Novo Resources Corp. (
Novo
or the
Company) (ASX: NVO) (TSX: NVO &
NVO.WT.A) (OTCQX: NSRPF) is pleased to announce that the Company
will commence diamond drilling at the Belltopper gold project in
Victoria, following on from a highly successful drill campaign
completed during 2021 – 2022.
Figure 1: The Belltopper Gold Project location
map with focus area for upcoming drilling program.
A series of high-priority diamond drill targets
have been generated at Belltopper. This follows an in-depth review
of recent and previous exploration activities combined with a large
volume of key historic mining and exploration data extracted from
historic records and digitised into the current 3D target
model.
Pivotal to target development has been
on-the-ground exploration including diamond drilling (Q4 2021 – Q3
2022), detailed 1:500 scale mapping, targeted rock chip sampling
and grid soil sampling. Grid soil sampling highlighted key
prospective target corridors on the project, including a robust Au
+ As soil anomaly that sits to the east and in the footwall of the
regional Taradale Fault; representing a very high priority corridor
that will be tested in the upcoming program (Figure 2).
Figure 2: Diamond drilling focus at Belltopper.
Figure depicts key reefs (red lines), arsenic in soil assays
(points, red = >200 ppm As) and the regional Taradale Fault.
Surface mapping and rock chip sampling, in
combination with 3-D modelling of historic reef data has allowed a
detailed understanding of target reef geometries and zones of high
structural complexity, including structural intersections (e.g.
potential shoot zones) and favourable features such as anticlinal
hinge zones (Figures 2 and 3). These are fundamental
characteristics seen in other structurally controlled high-grade
deposits within the region (including at the Fosterville mine) and
represent a key component of the current drill targets.
Figure 3: Collar plan map for upcoming diamond
drilling (six primary collars planned). Figure shows key reefs (red
lines) and anticline traces over latest LiDAR imagery (2022).
The FY22 diamond drilling campaign at Belltopper
returned several highly significant intersections2 from numerous
high-priority targets that warrant follow up drilling, including
the Missing Link Reef and Missing Link Granite, the O’Connor’s and
Queens Birthday Reefs and the Leven Star Reef.
Two holes in the current program will test the
Leven Star Reef and a potential extension of mineralisation to the
NE. One planned hole is designed to target ~ 80 m down-dip of
previously reported high-grade mineralisation that included: 14 m @
6.1 g/t Au from 120 m, 10 m @ 4.9 g/t Au from 173 m and 4 m @ 8.6
g/t Au from 188 m (MD16)1 from a developing, significant,
high-grade zone (Figure 4).
Figure 4: Planned drill collar testing the down
dip extension of high-grade mineralisation returned from MD161
(drilled in 2022) within a developing high-grade shoot zone on the
Leven Star Reef.
Recent geophysics completed at Belltopper
include ground magnetics, ground gravity and an Induced
Polarisation (IP) survey collected during Q4 2022, in addition to
an airborne FALCON gravity and magnetic survey completed in 2021.
Reprocessed historic geophysics including regional gravity and
airborne magnetics, and a historic ground gravity survey was
completed by Haines in 2008. Remote sensing data (LiDAR) collected
in 2020 and 2022 provided valuable source data for detailed mapping
and to identify historic workings.
Gravity and magnetic datasets were fundamental
in delineating key structural trends, potential alteration and
interpreted sub-surface lithological domain boundaries. The LiDAR
provides high-resolution characterisation of old historic surface
workings and mining infrastructure (including dumps and stockpiles)
and therefore accurately delineates mineralised structural trends
(Figure 3).
Several high-tenor chargeability anomalies were
identified during the 2022 dipole – dipole ground IP survey at
Belltopper. Chargeability anomalies commonly represent zones of
increased sulphide mineralisation which can, in turn, be associated
with, or a vector toward gold mineralisation. The most significant
chargeability anomaly at Belltopper occurs within a key regional
anticline corridor with known gold mineralisation and no modern
drilling. This represents one of two high-order IP anomalies that
will be tested as part of the upcoming drilling campaign (Figure
5).
Figure 5: Belltopper IP chargeability sections
with key gold reefs (red lines) and historic mining infrastructure
depicted.
ABOUT NOVO
Novo explores and develops its prospective land
package covering approximately 9,000 square kilometres in the
Pilbara region of Western Australia, along with the 22 square
kilometre Belltopper project in the Bendigo Tectonic Zone of
Victoria, 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.
Authorised for release by the Board of
Directors.
CONTACT
Investors:Mike
Spreadborough +61 419 329 687
mike.spreadborough@novoresources.com |
Media:Cameron
Gilenko+61 466 984 953cgilenko@citadelmagnus.com |
|
QP STATEMENT
Dr. Christopher Doyle (MAIG), 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. Doyle is Novo’s Exploration Manager –
Victoria.
JORC COMPLIANCE STATEMENT
The information in this news release in relation
to exploration results at Leven Star (Belltopper) is extracted from
Novo's Prospectus dated 2 August 2023 (which includes an
Independent Geologist's Report at Annexure 1) that was released to
ASX on 7 September 2023 and which is available to view on
www.asx.com.au. The Company confirms that it is not aware of any
new information or data that materially affects the information
included in the original market announcement and confirms that the
form and context in which the Competent Person's findings are
presented have not been materially modified from the original
market announcement.
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain
“forward-looking statements” (or forward-looking information within
the meaning of Canadian securities legislation) and represent the
Company’s intentions, projections, expectations or beliefs
concerning, among other things, future exploration results or the
Company’s future performance. These forward-looking 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 December 31, 2022, which is available under Novo’s
profile on SEDAR+ at www.sedarplus.ca. 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 Company’s news release dated 10 May 2022.2 Refer to
the Company’s news releases dated May 10, 2022, June 21, 2022,
September 6, 2022, and November 18, 2022.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f4e51ac0-586f-4fed-8cf7-cf7224d695e8
https://www.globenewswire.com/NewsRoom/AttachmentNg/65efd67b-a7a2-4b58-8dc8-b67bd3ed10ea
https://www.globenewswire.com/NewsRoom/AttachmentNg/dd70cca0-1aa8-4282-962b-0381781919b2
https://www.globenewswire.com/NewsRoom/AttachmentNg/3e43be8e-e0b7-4218-89ca-0ae60341401d
https://www.globenewswire.com/NewsRoom/AttachmentNg/e13e875a-09ed-4656-84e9-0305412ad901
https://www.globenewswire.com/NewsRoom/AttachmentNg/6d5e2e3d-91fe-4fa0-8632-df2bdae62e66
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