HIGHLIGHTS

  • Grid soil sampling at the Nunyerry North prospect, located south-west of the Company’s Egina District, has defined a coherent high-order gold anomaly over a strike of 640 m and open to the west
  • Ten soil samples returned > 1 g/t Au including 2.3 g/t Au, 2.13 g/t Au, 1.84 g/t Au and 1.59 g/t Au
  • Rock chip sampling returned peak high-grade results from quartz veins including 30.3 g/t Au, 21.1 g/t Au and 19 g/t Au
  • Results reflect an exciting gold exploration target with the potential for growth
  • Immediate follow up work planned to include further soil sampling and logistics for road access in preparation for drilling later in 2022
  • Novo’s exploration licence 47/2973 is 70%-owned, with the remaining 30% held by Mark Gareth Creasy and entities controlled by him (the “ Creasy Group ”) 1
  • These results support Novo’s exploration strategy targeted at growing the Company’s high quality portfolio of gold and battery metals prospects in the Pilbara region of Western Australia

VANCOUVER, British Columbia, Feb. 17, 2022 (GLOBE NEWSWIRE) — Novo Resources Corp. “Novo” or the “Company” ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to report exciting high-order soil sampling assay results ( figure 1 ) for exploration work conducted in Q4, 2021 at the Nunyerry North gold prospect (“Nunyerry North”) in the West Pilbara ( figure 2 ). Nunyerry North is part of the Croydon Project), which is a 70%/30% joint venture with the Creasy Group .

https://www.globenewswire.com/NewsRoom/AttachmentNg/01914282-bd0e-4d7a-b2f2-bb787040e252

Figure 1 – Gold in soil anomaly at the Nunyerry North prospect.)

_______________

1 Refer to the Company’s news release dated August 31, 2018 .

“ The results from Nunyerry North are an exciting development in our Pilbara exploration program ,” commented Dr. Quinton Hennigh, the non-executive co-chairman of Novo. “ Identification of these prospects at Nunyerry North is the first step in advancing our understanding of prospectivity in the region, and we look forward to progressing further sampling and drilling efforts during 2022. 

https://www.globenewswire.com/NewsRoom/AttachmentNg/13520aa0-b5a5-41a3-ba5a-76418612cbf1

Figure 2 – Nunyerry North prospect location on EL47/2973, highlighting the Creasy joint venture.)

Details

Recent results from grid soil sampling at 40 x 20 m centers at Nunyerry North have defined a high-order gold anomaly at > 100 ppb Au over a strike of 640 m which remains open to the west ( figure 1 ). The broad anomaly at >300 ppb Au is semi continuous over 600 m strike. Ten soil samples returned greater than 1 g/t Au in soil and 29 samples returned greater than 0.5 g/t Au. Peak results in soils include 2.3 g/t Au, 2.13 g/t Au, 1.84 g/t Au and 1.59 g/t Au. The soil anomaly appears displaced across the Aurora Fault on the western end of the grid and remains open to the west with a result of 1.84 g/t Au in soil on the western-most line.

Rock chip sampling by Novo also returned high grade results from quartz veins ( figure 3 ) and associated wall rocks with peak values including 30.3 g/t Au, 21.1 g/t Au and 19 g/t Au.

Detailed mapping by the Novo team has highlighted as series of steep to flat dipping quartz veins in brittle high-MgO basalt at the intersection of a major E-W trending shear zone (Freyda Shear), secondary shear (Luzia Shear), and a crosscutting structure (Aurora Fault) ( figure 3 ).

https://www.globenewswire.com/NewsRoom/AttachmentNg/4dc30ec0-84e3-4475-b956-b721f66d06e2

Figure 3 – Rock chip sample results and simplified structural setting, Nunyerry North prospect.)

Nunyerry North was identified by the Creasy Group in 2016 with fine gold panned in several streams draining from the general area. Rock chip sampling during a reconnaissance visit gave high-grade results of 81.0 g/t Au, 73.1 g/t Au, 40.3 g/t Au and 10.8 g/t Au from a zone of quartz veining over a radius of 20m and 8.3 g/t Au approximately 90m to the west of the main cluster of high-grade rock chip samples. In 2017, the area was covered with 160 x 80 m spaced soil sampling defining a >300 ppb Au anomaly over 320 m over the main target.

Two additional soil anomalies ( figure 4 ) were defined by the Creasy Group, including:

  • A >100 ppb Au soil anomaly over 360 m strike defined 400 m to the WSW of the area sampled by Novo in 2021; and
  • A 500 m long >100 ppb anomaly 270 m south of the area sampled by Novo, with a peak soil result of 771 ppb Au. Reconnaissance rock chip sampling yielded a peak assay result of 20.7 g/t Au at the western end of the anomaly, but the source of the soil anomaly has not yet been explained.

https://www.globenewswire.com/NewsRoom/AttachmentNg/1ce4a59b-245f-4833-9a04-d11fe620cbd8

Figure 4 – Location of multiple soil anomalies requiring follow-up exploration.)

Follow-up work by Novo will include grid soil sampling to expand the western end of the main anomaly, plus grid soil sampling, detailed mapping and rock chip sampling over the two additional soil anomalies, to the west and south of the main target area. Planning access for a drilling program later in the year has commenced.

Refer to table 1 and table 2 below for a listing of rock chip and soil sample results.

Results referred to in this news release are not necessarily representative of mineralization throughout Nunyerry North or the Croydon Project.

Analytic Methodology

Novo soil samples were sieved to -80# (250 μm) in the field and assayed by Intertek Genalysis in Perth, Western Australia for Au and 32 multielement by 25g aqua regia digest – MS finish (lab method AR25/MS) with overlimit Au assay results analysed by 25g charge Fire Assay-OE finish (lab method FA25/OE). Rock chip samples were crushed and pulverized and assayed for Au by four acid digest and 50 g charge fire assay FA50/OE and for 48 multielement using four acid digest – MS finish (4A/MS). QAQC protocols for soil samples included insertion of 3 blanks, 4 standards and 8 field duplicates for 145 soil samples (8.2%) and 3 CRM standards were inserted with the rock chip sample batches. No QAQC issues were detected. All relevant data was verified by a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“ NI 43-101 ”) by reviewing analytical procedures undertaken by Intertek Genalysis.

The Creasy Group assayed samples at MinAnalytical in Perth, Western Australia. Rock chip samples were crushed and pulverized and assayed using aqua regia digest with 25g charge ICP OES finish (lab method AR25OES) with overlimit results analysed using Fire Assay-AAS finish (lab method FA50AAS). Soil samples were sieved to -80# (250 μm) in the field and assayed by aqua regia digest with 25g charge ICP OES finish (lab method AR25OES). Rockford Metals Pty Ltd conducted QAQC for rock chip samples including certified standards (2 CRMS in 26 samples), and 3 duplicates and 3 standards per 100 samples for soil geochemical sampling. All rock chip and soil standards fell within 2 standard deviations of the CRM Au grade. Field duplicates for soil samples showed good repeatability.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under NI 43-101, 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 12,500 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 [email protected] .

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, 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 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 : rock chip sample results.

Sample idEasting MGA94 Z50Northing MGA94 Z50Au ppm FA50/OEAu Rpt 1 FA50/OEAu Rpt 2 FA50/OEAg ppm AR25/MSAs ppm AR25/MSCu ppm AR25/MSSb ppm AR25/MSW ppm AR25/MSZn ppm AR25/MS
NVO-05117590775761950013.79812.020.5210.739.10.480.964
NVO-0511859080376195091.0520.055.312.40.350.411
NVO-0511959080076195034.3280.4715.252.90.490.844
NVO-0512059080476195071.3540.2428.929.61.280.229
NVO-0521859107376196120.7220.1152.32495.660.515
NVO-052195910077619172-0.00250.112126.10.460.217
NVO-0522059099976191870.010.2430.614.617.210.812
NVO-0723459030476193050.008-0.02524.341.91.747.270
NVO-072355902927619332-0.0025-0.025138.355.41.4925.867
NVO-0723659030376192440.0080.0929.2145.93.577.951
NVO-0723759031776192420.02-0.02546.618.44.547.963
NVO-072385903407619218-0.00250.0769.742.32.32.130
NVO-0723959026076193210.0320.1617.79.80.564.330
NVO-0724159025676193350.0130.06125.679.52.222.268
NVO-072425901187619298-0.0025-0.025418.94.220.344
NVO-072435902167619319-0.00250.1931.32371.171.5127
W1050159063476194630.4770.12662.61.850.740
W105025906377619446-0.0025-0.0252.45.41.9219
W1050359063376194520.050.067.617.92.370.521
W105045905987619428-0.00250.0511.552.91.73151
W105055906557619526-0.0025-0.0252.4301.340.329
W105065906337619496-0.0025-0.0251.64.10.731.410
W1050759063976194950.021-0.0258.789.70.68191
W1050859064576194820.7250.128.3210.86134
W1050959064976195030.0280.081.1101.61.340.538
W1051059071076194925.00328.42172.51311.90.980.326
W1051159071676194920.7821.046.945.10.3816
W1051259071176194970.1030.053.515.21.420.534
W1051359074476194874.2260.13.513.30.310.213
W1051459077976194620.4490.061318.20.360.627
W1051559075076194900.05-0.0251.54.80.410.217
W10516590747761947421.09920.2073.471.160.20.712
W1051759075576194780.307-0.0252.37.30.270.315
W1051859076576194842.0360.234.40.191.26
W1051959077076194903.213-0.0251.52.40.23-0.053
W10520590772761945714.219.0084.296.2140.20.310.87
W1052159077976194610.0480.084.9160.40.80.314
W10522590786761949430.3116.2548.4580.36.418.60.380.719
W10536590907761955110.7262.279.9646.10.330.524
W1053759091176195572.5061.3214.9407.20.410.125
W1053859097876195980.0120.094.468.37.6617
W1053959080576194590.0470.095.941.90.41271
W1054059082576194630.1680.0714.75.20.361.14
W1054159083476194664.75327.14312.51415.71.740.325
W1054259085676194661.0980.185.511.30.60.611
W1054359090676194940.0760.081.78.70.15-0.054
W1054459089576194820.9051.5440.3606.70.470.714
W1054559070076194450.0260.050.73.50.13-0.054
W10546590750761945810.2720.241.83.40.210.76

Table 2 soil sample results.

SAMPLE_IDEASTINGNORTHINGAR25/MS Au ppbFA25/OE Au-Rp1 MANUALLY CONVERT FROM ppm to ppbFA25/OE Au-Rp2 MANUALLY CONVERT FROM ppm to ppbAR25/MS Ag ppmAR25/MS As ppmAR25/MS Cu ppmAR25/MS Pb ppmAR25/MS Sb ppmAR25/MS Zn ppm
H2960590562.40617619406.56518390.659696.40.6153
H2961590562.41597619426.822840.15594.90.4757
H2962590562.3217619446.85820.055674.60.4357
H2963590562.74147619466.44830.065653.70.6354
H2964590562.95847619486.70460.19734.80.5550
H2965590562.95847619486.704380.09975810.80.4429
H2966590561.41177619506.41620.097655.90.7543
H2967590561.52327619526.34120.065535.60.8952
H2968590603.26397619526.438180.2211894.70.6554
H2969590602.42667619506.407100.067703.20.4239
H2970590601.90077619486.486160.0858940.6950
H2971590601.89337619466.67290.219845.80.853
H2972590601.88587619446.858180.1411664.60.8458
H2973590602.28967619426.488150.21215661.0453
H2974590601.55537619406.346520.1618665.60.9655
H2975590642.88387619406.88980.0712914.40.6167
H2976590643.30747619427.033250.0824585.41.5546
H2977590643.31557619446.95810140.36475.80.5557
H2978590643.42727619466.8824210.27395.40.5153
H2979590643.74677619486.9154080.269487.20.4560
H2980590642.88387619406.889460.0711914.60.6567
H2981590641.78517619506.519120.1811754.80.6856
H2982590642.61997619526.10720.1412755.50.5655
H2983590681.77447619526.77330.0845160.3958
H2984590681.86797619506.5163950.37705.10.3857
H2985590682.79317619486.8075250.346736.20.4860
H2986590682.26287619466.1117250.324656.10.564
H2987590682.98337619446.84613410.4767150.659
H2988590681.83537619426.8175510.2314584.3158
H2989590682.23967619406.558280.212974.40.6761
H2990590682.23967619406.5581-99-995-990.053
H2991590722.63417619406.774630.0910535.20.7755
H2992590722.43587619426.8119000.3313614.70.8452
H2993590722.64997619446.5133620.49109040.757
H2994590722.24887619467.3254550.378755.90.5864
H2995590722.9777619486.364230.387936.30.4758
H2996590721.84917619506.845360.197714.60.7453
H2997590720.72177619527.4440.195608.30.6457
H2998590762.67347619546.68680.077856.20.6373
H2999590762.87427619527.09390.153676.70.5460
H3000590762.13847619506.729510.177495.20.5338
H3001590762.0267619486.695200023000.657496.70.4656
H3002590762.32787619466.6582740.189605.20.5161
H3003590762.1137619446.8455860.2113694.90.5962
H3004590762.41497619426.8081050.1112515.10.7248
H3005590762.13847619506.729370.228555.10.6438
H3006590761.68237619406.998230.0611784.60.4664
H3007590802.28217619406.88190.058814.10.5373
H3008590807.79517619429.542560.129614.70.6155
H3009590802.60947619446.7281220.1916595.11.2341
H3010590802.51487619466.7644360.299745.40.5858
H3011590803.14087619486.0213540.28595.20.5958
H3012590801.91067619506.7276610.3312865.40.4446
H3013590802.12857619527.094170.143665.50.4261
H3014590802.86127619546.9041450.144794.60.4458
H3015590842.21797619546.68380.155804.70.5259
H3016590842.21797619546.683170.06336613.60.4224
H3017590842.30827619525.87260.174814.80.456
H3018590841.78887619507.1681160.28142565.50.547
H3019590842.9167619486.5735390.2915666.80.6555
H3020590842.67619467.2033660.2419675.20.656
H3021590843.41717619446.722350.2219864.80.8155
H3022590842.47737619426.912940.1218605.10.9150
H3023590842.56757619406.101250.058863.60.4466
H3024590881.72057619406.545430.071710050.6164
H3025590881.94447619446.39313760.5527894.7148
H3026590881.74827619466.7623430.3726965.20.8763
H3027590882.89347619486.2375830.3910775.80.656
H3028590883.00917619506.8251530.28735.20.5853
H3029590881.98187619526.756250.145615.70.555
H3030590881.94447619446.3931780.324795.10.9451
H3031590883.02717619546.89660.144824.50.6458
H3032590921.97147619547.0095320.424895.20.5450
H3033590922.3917619566.378100.395985.80.5158
H3034590922.37177619526.0861290.1155650.4357
H3035590922.6777619506.7136640.37706.90.654
H3036590923.70377619486.6725420.3191015.20.6848
H3037590923.38457619466.7492780.29664.80.6152
H3038590923.67837619426.898200.0712834.10.6464
H3039590923.25317619406.53330.077804.50.5965
H3040590923.25317619406.533-99-99-994-99-992
H3041590963.1317619406.973120.1415924.60.6561
H3042590962.72847619427.4531560.1315844.40.6559
H3043590963.26017619466.746400.2211815.20.6748
H3044590962.54367619486.6751090.2181055.50.6857
H3045590961.82847619506.8251040.228845.50.6650
H3046590962.04157619526.30670.17704.90.5853
H3047590962.05077619546.341190.137794.20.4546
H3048590962.47667619566.817110.173674.30.4148
H3049591001.83717619567.263810.354654.20.5351
H3050591001.61897619546.893350.116584.30.4845
H3051591001.92117619526.967780.126664.20.6750
H3052591002.2177619505.9341490.197694.30.6946
H3053591002.83247619486.4485160.315654.20.6351
H3054591002.40897619466.4152380.3210954.20.7562
H3055591001.61897619546.893160.127644.80.5250
H3056591002.60027619426.7861160.1312815.20.7175
H3057591003.10887619406.74870.087724.30.4865
H3058591002.78717619386.38290.2581324.20.6864
H3059591042.76927619386.93250.089914.10.5877
H3060591041.84577619406.862740.161511040.6467
H3061591042.27537619446.3775360.2110584.30.857
H3062591042.91037619467.183950.1888740.7267
H3063591042.6077619486.8891050.216754.20.7454
H3064591042.61317619506.37670.1466450.6360
H3065591042.61317619506.37190.06335813.70.3922
H3066591042.72717619526.6272980.279647.50.7148
H3067591042.32397619546.9961200.178606.20.6842
H3068591043.05757619566.917180.163735.50.4957
H3069591082.51737619566.58460.1136640.5151
H3070591081.99087619546.6622840.154614.70.6452
H3071591082.29167619526.5143160.431124.30.7439
H3072591081.8687619506.481200015880.8261034.8145
H3073591082.89517619486.5513430.35865.40.8950
H3074591083.71377619466.4510.136645.50.5349
H3075591082.56527619446.371320.32145740.7552
H3076591082.85617619406.07890.1213784.20.9361
H3077591082.75017619387.26830.118944.40.7173
H3078591122.00237619386.929280.120524.70.5250
H3079591122.85577619446.4764940.2485440.7548
H3080591082.56527619446.3716450.265454.90.7850
H3081591122.34727619466.515200070715110.586535.31.2946
H3082591122.46197619486.88110770.255484.20.9542
H3083591121.43247619506.3693930.2451454.71.1345
H3084591121.75257619526.403280.1610596.50.8254
H3085591121.66017619546.7715820.4381134.20.7540
H3086591122.49987619567.134620.13474.80.5451
H3087591162.06077619566.357610.0834950.5853
H3088591161.8467619546.655980.075496.41.646
H3089591161.6327619527.0642130.164574.10.544
H3090591161.6327619527.064-99-99-9950.8-992
H3091591162.03637619506.9159000.266474.40.7651
H3092591162.85497619486.7655010.199504.70.8557
H3093591162.94977619466.839200021280.479305.60.8947
H3094591161.70067619447.36411390.2712314.50.7549
H3095591162.82617619426.5481170.111332.40.9639
H3096591201.23417619386.703260.117714.90.3862
H3097591201.24547619407.07180.065354.90.5443
H3098591202.18577619426.87970.155555.71.1640
H3099591202.29817619446.803690.135554.20.9345
H3100591202.92587619466.2822490.1712583.50.9865
H3101591202.11047619486.9862290.1464250.852
H3102591202.42937619506.7985320.25624.70.7753
H3103591202.74577619526.168410.134734.50.6851
H3104591202.75887619546.867110.084555.80.7644
H3105591202.92587619466.2827420.2213603.81.0166
H3106591202.97297619566.45850.093564.90.5561
H3107591241.81697619567.12540.083674.30.5658
H3108591242.3197619545.9830.076457.20.8137
H3109591242.21037619526.7230.056375.50.941
H3110591241.57887619506.577220.1112534.81.2546
H3111591241.67177619486.321140.187555.91.1348
H3112591243.21647619466.387220.097435.10.5953
H3113591243.6237619446.68120.094506.12.0941
H3114591243.30417619426.8696-993543.80.9147
H3115591243.30417619426.869420.1976110.90.4430
H3116591242.98277619406.6142-993514.50.5657
H3117591243.59597619386.79650.065664.40.3961

 

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