Novo’s tenement portfolio is rich in gold, copper and nickel targets. It is also advancing Nunyerry North, located in the southern section of the Egina Gold Camp and has identified a maiden drill program at Bamboo-Strattons near Marble Bar1.
At Becher, the Company has completed 2,540 aircore (“AC”) holes for 61,400 m testing a number of interpreted structural corridors and intrusion related targets.
Nunyerry North
The company has recently completed heli-supported mapping, soil and rock chip sampling (assays pending) at the Nunyerry North prospect located within the Egina District approximately 80 km south of Becher. This program was undertaken in preparation for drilling targeting in Q2-2023. Results to date from Becher and Nunyerry North reconfirm the potential of the Egina District as a standalone production hub and highlight the strong geological potential across Novo’s 10,500 square kilometre land package in Western Australia and in the 22 sq kilometre Belltopper Project in the Bendigo Tectonic Zone of Victoria.
Air-core drilling at Becher has confirmed the existence of a significant area of high-order gold mineralization within a broad gold-arsenic-antimony anomaly and identified a series of discrete targets. A re-mapping of the Becher area is underway, including the integration of high-resolution aeromagnetic and radiometric surveys, and detailed ground gravity surveying to enhance structural interpretation and geophysical targeting. A series of infill and extensional RC drill traverses will be completed to follow up significant aircore intercepts.
At Nunyerry North, a significant high-order gold soil anomaly is defined over 1.4 km of strike with a second target 1.2 km to the south. Anomaly widths and peak rock chip gold results support the interpretation that the gold is hosted in a large, quartz vein swarm. Heritage clearances have been completed enabling the commencement of a maiden RC drill programme at Nunyerry North in H2 2023.
Novo is also progressing exploration at the Balla Balla and Bamboo-Strattons projects in the East Pilbara, both within the Sholl Shear structural corridor, with drilling planned for H2 20231. Novo is also investigating targets for orogenic gold at its Catia Prospect and gold in conglomerate at the Edney’s Find Prospect, both within the Bellary Dome Project, South Pilbara.
TSX-listed Novo Resources Limited is ramping up its exploration blitz across its 11,000 square kilometer Pilbara portfolio. Earlier this year, the company began a 3,000 meter reverse circulation (“RC”) drill program at the Morto Lago copper-gold target and nickel-copper-gold targets at Milburn. This is in addition to a 3,000 metre RC program at the orogenic gold-copper-gold target at its Purdy’s North prospect and a 2,000 meter RC drilling program at the Bellary Dome Project orogenic gold-gold-copper target, Catia.
Nullagine Gold Project
The Beatons Creek gold project and the Golden Eagle processing plant continue to operate safely and on schedule. Mill throughput is increasing on a month-on-month basis and recovery rates are stabilising at around 95%. 148 kt of gold-bearing conglomerate material was processed in July. The company’s exploration work accelerated in the past two months, with RC drilling completed on several conglomerate (Beatons Extended and Skyfall) and orogenic basement (Margies, Cutlass and AU81 north) targets.
Novo is focused on prioritising resources to deliver key workstreams at Beatons Creek, including the completion of the Feasibility Study, upgrading the current Fresh mineral resource and continued exploration and development drilling to expand the life-of-mine potential for Beatons. It also continues to aggressively advance high-priority Pilbara paleoplacer gold projects such as Becher and Purdy’s Reward.
Exploration work at Becher continues to progress well. Successful completion of the earn-in and joint venture arrangement with De Grey Mining (Egina JV) allowed the company to accelerate an exploration program at Becher, which now includes the Irvine, Heckmair and Whillans prospecting areas.
In 2023, Novo will focus on identifying high-priority targets at its other Pilbara paleoplacer gold projects. These include the Sayshell and Finucane prospects on the MCB, which are surrounded by historic results that align with new data. Novo will use metal detecting and soil sampling to identify drill targets for follow-up in 2023.
At the Nullagine gold project, metallurgical test work is nearing completion and is expected to be complete in late August. Mining contractor systems alignment is underway and pre-mobilisation works are on track to support the arrival of first plant equipment and personnel in December. Novo also announced the receipt of a Steinert KSS mechanical sorter for deployment at Beatons Creek and the company’s wholly-owned Comet Well and Purdy’s Reward JV projects. This will enhance the project’s ability to process higher-grade ores and maximise recovery, while also lowering processing costs.
Belltopper Gold Project
Novo is a dedicated gold explorer with a portfolio of assets in premium Australian gold jurisdictions. The Company is focused on opportunities for major discoveries in the Pilbara and Victoria. nvonews includes the flagship Becher project located in the Egina Gold Camp and Nunyerry North, Balla Balla and Belltopper projects situated in the Pilbara. Novo also owns the highly prospective Queens and Malmsbury project in Victoria.
The Becher project has shown strong early results with a high-order target defined by a coherent >100 ppb Au soil anomaly over 1.4 km strike and a second broader >30 ppb Au soil anomaly identified south of the main target. Follow up programs are planned to advance these targets with further IP, surface LIDAR and ground based rock chip sampling.
A comprehensive review and synthesis of the Becher project area is underway with a new prioritized drill target expected to be announced in H2 2023. The project has been identified as having significant potential to host shear-hosted, intrusion-related and brecciated-type deposits based on the combination of large planar faults, shear breccias, splays and intrusive structures.
In addition, the strategic review of the Nullagine Gold Project is progressing with the appointment of an advisor to assist with the process. Novo will continue to focus on exploration with drilling programs planned for Nunyerry North and Balla Balla in the Pilbara and Belltopper in Victoria.
The acquisition of the Queens and Malmsbury tenements strengthens Novo’s strategic position in the key gold-producing regions of Australia. The projects are positioned on granted mining leases with easy access and infrastructure including haul roads and port facilities. The tenements contain multiple priority gold targets including shear-hosted, intrusion-related, and brecciated-type deposits.
Novo will pay Kalamazoo Resources (ASX: KZR) an initial cash consideration of $1.5 million and issue shares and warrants valued at $750,000 to acquire a 50% interest in the project. The transaction is subject to the approval of both the ASX and TSX Exchanges. Novo will fund the purchase with funds from its current cash balance.