Business

High-Grade Gold, up to 91.16 g/t Au, Identified via Rock Chip Sampling at Station Peak, Egina District, The Canadian Business Journal

HIGHLIGHTS

  • Rock chip sampling at the historic Pilgrims Rest Gold Mine at Station Peak in Western Australia has returned multiple high-grade results over 200 m strike, including 91.16 g/t Au, 30.15 g/t Au, 13.27 g/t Au and 12.08 g/t Au
  • Numerous rock samples assayed >1 g/t Au, with the majority of samples being mineralized > 0.1 g/t Au
  • Results confirm potential for broad zones of mineralization associated with the historic high-grade main reef
  • Historic mining ceased in 1927 after production of 11,347.4 ounces Au from 9,926.4 tonnes grading 35.55 g/t Au. Mine stopes extend to a known depth of just 68 m below surface1
  • Novo’s mining licence M47/561 is part of the farmin and joint venture arrangement with Sumitomo Corporation of Tokyo, Japan2
  • These results confirm that Novo’s exploration program continues to deliver positive results from targets across the Pilbara, Western Australia, and Victoria

_______________________________________________________

VANCOUVER, British Columbia, Feb. 24, 2022 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to report high-grade gold in rock chip assay results for exploration work conducted in Q4 2021 at the historic Pilgrims Rest mine, Station Peak gold prospect, in the Egina District, Western Australia (figure 1).

The historic Pilgrims Rest mine is located 41 km to the south-west of ASX-listed De Grey Mining’s Hemi deposit and 29 km south of the Indee mine in the northern-central Pilbara Region (figure 1). Recent rock chip sampling focussed on quartz vein-style lode gold mineralization in an altered gabbroic intrusion and adjacent Mallina Group sediments, crosscut by a series of faults (figure 2 and figure 3).

Surface rock chip sampling from mine workings and historic exploration costeans has produced results with high grade gold over 200 m strike (figure 2). Results are presented in Figure 2 and highlights include:

  • 91.16 g/t Au from a highly sheared and intensely altered zone within the western part of the workings;
  • 12.08 g/t Au from moderately dipping remnant quartz veins in the main western stope area;
  • 30.15 g/t Au from alteration in the footwall of the stope in the main pit;
  • 13.27 g/t Au from exploration costeans 40 m east of the main workings; and
  • Numerous +0.5 g/t Au samples (34 samples out of 79 taken in the area).

The new rock chip results from Station Peak are an exciting development in our Pilbara exploration program,” commented Dr. Quinton Hennigh, the non-executive co-chairman of Novo. “Additional planned work, including mapping, sampling, and drilling is expected to continue through 2022 in order to further advance the Egina project.

_______________
1 Refer to historical reports available here. Novo is unaware of the existence of a mineral resource estimate from historic mining. Novo is unable to comment on the reliability of the technical information contained in these historical reports and therefore, undue reliance should not be placed on such technical information.
2 Refer to the Company’s news release dated June 7, 2019.

https://www.globenewswire.com/NewsRoom/AttachmentNg/d49669ce-da09-4e72-b44b-383538afa3a8
(Figure 1 – Location of ML 47/561 and the historic Pilgrims Rest mine at the Station Peak prospect.)

https://www.globenewswire.com/NewsRoom/AttachmentNg/b07d329b-a62e-4d49-bb48-6dd45526f67a
(Figure 2 – Significant gold in rock chips at the Pilgrims Rest historic mine, Station Peak.)

Follow-Up Work

Follow-up work by Novo will include:

  • Integration of historic mine plans, including underground access development, stopes and channel sampling along drives and access ways, into a 3D geological model;
  • Drilling into targets defined by the recent results and 3D modelling, including along strike, structurally complex zones down dip of surface alteration and geochemistry, plus down plunge of high-grade shoots in the main workings represented by red arrows on figure 3; and
  • Detailed mapping, soil geochemical sampling and further rock chip sampling to the west of the historic Pilgrims Rest gold mine.

Novo accelerated its exploration programs in the latter half of 2021 and plans to continue such efforts throughout 2022. Recent exciting results include high-grade rock chip samples at Nunyerry North3 and identification of basement gold targets in the vicinity of the Becher epithermal system4 near De Grey Mining Ltd.’s Hemi deposit in the Egina district, identification of Ni-Cu targets at Southcourt and Milburn5 adjacent to Azure Minerals Limited’s Andover VC-07 Ni-Cu-Co massive sulphide discovery and Artemis Resources Limited Carlow Castle Au-Cu-Co discovery in the West Pilbara district, and high-grade assay results from 5,200 m of drilling at the Parnell-Vulture trend as part of a first phase 15,000 m reverse circulation drilling program across shallow oxide mineralization6 near the Company’s Golden Eagle processing facility in the East Pilbara district.

_______________
3 Refer to the Company’s news release dated February 17, 2022.
4 Refer to the Company’s news release dated November 4, 2021.
5 Refer to the Company’s news release dated November 30, 2021.

Details

The historic Pilgrims Rest mine was operated from 1902 to 1927 and produced a total of 11,347.4 ounces Au from 9,926.4 tonnes grading 35.55 g/t Au1. The main reef strikes 250 degrees and dips to the south with an average dip of 68 degrees (figure 3) and was exploited at three primary working levels; the adit level, 90 feet level, and 200 feet level. A main shaft (figure 3) was sunk to a depth of at least 90 m1.

Seven shallow reverse circulation (“RC”) holes (1 redrilled after failing at 6 m) were drilled by Bullion Minerals Limited (“Bullion”) in 20037 (figure 3) which intercepted mineralization and mine workings. Four of the drill holes are interpreted to have not reached the target.

Intercept highlights from Bullion’s 2003 drilling include:

  • 8.47 g/t Au over 2m from 47m in BYRC007 (including 1m at 11.0 g/t Au which repeat assayed at 23.01 and 10.4 g/t Au);
  • 2m stope from 64m in BYRC007 (no core to assay);
  • 4.28 g/t Au over 2m from 26m in BYRC008; and
  • 6.42 g/t Au over 2m from 71m in BYRC008.

Bullion’s 2003 RC drilling report indicates that where repeat assay values for samples have been provided, intersection grades have been calculated using an average of all repeated assays. Caution should be exercised when relying on such technical information.

Mineralization was intercepted within the altered gabbro and on the contact between the mafic intrusive and the Mallina Group sediments, indicating that mineralized material remains at shallow depths which was not extracted by previous mine operators.

Results and technical information referred to in this news release from Bullion are not necessarily representative of mineralization throughout the district. This historical data was disclosed in annual exploration reports (the “Bullion Reports”) filed by Bullion on the Western Australian Department of Mines, Industry Regulation and Safety’s (“DMIRS”) website in 2004. The technical information contained herein has been extracted from certain of the Bullion Reports.

Reference should be made to the relevant Bullion Reports which are available online at the links provided in various footnotes throughout this news release.

A qualified person has not verified the technical information contained in the Bullion Reports, and Novo is unaware of the existence of any technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects or the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves in connection with the technical information contained in the Bullion Reports. Novo is unable to comment on the reliability of the technical information contained in the Bullion Reports and therefore, undue reliance should not be placed on such technical information.

_______________
6 Refer to the Company’s news release dated January 21, 2022.
7 Refer to Bullion’s 2003 RC drilling report – WAMEX Open File Data Report A68128.

https://www.globenewswire.com/NewsRoom/AttachmentNg/7f07387d-43d7-4fc6-a33d-62c34b46d6c7
(Figure 3 – Location of Bullion RC drilling, main faults and targets open (red arrows).)

Refer to table 1 for a listing of Novo rock chip results and table 2 for historic Bullion RC drill hole locations.

Results referred to in this news release are not necessarily representative of mineralization throughout the Station Peak district.

Analytic Methodology

Novo rock chip samples were crushed to 2mm and assayed for Au by 500g photon assay (lab method PAAU02) and for 48 elements using four acid digest – MS finish (laboratory method 4A/MS48) at Intertek Genalysis, Perth, Western Australia. QAQC protocols for rock chip samples included insertion of three blanks and standards. No QAQC issues were detected. 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 Intertek Genalysis.

The Bullion Reports indicate that Bullion submitted select 1m RC drill samples to Genalysis in Perth and assayed for Au by 50g fire assay (50FA). QAQC protocols for fire assay RC drill sampling included 3 duplicates for 26 samples in the submitted batch (QAQC = 11.5%) no CRM standards were submitted analysed for this drill program. Remaining samples from the RC drilling program were taken as 4m speared composites and also submitted to Genalysis Perth for aqua regia gold assay with AAS finish (Laboratory method B/SAAS). These results have not been referenced for grade intercepts in this release.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under NI 43-101, responsible for, and having reviewed and approved, the technical information contained in this news release other than the technical information extracted from the Bullion Reports. Dr. Hennigh is the non-executive co-chairman and a director of Novo.

ABOUT NOVO

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 12,500 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. 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 nine-month period ended September 30, 2021, 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: rock chip sample results.  
SAMPLE ID EASTING
MGA94
Z50
NORTHING
MGA94
Z50
Au ppm
PAAU02
Ag ppm
4A/MS
As ppm
4A/MS
Cu ppm
4A/MS
Sb ppm
4A/MS
 
NVO-07379 622768 7659905 0.03 -0.025 4.2 1 0.44  
NVO-07380 622766 7659903 0.06 0.08 335 105 1.43  
NVO-07381 622767 7659904 1.06 0.11 637.9 122.9 1.33  
NVO-07382 622770 7659905 0.41 0.23 6494.8 359.5 1.82  
NVO-07383 622769 7659905 0.22 -0.025 229.2 27.3 0.71  
NVO-07384 622765 7659903 0.12 0.08 520.4 62 0.76  
NVO-07385 622770 7659905 0.03 0.15 415 39.1 0.86  
NVO-07386 622768 7659905 0.61 0.06 545.2 311.9 1.83  
NVO-07387 622767 7659904 0.06 0.06 278.2 156.8 0.66  
NVO-07388 622770 7659904 0.05 0.14 85.5 42.7 0.69  
NVO-07389 622769 7659903 0.17 0.08 393.8 132.2 0.85  
NVO-07390 622768 7659904 0.21 0.06 333.2 52.9 1.07  
NVO-07391 622768 7659904 5.67 1.93 34951 809.6 55.34  
NVO-07392 622768 7659904 14.96 0.16 266 126.3 1.88  
NVO-07393 622768 7659904 0.46 0.16 822.5 117.6 1.74  
NVO-07211 622619 7659763 91.16 15.56 87639 1687.6 74.1  
NVO-07218 622710 7659784 3.55 0.38 2789.2 982.5 3.21  
NVO-07219 622710 7659778 1.4 0.19 2152.4 458.4 1.34  
NVO-07221 622709 7659778 1.28 0.34 3059.9 231.7 1  
NVO-07222 622710 7659777 0.36 0.14 4293.1 127 0.66  
NVO-07223 622492 7659632 0.08 0.4 292.7 92.8 3.13  
NVO-07224 622492 7659632 0.07 0.2 159.9 68 1.29  
NVO-07225 622492 7659633 -0.02 0.5 172.3 114.9 1.45  
NVO-07226 622492 7659632 1.71 0.54 258.1 53.9 1.81  
NVO-07227 622489 7659628 1.33 0.32 719.5 21.5 1.39  
NVO-07228 622492 7659632 0.09 0.08 205.9 20.8 1.52  
NVO-07229 622491 7659632 0.11 0.19 288.1 49.6 3.31  
NVO-07231 622493 7659632 -0.02 0.15 367.8 45.7 3.07  
NVO-07232 622491 7659632 0.06 0.31 336.5 76.7 1.68  
NVO-07233 622491 7659632 0.2 0.13 5069.9 54.3 3.77  
NVO-07418 622779 7659834 3.55 0.54 71943 30.1 43.09  
NVO-07419 622778 7659833 0.21 0.06 439.8 16.4 1.06  
NVO-07420 622780 7659830 3.33 0.33 18531 25.7 20.25  
NVO-07421 622779 7659828 0.5 0.06 4110.9 21.7 3.02  
NVO-07422 622774 7659826 -0.01 -0.025 32.9 2.7 0.56  
NVO-07423 622769 7659828 0.05 -0.025 420.4 6.4 0.77  
NVO-07424 622768 7659829 0.04 -0.025 459.8 8.4 0.59  
NVO-07425 622768 7659829 -0.01 -0.025 23.2 3.8 0.45  
NVO-07426 622770 7659832 1.13 -0.025 259.4 3.3 0.5  
NVO-07427 622769 7659833 13.27 1.15 146766 29.5 77.25  
NVO-07442 622702 7659749 6.06 0.22 465.2 35.9 0.81  
NVO-07443 622693 7659771 5.36 3.71 5419.5 720.4 18.27  
NVO-07444 622693 7659770 0.92 0.88 4865.4 623.7 9.64  
NVO-07445 622687 7659769 0.17 0.38 3677 40.8 1.81  
NVO-07446 622688 7659768 0.03 0.37 237 20.3 1.13  
NVO-07447 622675 7659767 30.15 14.01 180389 93.1 97.56  
NVO-07448 622668 7659768 0.06 0.73 656.3 29.5 1.45  
NVO-07449 622667 7659774 0.31 4.68 12830 534.9 7.19  
NVO-07450 622665 7659776 0.14 4.27 2539.8 215.3 1.52  
NVO-7651 622666 7659774 0.08 1.12 283.1 46.4 1.14  
NVO-7652 622593 7659768 0.54 0.14 419 36.7 2.88  
NVO-7653 622596 7659765 12.08 4.14 411.7 343.1 4.24  
NVO-7654 622593 7659767 0.68 0.99 5892.1 1795.7 4.58  
NVO-8023 622688 7659692 0.33 0.27 9255.8 44.7 4.5  
NVO-8024 622664 7659770 2.81 2.54 9584.9 52.1 12.84  
NVO-8025 622664 7659770 0.96 2.34 69083 187.4 19.72  
NVO-8026 622666 7659770 1.92 2.87 19229 273.3 7.98  
NVO-8027 622666 7659769 0.05 1.67 14176 66.7 3.32  
NVO-8028 622666 7659769 0.05 4.58 668 16.7 2.46  
NVO-8029 622665 7659770 0.22 18.6 7431.3 92 6.03  
NVO-8030 622686 7659777 0.19 0.62 775.2 689.3 1.19  
NVO-8031 622685 7659776 7.56 4.92 7386.5 4481.9 4.21  
NVO-8032 622687 7659775 3.13 5.28 5571.9 3242 3.57  
NVO-8033 622686 7659772 1.7 2.21 8169.9 4442.3 7.09  
NVO-8034 622685 7659776 3.39 5.82 9401.8 754.1 10.57  
NVO-8035 622685 7659774 0.11 0.56 16113 1343.1 2.12  
NVO-8036 622686 7659774 0.08 0.24 7626.3 359.5 1.61  
NVO-8037 622637 7659765 0.28 0.34 514.9 54.7 1.78  
NVO-8038 622635 7659763 1.91 1 4338.7 125.7 13.76  
NVO-8039 622634 7659762 0.45 0.91 4119.1 119 12.78  
NVO-8042 622637 7659767 2.42 0.48 5253.5 241.5 6.02  
NVO-8043 622638 7659766 2.91 1.56 20265 624.9 10.82  
NVO-8044 622638 7659767 0.72 0.65 7004.5 336.7 3.76  
NVO-8045 622638 7659766 0.24 0.61 5069.9 77.7 3.28  
NVO-8046 622638 7659767 0.1 0.69 3823.7 75.3 1.63  
NVO-8047 622637 7659767 0.09 0.4 3405.2 62.8 1.34  
NVO-8048 622637 7659767 -0.02 0.21 1977.6 65.1 0.96  
NVO-8049 622465 7659614 0.11 0.1 376.2 33.5 2.2  
NVO-8050 622470 7659615 2.77 0.96 937.7 85.5 5.67  
Table 2: Bullion RC drilling Location7  
Hole ID GridOrig EASTING
MGA Z50
NORTHING
MGA Z50
RLOrig Azimuth Dip End Depth  
BYRC005 MGA94_50 622750 7659740 121 0 -60 6  
BYRC006 MGA94_50 622749 7659742 121 0 -60 52  
BYRC007 MGA94_50 622709 7659708 123 0 -60 70  
BYRC008 MGA94_50 622674 7659691 124 0 -60 88  
BYRC009 MGA94_50 622676 7659664 122 0 -60 118  
BYRC010 MGA94_50 622630 7659677 124 0 -60 76  
BYRC011 MGA94_50 622606 7659695 129 0 -60 52  


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High-Grade Gold, up to 91.16 g/t Au, Identified via Rock Chip Sampling at Station Peak, Egina District, The Canadian Business Journal Source link High-Grade Gold, up to 91.16 g/t Au, Identified via Rock Chip Sampling at Station Peak, Egina District, The Canadian Business Journal

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