Novo Commences Deep Drilling at Beatons Creek; Receives Initial Promising Gravity Gold Results
VANCOUVER / TNW-ACESSWIRE / October 29, 2014 / Novo Resources Corp. ("Novo" or the "Company") (CSE: NVO; OTCQX: NSRPF) is pleased to announce the commencement of deep diamond drilling at its Beatons Creek gold project, Western Australia (see attached plan map). This deep hole is situated approximately three kilometers southwest of Grant's Hill where the Company has defined a National Instrument 43-101 compliant inferred resource estimate of 421,000 troy ounces gold contained in 8.9 million tonnes at a grade of 1.47 grams gold per tonne (please refer to the Company's news release dated May 1, 2013, for details). This deep diamond core hole is designed to test the down-dip extension of the same gold-bearing conglomerates (reefs) that occur at Grant's Hill. It is anticipated to reach a depth of at least 700 meters and will provide the first stratigraphic test of the Hardy Formation in this area as well as determine the continuity of gold-bearing reefs deeper within the Nullagine sub-basin. Partial funding for this drill hole comes from a $200,000 grant from the Western Australian Mines Department (please refer to the Company's news release dated December 17, 2013, for details).
Preliminary Gravity Gold Test Results
In a news release dated August 28, 2014, Novo announced it had collected twelve bulk samples taken from surface outcrops of oxidized gold-bearing reefs and submitted them to Met-Solve Laboratories of Langley, British Columbia, for gravity recoverable gold test work. The first five samples, all collected from the Grant's Hill area, have demonstrated consistently high gravity-only recoveries ranging from 71.4-92.7% at a grind size of 80% passing 100 microns (see attached photographs). Concentrates from each test comprised less than 1% of the original weight of each sample, a good attribute. Calculated head grades range from 1.67-6.22 gpt gold. Remarkably, much of the gold, 46.6-66.4%, was recovered after initial crushing to 80% passing 2 mm. These five samples are considered representative of the upper and lower reefs in this area. Results suggest good potential for gravity-only processing of gold-bearing reefs at Beatons Creek. Results from an additional seven samples taken from Golden Crown Hill and areas to the north are expected back within 2-3 weeks.
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|Bulk |Gravity recovery|Gravity recovery (aggregate) |Gravity
recovery (aggregate)|Mass of |Calculated|Sample description
|
|Sample |after 2 mm (P80)|after 300 micron (P80)) grind|after 100
micron (P80) grind|concentrate/Mass of|head grade|
|
| |crush (%) |(%) |(%)
|sample (%) |(gpt) |
|
|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|14-BCBS-1|48.6 |66.6 |71.4
|0.80 |3.58 |Upper reef - Grants
Hill; 1 m thick|
|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|14-BCBS-2|66.4 |79.0 |84.3
|0.64 |3.83 |Upper reef - Grants
Hill; 1 m thick|
|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|14-BCBS-3|58.7 |73.3 |80.9
|0.59 |1.67 |Lower reef - Grants
Hill; 1 m thick|
|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|14-BCBS-4|61.7 |75.6 |81.1
|0.53 |2.38 |Upper reef -
|
| | | |
| | |Grants Hill; 1.8 m
|
| | | |
| | |thick
|
|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|14-BCBS-5|46.6 |86.8 |92.7
|0.61 |6.22 |Lower reef -
|
| | | |
| | |Grants Hill; 0.8 m
|
| | | |
| | |thick
|
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"We are extremely pleased with initial results from our gravity recoverable gold test work," commented Dr. Quinton Hennigh, President, CEO and Director of Novo Resources Corp. "So far, we are seeing results that support a very strong case for gravity-only recovery at Beatons Creek. These numbers, both recoveries and grades, are right in line with expectations and give us strong encouragement to aggressively pursuing our goal of moving this project toward feasibility and production. We eagerly await receipt of final gravity test results within the next couple weeks."
Reverse Circulation Drilling Update
As of this news release, approximately 65% of the nearly 350 planned shallow reverse circulation drill holes have been completed. These holes, coupled with an extensive surface sampling program also well underway, are designed to gather necessary data to build a significant oxide resource at Beatons Creek (please refer to the Company's news release dated July 24, 2014, in which Novo announces its strategy to move Beatons Creek to bankable feasibility). The first samples from these drill holes were delivered to Genalysis Laboratory, Perth, WA during the second week of October. Excess preparation time needed for these very large samples means first results will be returned in about 6 weeks. Given the large drill and surface sampling programs, Novo anticipates a steady stream of results over the next 5-6 months as they return from the lab.
Western Pilbara BLEG Results
Newmont Exploration Pty Ltd, a subsidiary of Newmont Mining Corp., has informed Novo that due to the closure of its Welshpool, WA bulk leach extractable gold (BLEG) laboratory, results from BLEG sampling in the western Pilbara tenements have been delayed still further (please refer to the Company's news release dated August 28, 2014, for more information). Newmont has since opened a new, similar laboratory in Denver, Colorado, and has shipped these samples there for analysis. The estimated return date for results is now approximately mid-November 2014.
Quality Control and Quality Assurance
Bulk samples subjected to gravity recoverable gold test work were collected under the direct supervision of Dr. Quinton Hennigh, Novo's Chief Executive Officer, President and Director. Each sample weighs approximately 100 kg and was collected by taking channel cut across the full width of each conglomerate horizon. Samples were submitted to Met-Solve Laboratories of Langley, British Columbia, for testing. Results from the first five samples discussed in this news release should be viewed as preliminary. Seven additional samples are currently undergoing testing to complete this initial "bench scale" gravity recoverable gold test.
Dr. Quinton Hennigh, the Company's Chief Executive Officer, President and Director and a Qualified Person as defined by National Instrument 43-101, has approved the technical contents of this news release.
About Novo Resources Corp.
Novo's focus is to evaluate, acquire and explore gold properties. The company presently has multiple joint ventures earning a 70% interest in approximately 20,000 square kilometers of 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,
"Quinton Hennigh"
Quinton Hennigh
CEO and President
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, the statement as to expectations of the deep diamond core hole being drilled at Beaton's Creek and statements as to the expected receipt of results from various exploration and testing 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, the ability to undertake and complete the planned exploration activities, the receipt of successful results as exploration proceeds, customary risks of the mineral resource exploration industry, dependency upon third parties, assumptions made by management of Novo, as well as Novo having sufficient cash to fund the planned drilling and other activities.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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Plan Map.
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Photograph of coarse gold particles recovered from bulk sample 14-BCBS-05. The largest gold grain (at left) is approximately 4 mm long and up to 2 mm wide.
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Photograph of a very coarse gold particle recovered from sample 14-BCBS-03. This nugget is approximately nearly 7 mm long and up to 3 mm wide. The bright yellow color indicates high gold content. Probe analysis of similar gold grains yielded gold metal contents in excess of 90%.
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