High Grade Gold Intersected in First Drill Program at Talga Talga Gold Project

 

HIGHLIGHTS

• Reverse Circulation (“RC”) drilling program intersects high-grade mineralization at Novo’s Talga Talga Gold Project (“Talga Gold Project”) in the Pilbara region of Western Australia
• Results include 3 m at 25.5 g/t Au from 28 m, and 3 m at 23.3 g/t Au from 11 m at the NW Australian prospect
• These are significant drilling results from Novo’s expanded orogenic and brownfields exploration program
• A corridor of mineralized structures approximately three kilometres long has been defined, with the majority of the trend ready to be tested by drilling
• Follow up drilling program planned for early 2022
  

VANCOUVER, British Columbia, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on recent exploration work conducted at its 100% controlled Talga Gold Project.

Summary

The Talga Gold Project is located approximately 110 km north of the Company’s flagship Beatons Creek conglomerate gold project (the “Nullagine Gold Project”).

During July and August 2021, sixty-five shallow RC holes were drilled for a total of 3,240 m, testing three targets along the mineralized corridor. This program constitutes the first phase of drilling, with holes spaced 80 m x 20 m on sections along the mineralized corridor, and with most holes only targeting the first (shallowest) shear.

Drilling at the NW Australian prospect, within the Talga Gold Project, intersected 3 m at 25.5 g/t Au from 28 m and 3 m at 23.3 g/t Au from 11 m in the upper shear horizon in two adjacent sections. The high-grade gold results are supported up and down dip with intersections showing the same target position.

Elevated intersections at McPhees NE and McPhees Reward, both prospects within the Talga Gold Project, confirm and extend historical intersections. Of note is the intersection of 2 m at 7.4 g/t Au in 21TT0053 from 38 m.

These results are not necessarily representative of all of the mineralization at Talga Gold Project.

Follow up drilling, planned for early 2022, will now directly target these high-grade gold plunging shoots to better determine strike extent and depth potential.

Samples were submitted to the Intertek Testing Services (Australia) Pty Ltd’s (“Intertek”) lab for PhotonAssay providing rapid turnaround time for exploration assay results, with all assays received within two weeks of sample submission. Novo’s use of this technology is a powerful tool to expedite exploration and discovery.

“We are excited by these promising results from the Talga Gold Project,” commented Dr. Quinton Hennigh, the Company’s Non-Executive Co-Chairman and a director. “Since committing to an A$14.5 million exploration budget through the end of 2021 and accelerating exploration efforts, Novo has been able to target near-mine and regional prospects in an effort to develop its exploration and production pipeline, including additional work anticipated to commence at the Genie and Parnell-Vulture prospects in the coming weeks.”

Detail

The Talga Gold Project is one of Novo’s East Pilbara assets and is located approximately 110 km north of the Nullagine Gold Project (Figure 1). Gold occurs in lode quartz veins hosted by metamorphosed volcanic and sedimentary rocks of the Warrawoona Supergroup, the same Formation that hosts Calidus Resources Limited’s (ASX: CAI) Warrawoona gold project approximately 35 km south of the Talga Gold Project which is currently being developed and is expected to go into production during H1 2022¹.

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/21c3b3be-004f-4d8b-ab49-1f77d15acf14 

High grade rock samples collected by previous operators and by Novo (refer to the Company’s news release dated December 13, 2018), combined with detailed mapping, define a corridor of mineralized structures approximately three kilometres long, with the majority of the trend untested by drilling.

During July and August 2021, sixty-five shallow RC holes were drilled for a total of 3,240 m, testing three targets along the mineralized corridor (Figure 2). Holes were drilled using a track mounted L8 rig that is particularly suited for small footprint drilling in difficult terrain, with the only limitation being the depth penetration. This program constitutes the first phase of drilling, with holes nominally 80 m x 20 m spaced on sections along the mineralized corridor, and with most holes only targeting the first (shallowest) shear.

Drilling at the NW Australian prospect, within the Talga Gold Project, intersected 3 m at 25.5 g/t Au from 28 m and 3 m at 23.3 g/t Au from 11 m in the upper shear horizon in two adjacent sections (Figure 3). The high-grade gold results are supported up and down dip with intersections showing the same target position. The position of the high-grade gold results appears to be related to the cross-cutting fault (Figure 4) with the western intersection lining up with high-grade gold rock samples at surface providing a plunge direction to mineralization. Furthermore, historical workings are located in a similar plunge direction in relation to the eastern intersection. For additional results, refer to Table 1. These results are not necessarily representative of all of the mineralization at Talga Gold Project.

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1d5321b4-6965-4741-916b-82698aa58d66 

Mapping and drilling data interpreted to date suggests that the cross-cutting structures are critical in forming the high-grade gold components to mineralization at the Talga Gold Project, with all historical workings and elevated rock sample results related to thicker quartz near cross cutting structures.

Follow up drilling can now directly target these high-grade gold plunging shoots to better determine strike extent and depth potential and is planned for early 2022.

Elevated intersections at McPhees NE and McPhees Reward, both prospects with the Talga Gold Project, confirm and extend historical intersections. Of note, is the intersection of 2 m at 7.4 g/t Au from 38 m in hole 21TT0053. This hole was extended as a test of the second shear, which has never been drilled and is only recently recognized from mapping and rock sampling (Figure 5).

Samples were submitted to the Intertek lab for PhotonAssay (refer to the Company’s news release dated May 18, 2021), providing rapid turnaround time for exploration assay results, with all assays received within two weeks of sample submission. Novo’s use of this technology is a powerful tool to expedite exploration.

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/859f25f2-7de8-43b8-b15b-6eee8cc89828 

Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/451a05bc-2ab9-4265-ad14-d23bb27d0ec0 

Figure 5 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/be3bde29-2992-45e8-b85e-3b3767ff17a9 

Sample Collection and Analytic Methodology

Drill hole location details are listed in Table 2. All holes were angled to be perpendicular to the intersected mineralization, with the intersected widths representative of the true width of the mineralised zone. Samples were taken as one metre intervals from RC chips using a cone splitter. This generates an approximately 3 – 5 kg sample. All samples were dry with a sample recovery of 100%. When significant water was intersected, the hole was abandoned.

RC samples from the Talga Gold Project were submitted to Intertek Laboratory in Perth, Australia. Intertek is an independent and accredited lab. Samples are crushed to -2 mm and RSD split into a single 500-gram jar for PhotonAssay. To test for gold variability and potential coarse gold effect, field duplicates and crushed duplicates were analysed. Standards and blanks are inserted in the sample sequence to test for lab performance.

There were no limitations to the verification process and all relevant data was verified by a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects by reviewing analytical procedures undertaken the laboratory. Dr. Quinton Hennigh (P.Geo.) is the qualified person responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is the Non-Executive Co-Chairman and a director of Novo.

About Novo

Novo is commissioning its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 square kilometres in the Pilbara region of Western Australia. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. 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.

“Michael Spreadborough”

Michael Spreadborough

Executive Co-Chairman

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, planned exploration activities, determination of Talga strike extent and depth potential via additional drilling, and the expected timing of receipt of assay results. 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, customary risks of the resource industry and the risk factors identified in Novo’s annual information form for the 11-month fiscal year ended December 31, 2020, which is available under Novo’s profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.

Table 1: Significant intercept table for all results from this phase of drilling at the Talga Gold Project. The table is generated using a 1 g/t cut-off grade and allowing 2 m of internal dilution.

Prospect	Hole ID	From	To	Interval	Grade	Gram*metres
NW Australian	21TT0012	28	31	3	25.5	76.5
NW Australian	21TT0015	11	14	3	23.3	69.9
McPhees NE	21TT0040	65	68	3	5.93	17.8
McPhees Reward	21TT0053	38	40	2	7.36	14.7
NW Australian	21TT0011	16	18	2	5	10
NW Australian	21TT0010	14	16	2	3.92	7.84
McPhees Reward	21TT0052	17	19	2	3.53	7.06
NW Australian	21TT0016	17	18	1	6.09	6.09
NW Australian	21TT0019	16	17	1	4.52	4.52
NW Australian	21TT0013	38	39	1	4.12	4.12
McPhees Reward	21TT0057	14	15	1	4.06	4.06
NW Australian	21TT0004	37	38	1	3.62	3.62
NW Australian	21TT0029	10	12	2	1.77	3.53
McPhees NE	21TT0047	24	25	1	3.23	3.23
McPhees NE	21TT0042	44	45	1	3.22	3.22
NW Australian	21TT0002	24	25	1	3.04	3.04
McPhees Reward	21TT0053	8	9	1	2.73	2.73
McPhees Reward	21TT0059	40	41	1	2.48	2.48
McPhees NE	21TT0042	62	64	2	1.19	2.38
NW Australian	21TT0017	27	28	1	2.21	2.21
McPhees Reward	21TT0049	25	26	1	2.13	2.13
McPhees NE	21TT0038	46	47	1	1.73	1.73
NW Australian	21TT0013	24	25	1	1.49	1.49
NW Australian	21TT0007	19	20	1	1.48	1.48
McPhees Reward	21TT0058	41	42	1	1.16	1.16
NW Australian	21TT0006	11	12	1	1.11	1.11
McPhees Reward	21TT0051	51	52	1	1.11	1.11
NW Australian	21TT0020	30	31	1	1.02	1.02
McPhees NE	21TT0041	32	33	1	1.01	1.01
Marzipan	21TT0033	43	44	1	1	1

Table 2: Collar details for all holes from this phase of drilling at the Talga Gold Project.

Hole ID	Drill Type	Prospect	Total Depth	Date completed	Tenement	Easting	Northing	RL	Azi	Dip
21TT0001	RC	NW Australian	48	17/07/2021	P45/3134	795533	7676322	161	130	-55
21TT0002	RC	NW Australian	54	17/07/2021	P45/3134	795523	7676339	159	130	-55
21TT0003	RC	NW Australian	60	18/07/2021	P45/3134	795454	7676274	162	150	-55
21TT0004	RC	NW Australian	48	18/07/2021	P45/3134	795444	7676291	161	150	-55
21TT0005	RC	NW Australian	36	23/07/2021	P45/3134	795463	7676290	162	110	-60
21TT0006	RC	NW Australian	54	23/07/2021	P45/3134	795410	7676203	175	150	-55
21TT0007	RC	NW Australian	36	23/07/2021	P45/3134	795400	7676220	171	150	-55
21TT0008	RC	NW Australian	36	23/07/2021	P45/3134	795390	7676238	166	150	-55
21TT0009	RC	NW Australian	48	24/07/2021	P45/3134	795380	7676255	163	150	-55
21TT0010	RC	NW Australian	66	24/07/2021	P45/3134	795340	7676163	171	150	-55
21TT0011	RC	NW Australian	30	24/07/2021	P45/3134	795330	7676180	166	150	-55
21TT0012	RC	NW Australian	42	25/07/2021	P45/3134	795320	7676198	166	150	-55
21TT0013	RC	NW Australian	54	25/07/2021	P45/3134	795310	7676215	165	150	-55
21TT0014	RC	NW Australian	72	25/07/2021	P45/3134	795271	7676123	179	160	-55
21TT0015	RC	NW Australian	30	26/07/2021	P45/3134	795261	7676140	172	160	-55
21TT0016	RC	NW Australian	36	26/07/2021	P45/3134	795251	7676158	167	160	-55
21TT0017	RC	NW Australian	54	26/07/2021	P45/3134	795241	7676175	165	160	-55
21TT0018	RC	NW Australian	30	28/07/2021	P45/3134	795202	7676083	183	150	-55
21TT0019	RC	NW Australian	48	28/07/2021	P45/3134	795192	7676100	176	150	-55
21TT0020	RC	NW Australian	42	28/07/2021	P45/3134	795182	7676118	171	150	-55
21TT0021	RC	NW Australian	66	28/07/2021	P45/3134	795172	7676135	169	150	-55
21TT0022	RC	NW Australian	42	29/07/2021	P45/3134	795112	7676078	177	150	-55
21TT0023	RC	NW Australian	24	29/07/2021	P45/3134	795132	7676043	184	150	-55
21TT0024	RC	NW Australian	30	29/07/2021	P45/3134	795122	7676060	181	150	-55
21TT0025	RC	NW Australian	54	29/07/2021	P45/3134	795102	7676095	182	150	-55
21TT0026	RC	NW Australian	30	30/07/2021	P45/3134	795068	7675994	181	150	-55
21TT0027	RC	NW Australian	42	30/07/2021	P45/3134	795048	7676029	171	150	-55
21TT0028	RC	NW Australian	72	30/07/2021	P45/3134	795038	7676046	169	150	-55
21TT0029	RC	NW Australian	36	31/07/2021	P45/3134	794989	7675972	178	150	-55
21TT0030	RC	NW Australian	36	31/07/2021	P45/3134	794979	7675989	170	150	-55
21TT0031	RC	NW Australian	54	31/07/2021	P45/3134	794969	7676006	166	150	-55
21TT0032	RC	Marzipan	54	1/08/2021	P45/3134	795595	7676082	168	220	-60
21TT0033	RC	Marzipan	54	1/08/2021	P45/3134	795664	7676050	161	220	-60
21TT0034	RC	Marzipan	30	1/08/2021	P45/3134	795652	7676035	160	225	-60
21TT0035	RC	Marzipan	42	2/08/2021	P45/3134	795738	7676014	157	225	-60
21TT0036	RC	Marzipan	36	2/08/2021	P45/3134	795725	7675997	156	225	-60
21TT0037	RC	McPhees NE	54	3/08/2021	M45/618	794484	7675449	191	140	-55
21TT0038	RC	McPhees NE	84	3/08/2021	M45/618	794457	7675488	182	140	-55
21TT0039	RC	McPhees NE	90	4/08/2021	M45/618	794563	7675624	193	140	-90
21TT0040	RC	McPhees NE	84	6/08/2021	M45/618	794423	7675510	188	140	-55
21TT0041	RC	McPhees NE	60	6/08/2021	M45/618	794427	7675452	186	140	-55
21TT0042	RC	McPhees NE	72	7/08/2021	M45/618	794493	7675506	187	140	-55
21TT0043	RC	McPhees NE	102	7/08/2021	M45/618	794448	7675536	179	140	-55
21TT0044	RC	McPhees NE	54	9/08/2021	M45/618	794280	7675358	208	140	-55
21TT0045	RC	McPhees NE	54	9/08/2021	M45/618	794216	7675312	199	140	-55
21TT0046	RC	McPhees NE	30	10/08/2021	M45/618	794190	7675275	193	140	-60
21TT0047	RC	McPhees NE	48	11/08/2021	M45/618	794162	7675296	198	140	-60
21TT0048	RC	McPhees Reward	18	11/08/2021	M45/618	793830	7674948	262	140	-60
21TT0049	RC	McPhees Reward	30	11/08/2021	M45/618	793853	7674994	261	140	-60
21TT0050	RC	McPhees Reward	60	11/08/2021	M45/618	793824	7675025	272	140	-60
21TT0051	RC	McPhees Reward	78	12/08/2021	M45/618	793796	7675055	266	140	-60
21TT0052	RC	McPhees Reward	24	13/08/2021	M45/618	793303	7674823	195	130	-60
21TT0053	RC	McPhees Reward	60	13/08/2021	M45/618	793317	7674811	200	130	-60
21TT0054	RC	McPhees Reward	48	20/08/2021	M45/618	793257	7674810	189	130	-60
21TT0055	RC	McPhees Reward	54	20/08/2021	M45/618	793223	7674841	186	130	-60
21TT0056	RC	McPhees Reward	42	20/08/2021	M45/618	793237	7674775	187	130	-60
21TT0057	RC	McPhees Reward	60	20/08/2021	M45/618	793253	7674761	191	130	-60
21TT0058	RC	McPhees Reward	54	21/08/2021	M45/618	793206	7674803	185	130	-60
21TT0059	RC	McPhees Reward	60	21/08/2021	M45/618	793194	7674706	186	130	-60
21TT0060	RC	McPhees Reward	66	22/08/2021	M45/618	793151	7674691	186	130	-60
21TT0061	RC	McPhees Reward	54	22/08/2021	M45/618	793164	7674733	184	130	-60
21TT0062	RC	McPhees Reward	84	23/08/2021	M45/618	793146	7674769	188	130	-60
21TT0063	RC	McPhees Reward	24	23/08/2021	M45/618	793234	7674724	194	130	-60
21TT0064	RC	McPhees Reward	12	24/08/2021	M45/618	793190	7674671	183	130	-60
21TT0065	RC	McPhees Reward	54	24/08/2021	M45/618	793212	7674637	183	130	-60

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¹ Refer to Calidus’ public disclosure at https://www.calidus.com.au/.