Widespread Continuity of Gold Mineralization Demonstrated by Recent Drilling at Novo’s Beatons Creek Gold Project, Western Australia
February 13, 2013 (Source: Newswire) Vancouver, BC — Novo Resources Corp. (CNSX: NVO; OTCQX: NSRPF) is pleased to announce Leachwell analytic results from four step-out reverse circulation (RC) drill holes at Grants Hill and nineteen RC holes at Golden Crown Hill at its Beatons Creek Gold Project, Western Australia. These results demonstrate widespread continuity of gold-bearing conglomerates (reefs). “These new results suggest extensive continuity of gold-bearing reefs at Beatons Creek,” commented Dr. Quinton Hennigh, President and CEO of Novo Resources. “As we step out from the core area at Grants Hill, we are beginning to see the same, well-established gold-bearing reef package extend northward over a much broader area. At Golden Crown Hill, about a kilometer northeast of Grants Hill, drilling reveals a flat, approximately 15-20 meter thick gold-bearing reef package starting at surface. Our wide-spaced drill holes indicate this horizon connects with the gold-bearing package we have at Grants Hill. Infill drilling later this year will allow us to confirm this model.”
Golden Crown Hill Drill Results
In late 2012, nineteen RC drill holes were completed at Golden Crown Hill (see attached maps and sections). Leachwell analytic results for these holes (see table below) include 11 meters at 0.97 gram per tonne (gpt) gold including 1 meter at 6.41 gpt gold in hole GCRC12-001, 24 meters at 0.92 gpt gold including 1 meter at 5.92 gpt gold in hole GCRC12-008 and 8 meters at 1.00 gpt gold including 1 meter at 4.66 gpt gold in hole GCRC12-012.
Collectively, these holes suggest the presence of a gold-bearing reef sequence averaging about 15-20 meters thick at or near surface and extending across an area measuring about 700 meters east-west by 600 meters north-south. Projecting this horizon southward, it now appears quite probable that it is the same gold-bearing reef horizon being drilled at Grants Hill. To confirm this, the Company is permitting additional drill holes to tie these areas together and conduct sufficient infill drilling to demonstrate a high level of confidence in the continuity of this horizon.
Step-Out Drilling at Grants Hill
Four step-out RC drill holes were completed northwest of Grants Hill in late 2012 (see attached maps and sections). All four holes encountered the same gold-bearing reef package as that drilled to the southeast (see table below). The best of these four holes is BCRC12-132 which encountered 5 meters at 3.53 gpt gold including 1 meter at 14.67 gpt gold and a second, lower interval of 9 meters at 1.25 gpt gold including 1 meter at 7.65 gpt gold. The best interval in hole BCRC12-137, the furthest hole from the basin edge, is 2 meters at 1.00 gpt gold.
Get our daily investorintel update
Gold-Bearing Reefs at Grants Hill
Now that all analytical data is back from the Grants Hill drill holes, the true character of the gold-bearing reef package is becoming evident (see attached cross section showing assay flags in drill holes). Two higher grade reefs are clearly visible within a broader section of lower grade mineralization. The upper higher grade reef ranges between 2-4 meters thick and the reef beneath ranges between 6-8 meters thick. Between them is about 6-8 meters of low grade conglomerate bringing the aggregate thickness of thickness of the sequence to 14-20 meters including the low grade interval in-between. Low grade conglomerates also lie above and below these two reefs over an aggregate thickness of about 100 meters.
Core Drilling Commences
In order to more fully evaluate the nature of the gold-bearing reef sequence described above, the Company is undertaking eight PQ-diameter diamond core holes that will twin RC holes at Grants Hill. Core drilling commenced on February 5, 2013. Data from these core holes is expected to verify results from RC drilling as well as provide material suitable for metallurgical and geotechnical testing needed to help advance economic evaluation of a potential resource at Grants Hill.
Quality Control and Quality Assurance
Because of the shallow dip of the gold-bearing conglomerates being targeted, mineralized intercepts reported in this news release are close to the true width of the reefs. Some mineralized intercepts include narrower intervals of very high grades. These have been broken out in the tables in this news release. Weighted averages were used to calculate all mineralized intervals. Reverse circulation drill cuttings are collected from every one meter interval at the drill, logged and sampled by Novo Resources personnel. Samples were prepared and analyzed using the Leachwell technique by Intertek-Genalysis Laboratory Services Pty Ltd, Perth, Australia. The Leachwell technique utilizes a large, 1 kilogram, split of pulverized sample thereby reducing the variability associated with coarse particulate gold. Because this technique uses a solution of sodium cyanide to dissolve gold, it also provides a preliminary indication of what levels of gold might be recoverable from these rocks. Novo Resources personnel submitted quality control samples, including duplicates, standards and blanks. 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. Novo Resources personnel have performed work at Beatons Creek under the supervision of Dr. Hennigh.
The Beatons Creek Tenements cover extensive exposures of the Beatons Creek conglomerates, a series of Archaean age pyritic conglomerates hosting gold mineralization similar to that of the Witwatersrand Basin in the Republic of South Africa. Shallow gold reefs were first identified and mined in this area beginning in the late 1800’s. Novo Resources current drill program is the first modern, systematic exploration on the property.
Novo’s focus is to evaluate, acquire and explore natural resource properties. The Company presently has joint ventures earning a 70% interest two exploration properties, Beatons Creek and Marble Bar, situated in Western Australia.
The Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, statements as to the planned activities at Golden Crown Hill and at Grants Hill. 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 complete the drilling program as currently contemplated, the receipt of successful results as drilling proceeds, customary risks of the mineral resource exploration industry as well as Novo Resources having sufficient cash to fund the planned drilling and other activities.
InvestorIntel is a trusted source of reliable information at the forefront of emerging markets that brings investment opportunities to discerning investors.