VANCOUVER, July 18, 2013 -
Novo Resources Corp. (the “Company”) (CNSX: NVO; OTCQX: NSRPF) is pleased to announce it has commenced reverse circulation (RC) drilling on its 100% controlled ground (tenement P46/1806) at its Beatons Creek Gold Project, Western Australia (see attached drill plan map). Drilling will also be undertaken on adjacent tenement P46/1790 held under a joint venture with Creasy Group Pty. Ltd. The goal of the 2013 drill program will be to aggressively expand upon the 421,000 troy ounce gold inferred resource (8.9 million tonnes at a grade of 1.47 grams gold per tonne) announced in a press release dated May 1, 2013, and detailed in a National Instrument 43-101 technical report filed on May 23, 2013. This resource, situated on tenement M46/11, lies approximately two kilometers southeast of the area currently being drilled and is held under a joint venture with Millennium Minerals Ltd. which operates the nearby Golden Eagle mine and mill.
“Recent surface sampling of gold-bearing conglomerates on our 100% controlled tenement and nearby joint venture grounds has returned encouraging results including 55 outcrop chip samples grading in excess of 10 grams per tonne gold,” commented Dr. Quinton Hennigh, President and CEO of Novo Resources. “These conglomerate horizons dip very gently, about three degrees to the south, so we are confident they will be intersected at shallow depths over the entire target area. Given that our average drill hole depth will be about 35-40 meters, the entire 49-hole program will comprise only about 2,000 meters of drilling and cost approximately $220,000. We see this as an opportunity to quickly grow our resource for a modest budget.”
Initial gold analyses from this drill program are expected back by early September, 2013. Upon receipt of these results, and depending on market conditions, the Company will determine whether to expand this year’s drill program onto adjoining land. Shallow gold-bearing conglomerates are believed to underlie approximately four square kilometers at Beatons Creek. The Company has approximately 250 additional drill holes permitted within this four square kilometer area, so there will be no delay in drilling should this decision be made.
Quality Control and Quality Assurance
All rock chip samples presented on the attached map are spot rock chip samples collected by Novo staff. Samples were prepared and analyzed using the Leachwell technique by Intertek-Genalysis Laboratory Services Pty Ltd, Perth, Australia. The Leachwell technique utilizes a large, 1 kilogram, split of pulverized sample thereby reducing the variability associated with coarse particulate gold. Because this technique uses a solution of sodium cyanide to dissolve gold, it also provides a preliminary indication of what levels of gold might be recoverable from these rocks. Gold analyses range between 0.02-77.72 grams per tonne in the 292 surface samples taken within the target area.
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. Novo Resources personnel have performed work at Beatons Creek under the supervision of Dr. Hennigh.
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. Tenements comprising the Beatons Creek Gold project include three mining leases in which Novo Resources is earning a 70% interest from Millennium Minerals Ltd., 560 square kilometers of prospecting and exploration tenements in which Novo Resources is earning a 70% interest from the Creasy Group Pty. Ltd. and three prospecting tenements in which Novo Resources holds a 100% interest.
About Novo Resources Corp.
Novo’s focus is to evaluate, acquire and explore gold 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.
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 the potential, through further drilling, to expand the known inferred resource on the property, and the expected timing for the receipt of the initial gold analyses from the drill program announced in this news release. 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.
Cautionary Note to U.S. Readers Regarding Estimates of Inferred Resources
This news release uses the term "inferred resources." We advise U.S. investors that while this term is recognized and required by Canadian regulations, it is not recognized by the U.S. Securities and Exchange Commission. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "inferred mineral resource" will ever be upgraded to a higher category. Under Canadian rules, estimates of "inferred mineral resources" may not form the basis of a feasibility study or prefeasibility studies. U.S. investors are cautioned not to assume that any part or all of an inferred resource exists or is economically or legally mineable.
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.
