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Significant Results from Becher with Target Priority Areas Identified

Novo Resources Corp.
Novo Resources Corp.

Reverse Circulation drill rig at the Becher Area

Reverse Circulation drill rig at the Becher Area
Reverse Circulation drill rig at the Becher Area

Figure 1

Novo’s Pilbara tenure, showing location of > 80 km strike extent Egina Gold Camp
Novo’s Pilbara tenure, showing location of > 80 km strike extent Egina Gold Camp

Figure 2

Location of Becher in the northern section of the Egina Gold Camp
Location of Becher in the northern section of the Egina Gold Camp

Figure 3

Becher target area showing the position of the De Grey Hemi gold discovery to the east-northeast of the Becher Area along the interpreted fertile corridor
Becher target area showing the position of the De Grey Hemi gold discovery to the east-northeast of the Becher Area along the interpreted fertile corridor

Figure 4

Becher targets defined by AC drilling, drilling completed to date and priority follow up AC overlain on SRTM image
Becher targets defined by AC drilling, drilling completed to date and priority follow up AC overlain on SRTM image

Figure 5

Target map with best AC drill intercepts annotated >0.1 g/t Au in AC (red dots), targets derived from AC, Au and multielement assay (yellow), AC (black) and RC (green) drilling to date, aeromagnetic 1VD colour image and structural interpretation
Target map with best AC drill intercepts annotated >0.1 g/t Au in AC (red dots), targets derived from AC, Au and multielement assay (yellow), AC (black) and RC (green) drilling to date, aeromagnetic 1VD colour image and structural interpretation

HIGHLIGHTS

  • The Becher Area target is located in the northern section of the Egina Gold Camp along trend from De Grey Mining Limited’s 10.6 Moz Au (JORC 2012)1 Mallina Gold Project.

  • Aircore drilling completed in 2022 on broad regional lines (640 m) focused on ENE trending gold-fertile structural corridors and has successfully defined three standout gold and associated pathfinder element targets at Irvine, Heckmair and Whillans.

  • Targets are all located within an approximately 20 sq km area at Becher where only shallow cover of 10 - 20 m is present. Novo expects to commence follow-up drilling of these targets in Q2 2023.

  • Peak aircore drilling results, including recently received 1 m split results (0.1 g/t Au lower cut-off), include2:

    • Irvine:

      • 8 m @ 2.15 g/t Au from 8 m (F0632)

      • 23 m @ 0.56 g/t Au from 0 m (A0034)

      • 2 m @ 0.91 g/t Au from 66 m (A003)

    • Whillans:

      • 8 m @ 0.20 g/t Au from 16 m (F0519)

      • 4 m @ 0.37 g/t Au from 20 m (F1136)

    • Heckmair:

      • 4 m @ 0.40 g/t Au from 12 m (F0738)

      • 3 m @ 0.44 g/t Au from 20 m (F0858)

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  • Reverse circulation drilling completed on 160 m lines, which centred on positive early-stage aircore results at Irvine and in conjunction with historical exploration, provided peak intercepts of2:

    • 33 m @ 0.493 g/t Au from 33 m (G0005) including 5 m @ 1.28 g/t Au

    • 20 m @ 0.406 g/t Au from 32 m (G0016)

    • 24 m @ 0.390 g/t Au from 76 m (G0018)

  • Highly anomalous base metal results returned adjacent to the main gold target at Heckmair, where a large mafic-ultramafic intrusion is juxtaposed by several significant faults. The peak result is 4 m @ 3.4 g/t Ag, 0.49% Pb and 0.1% Zn from 20 m (F0749).

  • Recognised pathfinder elements As and Sb proving effective for targeting/defining mineralised structures.

  • 20,000 m follow-up and extensional aircore drill program to commence in Q1 2023, with a primary focus on testing the Irvine, Heckmair, Bonatti and Lowe prospects, with RC contingency as required.

Note: Mallina Gold Project mineralisation is not necessarily representative of mineralisation throughout the Becher Area or the Egina Gold Camp.

_______________________________________________________________________________________________________________________

Mike Spreadborough, Novo’s Executive Co-Chairman, Acting Chief Executive Officer and a director, said, “We are very pleased with the progress we have made on the drilling program so far and are looking forward to further results from follow-up drilling in the first half of 2023, when drilling is also expected to commence at the Nunyerry North prospect.

“The success of the current drilling program in the Becher Area, combined with previously reported results from Nunyerry North, reconfirm the significant potential of the Egina Gold Camp.”

_________________________
1 De Grey has reported that its Hemi deposit at the Mallina Gold Project is comprised of Measured Mineral Resources of 4.7 Mt @ 1.7 g/t Au for 265 koz Au, Indicated Mineral Resources of 153.4 Mt @ 1.3 g/t Au for 6,590 koz Au, and Inferred Mineral Resources of 92.6 Mt @ 1.3 g/t Au for 3,779 koz Au, as those categories are defined in the JORC Code (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects). Refer to De Grey’s public disclosure record for further details.
2 Refer to the Company’s news releases dated October 27, 2022 and November 30, 2022.

https://www.globenewswire.com/NewsRoom/AttachmentNg/30f7bc81-7605-4103-bca4-aab0be939741
Reverse Circulation drill rig at the Becher Area

VANCOUVER, British Columbia, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on the successful 2022 drilling program at the Company’s flagship Egina Gold Camp, located within Novo’s 10,500 sq km Pilbara exploration portfolio (Figures 1 and 2).

Results referred to in this news release are not necessarily representative of mineralisation throughout the Egina Gold Camp.

OVERVIEW OF BECHER AREA

The Becher Area (northern E47/3673, 100%-owned by Novo) (Figure 2) is located ~28 km to the west-southwest of De Grey Mining Limited’s ("De Grey”) Mallina Gold Project along an interpreted gold-fertile corridor and contains multiple high-priority, orogenic gold targets under shallow cover (Figure 3).

Mineralisation present at De Grey’s Mallina Gold Project is not necessarily representative of mineralisation throughout the Becher Area or the Egina Gold Camp.

https://www.globenewswire.com/NewsRoom/AttachmentNg/43c05381-37a6-421d-a541-43e1be1fbac6
Figure 1: Novo’s Pilbara tenure, showing location of > 80 km strike extent Egina Gold Camp


https://www.globenewswire.com/NewsRoom/AttachmentNg/b583471a-7e21-4379-b587-e58444c06a93

Figure 2: Location of Becher in the northern section of the Egina Gold Camp

https://www.globenewswire.com/NewsRoom/AttachmentNg/4de67317-a3fe-43b6-b2dd-529765aa01f3
Figure 3: Becher target area showing the position of the De Grey Hemi gold discovery to the east-northeast of the Becher Area along the interpreted fertile corridor

RESULTS FROM 2022 DRILLING PROGRAM

Systematic broad spaced aircore (“AC”) drilling completed in 2022 within the Becher Area totalled 1,413 holes for 31,824 m across five main targets (the Irvine Shear, Whillans Shear, the Heckmair Fault and Intrusion, Lowe and Bonatti) (Figure 4). These targets were defined by detailed mapping, ground gravity and aeromagnetic surveys in 2022, in an area with minimal outcrop and sandy and calcrete cover sequences. The target style of mineralisation includes both structurally controlled orogenic gold and “sanukitoid” intrusion-hosted gold similar to the Hemi gold deposit.

Drilling of 29 sections at 640 m spaced section lines was conducted, with occasional 320 m infill lines. AC results have been returned for approximately three quarters of the 4 m composite samples assayed for Au. Approximately 60% of 1 m split samples from AC, including gold and multielement assays, are still pending.

https://www.globenewswire.com/NewsRoom/AttachmentNg/ec8bcdea-1f64-4522-8f02-fd550a4e99f3
Figure 4: Becher targets defined by AC drilling, drilling completed to date and priority follow up AC overlain on SRTM image

Peak AC results for gold (Figure 4), including recently received 1 m split results (0.1 g/t Au lower cut-off), include2:

  • Irvine:

    • 8 m @ 2.15 g/t Au from 8 m (F0632)

    • 23 m @ 0.56 g/t Au from 0 m (A0034)

    • 15 m @ 0.15 g/t Au from 12 m (A0029)

    • 2 m @ 0.40 g/t Au from 3 m (F0123)

    • 2 m @ 0.91 g/t Au from 66 m (A0003)

  • Whillans:

    • 8 m @ 0.20 g/t Au from 16 m (F0519)

    • 4 m @ 0.37 g/t Au from 20 m (F1136)

  • Heckmair:

    • 4 m @ 0.4 g/t Au from 12 m (F0738)

    • 3 m @ 0.44 g/t Au from 20 m (F0858)

Reverse circulation (“RC”) drilling completed in 2022 within the Becher Area totalled 3,541 m in 32 drill holes. Drilling was centred on positive early-stage results at the central Irvine prospect in conjunction with historical exploration. Lines were drilled at 160 m spacing initially, with the program approximately half completed due to the Christmas break and wet season. RC results have not been received to date for the last nine drill holes, with 244 samples pending (40% outstanding) and 253 one metre split samples pending. Peak RC intercepts to date include2:

  • 33 m @ 0.493 g/t Au from 33 m (G0005) including 5 m @ 1.28 g/t Au

  • 20 m @ 0.406 g/t Au from 32 m (G0016)

  • 24 m @ 0.39 g/t Au from 76 m (G0018)

Highly anomalous base metal results have also been received adjacent to the main gold target at Heckmair, where a large mafic-ultramafic intrusion is juxtaposed by several significant faults. A peak result of 4 m @ 3.4 g/t Ag and 0.49% Pb and 0.1% Zn from 20 m (F0749) was achieved.

https://www.globenewswire.com/NewsRoom/AttachmentNg/31c7ad0f-b1be-4eb7-b450-d5e2cb7d8f47
Figure 5: Target map with best AC drill intercepts annotated >0.1 g/t Au in AC (red dots), targets derived from AC, Au and multielement assay (yellow), AC (black) and RC (green) drilling to date, aeromagnetic 1VD colour image and structural interpretation

Numerous other elements, including Li, Sn, As, Sb, P, Bi and Mo are being used to vector towards potential sanukitoid targets.

Refer to Appendix 1 below for a complete list of assay results. True widths from AC and RC drilling cannot be estimated at this time.

PLANNED 2023 DRILLING PROGRAM

The Irvine, Heckmair and Whillans targets are designated for immediate follow-up AC drilling in Q2 2023, with a contingency for RC follow up.

ANALYTIC METHODOLOGY

Four-metre composite samples of AC chips were sent to Intertek Genalysis (“Intertek”) in Perth, Western Australia with the entire sample smart crushed to -3mm (NVO02 prep code), with a 500 g split sample analysed for gold using Photon Assay (PHXR/AU01). An additional bottom hole sample from each drill hole (1 to 4 m composite representing rock from the bottom of the drill hole) was assayed using four acid digest and 50 g charge fire assay FA50/OE and for 48 multielement using four acid digest – MS finish (4A/MS) – results are pending. AC drill holes with anomalous gold or base metals have been split through a single tier riffle splitter and are assayed using four acid digest and 50 g charge fire assay FA50/OE and for 48 multielement using four acid digest – MS finish (4A/MS).

QAQC procedures for the latter half of the program include insertion of a certified blank approximately every 25 samples (4 per hundred), a certified standard approximately every 50 samples (2 per 100) and duplicate sampling (split of 4m composite) at the rate of 4 per hundred. Intertek inserts customized Chrysos certified standards at the rate of 2 per hundred.

RC holes after G0012 were sampled using spear sampling 4 m composites and 4 m composite samples were sent to Intertek with the entire sample smart crushed to -3 mm (NVOO2 prep code), with a 500 g split sample (1 jar photon assay) analysed for gold using photon assay (PHXR/AU01). QAQC for RC samples are inserted at the rate of 4 standards per 100, 4 blanks per 100 and 4 riffle split duplicates per 100, providing a total of 12% QAQC.

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 (“NI 43-101”) by reviewing analytical procedures undertaken by Intertek.

QP STATEMENT

Mr. Iain Groves (MAIG), 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 other than information concerning De Grey’s Mallina Gold Project. Mr. Groves is Novo’s Exploration Manger – West Pilbara.

ABOUT NOVO

Novo explores and develops its prospective land package covering approximately 10,500 square kilometres in the Pilbara region of Western Australia, including the Beatons Creek gold project, along with two joint ventures in the Bendigo region 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. 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 and Acting CEO

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that a 20,000 m follow-up and extensional AC program is drill ready, initially testing the Irvine, Heckmair, Bonatti and Lowe prospects, with RC contingency as required, and that drilling at the Nunyerry North prospect is expected to commence in the first half of 2023. 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, 2022, 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.

APPENDIX 1:

Table 1: Becher Area - AC drilling location data for holes not previously released2

HOLE ID

COORDSYS

EASTING

NORTHING

RL

AZIMUTH

DIP

TYPE

DEPTH

LEASE

F1119

MGA94_50

629700.368

7686370.964

64.556

147

-60

AC

21

E47/3673

F1120

MGA94_50

629686.501

7686391.628

65.054

147

-60

AC

21

E47/3673

F1121

MGA94_50

629672.871

7686412.732

64.894

147

-60

AC

24

E47/3673

F1122

MGA94_50

619439.993

7685786.126

57.21

180

-60

AC

54

E47/3673

F1123

MGA94_50

619440.211

7685812.411

57.237

180

-60

AC

66

E47/3673

F1124

MGA94_50

619439.958

7685836.513

57.189

180

-60

AC

39

E47/3673

F1125

MGA94_50

619439.826

7685861.036

56.907

180

-60

AC

75

E47/3673

F1126

MGA94_50

619439.934

7685887.158

57.114

180

-60

AC

45

E47/3673

F1127

MGA94_50

619440.173

7685911.091

56.865

180

-60

AC

54

E47/3673

F1128

MGA94_50

619439.727

7685936.207

56.856

180

-60

AC

36

E47/3673

F1129

MGA94_50

619439.877

7685960.743

56.887

180

-60

AC

36

E47/3673

F1130

MGA94_50

619440.04

7685985.769

57.151

180

-60

AC

36

E47/3673

F1131

MGA94_50

619439.941

7686010.428

57.181

180

-60

AC

33

E47/3673

F1132

MGA94_50

619439.645

7686035.081

56.921

180

-60

AC

24

E47/3673

F1133

MGA94_50

619439.881

7686061.584

57.118

180

-60

AC

27

E47/3673

F1134

MGA94_50

619440.015

7686086.964

56.834

180

-60

AC

41

E47/3673

F1135

MGA94_50

619439.977

7686111.318

56.635

180

-60

AC

40

E47/3673

F1136

MGA94_50

619440.428

7686076.284

56.8

360

-60

AC

43

E47/3673

F1137

MGA94_50

619440.192

7686136.024

56.589

180

-60

AC

12

E47/3673

F1138

MGA94_50

619440.094

7686162.82

56.445

180

-60

AC

37

E47/3673

F1139

MGA94_50

619439.912

7686186.097

56.132

180

-60

AC

38

E47/3673

F1140

MGA94_50

619439.978

7686210.968

55.975

180

-60

AC

27

E47/3673

F1141

MGA94_50

619440.187

7686236.684

55.89

180

-60

AC

21

E47/3673

F1142

MGA94_50

619440.355

7686261.73

55.69

180

-60

AC

27

E47/3673

F1143

MGA94_50

619440.219

7686285.739

55.443

180

-60

AC

24

E47/3673

F1144

MGA94_50

619439.653

7686311.249

55.371

180

-60

AC

21

E47/3673

F1145

MGA94_50

619440.013

7686336.761

55.211

180

-60

AC

25

E47/3673

F1146

MGA94_50

619438.16

7686360.609

55.053

180

-60

AC

21

E47/3673

F1147

MGA94_50

619439.822

7686385.956

54.973

180

-60

AC

21

E47/3673

F1148

MGA94_50

619439.905

7686411.652

54.863

180

-60

AC

21

E47/3673

F1149

MGA94_50

619440.647

7686436.761

54.805

180

-60

AC

21

E47/3673

F1150

MGA94_50

619440.223

7686459.964

54.777

180

-60

AC

18

E47/3673

F1151

MGA94_50

619724.261

7679985.16

72.638

147

-60

AC

16

E47/3673

F1152

MGA94_50

619710.834

7680007.061

72.342

147

-60

AC

11

E47/3673

F1153

MGA94_50

619698.124

7680026.817

72.005

147

-60

AC

12

E47/3673

F1154

MGA94_50

619683.995

7680048.86

71.765

147

-60

AC

16

E47/3673

F1155

MGA94_50

619669.932

7680068.903

71.769

147

-60

AC

18

E47/3673

F1156

MGA94_50

619657.008

7680089.244

71.728

147

-60

AC

16

E47/3673

F1157

MGA94_50

619643.514

7680110.406

71.456

147

-60

AC

19

E47/3673

F1158

MGA94_50

619629.91

7680131.266

71.672

147

-60

AC

18

E47/3673

F1159

MGA94_50

619616.177

7680152.108

71.593

147

-60

AC

18

E47/3673

F1160

MGA94_50

619602.201

7680173.289

71.206

147

-60

AC

18

E47/3673

F1161

MGA94_50

619588.633

7680194.391

70.99

147

-60

AC

18

E47/3673

F1162

MGA94_50

619574.63

7680215.78

71.213

147

-60

AC

18

E47/3673

F1163

MGA94_50

619560.747

7680236.276

70.419

147

-60

AC

15

E47/3673

F1164

MGA94_50

619547.405

7680257.636

70.269

147

-60

AC

17

E47/3673

F1165

MGA94_50

619533.736

7680277.859

70.864

147

-60

AC

13

E47/3673

F1166

MGA94_50

619520.176

7680298.442

70.745

147

-60

AC

16

E47/3673

F1167

MGA94_50

619506.835

7680319.021

70.68

147

-60

AC

13

E47/3673

F1168

MGA94_50

619492.07

7680340.692

70.2

147

-60

AC

13

E47/3673

F1169

MGA94_50

619478.359

7680362.103

70.248

147

-60

AC

13

E47/3673

F1170

MGA94_50

619465.321

7680382.545

70.662

147

-60

AC

13

E47/3673

F1171

MGA94_50

619451.683

7680403.333

70.804

147

-60

AC

13

E47/3673

F1172

MGA94_50

619437.732

7680424.883

70.544

147

-60

AC

13

E47/3673

F1173

MGA94_50

619424.55

7680444.954

70.556

147

-60

AC

14

E47/3673

F1174

MGA94_50

619410.689

7680466.678

70.349

147

-60

AC

9

E47/3673

F1175

MGA94_50

619397.134

7680487.024

70.394

147

-60

AC

11

E47/3673

F1176

MGA94_50

619383.698

7680507.952

70.335

147

-60

AC

11

E47/3673

F1177

MGA94_50

619369.667

7680529.11

70.499

147

-60

AC

13

E47/3673

F1178

MGA94_50

619355.705

7680550.118

70.617

147

-60

AC

14

E47/3673

F1179

MGA94_50

619342.629

7680570.011

70.317

147

-60

AC

10

E47/3673

F1180

MGA94_50

619328.403

7680591.667

70.326

147

-60

AC

15

E47/3673

F1181

MGA94_50

619315.063

7680612.146

70.429

147

-60

AC

13

E47/3673

F1182

MGA94_50

619300.992

7680633.704

70.38

147

-60

AC

19

E47/3673

F1183

MGA94_50

619287.174

7680654.428

70.512

147

-60

AC

16

E47/3673

F1184

MGA94_50

619273.756

7680674.984

70.274

147

-60

AC

13

E47/3673

F1185

MGA94_50

619259.717

7680696.311

70.188

147

-60

AC

16

E47/3673

F1186

MGA94_50

619245.933

7680717.494

70.071

147

-60

AC

10

E47/3673

F1187

MGA94_50

619232.468

7680738.039

70.044

147

-60

AC

13

E47/3673

F1188

MGA94_50

619219.392

7680758.25

70.014

147

-60

AC

13

E47/3673

F1189

MGA94_50

619205.048

7680780.466

70.015

147

-60

AC

16

E47/3673

F1190

MGA94_50

619191.068

7680801.575

69.893

147

-60

AC

15

E47/3673

F1191

MGA94_50

619177.159

7680822.666

69.864

147

-60

AC

13

E47/3673

F1192

MGA94_50

619163.662

7680842.756

69.985

147

-60

AC

12

E47/3673

F1193

MGA94_50

619149.706

7680863.877

70.065

147

-60

AC

16

E47/3673

F1194

MGA94_50

619136.269

7680884.767

70.194

147

-60

AC

16

E47/3673

F1195

MGA94_50

619122.581

7680905.828

70.495

147

-60

AC

19

E47/3673

F1196

MGA94_50

619108.889

7680926.571

70.701

147

-60

AC

19

E47/3673

F1197

MGA94_50

619095.064

7680947.27

70.606

147

-60

AC

16

E47/3673

F1198

MGA94_50

619081.625

7680967.86

70.172

147

-60

AC

19

E47/3673

F1199

MGA94_50

619068.208

7680989.06

70.277

147

-60

AC

17

E47/3673

F1200

MGA94_50

619054.08

7681010.599

70.29

147

-60

AC

16

E47/3673

F1201

MGA94_50

619039.229

7681033.551

70.361

147

-60

AC

24

E47/3673

F1202

MGA94_50

619027.324

7681051.94

70.442

147

-60

AC

16

E47/3673

F1203

MGA94_50

619013.018

7681072.542

70.823

147

-60

AC

24

E47/3673

F1204

MGA94_50

618999.49

7681093.15

70.733

147

-60

AC

15

E47/3673

F1205

MGA94_50

618985.584

7681114.698

70.689

147

-60

AC

16

E47/3673

F1206

MGA94_50

618971.962

7681135.264

71.159

147

-60

AC

15

E47/3673

F1207

MGA94_50

618958.512

7681155.846

71.642

147

-60

AC

24

E47/3673

F1208

MGA94_50

618944.257

7681177.319

71.802

147

-60

AC

21

E47/3673

F1209

MGA94_50

618930.964

7681197.915

71.45

147

-60

AC

32

E47/3673

F1210

MGA94_50

618917.87

7681218.534

71.302

147

-60

AC

30

E47/3673

F1211

MGA94_50

618903.797

7681239.885

70.888

147

-60

AC

28

E47/3673

F1212

MGA94_50

618889.754

7681261.0...