Novo Resources (TSX:NVO) Provides Updates on Positive Becher Joint Venture Drilling

Figure 1: Location of Novo tenements, the Egina JV area…


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Figure 1: Location of Novo tenements, the Egina JV area and priority projects in the Pilbara. Source: Novo Resources

Novo Resources Corp. (ASX:NVO)(TSX: NVO) has provided an update on recent drilling by joint venture partner De Grey Mining (ASX:DEG) at the Becher Project, part of Novo’s highly prospective Egina gold belt in the Pilbara region of Western Australia.

The Becher Project is under an earn-in and joint venture agreement with De Grey, under which De Grey can earn a 50% interest in the project by spending up to A$25 million over four years on exploration.

Novo Executive Co-Chairman and Acting CEO Mike Spreadborough commented in a press release: “This set of results from the recent drilling is very exciting. De Grey has a total of 39,000 m of drilling planned under this program. This ground is going to get some focused exploration attention with De Grey required to spend up to A$25 million at Becher and adjacent tenements within 4 years, to earn a 50% direct interest in the Egina JV. In this programme, a minimum $7 million will be spent within 18 months, so we expect a good flow of results going forward. What excites us the most at Novo is that the Egina JV tenements are considered highly prospective for significant intrusion related gold deposits, with similar attributes to the 12.7 Moz Au (JORC 2012) Hemi Gold Project. De Grey understand the enormous potential of this ground, and this is just the start of an exciting exploration partnership.”

Since August 2023, De Grey has completed over 10,500 meters of aircore (AC) and reverse circulation (RC) drilling at the Becher Project, testing priority targets at the Heckmair and Lowe intrusions and the Irvine and Bonatti shear corridors.

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Figure 2: Cross section at Lowe showing interpreted geology with recent intercepts. Novo Resources

Results include an intersection of 8 meters at 4.7 g/t gold from 97 meters depth in hole MSRC0031 at the Lowe prospect. This drilling also intersected 4 meters at 0.6 g/t gold from 144 meters in hole MSRC0032. The mineralization is hosted in strongly foliated and sheared pyroxenite and gabbro.

At the Heckmair prospect, the best gold intercept was 2 meters at 2.8 g/t gold in hole MSRC0013, associated with a 1.5 km long northwest-trending fault zone.

De Grey notes that other deposits in the region demonstrate that base metal anomalism can indicate nearby gold mineralization. The company sees the Heckmair Fault as a priority target for further RC drilling in 2024.

Novo’s Egina gold belt comprises structurally complex, gold-mineralized corridors trending towards De Grey’s 12.7 million ounce Hemi gold project. Novo sees significant discovery potential across its 80 km strike length land package along this trend.

The positive drilling results at targets identified in early-stage reconnaissance work continue to highlight the prospectivity of Novo’s Pilbara gold projects. Further assay results are pending as exploration programs progress under the De Grey joint venture.

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Figure 3: Heckmair Prospect – aeromagnetic/gravity images with bottom of hole lead anomalism in AC drilling. Source: Novo Resources

Highlights from the results are as follows:

  • More than 10,500 m of combined aircore (AC) and reverse circulation (RC) drilling completed by De Grey Mining (ASX: DEG) at the Becher Project in Q4 2023, as part of the Egina earn-in/JV
  • RC drilling at Lowe confirmed gold mineralisation associated with a deformed intrusive sill, with a best intercept of 8 m at 4.74 g/t Au from 96 m, including 3 m @ 11.88 g/t Au from 100 m (MSRC0031)
  • Follow-up RC drilling into a base metal-gold corridor previously defined by Novo at Heckmair, intersected a significant zone of base metal-gold mineralisation from the two RC holes targeting the corridor. Results include:
    • 10 m @ 0.12 g/t Au, 29.7 g/t Ag, 0.3% Cu, 1.5% Pb and 1.8% Zn from 40 m (MSRC0016)
      including 3 m @ 0.20 g/t Au, 59.8 g/t Ag, 0.9% Cu, 2.4% Pb and 2.2% Zn from 47 m
    • 24 m @ 0.2 g/t Au, 13.2 g/t Ag, 0.1% Cu, 1.0% Pb and 0.1% Zn in hole MSRC0017 from 105 m (MSRC0017)
      including 6 m @ 0.48 g/t Au, 20.8 g/t Ag, 0.2% Cu, 1.4% Pb and 2.8% Zn from 105 m
  • The base metal corridor trends WNW through the Heckmair intrusion, with broad intervals of anomalous base metals and low-level gold mineralisation mapping a fault to over 1.5 km in strike
  • Resampling of anomalous gold zones from Novo’s 2023 AC program completed by De Grey, has verified broad zones of gold anomalism associated within granitic intrusions
  • De Grey plans to target the Becher area with follow up AC and RC drilling to be completed at priority targets Heckmair and Lowe in 2024

 

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.



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