Novo Expands Mineralization at Beatons Creek and Discovers a New Gold-Bearing Reef at Marble Bar, Western Australia
02.10.2013 | The Newswire
VANCOUVER, October 2, 2013 - Novo Resources Corp. (the "Company" or "Novo") (CNSX: NVO; OTCQX: NSRPF) is pleased to update ongoing work at its Beatons Creek and Marble Bar Gold Projects in Western Australia. Over the past two months, the Company has conducted reverse circulation ("RC") drilling at Beatons Creek, analyzed core from eight holes drilled at Beatons Creek earlier in 2013, and completed its reconnaissance level program at Marble Bar.
"We are pleased to see continued expansion of mineralized conglomerate reefs to the south of areas previously drilled at Beatons Creek," commented Dr. Quinton Hennigh, President and CEO of Novo Resources. "And at Marble Bar, we are excited to have discovered what appears to be the first laterally continuous gold-bearing reef in that basin. As a result of a recent exercise of share purchase warrants, we currently have approximately $8.3 million in our treasury putting us in a strong position to move this project forward."
Beatons Creek
Approximately 1,500 meters of RC drilling was undertaken at Beatons Creek between late July and late August. Most of this drilling focussed on an area north of 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 under the Company's profile on SEDAR on May 23, 2013. One hole, BCRC13-019, was attempted on Creasy Group Pty. Ltd. ground south of the inferred resource.
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-.Hole BCRC13-019 is the first Novo hole drilled deep enough to test for the Grants Hill mineralized reef package on the downthrown side of a northwest-trending fault that cuts though this area (see attached figure 1: Drill Hole Map). This hole encountered 16 meters at 1.29 grams per tonne ("gpt") gold including 3 meters at 4.42 gpt gold. Interestingly, this hole continued in conglomerates with low-level mineralization grading approximately 0.2 gpt gold for an additional 130 meters below this horizon. Such a thick footwall halo has thus far not been seen elsewhere at Beatons Creek.
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-.RC drilling north of the resource area proved challenging. Because the gold-bearing reefs here occur at shallow depths, they are heavily oxidized, pourous and broken. Upon recognizing that drill sample recovery from these holes was poor to inconsistent, several attempts were made to modify drilling procedures to produce reasonable quality, representative drill samples. However, loss of fine, potentially gold-bearing material continued to prove a concern. The Company is currently considering alternative options for collecting satisfactorily representative samples from this area.
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-.In late August, samples from eight diamond core holes from the resource area were submitted for LeachWell analysis. Highlights include 6.35 meters at 3.23 gpt gold in hole BCDD13-001, 10.80 meters at 1.89 gpt gold in hole BCDD13-005, and 27.45 meters at 1.54 gpt gold including 2.30 meters at 12.41 gpt gold in hole BCDD13-008. The sample size of split PQ size core (approximately half of an 8.5 cm diameter cylinder) is considerably smaller than that of a reverse circulation hole (approximately 15 cm diameter). Considering the nuggety nature and erratic distribution of gold in these conglomerates, results from these core holes are understandably different from those from nearby RC holes. The Company plans to use the remaining half core from these holes for metallurgical test work.
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-.RC drilling has resumed at Beatons Creek. Areas that will be drilled over the next several weeks include extension of the resource area immediately to its west as well as follow-up drilling around hole BCRC13-019 to the south.
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|Summary of Drill Results from Beatons Creek
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|Hole |From (meters)|To (meters) |Length (meters)|Gold
(grams |
| | | | |per tonne)
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|Diamond Core:
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|BCDD13-001 |23.42 |73.12 |49.70 |0.78
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|including |44.10 |50.45 |6.35 |3.23
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|including |44.10 |44.85 |0.75 |25.72
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|including |61.29 |73.12 |11.83 |1.06
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|including |66.05 |67.87 |1.82 |3.68
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|BCDD13-002 |7.90 |10.03 |2.13 |0.61
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|-----------------------------------------------------------------------|
| |31.70 |35.05 |3.35 |0.80
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|BCDD13-003 |3.40 |6.70 |3.30 |0.71
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| |21.94 |34.00 |12.06 |1.02
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|including |29.50 |31.53 |2.03 |4.83
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|including |29.50 |30.12 |0.62 |9.48
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|BCDD13-004 |0.00 |9.52 |9.52 |0.52
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|including |7.85 |9.52 |1.67 |1.85
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| |15.50 |18.50 |3.00 |2.38
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|including |18.00 |18.50 |0.50 |8.75
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|BCDD13-005 |64.00 |74.80 |10.80 |1.89
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|including |68.20 |71.05 |2.85 |6.60
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|including |68.20 |68.35 |0.15 |94.39
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|BCDD13-006 |58.23 |61.68 |3.45 |1.31
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|including |58.23 |58.61 |0.38 |8.91
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| |66.35 |73.70 |7.35 |0.50
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|including |67.00 |68.00 |1.00 |1.51
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|BCDD13-007 |29.35 |31.00 |1.65 |3.98
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| |43.42 |51.26 |7.84 |0.84
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|including |43.42 |45.42 |2.00 |2.17
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|BCDD13-008 |0.00 |27.45 |27.45 |1.54
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|including |12.70 |19.00 |6.30 |5.93
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|including |14.95 |17.25 |2.30 |12.41
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|Reverse Circulation:
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|BCRC13-019 |118.00 |134.00 |16.00 |1.29
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| |123.00 |126.00 |3.00 |4.42
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|Weighted averages were used to calculate all reported intervals .
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Marble Bar
Novo conducted an aggressive reconnaissance level exploration program over the Marble Bar sub-basin between June and August, 2013. This work followed up on stream sediment sampling conducted last year. Rock chip sampling at an area called Contact Creek at the northwestern edge of the basin has revealed what appears to be the first laterally continuous gold-bearing reef in this basin (see attached Figure 2: Rock Samples Map). At South Contact Creek, samples taken from approximately 800 meters of strike along this reef grade 0.16-15.96 gpt gold. At North Contact Creek, the reef was sampled in an arcuate trend approximately 2 kilometers long with samples grading between 0.03-9.26 gpt gold. In both locations, this reef ranges from 0.5-5 meters thick and dips between 20-40 degrees east to southeast. The reef remains open along strike to the north of North Contact Creek where the Company plans to resume exploration later this year.
Quality Control and Quality Assurance
All rock chip samples taken at Contact Creek are spot rock chip samples collected by Novo staff. These samples were prepared and analyzed by Intertek-Genalysis Laboratory Services Pty Ltd, Perth, Australia. Fire assays were employed using a 50 gram charge and ICP finish.
Reverse circulation drill cuttings are collected from every one meter interval at the drill, logged and sampled by Novo personnel. 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. Novo personnel submitted quality control samples including duplicates, standards and blanks.
Diamond core was logged and sampled by Novo personnel. Samples were prepared and analyzed using the Leachwell technique by Intertek-Genalysis Laboratory Services Pty Ltd, Perth, Australia. Novo personnel submitted quality control samples including standards and blanks.
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 personnel have performed work at Beatons Creek and Marble Bar under the supervision of Dr. Hennigh.
About Beatons Creek and Marble Bar
The Beatons Creek and Marble Bar tenements cover extensive exposures of 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 these areas beginning in the late 1800's. Novo Resources' current exploration program is the first modern, systematic work conducted on these properties. 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. Tenements comprising the Marble Bar Gold project include approximately 1,250 square kilometers of prospecting and exploration tenements in which Novo Resources is earning a 70% interest from the Creasy Group Pty. Ltd.
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 planned exploration activities. 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 exploration industry.
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.
Figure 1: Drill Hole Map
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http://thenewswire.ca/client_files/2013-10-01-0.pdf
Figure 2: Rock Samples Map
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http://thenewswire.ca/client_files/2013-10-01-1.pdf
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