Novo Provides Egina Update
01 August 2019 - 10:29PM
Novo Resources Corp. (“
Novo” or
the “
Company”) (TSX-V: NVO; OTCQX: NSRPF) is
pleased to provide an update of activities at its Egina Gold
Project, Western Australia.
- Sampling and bulk sample processing are fully underway. At
present, all sampling activities are being conducted in proximity
to previously trenched areas in the northeastern corner of the
Egina mining lease. Heritage clearances needed for working
elsewhere on the mining lease have been delayed due to availability
of aboriginal heritage clearance personnel. Novo has been advised
that its requested clearances are now scheduled for the latter half
of August.
- Two levels of exploration are currently being undertaken: 1)
bulk sampling on 8 x 8 m panels in the immediate vicinity of
existing trenches, and 2) exploratory trenching along the eastern
margin of the disturbed area. Trenching conducted by the previous
owner of Farno-McMahon focused on an area immediately adjacent to
several low rolling hills along the margin of the terrace. In May
of this year, Novo conducted ground penetrating radar surveys
across the terrace outboard from these trenches that clearly
identified a broad swale, or shallow valley, in which the Company
believes gold-bearing gravels may be focused (Figure 1). This swale
expands onto the broader terrace as it exits the mining lease along
its eastern border.
- Novo is currently undertaking exploratory trenching across the
targeted swale along the margin of previously disturbed areas in
order to assess the gold potential of these gravels. Trenching is
conducted by taking approximately 20 cm lifts, or slices of gravel,
then thoroughly metal detecting the floor of each lift for nuggets.
Once the first of these trenches has been excavated and thoroughly
evaluated, Novo will discuss its assessment of the distribution of
gold across the swale. Thus far, the first lift has revealed
nuggets to be distributed across the entire 600 m width of the
targeted zone. Novo believes detectable gold serves as a good
indicator for the general presence of gold. Exploratory trenching
will be invaluable to guide further bulk sampling work.
- Bulk sample sites near older Farno-MacMahon trenches have
displayed several types of gravel within the 0.5-2 m near-surface
profile. In a few locations, gravels are capped by residual
laterite, a heavily weathered crust of iron oxides, suggesting they
may be very old, perhaps mid-Miocene in age (about 12 million years
ago) during a period when the region was last undergoing tropical
weathering. Gold-bearing gravels often contain clasts of earlier
lateritic material perhaps dating back to Eocene time around 40
million years ago. If the observations prove correct, the targeted
gravels on the terrace were probably deposited between 12-40
million years ago. This information could be important to help
guide exploration elsewhere across the terrace.
- In places, the gravels discussed above have either been found
to be absent or displaced by other types of gravel. At present,
Novo thinks this might be related to the proximity of the current
working area to adjacent hilly terrain. More recent erosion appears
to be active in this area. Novo hopes to see more continuous gravel
profiles further east as it gains access to exploring the greater
terrace away from local topographic effects. The presence of
nuggets across the entire width of the first exploratory trench
described above provides encouragement that gold-bearing gravels
may be more continuous on the greater terrace.
- Novo personnel have detected nuggets embedded in rock matrix in
some cobbles occurring in the gravel beds (Figure 2). Such clasts
appear to be pieces of heavily weathered Archean conglomerate
matrix material that has retained in situ gold nuggets.
Interestingly, fine halo gold has been observed around such nuggets
appearing much like that seen around nuggets from Fortescue age
conglomerates at Karratha. This observation lends support to the
view that much of the gold at Egina is derived from weathered and
eroded Archean conglomerates.
“We are quickly learning a lot at Egina,”
commented Dr. Quinton Hennigh, President and Chairman of Novo. “It
appears the broad swale identified by ground penetrating radar is a
primary target for us in the short term. We are currently opening
exploratory trenches and see detectable gold across the entire 600
m length of the first one. Bearing in mind that the terrace target
is absolutely immense, this initial work is important because it is
a test to see how well our exploration strategy can be applied
across the greater region. Novo controls nearly 2,000 sq km of
terrace. As for further heritage clearance, we eagerly await
assistance from the Kariyarra community to complete necessary
surveys that allow us to work on other areas on the Egina mining
lease.”
Dr. Quinton Hennigh, P. Geo., the Company’s,
President, Chairman, and a Director, and a qualified person as
defined by National Instrument 43-101, has approved the technical
content 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 exploration
activities and the expected timing of the receipt of results and
heritage clearances. 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.
PDFs accompanying this announcement are available
at:http://ml.globenewswire.com/Resource/Download/3e730681-b02d-4348-b9ed-2dafc79552c0http://ml.globenewswire.com/Resource/Download/9ae08a48-3eaf-4c09-9f4c-e6525e09a835
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