Novo Announces Path Forward in the East Pilbara
17 April 2019 - 10:00PM
Novo Resources Corp. (
“Novo” or
the
“Company”) (TSX-V: NVO; OTCQX: NSRPF) is
pleased to provide an update regarding plans for the Company’s
Beatons Creek conglomerate gold project and its broader East
Pilbara projects (collectively the “
East Pilbara gold
assets”).
Novo recently announced a substantial resource
upgrade (the “2019 Resource Estimate”) at Beatons
Creek (for further details see the Company’s news release dated
April 1, 2019). This increase in size and confidence of the 2019
Resource Estimate is important as it provides what the Company sees
as critical mass to underpin an options study across the East
Pilbara gold assets. Mr Paul Henharen of Acacia Management
Consultancy P/L has considerable experience in this field and has
been engaged to undertake the study in conjunction with Optiro P/L.
The options study is expected to be completed during the third
quarter of calendar 2019 and make recommendations on project
development scenarios to take forward to more detailed economic
studies.
Novo’s East Pilbara gold assets extend beyond
the Beatons Creek 2019 Resource Estimate. Other areas of interest
include Novo’s 100%-controlled high grade Blue Spec gold-antimony
deposit located 19km ENE of Nullagine (please refer to the
Company’s news release dated August 17, 2015), the Talga Talga gold
deposit 21km N of Marble Bar (please refer to the Company’s news
release dated December 13, 2018) and an exploration pipeline of
gold-bearing conglomerate prospects including Contact Creek and
Virgin Creek, located 39 km NW and 27 km SW respectively from the
town of Marble Bar (please refer to Figure 1 below – map of
Novo’s East Pilbara prospects). Each of these prospects are
earmarked for further exploration or project development
expenditure during 2019.
In the Company’s January 7, 2019 news release,
Novo outlined an extended and expanded non-binding memorandum of
understanding with Sumitomo Corporation of Tokyo, Japan involving a
pre-allocated commitment of 5,000,000,000 Japanese Yen. The
objective of this commitment is to provide ongoing financial
support and resources to progress economic studies and develop
Novo’s Australian gold projects, subject to mutual agreement on
project development plans and transaction structures.
Novo CEO and director Mr Rob Humphryson
commented, “concurrently with our prospects at Egina and Comet Well
/ Purdy’s Reward around 300-400km to the west, exploration works at
our East Pilbara gold assets have continued apace and have added
significant value to Novo. The increase in both size and confidence
of the Beatons Creek conglomerate gold resource has provided the
impetus to aggressively pursue options for a standalone gold
production centre in the East Pilbara. Novo remain committed to our
goal of rapidly developing our gold projects and we are very
excited at the prospect of returning Pilbara’s gold bearing
conglomerates to production for the first time in almost 100
years”.
Dr. Quinton Hennigh (P.Geo.) is the qualified
person pursuant to 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. Hennigh is President, Chairman, and a director of
Novo.
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 12,000
sq km. For more information, please contact Leo Karabelas at
+1-416-543-3120 or e-mail leo@novoresources.com
On Behalf of the Board of Directors,
Novo Resources Corp.
“Quinton
Hennigh”
Quinton Hennigh
Chairman and President
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, the
statements as to the Company’s planned exploration activities and
the prospect of gold production from the Company’s East Pilbara
gold assets. 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, economic conditions and risks and uncertainties
inherent to mineral resource estimates as well as the performance
of services by third parties and the issuance of necessary
approvals and permits by regulatory authorities.
A PDF accompanying this announcement is available
at: http://ml.globenewswire.com/Resource/Download/94bef4a5-2742-4efb-a95d-5dfd1678d913
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