Novo Resources Corp. Suite 1980 - 1075 West Georgia Street Vancouver, BC, V6E 3C9
NOVO ANNOUNCES NEW SHALLOW DRILL RESULTS INCLUDING 1 M OF 40.07 GPT GOLD
VANCOUVER, BC, March 10, 2015 - Novo Resources Corp. (CSE: NVO; OTCQX: NSRPF) ("Novo" or the "Company") is pleased to announce new assay results from shallow oxide drill holes at its Beatons Creek gold project near Nullagine, Western Australia (please see attached Drill Hole Map). Intercepts include 3 m @ 2.37 gpt Au in hole BCRC14-065, 3 m @ 3.54 gpt Au in hole BCRC14-266, 1 m @ 5.74 gpt Au in hole BCRC14-272, 1 m @ 4.91 gpt Au and 2 m @ 4.05 gpt Au in hole BCRC14-286, 7 m @ 3.55 gpt Au including 1 m @ 20.41 gpt Au in hole BCRC-291, 1 m @ 40.07 gpt Au in hole BCRC14-293, 3 m @ 3.51 gpt Au in hole BCRC14-296, 2 m @ 3.98 gpt Au in hole BCRC14-322 and 1 m @ 6.61 gpt Au in hole BCRC14-323 (please see Reverse Circulation Drill Results table below). Importantly, most of the aforementioned gold intercepts occur at shallow depth in thoroughly oxidized gold-bearing conglomerate horizons (reefs) that are potentially amenable to open cast mining.
"We are very pleased to see high grades and longer gold-bearing intervals in some of our new drill holes," commented Dr. Quinton Hennigh, President and CEO of Novo Resources Corp. "Once again, our drill results support the case for a significant shallow, oxide resource at Beatons Creek. Given confidence by our results to date, Novo is now making plans to test mine reefs in multiple locations. This work will not only be used to demonstrate reef continuity and grade, it will provide the first indication of anticipated mining costs for this project. Test mining will be undertaken in the second quarter of this year."
Novo drilled approximately 9,000 meters in 327 reverse circulation (RC) drill holes in late 2014 as part of a program to define a shallow, oxide resource. The Company released initial results for 38 drill holes in a news release dated February 9, 2015 and a further 121 drill holes in a news release dated February 26,
2015. With this news release, initial results for 253 drill holes have been announced. Results from the
remaining 74 holes are expected back by about the third week in March at which time new cross sections will be constructed using the complete data set (please refer to the Company's news release dated February 9, 2015 for preliminary cross sections).
Analyses released to date were largely conducted on a 1 kg split of raw RC drill cuttings using the LeachWell technique, an accelerated CN leach (6 hour leach time). These results should be considered preliminary. Samples containing appreciable gold will be subjected to a more rigorous analytic protocol including analysis utilizing a 3 kg split subjected to the LeachWell technique (24 hour leach time) and a second analysis subjecting a 3 kg split to screen metallic fire assay. Conducting these latter two analyses on large, 3 kg splits, is critical to adequately quantify gold content in the highly nuggety mineralized material from Beatons Creek. Genalysis Laboratories is currently prepping many of the samples with appreciable gold following this more rigorous protocol. Results from the 3 kg LeachWell and 3 kg screen metallic fire assay are expected back over the coming weeks
Recent metallurgical work indicates mineralized reef material is potentially amenable to simple, inexpensive gravity processing (please refer to the Company's news release dated December 10, 2014). Novo is currently focused on developing a resource comprised of such reefs that can be quickly advanced to feasibility and development (please refer to multiple news releases from the latter half of
2014).
Quality Control and Quality Assurance
Reverse circulation drilling discussed in this news release was conducted under the supervision of Dr. Quinton Hennigh, Novo's Chief Executive Officer, President and Director. Drill samples were submitted to Genalysis Laboratories, Perth, WA for analysis. Sample weights range from approximately 15-20 kg. A 1 kg split of raw drill cuttings was taken from each sample interval and subjected to the LeachWell technique, an accelerated CN leach (6 hour leach time). Most of the analyses reported in the table accompanying this news release were analyzed by this method, however, a few samples from holes BCRC14-013, BCRC14-027 and BCRC14-028 were analyzed utilizing a 3 kg split subjected to the LeachWell technique (24 hour leach time). One sample from hole BCRC14-013 was also analyzed by screen metallic assay on a 3 kg split. Due to the nuggety nature of gold mineralization at Beatons Creek, all gold-bearing samples from this drill program will ultimately be analyzed utilizing a 3 kg split subjected to the LeachWell technique and utilizing a second 3 kg split subjected to screen fire assay. Results from the latter two types of analysis are expected to demonstrate acceptable analytic variability and thus will be used for resource modeling.
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 1,800 square kilometers of the Pilbara region, Western Australia. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail [email protected].
On Behalf of the Board of Directors,
Novo Resources Corp.
"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, statements as to planned exploration activities and statements as to the expected timing of 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.
Reverse Circulation Drill Results - Beatons Creek Oxide Resource Drilling
|
1 kg
|
3 kg
|
3 kg Screen
|
|
LeachWell
|
LeachWell
|
Metallic
|
|
Hole
|
From (m)
|
To (m)
|
Length (m)
|
(gpt)
|
(gpt)
|
Assay (gpt)
|
|
BCRC14-001
|
37
|
38
|
1
|
0.37
|
BCRC14-002 No reef encountered
BCRC14-003 No reef encountered
|
BCRC14-004
|
23 24
|
1
|
0.79
|
|
BCRC14-005
|
No reef encountered
|
|
BCRC14-006
|
No reef encountered
|
|
BCRC14-007
|
No reef encountered
|
|
BCRC14-008
|
No reef encountered
|
|
BCRC14-009
|
15 16
|
1
|
1.17
|
|
BCRC14-010
|
No reef encountered
|
|
BCRC14-011
|
12 13
|
1
|
0.36
|
|
BCRC14-012
|
15 16
|
1
|
0.59
|
|
BCRC14-013
|
36 37
|
1
|
1.00
|
0.91
|
|
BCRC14-014
|
No reef encountered
|
|
BCRC14-015
|
22 23
|
1
|
0.27
|
|
BCRC14-015A
|
22 24
|
2
|
0.77
|
|
BCRC14-016
|
43 45
|
2
|
0.41
|
|
BCRC14-017
|
39 42
|
3
|
0.41
|
|
BCRC14-018 awaiting full assay
|
|
BCRC14-019
|
26
|
27
|
1
|
0.42
|
|
BCRC14-020
|
31
|
33
|
2
|
1.68
|
|
BCRC14-021
|
30
|
32
|
2
|
1.00
|
|
BCRC14-022
|
40
|
41
|
1
|
0.62
|
|
BCRC14-023
|
32
|
33
|
1
|
2.11
|
|
BCRC14-024
|
36
|
37
|
1
|
0.36
|
|
BCRC14-025
|
51
|
52
|
1
|
1.55
|
|
BCRC14-026 No reef encountered
|
|
BCRC14-027
|
20
|
21
|
1
|
2.57
|
|
BCRC14-028
|
24
|
25
|
1
|
2.40
|
|
BCRC14-029 No reef encountered
|
|
BCRC14-030
|
25
|
27
|
2
|
0.38
|
|
BCRC14-030A
|
25
|
27
|
2
|
0.65
|
|
BCRC14-031
|
28
|
31
|
3
|
1.42
|
|
BCRC14-032
|
26
|
27
|
1
|
1.38
|
|
BCRC14-033
|
30
|
31
|
1
|
1.83
|
|
BCRC14-034
|
27
|
29
|
2
|
0.30
|
|
BCRC14-035
|
10
|
11
|
1
|
1.03
|
|
BCRC14-036
|
9
|
11
|
2
|
1.00
|
|
BCRC14-037
|
11
|
12
|
1
|
1.25
|
|
BCRC14-038
|
1
|
3
|
2
|
1.76
|
|
BCRC14-039
|
1
|
2
|
1
|
1.90
|
|
BCRC14-085
|
8
|
10
|
2
|
1.90
|
|
BCRC14-086
|
10
|
12
|
2
|
1.22
|
|
BCRC14-087
|
12
|
13
|
1
|
2.19
|
|
BCRC14-088 thru -090 awaiting full assay
|
|
BCRC14-091
|
10
|
11
|
1
|
0.77
|
|
BCRC14-092
|
4
|
6
|
2
|
0.27
|
|
BCRC14-093
|
10
|
12
|
2
|
0.35
|
BCRC14-094 No reef encountered
BCRC14-095 No reef encountered
BCRC14-096 No reef encountered
|
BCRC14-097
|
0
|
3
|
3
|
2.28
|
|
8
|
10
|
2
|
1.20
|
|
BCRC14-098
|
11
|
17
|
6
|
8.77
|
|
including
|
14
|
17
|
3
|
16.70
|
|
BCRC14-099
|
0
|
1
|
1
|
1.46
|
|
BCRC14-100
|
11
|
13
|
2
|
0.98
|
|
BCRC14-101
|
4
|
6
|
2
|
1.24
|
|
BCRC14-102
|
6
|
7
|
1
|
0.60
|
|
BCRC14-103
|
3
|
5
|
2
|
0.67
|
|
BCRC14-104
|
2
|
3
|
1
|
0.59
|
|
BCRC14-105
|
No reef
|
encountered
|
|
BCRC14-105A
|
No reef
|
encountered
|
|
BCRC14-106
|
8
|
10
|
2
|
0.44
|
|
BCRC14-107
|
0
|
2
|
2
|
0.29
|
|
BCRC14-108
|
No reef
|
encountered
|
|
BCRC14-109
|
10
|
11
|
1
|
0.38
|
|
BCRC14-110
|
5
|
6
|
1
|
0.34
|
|
7
|
8
|
1
|
0.36
|
|
BCRC14-111
|
2
|
3
|
1
|
1.79
|
|
BCRC14-112
|
11
|
12
|
1
|
0.69
|
|
17
|
18
|
1
|
0.92
|
|
BCRC14-113
|
23
|
24
|
1
|
0.56
|
|
BCRC14-114
|
25
|
26
|
1
|
1.76
|
|
BCRC14-115
|
24
|
25
|
1
|
0.92
|
|
BCRC14-116
|
17
|
18
|
1
|
1.33
|
|
BCRC14-117
|
9
|
10
|
1
|
11.32
|
|
BCRC14-118
|
8
|
9
|
1
|
0.63
|
|
15
|
16
|
1
|
0.73
|
|
BCRC14-119
|
0
|
1
|
1
|
0.66
|
|
8
|
9
|
1
|
1.00
|
|
BCRC14-120
|
0
|
1
|
1
|
0.75
|
|
BCRC14-120A
|
2
|
3
|
1
|
0.63
|
|
BCRC14-121
|
0
|
1
|
1
|
0.82
|
|
BCRC14-122
|
2
|
3
|
1
|
0.55
|
|
7
|
8
|
1
|
0.72
|
|
BCRC14-123
|
21
|
22
|
1
|
0.55
|
BCRC14-149 thru -152 awaiting full assay
|
BCRC14-153
|
7
|
8
|
1
|
1.79
|
|
20
|
21
|
1
|
1.30
|
|
BCRC14-154
|
2
|
3
|
1
|
0.69
|
|
18
|
19
|
1
|
1.50
|
|
BCRC14-155
|
1
|
2
|
1
|
0.78
|
|
14
|
15
|
1
|
1.04
|
|
BCRC14-156
|
2
|
5
|
3
|
1.35
|
|
11
|
13
|
2
|
0.84
|
|
BCRC14-157
|
4
|
5
|
1
|
0.67
|
|
6
|
7
|
1
|
0.87
|
|
13
|
14
|
1
|
1.76
|
|
15
|
17
|
2
|
1.96
|
|
BCRC14-158
|
0
|
2
|
2
|
0.76
|
|
4
|
5
|
1
|
6.74
|
|
10
|
12
|
2
|
0.99
|
|
BCRC14-159
|
1
|
2
|
1
|
0.45
|
|
BCRC14-160
|
5
|
6
|
1
|
1.83
|
|
15
|
16
|
1
|
2.05
|
|
BCRC14-161
|
8
|
9
|
1
|
3.12
|
|
23
|
24
|
1
|
2.73
|
|
26
|
27
|
1
|
1.19
|
|
BCRC14-162
|
4
|
5
|
1
|
0.71
|
|
16
|
18
|
2
|
1.21
|
|
BCRC14-163
|
1
|
2
|
1
|
4.59
|
|
7
|
8
|
1
|
0.58
|
|
14
|
16
|
2
|
1.00
|
|
18
|
19
|
1
|
3.49
|
|
BCRC14-164
|
1
|
2
|
1
|
0.78
|
|
4
|
5
|
1
|
0.72
|
|
6
|
8
|
2
|
0.91
|
|
10
|
11
|
1
|
0.84
|
|
BCRC14-165
|
3
|
5
|
2
|
0.65
|
|
20
|
21
|
1
|
1.25
|
|
BCRC14-165A
|
1
|
3
|
2
|
0.77
|
|
16
|
18
|
2
|
1.48
|
|
BCRC14-166
|
0
|
1
|
1
|
0.56
|
|
3
|
4
|
1
|
0.51
|
|
BCRC14-167
|
2
|
3
|
1
|
1.30
|
|
7
|
10
|
3
|
1.17
|
|
BCRC14-168
|
4
|
7
|
3
|
0.89
|
|
BCRC14-169
|
0
|
1
|
1
|
0.74
|
|
4
|
6
|
2
|
1.25
|
|
10
|
11
|
1
|
0.81
|
|
BCRC14-170
|
6
|
7
|
1
|
2.89
|
|
18
|
19
|
1
|
1.95
|
|
BCRC14-187
|
1
|
4
|
3
|
1.41
|
|
8
|
10
|
2
|
2.88
|
|
15
|
16
|
1
|
2.10
|
|
BCRC14-188
|
0
|
2
|
2
|
1.09
|
|
4
|
6
|
2
|
2.07
|
|
7
|
8
|
1
|
0.75
|
|
11
|
12
|
1
|
0.55
|
|
13
|
14
|
1
|
0.66
|
|
17
|
19
|
2
|
0.77
|
|
BCRC14-189
|
1
|
2
|
1
|
2.91
|
|
5
|
6
|
1
|
0.86
|
|
10
|
12
|
2
|
0.79
|
|
BCRC14-190
|
2
|
6
|
4
|
2.80
|
|
including
|
2
|
3
|
1
|
8.58
|
|
15
|
16
|
1
|
1.02
|
|
BCRC14-191
|
0
|
1
|
1
|
0.57
|
|
4
|
5
|
1
|
0.53
|
|
10
|
11
|
1
|
0.57
|
|
13
|
14
|
1
|
1.00
|
|
BCRC14-192
|
3
|
5
|
2
|
1.29
|
|
BCRC14-193
|
9
|
10
|
1
|
2.35
|
|
BCRC14-194
|
6
|
7
|
1
|
0.66
|
|
BCRC14-195
|
No reef
|
encountered
|
|
BCRC14-195A
|
No reef
|
encountered
|
|
BCRC14-196
|
No reef
|
encountered
|
|
BCRC14-197
|
No reef
|
encountered
|
|
BCRC14-198
|
No reef
|
encountered
|
|
BCRC14-199
|
No reef
|
encountered
|
|
BCRC14-200
|
No reef
|
encountered
|
BCRC14-201 thru -218 not driled
BCRC14-219 thru -238 awaiting full assay
BCRC14-239 2 3 1 1.49
9 10 1 1.29
13 14 1 1.38
BCRC14-240 No reef encountered
BCRC14-240A No reef encountered
|
BCRC14-241
|
21
|
22
|
1
|
0.87
|
|
25
|
27
|
2
|
1.23
|
|
BCRC14-242
|
7
|
8
|
1
|
0.98
|
|
26
|
27
|
1
|
3.00
|
|
28
|
29
|
1
|
1.01
|
|
BCRC14-243
|
14
|
15
|
1
|
0.49
|
|
17
|
18
|
1
|
0.65
|
|
BCRC14-244
|
0
|
1
|
1
|
0.39
|
|
26
|
28
|
2
|
0.55
|
|
BCRC14-245
|
19
|
20
|
1
|
0.51
|
|
34
|
36
|
2
|
2.29
|
|
38
|
39
|
1
|
2.86
|
|
BCRC14-286
|
9
|
11
|
2
|
1.08
|
|
27
|
28
|
1
|
4.91
|
|
35
|
37
|
2
|
4.05
|
|
BCRC14-287
|
3
|
6
|
3
|
1.05
|
|
21
|
22
|
1
|
2.53
|
|
28
|
30
|
2
|
1.85
|
|
BCRC14-288
|
6
|
7
|
1
|
1.39
|
|
BCRC14-289
|
8
|
11
|
3
|
0.82
|
|
15
|
16
|
1
|
1.81
|
|
BCRC14-290
|
23
|
24
|
1
|
2.72
|
|
BCRC14-291
|
8
|
9
|
1
|
1.70
|
|
10
|
17
|
7
|
3.55
|
|
including
|
10
|
11
|
1
|
20.41
|
|
38
|
39
|
1
|
1.74
|
|
BCRC14-292
|
8
|
11
|
3
|
0.88
|
|
20
|
21
|
1
|
1.01
|
|
BCRC14-293
|
16
|
17
|
1
|
40.07
|
|
19
|
23
|
4
|
0.76
|
|
BCRC14-294
|
6
|
7
|
1
|
0.51
|
|
13
|
14
|
1
|
0.61
|
|
25
|
28
|
3
|
1.66
|
|
BCRC14-295
|
2
|
3
|
1
|
1.38
|
|
6
|
8
|
2
|
0.59
|
|
20
|
22
|
2
|
2.75
|
|
BCRC14-296
|
8
|
11
|
3
|
3.51
|
|
16
|
19
|
3
|
0.73
|
|
BCRC14-297
|
No reef
|
encountered
|
|
BCRC14-298 thru -321 awaiting full assay
|
|
BCRC14-322
|
23
|
25
|
2
|
3.98
|
|
28
|
30
|
2
|
0.89
|
|
BCRC14-323
|
1
|
2
|
1
|
0.57
|
|
13
|
14
|
1
|
6.61
|
All samples analyzed utilizing 1 kg LeachWell wil be re-analyzed utilizing 3 kg LeachWell and 3 kg
Metallic Screen Assay
Italicized numbers are intervals already released in news releases dated Feb. 9 and Feb. 26, 2015
DrillHole 1u ap