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High-Grade Assay Results at the Parnell-Vulture Trend

·16-min read

Figure 1

Location map for NGP showing Novo tenure and priority prospects.
Location map for NGP showing Novo tenure and priority prospects.
Location map for NGP showing Novo tenure and priority prospects.

Figure 2

Section at Parnell showing 21NU0196 results in relation to the main shear zone
Section at Parnell showing 21NU0196 results in relation to the main shear zone
Section at Parnell showing 21NU0196 results in relation to the main shear zone

Figure 3

Map of historical and Novo significant intercepts at Parnell and Vulture prospect to date.
Map of historical and Novo significant intercepts at Parnell and Vulture prospect to date.
Map of historical and Novo significant intercepts at Parnell and Vulture prospect to date.

Figure 4

RC drilling status at Parnell and Vulture.
RC drilling status at Parnell and Vulture.
RC drilling status at Parnell and Vulture.

HIGHLIGHTS

  • First phase of a 15,000 metre reverse circulation (“RC”) drilling program across shallow oxide mineralization on granted mining leases at the Parnell-Vulture Trend was completed prior to the 2021 holiday period, with 83 holes drilled for a total of 5,200 metres

  • PhotonAssay gold results from Parnell have been received, with significant assays including:

    • 7 m at 7.75 g/t gold from 31 m in 21NU0198,

    • 4 m at 10.19 g/t gold from 31 m in 21NU0196,

    • 13 m at 2.51 g/t gold from 21 m in 21NU0156, and

    • 8 m at 3.14 g/t gold from 4 m in 21NU0156

  • Initial results received from Vulture include:

    • 8 m at 10.02 g/t gold from 11 m in 21NU0216

  • Further results from holes drilled prior to the holiday period will be released in coming weeks

  • Drilling on the Parnell - Vulture trend is scheduled to recommence on January 24, 2022

    The above results are not necessarily representative of mineralization throughout the Parnell-Vulture Trend. Refer to Table 1 for drill results for all holes drilled to date at Parnell – Vulture.

_________________________________________________________________________

VANCOUVER, British Columbia, Jan. 21, 2022 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide a drilling update for the Parnell-Vulture trend in Western Australia. The RC drilling planned at Parnell and Vulture is part of the Nullagine Gold Project (“NGP”) exploration program ramp-up, with forward programs currently being generated at several priority basement targets (figure 1). Parnell – Vulture is located some 45 kms from the Company’s Golden Eagle processing facility (“Golden Eagle Plant”) and is accessed by a robust, reliable haul road and associated infrastructure.

https://www.globenewswire.com/NewsRoom/AttachmentNg/29300a6a-ac54-4be5-84f5-a0fe8d5b48f5
(
Figure 1: Location map for NGP showing Novo tenure and priority prospects.)

Drilling completed before the holiday period comprised 83 RC holes for 5,200 metres (figure 4), drilled by experienced contractor Stark Drilling using a truck mounted Schramm 450. The initial program at Parnell focussed on every alternate planned drill line, in order to fast track strike coverage. The quick assay turnaround means that best drilling intersections can be followed up immediately whilst the remainder of the program is ongoing.

Parnell - Vulture covers a strike length of approximately 2 kms and contains a series of vein-hosted targets with historical drill intercepts including 9 m at 8.4 g/t gold from 7 m, 12 m at 14.6 g/t gold from 40 m and 7 m at 6.1 g/t gold from 40 m1. These results are not necessarily representative of mineralization throughout the district. Refer to Table 2 for drill results for all holes drilled to date at Parnell - Vulture.

Recent results for Parnell - Vulture, received via the Company’s priority arrangement with Intertek2, show similar width and grade tenor as historical drilling intersections, improving confidence in historical data and potential strike extent.

Most significant results are located around the historic workings at Parnell, including 4 m at 10.19 g/t gold in hole 21NU0196 (figure 2). The main target is a ~ 10m wide E-W to WNW trending shear variably intruded by porphyry. Mineralization dips moderately to steeply to the south (generally 70 degrees). Sandstone and interbedded siltstone-sandstone sequences adjacent to the main shear are extremely bleached in the weathering profile, indicating likely sericite alteration of the original rock. Alteration is up to 50 m wide. Several other dykes are present in the area, mainly sub-parallel to stratigraphy, including a 6 m thick dolerite dyke and a hornblende porphyritic gabbro.

Results show good continuity along strike (figure 3), and on section show numerous small but frequent high-grade shoot like components. Further infill and extensional drilling will be designed to test this area.

https://www.globenewswire.com/NewsRoom/AttachmentNg/8591dd69-a2ef-4475-92d4-e5392323a2f1
(Figure 2, section at Parnell showing 21NU0196 results in relation to the main shear zone)

Importantly a series of significant drill intersections are located approximately 550 m along strike to the north-west including 13 m at 2.51 g/t gold from 21 m in 21NU0156, and 8 m at 3.14 g/t gold from 4 m in 21NU0156 (figure 3). This shows the complexity of the system at Parnell and the scale potential of the system along strike.

In addition, the 6 m at 5.28 g/t gold from 29 m in 21NU0204 is located to the north of Parnell in one of the mapped vein swarms. The vein swarm was identified from rock sampling and anomalous results in historical drilling and was tested with a single line of drilling.

Assays received to date also included the first batch from Vulture, including 8 m at 10.02 g/t gold from 11 m in 21NU0216 drilled adjacent to a historical working and in an area of complex quartz veining. Historical results in this area are sparse, and include a best result of 12 m at 2.76 g/t. These results are not necessarily representative of mineralization throughout Vulture. All other results from Vulture are pending and are anticipated within the next three to four weeks.

https://www.globenewswire.com/NewsRoom/AttachmentNg/5cb1a965-7325-4702-9ce8-07ae79484a40
(Figure 3: Map of historical and Novo significant intercepts at Parnell and Vulture prospect to date.)

https://www.globenewswire.com/NewsRoom/AttachmentNg/4f132c15-5952-41b9-ab6f-b17d1983ad48
(Figure 4: RC drilling status at Parnell and Vulture.)

Analytic Methodology

Drilling was based on detailed mapping and targeted to be perpendicular to mineralization as much as practical. In some areas, the geology is complex and due to the explorative nature of the work, the true width of mineralization cannot yet be precisely determined.

RC samples from Parnell and Vulture were submitted to Intertek in Perth, Australia. Samples are crushed to -2 mm and RSD split into a single 500-gram jar for PhotonAssay. To test for gold variability and potential coarse gold effect, field duplicates and crushed duplicates were analysed. Standards and blanks are inserted in the sample sequence to test for lab performance.

There were no limitations to the verification process and all relevant data was verified by a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects by reviewing analytical procedures undertaken by the various laboratories. Dr. Quinton Hennigh (P. Geo.) is the qualified person responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is the Non-Executive Co-Chairman and a director of Novo.

ABOUT NOVO

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 square kilometres in the Pilbara region of Western Australia. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. 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.

Michael Spreadborough

Michael Spreadborough

Executive Co-Chairman

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that forward programs are currently being generated at several priority basement targets at the NGP, that further infill and extensional drilling will be designed to test the Parnell area, and that all other results from Vulture are anticipated within the next two weeks. 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 actual time required by Intertek Laboratory to process samples, customary risks of the resource industry and the risk factors identified in Novo’s management’s discussion and analysis for the nine-month period ended September 30, 2021, which is available under Novo’s profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.

Table 1, collar table of all holes drilled to date

HOLE ID

COORDSYS

EASTING

NORTHING

HEIGHT

AZI GRID

DIP

TYPE

DEPTH

LEASE

21NU0153

MGA94_51

241102.657

7584163.415

388.292

20

-55

RC

54

M46/527

21NU0154

MGA94_51

241089.817

7584125.188

385.508

20

-55

RC

72

M46/527

21NU0155

MGA94_51

241132.708

7584153.606

389.503

20

-55

RC

54

M46/527

21NU0156

MGA94_51

241126.52

7584135.836

387.203

20

-55

RC

54

M46/527

21NU0157

MGA94_51

241119.585

7584113.086

386.179

20

-55

RC

78

M46/527

21NU0158

MGA94_51

241171.268

7584139.014

390.099

20

-55

RC

54

M46/527

21NU0159

MGA94_51

241164.727

7584122.37

387.816

20

-55

RC

54

M46/527

21NU0160

MGA94_51

241155.989

7584099.711

386.639

20

-55

RC

72

M46/527

21NU0161

MGA94_51

241150.265

7584082.431

388.577

20

-55

RC

84

M46/426

21NU0162

MGA94_51

241095.94

7584144.73

390

20

-55

RC

54

M46/527

21NU0163

MGA94_51

241207.643

7584126.922

390.423

20

-55

RC

54

M46/527

21NU0164

MGA94_51

241201.647

7584108.868

387.985

20

-55

RC

60

M46/527

21NU0165

MGA94_51

241192.522

7584082.147

387.827

20

-55

RC

72

M46/527

21NU0166

MGA94_51

241296.684

7584132.045

391.871

20

-55

RC

54

M46/527

21NU0167

MGA94_51

241287.561

7584113.379

389.677

20

-55

RC

54

M46/527

21NU0168

MGA94_51

241281.151

7584095.568

387.696

20

-55

RC

54

M46/527

21NU0169

MGA94_51

241274.333

7584077

388.059

20

-55

RC

54

M46/527

21NU0170

MGA94_51

241267.686

7584058.403

388.542

20

-55

RC

72

M46/426

21NU0171

MGA94_51

241260.893

7584039.838

389.808

20

-55

RC

84

M46/426

21NU0178

MGA94_51

241371.821

7584109.808

389.868

20

-55

RC

54

M46/527

21NU0179

MGA94_51

241364.378

7584089.821

388.733

20

-55

RC

54

M46/527

21NU0180

MGA94_51

241355.952

7584067.665

388.413

20

-55

RC

54

M46/527

21NU0181

MGA94_51

241349.571

7584051.224

388.978

20

-55

RC

54

M46/527

21NU0182

MGA94_51

241342.981

7584033.664

390.309

20

-55

RC

72

M46/426

21NU0183

MGA94_51

241442.282

7584074.733

390.393

20

-55

RC

54

M46/527

21NU0184

MGA94_51

241435.649

7584056.883

390.92

20

-55

RC

54

M46/527

21NU0185

MGA94_51

241428.546

7584037.402

390.719

20

-55

RC

54

M46/527

21NU0186

MGA94_51

241422.145

7584018.315

390.185

20

-55

RC

54

M46/527

21NU0187

MGA94_51

241415.856

7584001.066

391.413

20

-55

RC

72

M46/426

21NU0188

MGA94_51

241409.872

7583981.141

392.928

20

-55

RC

90

M46/426

21NU0189

MGA94_51

241518.391

7584050.74

392.657

20

-55

RC

54

M46/527

21NU0190

MGA94_51

241512.401

7584032.65

393.151

20

-55

RC

54

M46/527

21NU0191

MGA94_51

241505.442

7584013.681

393.377

20

-55

RC

78

M46/527

21NU0192

MGA94_51

241498.661

7583994.874

393.707

20

-55

RC

60

M46/527

21NU0193

MGA94_51

241492.061

7583975.735

393.509

20

-55

RC

72

M46/426

21NU0194

MGA94_51

241487.622

7583962.907

392.934

20

-55

RC

84

M46/426

21NU0195

MGA94_51

241573.298

7583960.428

398.341

20

-55

RC

72

M46/527

21NU0196

MGA94_51

241566.956

7583943.681

396.229

20

-55

RC

84

M46/426

21NU0197

MGA94_51

241590.747

7583950.441

398.514

20

-55

RC

72

M46/527

21NU0198

MGA94_51

241587.36

7583938.799

397.01

20

-55

RC

90

M46/426

21NU0199

MGA94_51

241609.571

7583947.275

397.882

20

-55

RC

72

M46/527

21NU0200

MGA94_51

241603.468

7583931.345

396.59

20

-55

RC

84

M46/426

21NU0201

MGA94_51

241624.481

7583937.163

397.169

20

-55

RC

72

M46/426

21NU0202

MGA94_51

241639.804

7583974.596

397.697

20

-55

RC

54

M46/527

21NU0203

MGA94_51

241689.284

7584055.528

394.643

20

-55

RC

54

M46/527

21NU0204

MGA94_51

241682.225

7584034.409

395.126

20

-55

RC

72

M46/527

21NU0205

MGA94_51

241677.202

7584017.522

394.88

20

-55

RC

84

M46/527

21NU0206

MGA94_51

241797.643

7583972.516

402.059

20

-55

RC

54

M46/527

21NU0207

MGA94_51

241790.682

7583955.216

400.928

20

-55

RC

72

M46/527

21NU0208

MGA94_51

241782.944

7583934.55

401.595

20

-55

RC

54

M46/527

21NU0209

MGA94_51

241776.061

7583914.106

401.157

20

-55

RC

54

M46/527

21NU0210

MGA94_51

241826.679

7583961.085

402.982

20

-55

RC

54

M46/527

21NU0211

MGA94_51

241816.073

7583948.444

402.522

20

-55

RC

72

M46/527

21NU0212

MGA94_51

241810.585

7583920.195

403.255

20

-55

RC

54

M46/527

21NU0213

MGA94_51

241805.417

7583906.187

402.44

20

-55

RC

54

M46/527

21NU0214

MGA94_51

241799.288

7583886.997

403.562

20

-55

RC

72

M46/527

21NU0215

MGA94_51

240690.046

7584259.466

385.551

210

-50

RC

54

M46/426

21NU0216

MGA94_51

240699.858

7584275.457

386.273

210

-50

RC

54

M46/426

21NU0217

MGA94_51

240710.979

7584293.934

387.288

210

-50

RC

54

M46/426

21NU0218

MGA94_51

240721.038

7584311.98

386.623

210

-50

RC

54

M46/426

21NU0219

MGA94_51

240731.366

7584329.776

387.062

210

-50

RC

84

M46/426

21NU0220

MGA94_51

240740.661

7584346.642

387.108

210

-50

RC

54

M46/426

21NU0221

MGA94_51

240665.899

7584296.424

385.045

210

-50

RC

54

M46/426

21NU0222

MGA94_51

240675.809

7584313.227

386.039

210

-50

RC

54

M46/426

21NU0223

MGA94_51

240685.546

7584329.684

385.822

210

-50

RC

54

M46/426

21NU0224

MGA94_51

240696.655

7584349.284

385.907

210

-50

RC

54

M46/426

21NU0225

MGA94_51

240706.331

7584365.897

386.074

210

-50

RC

54

M46/426

21NU0226

MGA94_51

240716.124

7584382.575

386.974

210

-50

RC

84

M46/426

21NU0227

MGA94_51

240724.983

7584398.074

387.66

210

-50

RC

54

M46/426

21NU0228

MGA94_51

240673.321

7584390.563

386.935

210

-50

RC

54

M46/426

21NU0229

MGA94_51

240681.247

7584404.148

387.378

210

-50

RC

54

M46/426

21NU0230

MGA94_51

240690.323

7584420.965

388.316

210

-50

RC

54

M46/426

21NU0231

MGA94_51

240701.86

7584440.337

389.138

210

-50

RC

84

M46/426

21NU0232

MGA94_51

240646.8

7584424.125

387.49

210

-50

RC

54

M46/426

21NU0233

MGA94_51

240656.929

7584440.846

391.511

210

-50

RC

54

M46/426

21NU0234

MGA94_51

240668.378

7584458.307

390.53

210

-50

RC

54

M46/426

21NU0235

MGA94_51

240678.186

7584475.581

390.304

210

-50

RC

84

M46/426

21NU0236

MGA94_51

240602.903

7584426.905

387.291

210

-50

RC

54

M46/426

21NU0237

MGA94_51

240612.729

7584444.263

387.578

210

-50

RC

54

M46/426

21NU0238

MGA94_51

240623.145

7584461.986

387.704

210

-50

RC

54

M46/426

21NU0239

MGA94_51

240633.731

7584480.114

387.677

210

-50

RC

54

M46/426

21NU0240

MGA94_51

240641.921

7584494.857

387.603

210

-50

RC

54

M46/426

Table 2, Significant intercept table for all results from this phase of drilling with a gram * metre intersection greater than 1. The table is generated using a 0.5 g/t gold cut off and no more than two metre internal waste.

HOLE ID

FROM

TO

Au ppm

WIDTH

GRAM*METRES

21NU0216

11

19

10.02

8

80.16

21NU0198

31

38

7.75

7

54.25

21NU0196

31

35

10.19

4

40.76

21NU0156

21

34

2.5

13

32.5

21NU0204

29

35

5.28

6

31.68

21NU0156

4

12

3.14

8

25.12

21NU0161

71

73

9.93

2

19.86

21NU0207

0

7

2.67

7

18.69

21NU0169

27

29

8.59

2

17.18

21NU0165

2

9

2.38

7

16.66

21NU0154

49

51

8.1

2

16.2

21NU0208

28

32

3.94

4

15.76

21NU0162

14

17

4.24

3

12.72

21NU0199

18

31

0.94

13

12.22

21NU0170

30

36

1.81

6

10.86

21NU0195

21

29

1.22

8

9.76

21NU0200

34

36

4.86

2

9.72

21NU0197

25

38

0.67

13

8.71

21NU0157

68

70

4.13

2

8.26

21NU0196

40

50

0.72

10

7.2

21NU0216

26

28

3.43

2

6.86

21NU0187

59

61

3.31

2

6.62

21NU0205

34

37

2.16

3

6.48

21NU0159

28

36

0.73

8

5.84

21NU0153

24

30

0.95

6

5.7

21NU0156

43

46

1.63

3

4.89

21NU0154

59

65

0.67

6

4.02

21NU0205

2

4

1.88

2

3.76

21NU0192

33

36

1.22

3

3.66

21NU0160

18

20

1.77

2

3.54

21NU0180

9

14

0.67

5

3.35

21NU0190

10

12

1.62

2

3.24

21NU0207

17

19

1.53

2

3.06

21NU0153

1

3

1.42

2

2.84

21NU0166

35

37

1

2

2

21NU0169

12

15

0.66

3

1.98

21NU0202

6

8

0.93

2

1.86

21NU0164

51

53

0.92

2

1.84

21NU0198

48

50

0.82

2

1.64

21NU0203

10

12

0.82

2

1.64

21NU0188

58

60

0.77

2

1.54

21NU0184

1

3

0.76

2

1.52

21NU0160

27

29

0.75

2

1.5

21NU0201

24

26

0.75

2

1.5

21NU0171

80

82

0.73

2

1.46

21NU0198

82

84

0.7

2

1.4

21NU0196

81

83

0.6

2

1.2

21NU0157

50

52

0.55

2

1.1

21NU0169

1

3

0.53

2

1.06

21NU0207

38

40

0.5

2

1

________________________
1 Refer to the Company’s news release dated November 19, 2021.
2 Refer to the Company’s news release dated May 18, 2021.


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