Novo Resources Corp. (“
Novo” or
the “
Company”) (TSX-V:NVO) (OTCQX:NSRPF) is
pleased to announce that recent diamond core drilling supports
strong continuity of targeted gold-bearing conglomerates at the
Purdy’s Reward tenement, a farm-in and joint venture Novo has with
ASX-listed Artemis Resources Limited and part of Novo’s greater
Karratha gold project, Western Australia. Over the past two
weeks, twelve diamond core holes have been completed in an
east-west oriented area measuring approximately 400x200 m (see
Figure 1 below). Targeted conglomerate strata have been intercepted
in all holes (see Figure 2 below) and remain open into the greater
basin to the southeast. Strata dip at very shallow angles,
generally less than 10 degrees.
As discussed in the Company’s news release dated
August 31, 2017, Novo is undertaking a two-pronged approach to
drilling at Karratha. Scout diamond core drill holes will
help allow initial assessment of the depth and thickness of
targeted gold-bearing conglomerates. Once target depth and
thickness have been determined, large diameter percussion holes
(17.5” diameter) will be drilled to collect bulk samples, something
necessary given the nuggety nature of gold mineralization. Novo is
currently drilling on a 50 m grid at Purdy’s Reward.
Diamond core has provided invaluable information
about the gold-bearing conglomerate strata sandwiched between
>3.0 billion year old metamorphic and intrusive rocks and the
2.78 billion year old Mt. Roe Basalt, considered the basal member
of the Fortescue Group (see Figure 3 below). The Mt. Roe
Basalt appears to rest conformably on top of the conglomerate
package suggesting it is of similar age to underlying
conglomerates. Basalt flows commonly display pillowed
textures and indicating they were extruded into a subaqueous
environment, likely a shallow marine setting such as a
shoreline. Conglomerate horizons appear to be sheet-like
rather than channelized and, like the basalt, are interpreted to
have been deposited in a shallow shoreline environment.
Sandstone horizons thought to be tidal flat deposits (see Figure 4
below) are interbedded with conglomerate horizons.
Rounded to angular clasts of mafic volcanic and
intrusive rocks dominated most conglomerate horizons. A
slight distinction is made between a lower sequence that is nearly
devoid of quartz and an upper sequence that bears up to 10% rounded
white quartz clasts. Novo personnel have noted at surface
that while the entire conglomerate sequence has been subject metal
detecting activity, most gold appears to be derived from the lower,
mafic clast-rich conglomerate sequence. The entire
conglomerate sequence ranges from around 4 to 15 meters in true
thickness within the area that has been drilled.
Water worn, detrital pyrite is common between
larger rock clasts (see Figure 5 below). Such pyrite is
common in gold-bearing conglomerates at Novo’s Beatons Creek
conglomerate-hosted gold project approximately 350 km east of
Karratha and in many gold deposits in the Witwatersrand basin of
South Africa. The presence of pyrite serves as an indicator
that no oxygen was present in Earth’s atmosphere at the time of
deposition for had oxygen been present, it would have readily
oxidized to rust.
A particularly interesting pyrite clast was
observed within a mafic clast-rich conglomerate at 28.9 m depth in
hole 17PDD007 (see Figure 6 below). Very fine filaments of
pyrite intergrown with silica are interpreted to be the fossil
remains of a stromatolite, a type of bacterial mound that grows in
shallow water, especially along shorelines and bays.
Novo plans to accelerate diamond core drilling
at Purdy’s with a second drill that should be on site within two
days. Large diameter percussion drilling is anticipated to
commence within a week. Recently completed diamond cores
holes will be twinned to obtain bulk sample material for assay.
“We are pleased to see strong continuity of the
gold-bearing conglomerate unit at Purdy’s Reward,” commented Dr.
Quinton Hennigh, President, Chairman and a director of Novo
Resources Corp. “Diamond drill core is providing us our most
complete picture to date of this remarkable deposit.
Gold-bearing conglomerates were clearly deposited in a shallow
marine setting, an environment that can potentially persist over
large lateral extents. These are not erratic, localized
river-lain alluvial deposits. We eagerly await ramping up our core
drilling efforts and commencement of our large diameter percussion
drill program.”
Karratha Gold Project
Gold mineralization at Karratha is hosted by a
sequence of conglomerate beds, fossil gravel horizons, ranging from
a few meters to approximately 20 meters thick comprising the base
of a much thicker package of sedimentary and volcanic rocks called
the Fortescue Group. Rocks of the Fortescue Group were
deposited between 2.78 and 2.63 years ago upon 3.0-3.7 billion year
old igneous and metamorphic rocks that make up the Pilbara craton,
an ancient piece of Earth’s crust.
Over the past year, local metal detectorists
have excavated gold nuggets originating from weathered conglomerate
along an eight-kilometer, southwest-trending corridor between the
Purdy’s Reward prospect (please refer to the Company’s news
releases dated May 26 and August 15, 2017) and Comet Well (please
refer to the Company’s news releases dated April 11, June 26, and
August 3, 2017). These gold-bearing conglomerates dip gently
southeastward under cover at angles of between 2 and 20 degrees.
The Company secured 100% control over approximately 7,000 sq km in
areas along strike and down dip from Purdy’s Reward and Comet Well
through aggressive staking earlier this year. Novo believes
that these gold-bearing conglomerates may underlie significant
areas within the greater Fortescue basin.
In the Company’s news release dated July 12,
2017, Novo discussed discovery of gold nuggets in a bulk sample
collected from a trench at the Purdy’s Reward prospect.
Metallurgical test work conducted on this sample was discussed in
the Company’s news release issued August 8, 2017. The
weighted average grade of two splits of this bulk sample was 67.08
gpt Au. Approximately 82% of the gold in this sample was
determined to be coarse, mainly nuggets displaying several
interesting characteristics. These are commonly flattened
with rounded edges giving them an appearance similar to watermelon
seeds. Most are coarse, +2 mm and are not attached to quartz
or other minerals. Gold is of high purity, +96%, much higher
than the gold content of nuggets derived from basement-hosted lode
gold deposits from the Pilbara region that commonly display
purities of 70-90%. Nuggets display crenulated surfaces
thought derived from burial and compaction within a sandy
matrix.
In addition to coarse gold, this metallurgical
test confirmed a significant fine-grained gold component is present
in these conglomerates. Such fine gold, if it is indeed
disseminated throughout the conglomerates, could prove important to
help evaluate grade and continuity of this deposit.
Dr. Quinton Hennigh, the Company’s, President
and Chairman 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 12,000
sq km. Novo also controls a 100% interest in approximately 2 sq km
covering much of the Tuscarora Au-Ag vein district, Nevada. 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. 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.
Photos accompanying this press release are available at:
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