NI 43-101 Compliant Technical Report Completed on Novo's Beatons Creek Gold Project, Western Australia; Subscription Receipts...
08 March 2013 - 1:15AM
Access Wire
VANCOUVER, March 7, 2013 - Novo Resources Corp. (the "Company")
(CNSX: NVO; OTCQX: NSRPF) is pleased to report that a National
Instrument 43-101 compliant technical report (the "Report") on the
Pilbara Palaeoplacer (also referred as Beatons Creek) Project (the
"Project") has been completed. The Project is located in the
located in the Eastern Pilbara shire of Western Australia. A copy
of the Report will be filed under the Company's SEDAR profile at
www.sedar.com.
The Report summarizes historic work as well as results from
reverse circulation drill programs the Company carried out in 2011
and 2012. Results from the 2012 drill program were highly
encouraging (see news release dated February 13, 2013 for a
summary), and based upon conclusions drawn from that drill program,
the Company is planning further exploration drilling at Beatons
Creek in 2013.
The report recommends the following three actions:
-
1)Completion of specific gravity measurements for all major rock
types.
-
2)Completion of a variety of metallurgical tests.
-
3)Undertaking a resource estimate and then a preliminary
economic assessment following completion of items 1 and 2,
respectively.
Specific gravity measurements and metallurgical test work will
be undertaken on rock core from the Company's current 8-hole
diamond drill program. Completion of specific gravity measurements
is expected around the end of March, and metallurgical tests by
quarter three of calendar 2013. Upon receipt of specific gravity
measurements, a resource estimate will be finalized by Tetra Tech
WEI Inc, Perth, Australia with an anticipated completion date in
April, 2013. Work on a preliminary economic assessment will be
evaluated at that time.
"We are very pleased with the progress of our program at Beatons
Creek," commented Dr. Quinton Hennigh, President and CEO of Novo
Resources. "Our current diamond core drill program will provide the
final data needed to undertake an initial NI 43-101 resource
estimation at Beatons Creek. Looking forward, work on metallurgy
and other aspects of the project will allow us to get a first
glimpse of the potential economics of this large gold system."
Patrick C Huxtable (RPGeo MAIG) of Tetra Tech WEI Inc, Perth,
Australia authored the Report. Dr. Quinton Hennigh, the Company's
Chief Executive Officer, President and Director and a Qualified
Person as defined by National Instrument 43-101, has approved the
technical contents of this news release.
The Company also reports that the subscription receipts issued
under the private placement described in the Company's news release
dated December 21, 2012 were not converted into the underlying
units by the deadline for the satisfaction of the required
conditions. Accordingly, the subscription proceeds have been
returned to the subscriber.
About Beatons Creek
The Beatons Creek Tenements cover extensive exposures of the
Beatons Creek conglomerates, a series of Archaean age pyritic
conglomerates hosting gold mineralization similar to that of the
Witwatersrand Basin in the Republic of South Africa. Shallow gold
reefs were first identified and mined in this area beginning in the
late 1800's. Novo Resources current drill program is the first
modern, systematic exploration on the property.
About Novo Resources Corp.
Novo's focus is to evaluate, acquire and explore natural
resource properties. The Company presently has joint ventures
earning a 70% interest two exploration properties, Beatons Creek
and Marble Bar, situated in Western Australia. 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
CEO and President
The Canadian National Stock Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy of the
content 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 carrying out the
recommendations set out in the Report regarding the Project. 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, the ability to complete the drilling
program as currently contemplated, the receipt of successful
results as drilling proceeds, customary risks of the mineral
resource exploration industry as well as Novo Resources having
sufficient cash to fund the planned drilling and other
activities.
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