VANCOUVER, British Columbia, Aug. 13, 2019 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce that its first exploration trench supports the Company’s exploration model for targeted gold-bearing terrace gravels at its Egina Gold Project, Western Australia.
- A total of 162 gold nuggets with a total weight of 324 grams was recovered through systematic metal detecting of Novo’s first exploratory trench (Figure 1). This total includes two large nuggets weighing 83.18 grams and 78.14 grams, respectively (Figure 2)*. Most nuggets were recovered from near the base of the gravel profile or on top of underlying bedrock.
- Nuggets were found scattered along the entire length of the 579 m long, 3.65 m wide north-south oriented trench, but most were recovered from a 50 m long interval within a swale, or topographic depression, in underlying basement rock as identified by ground penetrating radar (“GPR”) near the northern end of the trench. This swale is open to the east where it appears to expand out onto the greater terrace (https://www.youtube.com/watch?v=EVhv-os9QZE). Novo views the Egina area as the edge of a much more expansive gold-bearing gravel system, and this trench provides initial support for this model.
- Most gold nuggets are a rounded, flattened shape characteristic of gold nuggets derived from the much older bedrock conglomerate deposits found across the region. Novo believes most of the gold at Egina is derived from weathering and erosion of these conglomerates.
- To better understand the occurrence of finer, undetectable nuggets as well as fine gold in these gravels, Novo is collecting a series of bulk samples from areas immediately adjacent to this exploratory trench. Each sample has a footprint of 4×16 m. These samples will be processed through the Company’s IGR 3000 gravity gold plant at nearby Station Peak. The first bulk sample was recently excavated and yielded 45 detectable nuggets weighing 63.86 grams. Initial results from these samples will be made available once they have been processed.
- While the trench depth in the vicinity of the swale reached up to 3 m, the average trench depth was only 0.9 m. Only about 0.2 m of sandy soil caps the gravel profile. Trenching extended into underlying bedrock by up to 0.2 m. The overall thin nature of sand and sheetwash cover exposed in this trench suggests the targeted gravel horizon is likely present at shallow depth over a broad area across the terrace, a potentially favorable outcome that indicates overburden stripping could be minimal.
- Trenching was conducted along the eastern margin of a previously trenched area that was prospected by the previous owners of the Egina mining lease. Unfortunately, data on the distribution, number and size of gold nuggets from these older trenches was not collected.
- Kariyarra Aboriginal Corporation has scheduled a heritage survey/clearance process (please refer to the Company’s news release dated August 1, 2019 for further details – https://www.novoresources.com/news-media/news/display/index.php?content_id=359) for additional exploration areas on the Egina mining lease beginning August 26, 2019. Novo plans to subsequently expand its current program of exploration trenching within cleared areas.
* These two nuggets are not necessarily indicative or representative of mineralization at the Egina project
“GPR coupled with exploration trenching and metal detecting is proving to be the most effective means of exploration of the gold-bearing terrace gravels at Egina,” commented Dr. Quinton Hennigh, President and Chairman of Novo. “We are very encouraged by results from our first trench. Although nuggets occur along the length of the trench, we can now clearly see a connection between the slight topographic depression, or swale, and high concentration of nuggets. Finding such large concentration of large gold nuggets is a testament to the uniqueness of the Egina gold system. We are hopeful the system is opening up as we step away from the hills at Egina and onto the greater terrace to the east, and we are looking forward to getting further heritage clearance to explore more of this unusual deposit.”
Novo staff detected and collected nuggets from the exploration trench. Nuggets were subsequently measured, weighed, and logged, without limitation, prior to being securely stored. All relevant data to date has been verified by Novo staff.
Dr. Quinton Hennigh, P. Geo., the Company’s, President, Chairman, and a Director, and a qualified person as defined by National Instrument 43-101, has approved the technical contents of this news release.
About Novo Resources Corp.
Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 13,000 sq km with varying ownership interests. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail firstname.lastname@example.org
On Behalf of the Board of Directors,
Novo Resources Corp.
President and Chairman
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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 and the expected timing of the receipt of results and heritage clearances. 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 industry as well as the performance of services by third parties.
(Figure 1: Map showing the exploration trench discussed in this news release (left). This trench lies on the margin of an area disturbed by the previous owner of the Egina mining lease (upper left). Nuggets are represented by colored dots scattered along the length of the trench. The highest concentration of nuggets occurs in an area near the north end and is highlighted in the inset map on the right. Novo has collected one bulk sample from this location (blue) and plans to collect additional samples over the next few days.)
(Figure 2: Some of the larger gold nuggets recovered from Novo’s first exploration trench at Egina. Most nuggets are rounded and flattened. Starting in the upper left and working clockwise, nuggets weigh 83.18, 78.14, 14.36, 14.15, 4.83, 20.54, 6.09 and 10.78 grams. The photograph is of concentrated gold nuggets and is not necessarily indicative or representative of mineralization hosted on the Egina gold project.)