Novo Resources (NVO-V) Aug 17, '16 is pleased to announce it plans to commence an aggressive first phase drilling program at its Blue Spec project within the next few weeks. Drilling will test: 1) extensions of high-grade gold-antimony veins immediately adjacent to the Blue Spec and Gold Spec shoots, 2) a 1.4 km corridor between these two shoots, 3) areas where high-grade surface samples were recently collected immediately west of Gold Spec, and 4) multiple new high-grade targets along the Blue Spec shear zone (please refer to the Company's news release dated June 1, 2016, for further information). All necessary permits for this drilling program have been received.
Drilling in and around the Blue Spec and Gold Spec area will focus on identifying new mineralization within 450 meters of surface. Although historic drilling indicates high grade gold-antimony mineralization is open at depths of over 750 meters, Novo thinks the potential is high to discover shallower zones that might be more amenable to mine development.
Reverse circulation drilling will test targets shallower than 250 meters. Targets between 250 and 450 meters will be tested by drilling a reverse circulation pre-collar hole and completing it with diamond core. A total of 10,000 meters of combined reverse circulation and diamond core drilling is planned and expected to take approximately 3-4 months.
"We are eager to commence drilling at our high-grade Blue Spec gold project," commented Dr. Quinton Hennigh, President, CEO and director of Novo. "Work we have done since acquiring this project indicates good potential to build on the high-grade Blue Spec and Gold Spec resource areas as well as make new discoveries along the greater shear zone."
Beatons Creek Bulk Sampling Update
Removal of the 30,000 tonne bulk sample of mineralized conglomerates is nearly complete (please see Figures 1 and 2 below). Data from bulk sampling will prove valuable in completing a PEA later this year. Initial indications suggest the conglomerate horizons can readily be identified and extracted with acceptable dilution. Conglomerate beds proved to be continuous and predictable. Very importantly, all material, both waste and conglomerate, proved to be free-digging and required no drilling or blasting.
With processing permits in hand, Novo has nearly completed setting up its trial processing plant. Commissioning will take approximately 1-2 weeks after which time the 30,000 tonne sample will be treated on a steady schedule over the next few months.
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(Figure 1: Bulk sampling a bench of mineralized conglomerate. The excavator sits atop the conglomerate. Note the good continuity of this horizon across the pit floor.)
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(Figure 2: Stockpile of mineralized conglomerate bulk sample on the run-of-mine pad. Processing of this material will commence within a couple weeks.)
Tuscarora Project - Drill Program & Voluntary Filing of Technical Report
Novo has decided to undertake a first round drill program at its Tuscarora gold project in north central Nevada, USA. The Tuscarora project comprises 24 unpatented BLM lode mining claims approximately 50 miles north of Elko, Nevada. Veins in the district project under alluvium that underlies Novo's claims. Drilling conducted by Newcrest Mining in the mid-1990's discovered a +1 km extension of the north-northwest trending high-grade Navajo vein. Novo plans to follow up on this target with a 4,500 foot reverse circulation drill program commencing within the next few days.
"I am pleased to be able to follow up on the Navajo vein extension target," commented Dr. Hennigh. "I oversaw a drill campaign here in the 1990's, and think the potential remains to make a significant high-grade vein discovery."
The Company is also pleased to announce that it has filed a technical report prepared pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") for its Tuscarora gold project. The independent technical report, entitled "NI43-101 Technical Report on the Tuscarora Project, Elko County, Nevada, USA" (the "Technical Report"), with an effective date of February 22, 2016 and an issue date of February 23, 2016, was prepared for Novo by Darren W. Lindsay (B.Sc.(hons), P.Geo.) of North Vancouver, BC, Canada. Mr. Lindsay is a qualified person as defined under NI 43-101. The Technical Report is available under the Company's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com (filing date: August 16, 2016) and on the Company's website at www.novoresources.com.
Quinton Hennigh (Ph.D., P.Geo.) is the Qualified Person pursuant to National Instrument 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is President, CEO and Director of Novo Resources Corp.
About Novo Resources Corp.
Novo's focus is to evaluate, acquire and explore gold properties. Indirect subsidiaries of Novo hold a 100% interest in the Beatons Creek gold project, a 70% interest in properties surrounding Beatons Creek and Marble Bar, a 100% interest in the Blue Spec gold-antimony project, and options covering approximately 400 square km over the Mosquito Creek Basin, all in the Pilbara region, Western Australia. 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.
"Quinton Hennigh"
Quinton Hennigh
CEO and President |
