Novo Files Egina Technical Report and Satisfies Bellary Dome Conditions
VANCOUVER, British Columbia, July 31, 2020 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce that it has voluntarily filed a technical report prepared pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) for its Egina gold project. The independent technical report, entitled NI 43-101 Technical Report: Egina Alluvial Project, Pilbara Region, Western Australia (the “Egina Technical Report”), with an effective date of April 30, 2020 and an issue date of July 30, 2020, was prepared for Novo by Dr. Quinton Hennigh (PGeo) and Dr. Simon Dominy (FAusIMM (CP) FAIG (RPGeo)) as co-authors. Dr. Hennigh and Dr. Dominy are qualified persons as defined under NI 43-101. The Egina Technical Report will be available under the Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) website at www.sedar.com and on the Company’s website at www.novoresources.com.
The Egina Technical Report summarizes the Company’s field activities across the previous 2 years and highlights the Company’s exploration strategies to further progress the Egina gold project. The Egina gold project encompasses a number of wholly-owned tenements and farm-in and joint venture arrangements south of Port Hedland in Western Australia which are highly prospective for extensive shallow, gold-bearing gravels. Coarse gold nuggets having been discovered at numerous locations across the Novo and joint venture tenements. Gold occurs primarily in shallow Cenozoic gravels and is likely sourced from conglomerate horizons within the Fortescue Formation conglomerates or from other basement lode systems that have eroded away. Richer concentrations of gold nuggets are found trapped in local depressions and swales.
Dr. Quinton Hennigh, P. Geo., the Company’s President, Chairman and a director, and a qualified person as defined by National Instrument 43-101, has approved the technical contents of this news release.
The Company is also pleased to announce that all conditions have been satisfied with respect to the Company’s option with Bellary Gold Pty Ltd to acquire the gold rights in exploration licence 47/3555 (please see the Company’s news release dated June 12, 2020). The Company has paid AUD $25,000 to Bellary Dome.
About Novo Resources Corp.
Novo’s focus is primarily to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 13,750 square kilometres with varying ownership interests. 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.
“Quinton Hennigh”
Quinton Hennigh
President and Chairman
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.
