Novo Resources Corp. (Novo or the Company) (TSX: NVO & NVO.WT.A) (ASX: NVO) (OTCQX: NSRPF) is pleased to announce the Company has commenced its maiden drill program at Nunyerry North located in the Egina Gold Camp in the Pilbara, Western Australia, with 2,000 m of reverse circulation (RC) planned.
The Nunyerry North project is a 70:30 joint venture with the Creasy Group. 4 In addition, De Grey Mining Limited (ASX:DEG) (De Grey) is planning 39,000 m of aircore, reverse circulation and diamond drilling commencing at the Becher project in September 2023. 5 Drilling activities are also scheduled to commence in the fourth quarter of 2023 at the BambooStrattons and Balla Balla Gold projects in the Pilbara, as well as the Belltopper Gold project in Victoria
THE EGINA GOLD CAMP
The Egina Gold Camp, home to Novo's most prospective targets, is an 80 km contiguous tenement package, targeted on a series of structurally complex, gold-fertile corridors and hosted by rocks of the Mallina Basin in the north and mafic / ultramafic sequences further south. These corridors trend towards De Grey's Pilbara Gold Project to the north and northeast. This tenure has been one of the main focus areas for Novo's exploration programs over the past eighteen months, culminating in the Egina JV with De Grey (which provides for the potential spend of up to A$25 million by De Grey on the project within four years to earn a 50% JV interest), and delineation of the orogenic gold target at Nunyerry North
Nunyerry North Prospect7
Nunyerry North is a compelling, high priority exploration target with significant prospectivity, located in the southern part of the Egina Gold Camp. This site boasts a high-grade soil anomaly and presents substantial exploration potential. Situated just 36 km from a major regional road, Nunyerry North also offers excellent long-term logistics. Novo has initiated its maiden RC drill program of approximately 2,000 m at Nunyerry North, expected to be completed in the coming weeks.8 Mapping and rock chip sampling in the area identified sheeted quartz vein-related gold mineralisation within a basement sequence of ultramafic komatiites and mafic rocks, juxtaposed by regional shears and offset faults. The shears dip north at 75 degrees, and offset faults are interpreted to dip to the west at 75 degrees. The initial drilling plan covers an area of 600 m of strike over the main soil anomaly and peak rock chip results, where mapped vein densities are also optimal. Hole spacing over the main target area varies from a 20 x 40 to 60 m spaced grid, with lower priority areas more broadly spaced. The average depth of drilling is 95 m with a maximum depth of 120 m planned in the first pass program. A north seeking gyro will be used for down hole survey and samples will be dispatched initially for Au by PhotonAssayTM for rapid turnaround, with pXRF analysis of multielements conducted at site.
Egina JV - Becher
The recent A$10 million cornerstone investment and earn-in and joint venture with De Grey highlights the exciting potential of Novo's Egina Gold Camp region. The Egina JV introduces De Grey's proven exploration success and experience within the region and provides a strong platfrom to accelerate exploration programs at Becher. Being free-carried to earn-in completion allows Novo to advance other prospective areas within the Company's portfolio. The combined Egina JV and De Grey' tenure forms a strategically significant land position in the Mallina Basin covering approximately 2,500 sq km. De Grey assumed management control of the Novo area under the earn-in arrangements on 1 July 2023 and plans to commence a detailed and targeted work program in September 2023 including 39,000 m of aircore, RC and diamond drilling.
ABOUT NOVO
Novo explores and develops its prospective land package covering approximately 10,500 square kilometres in the Pilbara region of Western Australia, along with the 22 square kilometre Belltopper project in the Bendigo Tectonic Zone of Victoria, Australia. In addition to the Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its stakeholders
Contact:
Tel: +61 466 984 953
Email: cgilenko@citadelmagnus.com
FORWARD-LOOKING INFORMATION
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that exploration programs will be advanced as described in this news release. 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 annual information form for the year ended December 31, 2022, which is available under Novo's profile on SEDAR+ at www.sedarplus.ca. 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 forwardlooking 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.
NOVO RESOURCES CORP. 