Novo Resources Initiates Exploration at its Pilbara Gold Project, Western Australiaadmin
VANCOUVER, BC / ACCESSWIRE / March 19, 2014 / Novo Resources Corp. (CSE: NVO; OTCQX: NSRPF) (“Novo” or the “Company”) is pleased to announce commencement of its 2014 exploration program at its Pilbara gold project, Western Australia. On March 4, 2014, Novo announced it had signed a binding term sheet with the Creasy Group of Perth, Western Australia to, among other things, acquire a 70% interest in 103 new tenements and tenement applications in the Pilbara region. Novo’s holdings now encompass eight large tenement packages: Beatons Creek, Marble Bar, E Pilbara, Mosquito Creek, Balfour Downs, Top Camp/Croydon, Whim Creek and W Pilbara (see attached Pilbara Holdings map). With the addition of these vast land holdings, Novo has decided to shift its near-term exploration focus toward effective exploration for additional gold-bearing conglomerate occurrences within prospective Fortecue Group rocks underlying much of this new area.
In November, 2013, the Company engaged Newmont Exploration Pty Ltd, a subsidiary of Newmont Mining Corporation, to provide certain exploration expertise and services for the Pilbara gold project. In December, Newmont Exploration conducted a baseline sampling program at Beatons Creek using their proprietary BLEG (bulk leach extractable gold) technique, a type of stream sediment sampling with high sensitivity allowing for rapid screening of large tracts of land for the presence of outcropping gold mineralization. This survey proved highly successful in discriminating areas with outcropping gold-bearing conglomerates at Beatons Creek.
Novo and Newmont Exploration plan to undertake extensive BLEG sampling between now and June of this year in order to quickly identify prospective areas on the Company’s existing and newly acquired Pilbara tenements. Prospect scale sampling and mapping later in 2014 will follow up any and all BLEG anomalies generated from this program.
Once BLEG sampling is complete around mid-year, Novo plans to resume drilling at Beatons Creek and initiate drilling at Contact Creek at Marble Bar. Consideration is also being given to conduct large diameter drilling and/or bulk sampling at Beatons Creek. Should the aforementioned BLEG sampling and follow-up mapping and sampling work identify any new, high priority drill targets, Novo may consider conducting first pass drilling before year end.
“We are going to aggressively explore our new land holdings,” commented Dr. Quinton Hennigh, President, CEO and Director of Novo Resources Corp. “BLEG sampling appears to be highly effective at identifying areas with exposures of outcropping gold-bearing conglomerates. This program should help us quickly identify such areas thus allowing us to quickly focus further exploration, perhaps even drilling of new targets by year end.”
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.
About Novo Resources Corp.
Novo’s focus is to evaluate, acquire and explore gold properties. The Company presently has multiple joint ventures earning a 70% interest in approximately 20,000 square kilometers of the Pilbara region, Western Australia. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail email@example.com .
On Behalf of the Board of Directors,
Novo Resources Corp.
CEO and President
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, the statements as to planned exploration activities. 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 undertake and complete the planned exploration activities, the receipt of successful results as exploration proceeds, customary risks of the mineral resource exploration industry, as well as Novo having sufficient cash to fund the planned drilling and other activities.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Pilbara Holdings Map
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Posted: March 19th, 2014 under ACCESSWIRE.