Novo Recovers Significant Coarse Gold From Bulk Samples at Egina

2019-08-22 / @nasdaq

VANCOUVER, British Columbia, Aug. 22, 2019 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce further positive results from its Egina gold project, Western Australia. Novo has recovered significant coarse gold from bulk samples of surface gravels collected from test pits excavated next to its first exploration trench, where encouraging results were announced previously (see the Company’s news release dated August 13, 2019 - https://www.novoresources.com/news-media/news/display/index.php?content_id=360).

Highlights:

Metal detecting and gravity processing of 281.9 cubic meters of surface lag gravels yielded a total of 292.38 grams of coarse gold nuggets.* Of particular note, sample EGBS016 yielded 118.59 grams of gold nuggets from 80.3 cubic meters of gravel, and sample EGBS017 yielded 123.47 grams of gold nuggets from 66.8 cubic meters of gravel (please refer to nearby table of results and Figure 1 for sample locations). Novo considers these results very encouraging given many alluvial gold deposits display grades significantly below one gram per cubic meter.
Gold-bearing gravels lie at surface under a thin veneer of sandy soil. Novo is currently evaluating extraction options that are potentially simple and cheap including continuous mining methods.
All gold discussed in this news release is coarser than one mm (Figure 2). Such coarse gold presents opportunity for simple and cheap extraction methods including “dry” techniques that do not require water. Novo is currently investigating use of mobile eddy current separators and other effective, state-of-the-art processing technologies as potentially viable methods of gold recovery.
Bulk sampling was undertaken across a 64-m wide nugget-rich zone within a broad topographic depression, or swale, identified by ground penetrating radar (“GPR”). Novo is growing more confident that GPR can help identify target areas to help guide future exploration.
The combination of exploration trenching and metal detecting followed up by bulk sampling and processing has proved to be highly effective at evaluating the gold-bearing gravel potential of the vast terrace at Egina. Upon upcoming heritage clearance, Novo anticipates expanding such exploration activity elsewhere within the Egina mining lease.

* These nuggets are not necessarily indicative or representative of mineralization at the Egina project.

Table of coarse gold recoveries from four bulk samples at Egina:

			Coarse Gold					Fine Gold
Bulk Sample Pit	Position in Swale	Volume (cubic m)	Gold Nuggets Metal Detected While Excavating Bulk Sample (grams)^A	Gold Nuggets Metal Detected in +5 mm Oversize Material (grams)^A	Gold Nuggets from Sluice +1 mm (grams)^A	Gold Nuggets Recovered by IGR 3000 +1 mm (grams)^A	Total Coarse Gold Nuggets (grams)^A	Gold in Shaker Table Concentrate (grams)^B	Gold in Shaker Table Tailings (grams)^C	Gold in IGR 3000 Tailings (grams)^C	Total Fine Gold (grams)
EGBS016	Middle	80.3	63.9^D	0.0	30.71	23.98	118.59	In Progress	In Progress	In Progress	In Progress
EGBS017	Middle	66.8	77.4	0.0^E	30.67	15.40	123.47	In Progress	In Progress	In Progress	In Progress
EGBS018	South End	59.7	15.8	0.0	6.13	16.88	38.81	In Progress	In Progress	In Progress	In Progress
EGBS021	North End	75.1	8.6	0.0	0.27	2.64	11.51	In Progress	In Progress	In Progress	In Progress
Total	64 m Long	281.9	165.7	0.0	67.78	58.90	292.38	In Progress	In Progress	In Progress	In Progress

Notes:
A – Gold purity has been assessed at Egina and falls within a range of 89% - 95%.
B – Based on whole sample assays.
C – Back-calculated from assayed sub-samples.
D – Additional gold contained within rock was metal detected. Actual gold content has not been determined or included in the gold weight in the above table.
E – See Figure 3. Additional gold was metal detected in the oversize which is contained within rock. Actual gold content has not been determined or included in the gold weight in the above table.

“Our first Egina bulk samples have yielded positive results in line with expectations,” commented Dr. Quinton Hennigh, president and chairman of Novo. “These first four samples were collected next to our recent exploration trench. Like our first bulk sample collected in late 2018 from an area approximately 100 m west, these have yielded significant amounts of coarse gold. We are quickly proving that the gold-bearing gravels can be effectively targeted, explored and quantified at Egina, which is a significant step for an extremely nuggety project such as this. In addition, we now clearly see that we are dealing with a shallow, easily extractable deposit dominated by coarse gold that could prove simple to recover. The trajectory of this project is very exciting. We eagerly anticipate excavating additional exploration trenches and collecting further bulk samples at the Egina mining lease after completion of upcoming heritage surveys.”

Bulk samples discussed in this news release were collected from pits approximately 4 m wide and 16 m long under the supervision of Novo personnel. Depth of pits varies from about 1-1.5 m. Sandy soil overburden was generally stripped prior to gravel extraction. Some underlying bedrock material was excavated along with gold-bearing gravels to ensure capture of gold on the bedrock interface. Each sample was excavated in lifts approximately 20-30 cm thick. Every lift was detected for gold nuggets by Novo personnel prior to removal, and the location and weight of each nugget was recorded without limitation prior to being securely stored. Bulk sample gravel was transported to Novo’s Station Peak camp where it was processed through the Company’s IGR 3000 gravity gold plant. Various concentrates and tailings from the IGR 3000 plant are currently being analyzed to evaluate fine grain gold. Once these results have returned, the fine gold contribution will be added to the coarse gold tally. X-ray fluorescence analysis of nuggets indicates purities ranging from 89-95%. Densities of gravels vary widely generally ranging between about 1.4-2.1 tonnes per cubic metre. Unlike hard rock gold deposits, alluvial gold deposit grades are commonly reported in grams per cubic metres.

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.

About Novo Resources Corp.

Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 13,000 sq km with varying ownership interests. 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.

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 the expected timing of the receipt of results and heritage clearances. 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 mineral resource industry as well as the performance of services by third parties.

Figure 1: http://ml.globenewswire.com/Resource/Download/6937fe22-b298-4263-9632-c0f8ef607914

Figure 2: http://ml.globenewswire.com/Resource/Download/aa325201-faed-4af1-ba7d-892793d00021

Figure 3: http://ml.globenewswire.com/Resource/Download/7891ed07-4e21-4f86-8f3c-e0c3e779c409