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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (163082)1/23/2022 10:55:25 AM
From: LoneClone1 Recommendation

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Valuepro

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Novo Resources: High-Grade Assay Results at the Parnell-Vulture Trend

ca.finance.yahoo.com

Novo Resources Corp.
Fri, January 21, 2022, 6:26 a.m.·16 min read

Figure 1



Location map for NGP showing Novo tenure and priority prospects.
Location map for NGP showing Novo tenure and priority prospects.Figure 2



Section at Parnell showing 21NU0196 results in relation to the main shear zone
Section at Parnell showing 21NU0196 results in relation to the main shear zoneFigure 3



Map of historical and Novo significant intercepts at Parnell and Vulture prospect to date.
Map of historical and Novo significant intercepts at Parnell and Vulture prospect to date.Figure 4



RC drilling status at Parnell and Vulture.

HIGHLIGHTS

  • First phase of a 15,000 metre reverse circulation (“RC”) drilling program across shallow oxide mineralization on granted mining leases at the Parnell-Vulture Trend was completed prior to the 2021 holiday period, with 83 holes drilled for a total of 5,200 metres

  • PhotonAssay gold results from Parnell have been received, with significant assays including:

  • 7 m at 7.75 g/t gold from 31 m in 21NU0198,

  • 4 m at 10.19 g/t gold from 31 m in 21NU0196,

  • 13 m at 2.51 g/t gold from 21 m in 21NU0156, and

  • 8 m at 3.14 g/t gold from 4 m in 21NU0156

  • Initial results received from Vulture include:

  • 8 m at 10.02 g/t gold from 11 m in 21NU0216

  • Further results from holes drilled prior to the holiday period will be released in coming weeks

  • Drilling on the Parnell - Vulture trend is scheduled to recommence on January 24, 2022

    The above results are not necessarily representative of mineralization throughout the Parnell-Vulture Trend. Refer to Table 1 for drill results for all holes drilled to date at Parnell – Vulture.

  • _________________________________________________________________________

    VANCOUVER, British Columbia, Jan. 21, 2022 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide a drilling update for the Parnell-Vulture trend in Western Australia. The RC drilling planned at Parnell and Vulture is part of the Nullagine Gold Project (“NGP”) exploration program ramp-up, with forward programs currently being generated at several priority basement targets ( figure 1). Parnell – Vulture is located some 45 kms from the Company’s Golden Eagle processing facility (“Golden Eagle Plant”) and is accessed by a robust, reliable haul road and associated infrastructure.

    https://www.globenewswire.com/Tracker?data=LOj54piyHvQrhGsWG9LNdCFTeUdlMpHaAfwK4XawN0cCn6NYBodP05AgkyvAxbaPKXyY26Lq5r6qU4Ca65gIjZNxPTzJRGuWS8xZuHAx38MtKuLwA8pNFdoxMqo9ghdZG5mw7DDobs5zDKDhl1KXwpUjvrlCUyj1ptGJoZlEloWNZ9OAzEpLHyzkEajIHoCKVlWUthZuGgk8iqmg7tTUx6_ODj9xmQKIKSDlLe_zsoAfkIdxHsfPGoisxgLDvDKQK6tVFhKQtvTHy9PMSlvaCA==
    (
    Figure 1: Location map for NGP showing Novo tenure and priority prospects.)

    Drilling completed before the holiday period comprised 83 RC holes for 5,200 metres ( figure 4), drilled by experienced contractor Stark Drilling using a truck mounted Schramm 450. The initial program at Parnell focussed on every alternate planned drill line, in order to fast track strike coverage. The quick assay turnaround means that best drilling intersections can be followed up immediately whilst the remainder of the program is ongoing.

    Parnell - Vulture covers a strike length of approximately 2 kms and contains a series of vein-hosted targets with historical drill intercepts including 9 m at 8.4 g/t gold from 7 m, 12 m at 14.6 g/t gold from 40 m and 7 m at 6.1 g/t gold from 40 m1. These results are not necessarily representative of mineralization throughout the district. Refer to Table 2 for drill results for all holes drilled to date at Parnell - Vulture.

    Recent results for Parnell - Vulture, received via the Company’s priority arrangement with Intertek2, show similar width and grade tenor as historical drilling intersections, improving confidence in historical data and potential strike extent.

    Most significant results are located around the historic workings at Parnell, including 4 m at 10.19 g/t gold in hole 21NU0196 ( figure 2). The main target is a ~ 10m wide E-W to WNW trending shear variably intruded by porphyry. Mineralization dips moderately to steeply to the south (generally 70 degrees). Sandstone and interbedded siltstone-sandstone sequences adjacent to the main shear are extremely bleached in the weathering profile, indicating likely sericite alteration of the original rock. Alteration is up to 50 m wide. Several other dykes are present in the area, mainly sub-parallel to stratigraphy, including a 6 m thick dolerite dyke and a hornblende porphyritic gabbro.

    Results show good continuity along strike ( figure 3), and on section show numerous small but frequent high-grade shoot like components. Further infill and extensional drilling will be designed to test this area.

    globenewswire.com
    (Figure 2, section at Parnell showing 21NU0196 results in relation to the main shear zone)

    Importantly a series of significant drill intersections are located approximately 550 m along strike to the north-west including 13 m at 2.51 g/t gold from 21 m in 21NU0156, and 8 m at 3.14 g/t gold from 4 m in 21NU0156 ( figure 3). This shows the complexity of the system at Parnell and the scale potential of the system along strike.

    In addition, the 6 m at 5.28 g/t gold from 29 m in 21NU0204 is located to the north of Parnell in one of the mapped vein swarms. The vein swarm was identified from rock sampling and anomalous results in historical drilling and was tested with a single line of drilling.

    Assays received to date also included the first batch from Vulture, including 8 m at 10.02 g/t gold from 11 m in 21NU0216 drilled adjacent to a historical working and in an area of complex quartz veining. Historical results in this area are sparse, and include a best result of 12 m at 2.76 g/t. These results are not necessarily representative of mineralization throughout Vulture. All other results from Vulture are pending and are anticipated within the next three to four weeks.

    globenewswire.com
    (Figure 3: Map of historical and Novo significant intercepts at Parnell and Vulture prospect to date.)

    globenewswire.com
    (Figure 4: RC drilling status at Parnell and Vulture.)

    Analytic Methodology

    Drilling was based on detailed mapping and targeted to be perpendicular to mineralization as much as practical. In some areas, the geology is complex and due to the explorative nature of the work, the true width of mineralization cannot yet be precisely determined.

    RC samples from Parnell and Vulture were submitted to Intertek in Perth, Australia. Samples are crushed to -2 mm and RSD split into a single 500-gram jar for PhotonAssay. To test for gold variability and potential coarse gold effect, field duplicates and crushed duplicates were analysed. Standards and blanks are inserted in the sample sequence to test for lab performance.

    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 by reviewing analytical procedures undertaken by the various laboratories. Dr. Quinton Hennigh (P. Geo.) is the qualified person 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 13,250 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 leo@novoresources.com.

    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, that forward programs are currently being generated at several priority basement targets at the NGP, that further infill and extensional drilling will be designed to test the Parnell area, and that all other results from Vulture are anticipated within the next two weeks. 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, the actual time required by Intertek Laboratory to process samples, 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, collar table of all holes drilled to date

    HOLE ID

    COORDSYS

    EASTING

    NORTHING

    HEIGHT

    AZI GRID

    DIP

    TYPE

    DEPTH

    LEASE

    21NU0153

    MGA94_51

    241102.657

    7584163.415

    388.292

    20

    -55

    RC

    54

    M46/527

    21NU0154

    MGA94_51

    241089.817

    7584125.188

    385.508

    20

    -55

    RC

    72

    M46/527

    21NU0155

    MGA94_51

    241132.708

    7584153.606

    389.503

    20

    -55

    RC

    54

    M46/527

    21NU0156

    MGA94_51

    241126.52

    7584135.836

    387.203

    20

    -55

    RC

    54

    M46/527

    21NU0157

    MGA94_51

    241119.585

    7584113.086

    386.179

    20

    -55

    RC

    78

    M46/527

    21NU0158

    MGA94_51

    241171.268

    7584139.014

    390.099

    20

    -55

    RC

    54

    M46/527

    21NU0159

    MGA94_51

    241164.727

    7584122.37

    387.816

    20

    -55

    RC

    54

    M46/527

    21NU0160

    MGA94_51

    241155.989

    7584099.711

    386.639

    20

    -55

    RC

    72

    M46/527

    21NU0161

    MGA94_51

    241150.265

    7584082.431

    388.577

    20

    -55

    RC

    84

    M46/426

    21NU0162

    MGA94_51

    241095.94

    7584144.73

    390

    20

    -55

    RC

    54

    M46/527

    21NU0163

    MGA94_51

    241207.643

    7584126.922

    390.423

    20

    -55

    RC

    54

    M46/527

    21NU0164

    MGA94_51

    241201.647

    7584108.868

    387.985

    20

    -55

    RC

    60

    M46/527

    21NU0165

    MGA94_51

    241192.522

    7584082.147

    387.827

    20

    -55

    RC

    72

    M46/527

    21NU0166

    MGA94_51

    241296.684

    7584132.045

    391.871

    20

    -55

    RC

    54

    M46/527

    21NU0167

    MGA94_51

    241287.561

    7584113.379

    389.677

    20

    -55

    RC

    54

    M46/527

    21NU0168

    MGA94_51

    241281.151

    7584095.568

    387.696

    20

    -55

    RC

    54

    M46/527

    21NU0169

    MGA94_51

    241274.333

    7584077

    388.059

    20

    -55

    RC

    54

    M46/527

    21NU0170

    MGA94_51

    241267.686

    7584058.403

    388.542

    20

    -55

    RC

    72

    M46/426

    21NU0171

    MGA94_51

    241260.893

    7584039.838

    389.808

    20

    -55

    RC

    84

    M46/426

    21NU0178

    MGA94_51

    241371.821

    7584109.808

    389.868

    20

    -55

    RC

    54

    M46/527

    21NU0179

    MGA94_51

    241364.378

    7584089.821

    388.733

    20

    -55

    RC

    54

    M46/527

    21NU0180

    MGA94_51

    241355.952

    7584067.665

    388.413

    20

    -55

    RC

    54

    M46/527

    21NU0181

    MGA94_51

    241349.571

    7584051.224

    388.978

    20

    -55

    RC

    54

    M46/527

    21NU0182

    MGA94_51

    241342.981

    7584033.664

    390.309

    20

    -55

    RC

    72

    M46/426

    21NU0183

    MGA94_51

    241442.282

    7584074.733

    390.393

    20

    -55

    RC

    54

    M46/527

    21NU0184

    MGA94_51

    241435.649

    7584056.883

    390.92

    20

    -55

    RC

    54

    M46/527

    21NU0185

    MGA94_51

    241428.546

    7584037.402

    390.719

    20

    -55

    RC

    54

    M46/527

    21NU0186

    MGA94_51

    241422.145

    7584018.315

    390.185

    20

    -55

    RC

    54

    M46/527

    21NU0187

    MGA94_51

    241415.856

    7584001.066

    391.413

    20

    -55

    RC

    72

    M46/426

    21NU0188

    MGA94_51

    241409.872

    7583981.141

    392.928

    20

    -55

    RC

    90

    M46/426

    21NU0189

    MGA94_51

    241518.391

    7584050.74

    392.657

    20

    -55

    RC

    54

    M46/527

    21NU0190

    MGA94_51

    241512.401

    7584032.65

    393.151

    20

    -55

    RC

    54

    M46/527

    21NU0191

    MGA94_51

    241505.442

    7584013.681

    393.377

    20

    -55

    RC

    78

    M46/527

    21NU0192

    MGA94_51

    241498.661

    7583994.874

    393.707

    20

    -55

    RC

    60

    M46/527

    21NU0193

    MGA94_51

    241492.061

    7583975.735

    393.509

    20

    -55

    RC

    72

    M46/426

    21NU0194

    MGA94_51

    241487.622

    7583962.907

    392.934

    20

    -55

    RC

    84

    M46/426

    21NU0195

    MGA94_51

    241573.298

    7583960.428

    398.341

    20

    -55

    RC

    72

    M46/527

    21NU0196

    MGA94_51

    241566.956

    7583943.681

    396.229

    20

    -55

    RC

    84

    M46/426

    21NU0197

    MGA94_51

    241590.747

    7583950.441

    398.514

    20

    -55

    RC

    72

    M46/527

    21NU0198

    MGA94_51

    241587.36

    7583938.799

    397.01

    20

    -55

    RC

    90

    M46/426

    21NU0199

    MGA94_51

    241609.571

    7583947.275

    397.882

    20

    -55

    RC

    72

    M46/527

    21NU0200

    MGA94_51

    241603.468

    7583931.345

    396.59

    20

    -55

    RC

    84

    M46/426

    21NU0201

    MGA94_51

    241624.481

    7583937.163

    397.169

    20

    -55

    RC

    72

    M46/426

    21NU0202

    MGA94_51

    241639.804

    7583974.596

    397.697

    20

    -55

    RC

    54

    M46/527

    21NU0203

    MGA94_51

    241689.284

    7584055.528

    394.643

    20

    -55

    RC

    54

    M46/527

    21NU0204

    MGA94_51

    241682.225

    7584034.409

    395.126

    20

    -55

    RC

    72

    M46/527

    21NU0205

    MGA94_51

    241677.202

    7584017.522

    394.88

    20

    -55

    RC

    84

    M46/527

    21NU0206

    MGA94_51

    241797.643

    7583972.516

    402.059

    20

    -55

    RC

    54

    M46/527

    21NU0207

    MGA94_51

    241790.682

    7583955.216

    400.928

    20

    -55

    RC

    72

    M46/527

    21NU0208

    MGA94_51

    241782.944

    7583934.55

    401.595

    20

    -55

    RC

    54

    M46/527

    21NU0209

    MGA94_51

    241776.061

    7583914.106

    401.157

    20

    -55

    RC

    54

    M46/527

    21NU0210

    MGA94_51

    241826.679

    7583961.085

    402.982

    20

    -55

    RC

    54

    M46/527

    21NU0211

    MGA94_51

    241816.073

    7583948.444

    402.522

    20

    -55

    RC

    72

    M46/527

    21NU0212

    MGA94_51

    241810.585

    7583920.195

    403.255

    20

    -55

    RC

    54

    M46/527

    21NU0213

    MGA94_51

    241805.417

    7583906.187

    402.44

    20

    -55

    RC

    54

    M46/527

    21NU0214

    MGA94_51

    241799.288

    7583886.997

    403.562

    20

    -55

    RC

    72

    M46/527

    21NU0215

    MGA94_51

    240690.046

    7584259.466

    385.551

    210

    -50

    RC

    54

    M46/426

    21NU0216

    MGA94_51

    240699.858

    7584275.457

    386.273

    210

    -50

    RC

    54

    M46/426

    21NU0217

    MGA94_51

    240710.979

    7584293.934

    387.288

    210

    -50

    RC

    54

    M46/426

    21NU0218

    MGA94_51

    240721.038

    7584311.98

    386.623

    210

    -50

    RC

    54

    M46/426

    21NU0219

    MGA94_51

    240731.366

    7584329.776

    387.062

    210

    -50

    RC

    84

    M46/426

    21NU0220

    MGA94_51

    240740.661

    7584346.642

    387.108

    210

    -50

    RC

    54

    M46/426

    21NU0221

    MGA94_51

    240665.899

    7584296.424

    385.045

    210

    -50

    RC

    54

    M46/426

    21NU0222

    MGA94_51

    240675.809

    7584313.227

    386.039

    210

    -50

    RC

    54

    M46/426

    21NU0223

    MGA94_51

    240685.546

    7584329.684

    385.822

    210

    -50

    RC

    54

    M46/426

    21NU0224

    MGA94_51

    240696.655

    7584349.284

    385.907

    210

    -50

    RC

    54

    M46/426

    21NU0225

    MGA94_51

    240706.331

    7584365.897

    386.074

    210

    -50

    RC

    54

    M46/426

    21NU0226

    MGA94_51

    240716.124

    7584382.575

    386.974

    210

    -50

    RC

    84

    M46/426

    21NU0227

    MGA94_51

    240724.983

    7584398.074

    387.66

    210

    -50

    RC

    54

    M46/426

    21NU0228

    MGA94_51

    240673.321

    7584390.563

    386.935

    210

    -50

    RC

    54

    M46/426

    21NU0229

    MGA94_51

    240681.247

    7584404.148

    387.378

    210

    -50

    RC

    54

    M46/426

    21NU0230

    MGA94_51

    240690.323

    7584420.965

    388.316

    210

    -50

    RC

    54

    M46/426

    21NU0231

    MGA94_51

    240701.86

    7584440.337

    389.138

    210

    -50

    RC

    84

    M46/426

    21NU0232

    MGA94_51

    240646.8

    7584424.125

    387.49

    210

    -50

    RC

    54

    M46/426

    21NU0233

    MGA94_51

    240656.929

    7584440.846

    391.511

    210

    -50

    RC

    54

    M46/426

    21NU0234

    MGA94_51

    240668.378

    7584458.307

    390.53

    210

    -50

    RC

    54

    M46/426

    21NU0235

    MGA94_51

    240678.186

    7584475.581

    390.304

    210

    -50

    RC

    84

    M46/426

    21NU0236

    MGA94_51

    240602.903

    7584426.905

    387.291

    210

    -50

    RC

    54

    M46/426

    21NU0237

    MGA94_51

    240612.729

    7584444.263

    387.578

    210

    -50

    RC

    54

    M46/426

    21NU0238

    MGA94_51

    240623.145

    7584461.986

    387.704

    210

    -50

    RC

    54

    M46/426

    21NU0239

    MGA94_51

    240633.731

    7584480.114

    387.677

    210

    -50

    RC

    54

    M46/426

    21NU0240

    MGA94_51

    240641.921

    7584494.857

    387.603

    210

    -50

    RC

    54

    M46/426


    Table 2, Significant intercept table for all results from this phase of drilling with a gram * metre intersection greater than 1. The table is generated using a 0.5 g/t gold cut off and no more than two metre internal waste.

    HOLE ID

    FROM

    TO

    Au ppm

    WIDTH

    GRAM*METRES

    21NU0216

    11

    19

    10.02

    8

    80.16

    21NU0198

    31

    38

    7.75

    7

    54.25

    21NU0196

    31

    35

    10.19

    4

    40.76

    21NU0156

    21

    34

    2.5

    13

    32.5

    21NU0204

    29

    35

    5.28

    6

    31.68

    21NU0156

    4

    12

    3.14

    8

    25.12

    21NU0161

    71

    73

    9.93

    2

    19.86

    21NU0207

    0

    7

    2.67

    7

    18.69

    21NU0169

    27

    29

    8.59

    2

    17.18

    21NU0165

    2

    9

    2.38

    7

    16.66

    21NU0154

    49

    51

    8.1

    2

    16.2

    21NU0208

    28

    32

    3.94

    4

    15.76

    21NU0162

    14

    17

    4.24

    3

    12.72

    21NU0199

    18

    31

    0.94

    13

    12.22

    21NU0170

    30

    36

    1.81

    6

    10.86

    21NU0195

    21

    29

    1.22

    8

    9.76

    21NU0200

    34

    36

    4.86

    2

    9.72

    21NU0197

    25

    38

    0.67

    13

    8.71

    21NU0157

    68

    70

    4.13

    2

    8.26

    21NU0196

    40

    50

    0.72

    10

    7.2

    21NU0216

    26

    28

    3.43

    2

    6.86

    21NU0187

    59

    61

    3.31

    2

    6.62

    21NU0205

    34

    37

    2.16

    3

    6.48

    21NU0159

    28

    36

    0.73

    8

    5.84

    21NU0153

    24

    30

    0.95

    6

    5.7

    21NU0156

    43

    46

    1.63

    3

    4.89

    21NU0154

    59

    65

    0.67

    6

    4.02

    21NU0205

    2

    4

    1.88

    2

    3.76

    21NU0192

    33

    36

    1.22

    3

    3.66

    21NU0160

    18

    20

    1.77

    2

    3.54

    21NU0180

    9

    14

    0.67

    5

    3.35

    21NU0190

    10

    12

    1.62

    2

    3.24

    21NU0207

    17

    19

    1.53

    2

    3.06

    21NU0153

    1

    3

    1.42

    2

    2.84

    21NU0166

    35

    37

    1

    2

    2

    21NU0169

    12

    15

    0.66

    3

    1.98

    21NU0202

    6

    8

    0.93

    2

    1.86

    21NU0164

    51

    53

    0.92

    2

    1.84

    21NU0198

    48

    50

    0.82

    2

    1.64

    21NU0203

    10

    12

    0.82

    2

    1.64

    21NU0188

    58

    60

    0.77

    2

    1.54

    21NU0184

    1

    3

    0.76

    2

    1.52

    21NU0160

    27

    29

    0.75

    2

    1.5

    21NU0201

    24

    26

    0.75

    2

    1.5

    21NU0171

    80

    82

    0.73

    2

    1.46

    21NU0198

    82

    84

    0.7

    2

    1.4

    21NU0196

    81

    83

    0.6

    2

    1.2

    21NU0157

    50

    52

    0.55

    2

    1.1

    21NU0169

    1

    3

    0.53

    2

    1.06

    21NU0207

    38

    40

    0.5

    2

    1


    ________________________
    1 Refer to the Company’s news release dated November 19, 2021.
    2 Refer to the Company’s news release dated May 18, 2021.
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