. Refer to the Company’s news releases dated
4 Novo holds 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
5 Refer to Endnote 1 above.
6 De Grey has reported that, at the
7 Refer to Endnote 1 above.
8 Refer to Endnote 1 above.
9 Refer to Endnote 2 above.
10 Refer to Endnote 1 above.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/46d13ed9-3a8b-4364-81f0-459a072a1f67
https://www.globenewswire.com/NewsRoom/AttachmentNg/24f4a002-bb3e-4c9e-b894-ff036f0c776a
https://www.globenewswire.com/NewsRoom/AttachmentNg/8b10fe30-2825-4c99-bdfe-8b323282f862
https://www.globenewswire.com/NewsRoom/AttachmentNg/09e8bf00-8bd9-4151-bb52-6547596b4fbf
Figure 1: RC drilling underway at Nunyerry North.
Figure 1: RC drilling underway at Nunyerry North.
Figure 2: Novo’s Pilbara tenure, showing priority prospects and joint venture interests.
Figure 2: Novo’s Pilbara tenure, showing priority prospects and joint venture interests.
Figure 3: Egina Gold Camp tenure showing key areas of focus and joint venture interests.
Figure 3: Egina Gold Camp tenure showing key areas of focus and joint venture interests.
Figure 4: Contoured gold results from soil sampling at Nunyerry North and high-grade gold results from rock chip sampling.
Figure 4: Contoured gold results from soil sampling at Nunyerry North and high-grade gold results from rock chip sampling.
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