Novo Plans Aggressive Drilling Along The Blue Spec Shear Zone
VANCOUVER, BC / TheNewswire / June 23, 2016 - Novo Resources Corp. ("Novo" or the "Company") (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce plans for drilling of multiple high-grade gold targets along the Blue Spec shear zone, Western Australia.
In the Company's news release dated May 10, 2016, Novo provided an overview of exploration potential on its newly consolidated land holdings in the Mosquito Creek basin ("MCB"). The MCB hosts numerous high-grade gold veins, some with strongly enriched levels of antimony. Gold in these veins was likely derived through remobilization from gold-enriched sedimentary rocks of the MCB as they underwent metamorphism and deformation shortly after deposition around 2.92 billion years ago. Many such high-grade veins were deposited in and around the Blue Spec shear zone, a 65 km long east-west trending structural zone crossing the MCB. Novo controls approximately 450 sq km of land along the Blue Spec shear zone (please refer to the map attached to the Company's May 10, 2016 news release).
Targets at Blue Spec and Gold Spec
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 (* see below regarding these historical resource estimates). Figure 1 shows a 6 km long longitudinal section along the Blue Spec shear zone illustrating the position of the Blue Spec and Gold Spec deposits. From this section, it is immediately obvious that only a small extent of the shear zone has been adequately explored.
Figure 2 shows a longitudinal section detailing the Blue Spec and Gold Spec deposits and shows numerous historic high-grade drill intercepts, many in excess of 100 gpt Au (lengths of all intercepts are down-hole lengths). The Gold Spec and Blue Spec deposits persist to depths of 400 m and 850 m, respectively, and both are open along strike and at depth. Note the distance between Gold Spec and Blue Spec is 1.4 km. Other than a few shallow reverse circulation drill holes, the intervening shear zone is virtually untested. Also note that high-grade shoots, magenta, display trends projecting outside of the resource envelope, an indication these shoots may continue into undrilled areas.
Novo sees immediate reason to test extensions of both the Blue Spec and Gold Spec deposits (Figure 3) and plans to drill for high-grade gold-antimony mineralization in areas highlighted in yellow, most of which are within 500 m of surface. It is viewed that drill success in these areas can quickly expand both zones and demonstrate the overall system is of much larger potential. Given the possibility for quickly extending resources, Novo thinks that up to 10,000 meters of reverse circulation and core drilling is warranted on these targets. Permits have been lodged and approvals are expected shortly.
Targets Elsewhere in the Vicinity of Blue Spec and Gold Spec
Figure 4 is a longitudinal section detailing the Green Spec and Orange Spec zones nearly 3 km east of the Blue Spec deposit. Both of these targets have seen limited historic drilling, but high-grade drill intercepts are similarly impressive to those at Blue Spec and Gold Spec. Given the deepest drilling in this area is only about 150 m, Novo sees ample reason to drill test both these zones at depth and along strike. Permits have been lodged allowing up to 2,000 m of reverse circulation drilling in this area.
Approximately 800 m west of Gold Spec (Figure 1), several high-grade surface rock chip samples were recently collected (see the Company's news release dated January 21, 2016 for further information). These samples fall precisely along the trend of the Blue Spec shear zone, and Novo views these samples as the upper expression of untested high-grade shoots in this area. Permits have been lodged to drill up to 2,000 m of reverse circulation drill holes to test these targets.
Targets Along the Greater Blue Spec Shear Zone
In April, 2016, Novo began an aggressive prospecting campaign along the Blue Spec shear zone. High grade gold results were announced in the Company's news release dated June 1, 2016. Review of this data indicates multiple drill targets are present. These include Magic Mountain, where high-grade surface samples grading between 7.0-17.4 gpt Au were collected (see the Company's news release dated June 1, 2016 for further information) along a zone at least 150 m long, and Mt. Hays where high-grade surface samples grading between 5.7-22.6 gpt Au were collected along a zone at least 200 m long. An historic reverse circulation drill hole cut 2 m @ 52 gpt Au at a depth of about 85 meters along the Mt. Hays zone. Novo is permitting 1,000 m reverse circulation drilling on both of these targets. Acceptance has already been granted for the Magic Mountain drill plan.
"We are very excited to develop our drill plans at the Blue Spec mine and other targets along the Blue Spec shear zone," commented Dr. Quinton Hennigh, President, CEO and director of Novo Resources. "Both the Blue Spec and Gold Spec deposits display strong evidence for extensions of high grade mineralization. We plan to aggressively drill test the best of these. We also have plans to test multiple high-grade targets in the vicinity of the Blue Spec mine and along the greater Blue Spec shear zone."
* These historical Blue Spec and Gold Spec resource estimates, 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 June 1, 2016, 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.)
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 gold project, a 70% interest in approximately 1,800 square kilometers surrounding Beatons Creek and at nearby Marble Bar, and a 100% interest in the Blue Spec gold-antimony project, 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,
"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 drilling permits. 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, the requirements of applicable regulatory authorities and their ability to process permit applications in a timely manner, customary risks of the mineral resource exploration industry as well as Novo having sufficient cash to fund the planned drilling and other exploration activities.
Click Image To View Full Size
(Figure 1: Six km long longitudinal section looking north at the Blue Spec shear zone. Brightly colored areas define mineral resources. Note that much of this area remains un-explored. Both the Blue Spec and Gold Spec deposits are open along strike and at depth. The Green Spec deposit lies nearly 3 km east of Blue Spec. Note locations of multiple high-grade surface samples.)
Click Image To View Full Size
(Figure 2: Detailed longitudinal section showing historic drilling at Blue Spec and Gold Spec. Lengths of all drill intercepts are down-hole lengths. Note that many assays are in excess of 100 gpt Au. Brightly colored areas define mineral resources. The red polygon at Blue Spec outlines mining remnants that are not included in the resource model. The 1.4 km of shear zone between Gold Spec and Blue Spec remains largely un-explored.)
Click Image To View Full Size
(Figure 3: Same longitudinal section as Figure 2 but showing areas Novo plans to target with drilling (yellow). Most of these targets are obvious extensions of high-grade shoots within 500 m of surface.)
Click Image To View Full Size
(Figure 4: Detailed longitudinal section showing historic drilling at Green Spec and Orange Spec. The deepest intercept is only 150 m below surface. High grades are like those at Blue Spec and Gold Spec are evident. Both zones are open along strike and at depth.)
Copyright (c) 2016 TheNewswire - All rights reserved.
