Gold Price (USD) 1281.63

Marble Bar

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The Talga Talga project is comprised of seven mining and prospecting licenses covering about 5 sq km in an area 22 km NE of the town of Marble Bar, Western Australia. Novo recently acquired the project from Talga Resources Ltd. by exercising an option to purchase the tenements.

Gold mineralization is hosted by some of the oldest rocks on Earth, greenstone dating to about 3.2 to 3.6 billion years before present. Greenstone was intruded by granite at around 3.0 to 3.2 billion years ago, and collectively, the granite-greenstone assemblage forms the core of the Pilbara craton. Gold at Talga Talga is believed to have been deposited very early, likely before 3.2 billion years, making this one of the oldest gold systems on Earth. In comparison, gold mineralization at Beatons Creek and Mosquito Creek where Novo is conducting ongoing development and exploration, is several hundred million years younger than at Talga Talga. Interestingly, much of Talga Talga's gold occurs as electrum, a natural gold-silver alloy.

Talga Talga is widely regarded as a coarse gold system. Early prospecting and mining beginning in the late 1800's resulted in discovery of numerous gold specimens ranging from tens to hundreds of oz gold. Using metal detectors, modern prospectors have continued to discover large alluvial gold nuggets at Talga Talga in recent decades. One lode source, the McPhee's Reward quartz-carbonate vein, is widely regarded at the principal source for much of this coarse alluvial gold.

Novo recognizes potential for other lode sources at Talga Talga. A NE-trending concordant shear zone that bounds a metasedimentary chert horizon and adjacent metavolcanic rocks has recently been discovered. Several very old prospect pits are evident along this zone. Eleven spot rock chip samples from this zone display very high grade assays between 14.18 and 200.70 gpt Au. Mineralization appears related to brecciation and quartz-carbonate alteration and is accompanied by minor sulfide, mostly pyrite. Visible gold is evident in many samples.

The Marble Bar Paleoplacer Gold Project in Western Australia is one of two gold projects that collectively make up Novo Resource's Pilbara Paleoplacer Gold Project. At Marble Bar, Novo is exploring for gold-bearing conglomerates (reefs) at the base of the Fotesque Group, a thick sequence of ancient sedimentary and volcanic rocks. Historic mines along the eastern margin of the Marble Bar sub-basin exploited pyritic gold-bearing reefs as early as the late 1800's. Otherwise, the area has seen only very limited modern exploration. Through a joint venture agreement with the Creasy Group, Novo is undertaking systematic exploration for gold-bearing reefs across this approximately 1,250 square kilometer project.

Novo Resources is earning a 70% interest in the Marble Bar Paleoplacer Gold Property through a joint venture agreement with the Creasy Group of Perth, Western Australia (news release). The property is comprised of sixteen exploration tenements and tenement applications covering approximately 1,250 square kilometers. Approximately 90% of the Marble Bar sub-basin is under the control of the joint venture.

Marble Bar Tenements


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