Novo Discovers Multiple New High Grade Gold Veins Along The Blue Spec Shear Zone
VANCOUVER, BC / June 1, 2016 / TheNewswire / Novo Resources Corp. ("Novo" or the "Company") (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce high-grade rock chip sample results from recent reconnaissance level prospecting along the Blue Spec shear zone. Novo has now identified a total of twenty-two high grade vein occurrences and one strong gold and antimony soil anomaly along this major east-west trending mineralized structural zone that transects the Mosquito Creek basin (please refer to the map included as Figure 1 to this news release).
Results include an exceptionally high grade assay of 525 gpt Au from selected grab samples of vein material collected from an historic prospect pit situated near the center of the Mosquito Creek basin. Other notable assays include 149.5 and 71.4 gpt Au from spot samples of vein material collected from prospect pits at the Gold Dog and Green Dog prospects, respectively. Spot samples of outcropping vein material at Magic Mountain and Magic Mountain East returned assays of 17.4 and 22.4 gpt Au, respectively. These results are not necessarily representative.
At the Mt Hays prospect, a spot sample of outcropping vein material returned an assay of 22.6 gpt Au. This sample came from near an historic reverse circulation drill hole that encountered 2 m @ 52 gpt Au at a vertical depth of approximately 85 m. It is considered likely that the outcrop sample is from the same vein encountered by the drill hole thus suggesting good continuity at depth.
"We are very pleased to see many high grade assays from samples recently collected along the Blue Spec shear zone," commented Dr. Quinton Hennigh, President, CEO and director of Novo Resources. "The Blue Spec shear zone is proving to be a prolific host to high grade gold mineralization. Our view is that the gold in this major mineralized structural zone was sourced from gold-enriched sedimentary rocks of the Mosquito Creek basin. We have now identified twenty-two high-grade vein occurrences and one gold-antimony soil anomaly that can readily be drill tested."
Novo controls approximately 450 square km of the Mosquito Creek basin that measures approximately 65 km east-west and 30 km north-south and is comprised of a thick sequence of sedimentary rocks that were deposited approximately 2.92 billion years ago. The Mosquito Creek Formation correlates in time with the Lower Central Rand Group of the Witwatersrand basin, South Africa, the most prolific gold district on earth. This is important because it is within this window of time, around 3.0-2.7 billion years ago, that photosynthetic life evolved and the first whiff's of oxygen it produced triggered precipitation of gold resulting in the formation of the vast accumulation of gold in the Witwatersrand Basin.
Two parallel east-west trending structural zones, the Blue Spec line in the north and the Middle Creek line in the south, cross the Mosquito Creek Basin and host numerous gold deposits, mainly orogenic lodes and veins. Veins along the Blue Spec shear zone commonly display abundant stibnite, an antimony sulfide, in addition to high gold grades. Novo's Blue Spec and Gold Spec veins, host indicated resources of 151,000 tonnes at 21.7 gpt Au (105,300 oz) and 1.7% Sb and inferred resources of 264,000 tonnes at 13.3 gpt Au (112,600 oz) and 1.0% Sb. This historical estimate, disclosed in a news release dated September 30, 2013 issued by Northwest Resources Ltd. ("Northwest") and in the mineral resource statement issued by Northwest on the same date (the "Northwest Disclosure Documents"), are stated to have been reported in accordance with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code), which are consistent with sections 1.2 and 1.3 of NI 43-101. For the key assumptions, parameters, and methods used to prepare these historical estimates, please refer to the Northwest Disclosure Documents which are available on Northwest's website (www.nw-resources.com.au). These are the most updated historical estimates and data available regarding the Blue Spec and Gold Spec deposits (except for the data contained in this news release and Novo's news releases May 10, 2016 and January 21, 2016) and, as such, no work needs to be done at this point in time to upgrade or verify the historical estimates. Novo is unaware of the existence of any technical report prepared in connection with the technical information contained in the Northwest Disclosure Documents. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Novo is not treating the historical estimate as current mineral resources or mineral reserves.
Novo considers the Blue Spec shear zone highly prospective for further high-grade gold (-antimony) discoveries and has worked diligently to consolidate a large land holding covering much of this important gold field. Since mid-April, Novo has had two teams of geologists undertaking reconnaissance mapping and prospecting for high-grade mineralization along the Blue Spec shear zone. Sampling has been aided by the use of hand held X-ray fluorescence units that allow for real time geochemical analysis of rock samples.
Assays reported in this news release represent the first of several batches of samples that will be reported over the coming weeks. Given the very positive results discussed above, Novo is giving strong consideration to drill testing some of these newly defined high-grade targets.
All surface samples collected by Novo and reported in this news release were submitted to Genalysis Laboratory, Perth, Australia. Samples were prepped by drying, crushing to 2 mm and pulverizing to -100 microns. Gold was analyzed by fire assay with a mass spectrometry finish and Sb was analyzed by ICP following 4 acid digest. In addition to samples collected by Novo, this news release and accompanying map also reference some historic rock chip results that were obtained from historic Northwest Resources Ltd. and Red Dog Prospecting Pty Ltd databases. Several certified laboratories in Perth, Australia performed these historic assays. Au was analyzed by fire assayed with either an ICP or atomic absorption finish.
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 core of the Beatons Creek project and a 70% interest in approximately 1,800 square kilometers surrounding Beatons Creek and at nearby Marble Bar 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,
"Quinton Hennigh"
Quinton Hennigh
CEO and President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, statements as to the expected receipt of results from various exploration and testing activities. Forward-looking 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 mineral resource exploration industry as well as Novo having sufficient cash to fund the planned drilling and other exploration activities.
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(Figure 1: Map of the Mosquito Creek basin and surrounding areas.)
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