Drill intercepts from the maiden Nunyerry North exploration program completed in H2 2023 were re-analysed by multi-pot PhotonAssayTM. This larger sample methodology has upgraded a number of the original significant intercepts1, with new intercepts including:
6 m @ 6.12 g/t Au from 37 m (NC017)
11 m @ 2.52 g/t Au from 22 m, including 6 m at 4.19 g/t Au from 22 m (NC014)
13 m @ 1.89 g/t Au from surface (NC004)
4 m @ 5.71 g/t Au from 40 m (NC015)
17 m @ 1.34 g/t Au from 37 m, including 4 m at 3.77 g/t Au from 50 m (NC022)
14 m at 1.14 g/t Au from 39 m, including 4 m at 2.16 g/t Au from 41 m (NC006)
During Q4 2023,
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.
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 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 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.
Recent exploration review in the Karratha district has advanced several drill targets, including North Whundo, Railway Bore and East Well3. A program of ~3,500 m of RC drilling is proposed to test these prospects immediately after the Nunyerry North program is complete.
North Whundo is defined by a significant 1.2 km long Cu-Pd-Au anomaly, with highly anomalous rock chip results including peak values of 4.1 g/t Au+Pt+Pd and 3.9 % Cu.
At Belltopper in
Commenting on the March quarter, Novo Executive Co-Chairman and Acting CEO
'We are focused on maintaining the strong momentum generated at Nunyerry, with a ~4,000 m RC drill program set to commence in the coming days. This has been designed to test multiple new targets along strike of known mineralisation and down plunge of existing intercepts.
'De Grey continued to progress its sizeable work program across the
'Novo is in a very strong financial position to continue our aggressive exploration push. Our highly experienced geological team have identified further exciting targets across our Karratha district, and we look forward to commencing drilling in the coming months and delivering on a strong pipeline of news for the remainder of 2024.
SUSTAINABILITY
There were no significant safety, environment, or community incidents during Q1 2024.
During the quarter, work advanced with Traditional Owners to ensure appropriate heritage protection for planned Nunyerry North and Karratha District drill programs commencing in Q2 2024 and for eventual exploration in the Yandeyarra Reserve (part of
WESTERN AUSTRALIAN GOLD PORTFOLIO
Egina Gold Camp
The Egina Gold Camp (EGC) is an 80 km long contiguous tenement package, which hosts Novo's current high priority Pilbara targets (Figure 1) at Nunyerry North and Becher. The tenure is focussed on a series of structurally complex, gold-fertile corridors and is hosted by rocks of the
Novo Pilbara tenure showing main projects and significant prospect.
In addition to the Nunyerry North and Egina JV, several other priority gold targets are also being progressed along the main structural corridors within the EGC (Figure 2). These prospects form part of Novo's regional reconnaissance program in 2024.
Nunyerry North (70% Novo / 30%
The Nunyerry North prospect lies within Exploration Licence E47/2973 in the southern EGC, located 150 km from Port Hedland. The tenement is subject to a Joint Venture agreement, with Novo holding a 70% interest and the remaining 30% held by
Initial results from both surface and drilling samples at Nunyerry North in 2023 indicated visible gold or coarse nuggety gold, with early trials conducted to assess gold variability. Based on the results, Novo resubmitted all significant drill intercepts from the maiden RC program for multi-pot PhotonAssayTM whereby all sample material was split over multiple PhotonAssayTM pots. The final assay result was calculated as the weighted average of the pots grade and weight, which resulted in larger overall sample weights and more accurate assay results.
EGC tenure showing significant Au prospects, location of Nunyerry North, and JV interests.
All significant intercepts from the Q4 2023 RC drill program noted below are now derived from multi-pot PhotonAssayTM analysis, with an average sample size of approximately 2 kg, or four pots per sample. Whilst many significant intercepts have improved by analysing a larger sample size, the distribution of coarse gold is, by definition, variable, and consequently not all re-assaying resulted in an assay upgrade.
Updated results1 now include best intercepts of:
6 m at 6.12 g/t Au from 37 m, including 5 m at 7.28 g/t Au from 37 m (NC017)
11 m at 2.52 g/t Au from 22 m, including 6 m at 4.19 g/t Au from 22 m (NC014)
13 m at 1.89 g/t Au from surface, including 4 m at 2.56 g/t Au from 3 m (NC004)
4 m at 5.71 g/t Au from 40 m, including 3 m at 7.47 g/t Au from 41 m (NC015)
17 m at 1.34 g/t Au from 37 m, including 4 m at 3.77 g/t Au from 50 m (NC022)
14 m at 1.14 g/t Au from 39 m (NC006)
Egina Earn-in/JV (De Grey earning a 50% interest)
In the northern EGC at the Egina JV area, Novo's partner De Grey Mining Pty. Ltd. (De Grey) completed over 10,500 m combined AC and RC drilling at Becher on tenement E47/3673, mostly following up on Novo AC results from 2022/2023. A total of 271 infill AC holes were drilled for 7,536 m in Q4 2023, targeting the Heckmair/
No significant results (>0.1 g/t Au) were returned from AC drilling at
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 (Figure 3).
Heckmair Prospect - aeromagnetic/gravity images with bottom of hole Pb anomalism in AC drilling.
Results include2 (Figure 4):
- 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 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.
Becher continues to provide new and significant mineralisation, such as the intercepts above and provides significant potential for the discovery of large scale, intrusion-related gold deposits similar to Hemi, as well as shear-hosted orogenic deposits similar to Withnell and Mallina deposits.
Heckmair cross section (619120E)
Karratha District Prospects
In late 2023, a series of Au, Au-Cu-PGE targets were developed to drill testing stage in the
In late 2023, the Railway Bore Cu-Au target was identified, with peak rock chip results of 9.6 g/t Au, 11.9% Cu and 26 g/t Ag3. Soil sampling by Novo, based on a nominal 80 m x 40 m grid defined a coherent and coincident > 100 ppm Cu and > 10 ppb Au anomaly. The target presents at surface as an E-W trending complex array of malachite-bearing brecciated quartz veins and sericite-silica-sulphide altered suite of porphyritic felsic intrusions. The target strikes over 300 m and is open under regolith along strike.
The East Well Cu-Au-Pd prospect displays a 60 m wide > 200 ppm Cu in soil anomaly (pXRF) trending over a strike of 450 meters, with peak pXRF soil result of 1,750 ppm Cu in soils. Rock chip sampling of quartz vein outcrop and breccia mineralisation near the centre of the soil anomaly returned peak values including 1.3 g/t Au, 214 ppb Pd, 46 ppb Pt and 0.6% Cu3. A narrow high-grade vein related to the vein swarm at Railway Bore extends up to a kilometre to the north-east, with peak rock sample values of 73.9 g/t Au.
Forward Programs - Pilbara
Follow-up drill planning at Nunyerry North in H2 2024 includes ~ 4,000 m of RC drilling. The program will test the 2 km strike extent of the surface soil gold anomaly, down plunge of existing intercepts, and at depth for repeat mineralisation. Diamond drilling will test for multiple stacked lodes below best intercepts to date. The prospective stratigraphy continues along strike towards the east and repeats west of the Aurora Fault (Figure 5). RC drilling to test these positions is ready to commence in
At Becher in the Egina JV, De Grey expect to recommence AC and RC drilling during Q2 2024 following up results generated from Heckmair and Lowe in the 2023 programs, and have also planned geophysical surveys for Q2 2024, including a high-resolution drone aeromagnetic survey at Becher, and ground gravity over several selected areas.
Nunyerry project area with interpreted geology, highlighting strike extent of favourable stratigraphy and additional structural targets for further drill testing.
Figure 5: Nunyerry project area with interpreted geology, highlighting strike extent of favourable stratigraphy and additional structural targets for further drill testing.
A maiden RC drill program is also planned to test three newly generated prospects in the Karratha district, with programs to be completed at Railway Bore, East Well, and North Whundo. Drilling is scheduled to start early in Q3 2024 and will total ~3,500 m to test gold and gold-copper(+-platinum-palladium) targets defined by a combination of mapping, surface geochemistry and historic geophysics (IP chargeability anomalies).
Location of newly delineated priority prospects in the
Figure 6: Location of newly delineated priority prospects in the
BELLTOPPER GOLD PROJECT,
In
A program of historical core logging and sampling of several deep diamond holes drilled by previous explorers has also been initiated. This work is expected to be finalised in the first half of Q2 2024.
Figure 7:
BATTERY METALS JOINT VENTUREs
Harding Battery Metals Joint Venture (HBMJV)
In
Quartz Hill Joint Venture
In
Work during the Quarter focussed on completing exploration proposals for the Nullagine, Quartz Hill Project Area. No geological mapping or sampling was conducted during Q1 2024 with all geological and field staff working out of the
Six RC drill targets are defined, targeting a 5 km strike of lepidolite bearing and lithium enriched pegmatite swarms. A total of 108 RC drill holes for 9,122 m are designed to intersect mapped pegmatites at various depths, testing for modelled zonation characteristics and anticipated spodumene zones.
A large regional, soil sampling program is designed to assist in identifying buried pegmatite swarms in three areas of no or poor outcrop:
Quartz
CORPORATE
Relinquishment of Tenure
The Company's exploration programs across key Pilbara areas were successful in identifying priority targets for exploration follow-up in 2024, along with identifying tenure that provides little further exploration value or follow-up.
As a result, a planned relinquishment program was completed to reduce land tenure holding costs. The combined relinquishment program, transfer of some tenure in accordance with the HBMJV and the divestment of NGP has reduced the Pilbara tenure area held or managed by the Company to an estimated ~7,000 sq km and reduced annual holding costs.
Financial Update
As at
In addition, Novo has an investment portfolio of shares held in ASX-listed and unlisted companies that is valued at
(1) ASX-listed companies, valued at
(2) Unlisted companies, valued at
Shares held in
Project Generation
Novo has commenced a dedicated and disciplined project generation and consolidation program to focus on identifying value accretive opportunities across targeted precious and base metals assets that complement the current portfolio.
ABOUT NOVO
Novo explores and develops its prospective land package covering approximately 7,000 square kilometres in the Pilbara region of
Contact:
Investor
+61 8 6400 6100
info@novoresources.com
North American Queries:
+1 416 543 3120
leo@novoresources.com
Media
+61 466 984 953
cgilenko@citadelmagnus.com
Authorised for release by Board of Directors.
QP STATEMENT
JORC COMPLIANCE STATEMENTS
The information in this report that relates to Exploration Results is based on information reviewed and approved by
The information in this news release that relates to Exploration Results at Nunyerry North is extracted from Novo's announcement titled Upgraded Nunyerry North drill results deliver high-grade intercepts up to 6.12 g/t Au, released to the ASX on
The information in this news release that relates to Exploration Results at the
The information in this news release that relates to Exploration Results at the Karratha District Prospects (North Whundo, Railway Bore and East Well) is extracted from Novo's announcement titled Follow-up Drilling to commence at Nunyerry North on
DISCLAIMER
This Business Review constitutes a voluntary disclosure by the Company and is not a Quarterly Activities Report for the purposes of ASX Listing Rules 5.3 and 5.5 for which Novo has an exemption, as a foreign entity with its primary listing on an overseas exchange with a particular obligation imposed by the home exchange that is comparable to the ASX Listing Rule obligation.
FORWARD-LOOKING INFORMATION
Some statements in this news release contain forward-looking statements, including, without limitation, planned exploration and the expected timing of receipt of assay 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 resource industry and the risk factors identified in Novo's annual information form for the year ended
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