VANCOUVER, British Columbia, Dec. 17, 2019 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce recent exploration has revealed extensive new areas of gold-bearing terrace gravels at its Egina gold project, Pilbara, Australia. Recently completed heritage surveys provide access to multiple new target areas. Initial results from mechanical sorting test work on bulk samples of Egina gravel at Steinert Global prove very encouraging.
Highlights:
- Recent exploration activities have confirmed the presence of extensive areas of gold-bearing gravels at the South Egina and Paradise targets. South Egina is approximately 2 km south and Paradise is approximately 14 km north-northeast of the site of Novo’s recent trenching and bulk sampling activities on the Egina mining lease (Figure 1). Given these are the very first new target areas to be explored outside of the main area of focus to date, Novo is very encouraged by early results.
- Prospect level trenching, metal detecting and “indicative” mini-bulk sampling are being employed by Novo to assess prospectivity of gravels in new target areas (Figure 2, Figure 3, and Figure 4). Ground penetrating radar is employed to help identify targets. Gold nuggets have been detected and finer grained gold has been recovered from processing of mini-bulk samples from multiple pits at both South Egina and Paradise (Figure 5, Figure 6, Figure 7, and Figure 8). South Egina and Paradise are the first two of many new target areas Novo plans to explore over the next few months.
- Weather permitting, Novo has decided to focus most field activities on exploring for more areas of gold-bearing gravels during summer months from now until April 2020. The goal of this work will be to define at least five new highly prospective areas of gold-bearing gravels that can be subjected to similar systematic trenching and bulk sampling as that conducted at the Egina mining lease over the past few months. Novo hopes to identify multiple new areas that can potentially be developed into larger bulk sampling sites.
- Two large, circa 600 cubic meter, bulk samples were recently collected from the targeted “swale” at the Egina mining lease. These are currently being processed through Novo’s IGR3000 gravity gold plant and results will allow Novo to draw comparisons with previously processed 30-80 cubic meter bulk samples. It is expected results from these will be available in quarter one, 2020.
- Kariyarra Aboriginal Corporation (“KAC”) recently completed another heritage survey with Novo covering target areas over tenements E47/2502, E47/3318, and M47/561. A total of approximately 20 km2 of high priority, prospective gravel target areas has now been heritage surveyed and available for exploration within the greater Egina Project area (Figure 9). Approximately 0.43km2 of the area surveyed comprises heritage sites that will be managed in accordance with the direction of the KAC.
- Further heritage surveys to increase the area available for ground-disturbing exploration activities will be requested from KAC in the new year. Novo would like to thank the Kariyarra People for progressing these heritage surveys and providing the Company with knowledge required to ensure that heritage values are protected on the ground where Novo is operating.
- Recently, an approximately 5-tonne bulk sample of Egina gravels was screened into three size fractions, 18-50 mm, 6-18 mm and less than 6 mm, and was subjected to mechanical sorting tests at Steinert Global’s test facility in Perth. Each size fraction was seeded with commensurately sized nuggets that were photographed before and after each trial for comparison. Repeated tests demonstrated effectively 100% recovery of all gold particles over one mm in size into concentrates of well less than one percent of the total mass, a remarkable result. Assessment of the recovery of very small gold particles of less than one mm must be made by analytic means as these grains are too small to separate from concentrates by naked eye. Analyses will be conducted early next year at which point Novo can comment further about the ultimate recovery rate of gold. An assessment of the lower limit of size of gold particle that can be mechanically sorted will also be possible once analyses have returned.
“Recent exploration and mechanical sorting success at Egina have capped a very good year for this exciting gold project,” commented Quinton Hennigh, President and Chairman of Novo Resources Corp. “We recently commenced broad scale exploration activities with the aim of identifying at least five new areas of highly prospective gold-bearing gravels. Our first two targets, South Egina and Paradise, have yielded early, but very promising indications of appreciable gold in terrace gravels. With recent heritage surveys now complete, we are in an excellent position to test yet further targets over the next few months. On top of these critical advancements in exploration, our initial results from mechanical sorting tests of Egina gravels show excellent promise for high recovery of gold into very small mass concentrates. Given most Egina gold appears to be of size that can be sorted, such processing will likely prove the critical advancement that unlocks this vast gold project.”
Dr. Quinton Hennigh, P. Geo., the Company’s, President, Chairman, Director, and a qualified person as defined by National Instrument 43-101, has approved the technical contents of this news release.
About Novo Resources Corp.
Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 13,000 sq km with varying ownership interests. 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.
“Quinton Hennigh”
Quinton Hennigh
President and Chairman
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, statements as to planned processing and exploration activities and the likelihood of their 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 mineral resource industry as well as the performance of services by third parties.
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