Novo Resources Corp. [NVO-TSX; NSRPF-OTCQX] reported an exploration update from the 50%-owned Malmsbury project (RL006587) and adjacent 50%-owned Queens project (EL007112), located approximately 50 km south-southwest of the high-grade Fosterville mine in Victoria, Australia.
Commenting on the results delivered from drilling, Novo’s Executive Co-Chairman, acting CEO and director Mike Spreadborough said, “We are very pleased with the most recent set of assay results from drilling at the Malmsbury project, highlighted by strong grades generated at the Queens Birthday and Leven Star reefs, along with a compelling result from step-out hole MD22.
“We know this region is highly prospective and we will continue to systematically test compelling targets to build each project in size and scale. The team in Victoria are doing an excellent job and we are excited by the future growth potential of our Victorian project portfolio.”
The company has recently completed an 11-hole, 3,162-metre diamond drill program at the Malmsbury Project, with positive results generated from several holes reported previously and now including high-grade assays from the Queens Birthday and Leven Star reefs.
Key results generated from drilling include 3.1 metres of 9.27 g/t gold from 400.9 metres (MD20); 8.1 metres 5.79 g/t gold from 131.9 metres (MD21); 6.2 metres of 3.92 g/t gold from 144.6 metres (MD21); and step-out hole (MD22) intersected 45 metres of 0.23 g/t gold from 134 metres, 80 metres north of previous reported drilling (MD17).
An IP survey for approximately 18 line-km commenced on October 26, 2022. The survey spans the Malmsbury Project and the Queens Project areas and involves 11 planned traverses across priority mapping, drilling, historic reef, and geochemical targets, in addition to developing geophysical magnetic and gravity targets.
The IP survey aims to identify potential “sulphide-rich target,” zones within the granite (IRGS) target corridor, in addition to delineating disseminated sulphide haloes around high-priority gold reef targets. It will also aid in delineating key prospective structural corridors in addition to providing useful information on preferred litho-stratigraphic domains.
Additional ground magnetics and ground gravity acquisition will run contemporaneously with the current IP survey to help refine and expand the current geophysical targets. It is anticipated that the ground geophysical work (IP, magnetics and gravity) will take approximately 6 weeks to complete.
The current round of ground geophysics (IP, gravity & magnetics) is scheduled to be completed mid to late December and will conclude prior to the Christmas break. Mapping, soil sampling, and rock chip sampling across priority target areas where access has recently been established will occur contemporaneously with the ground geophysics to better inform the surveys.
Exploration moving forward will involve a second phase of drilling that aims to build on current success and additionally test the remaining and developing high-priority mapping and geophysical targets not tested in the recently completed campaign. This is currently scheduled for H1 2023 pending rig availability.
Systematic soil geochemistry, mapping and rock chip sampling on both projects has been significantly hampered throughout H2 2022 by persistent rain and flooding events across the Eastern Australian states. These field programs will recommence as soon as is practical and will continue into 2023.
Novo explores and develops its prospective land package covering approximately 10,500 km2 in the Pilbara region of Western Australia, including Beatons Creek, along with two joint ventures in the Bendigo region of Victoria, Australia.