HIGHLIGHTS
- Novo’s board of directors has approved an additional
A$2.5M exploration budget to accelerate drilling of high-priority near-mine targets in theMosquito Creek Basin which hosts the Nullagine gold project (the “NGP”) and the Golden Eagle processing facility. - A program of over 25,000 metres of reverse circulation (“RC”) drilling is in progress across several priority basement targets.
- Novo’s exploration team has recently identified high priority drill targets including the Parnell-Vulture prospect. Significant results have been returned from mapping, rock chip and soil sampling programs, including a very large 1.5 km long, up to 500 m wide zone dominated by soil samples grading 100 ppb Au or better. These results are not necessarily representative of mineralization at the site.
- The near-mine geology team has been expanded to accelerate near-mine exploration.
- In addition, historical data from previous targets and mined open pits across the
Mosquito Creek Basin is being re-analysed to determine further targets for potential feed for the Golden Eagle processing facility.
Near-Mine Exploration
Novo’s aggressive 2021 exploration continues with Novo’s board of directors approving additional funding of up to
Planned RC drilling of at least 25,000 m across multiple priority basement targets has commenced and is scheduled to be completed prior to year-end. Over 20 high priority orogenic gold drill targets (Figure 1) have been identified within trucking distance of the Golden Eagle processing facility. Priority targets include Genne and Parnell-Vulture, both located on granted mining leases.
At the Parnell prospect (M46/527), a series of robust, coherent gold anomalies were recently returned from soil sampling, confirming targets highlighted during the June mapping program (Figure 2). Of particular note is a very large 1.5 km long, up to 500 m wide zone dominated by soil samples grading 100 ppb Au or better and peaking at 7.8 g/t Au. Significant rock chip samples up to 14.6 g/t Au were also returned from Parnell-Vulture, again highlighting the presence of high-grade gold targets in this region. Although these results are not necessarily representative of mineralization at the site, they further confirm prospectivity of this area and drill planning for both prospects is currently underway as part of the current near-mine exploration program.
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2e3d54f5-bdfe-44c2-b9c0-7e0685a12a8a
Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/99127b4e-3d90-4272-93ac-eca62785fb38
As part of the current near-mine exploration program, historical data from previous targets and mined open pits across the
Talga Talga Drilling and Bulk Sampling
Novo recently completed a maiden 1,830 m, 34-hole RC drill program at its 100%-controlled Talga Talga gold project (Figure 3) approximately 110 km north of the NGP and adjacent to the road that extends southward to the Golden Eagle processing facility. This property hosts a series of orogenic lode deposits hosted by greenstone that is part of the plus 3.0-billion-year-old basement rock of the Pilbara. Dips of the lodes are reasonably shallow and follow topography, making them well suited for open cast excavation. Assays results from the drilling program are expected in
Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe415d91-d9f2-49ca-9af8-bd4aba7f758d
Talga Talga has the potential to be brought into the NGP as a satellite deposit. Part of the Company’s strategy is to trial bulk samples of mineralized material from Talga Talga through its mechanical sorter. In preparation for these trials, five, approximately 5-tonne bulk samples have been excavated from various lodes across the project and have been delivered to
Mechanical Sorting Trial Samples
In preparation for mechanical sorting trials that begin in
Analytic Protocols
All soils and rock chips from Parnell and Vulture were submitted to
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 (“NI 43-101”) by reviewing analytical procedures undertaken by the laboratory. Dr.
2021
Novo’s Non-Executive Co-Chairman, Dr.
Webcast Link: https://wsw.com/webcast/preciousmetals3/nvo.v/
About Novo
Novo is commissioning its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 14,000 square kilometres in the Pilbara region of
On Behalf of the Board of Directors,
“
Non-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 further targets for potential mill feed for the Golden Eagle processing facility, and the expected timing of receipt of assay and mechanical testing 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
Figure 1
NGP prospect locations.
Figure 2
Results from Parnell and Vulture prospect soil sampling program.
Figure 3
Location of Talga Talga Prospect.
2021 GlobeNewswire, Inc., source