Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) delivered significant exploration results from its Western Australian gold portfolio during the March quarter, notably at the Becher and Nunyerry North projects.
In a business review, Novo summarised its March quarter highlights. These included re-analysing drill intercepts by multi-pot PhotonAssay™ from the maiden Nunyerry North exploration program completed in the second half of 2023. This larger sample methodology has upgraded a number of the original significant intercepts.
"Significant strides"
Novo executive co-chairman and acting CEO Mike Spreadborough said, “We have made significant strides in our exploration efforts since the start of 2024, highlighted by encouraging high-grade results from Nunyerry North, which included 6 metres at 6.12 g/t gold from 37 metres and 11 metres at 2.52 g/t gold from 22 metres.
“We are in the early phase of exploration at Nunyerry with the full potential of the project yet to be determined. The results from last year’s maiden drill program reaffirmed our view that this high-priority exploration target has the right characteristics to become a significant gold project.
“We are focused on maintaining the strong momentum generated at Nunyerry, with a ~4,000 metre 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 Becher Project, as part of our Egina earn-in/JV. De Grey has already completed over 10,500 metres of combined aircore and reverse circulation drilling, as part of their planned 39,000-metre program. Excellent results have been generated from the Lowe and Heckmair prospects, with drilling on track to re-commence in Q2 2024.”
“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.”
Nunyerry RC drilling days away
The company is now focused on the exploration of Nunyerry in the southern Egina Gold Camp (EGC), where it is set to commence a 4,000-metre RC drill program in the coming days.
This follow-up drilling program will test significant gold targets generated during the maiden drill program in 2023, with multiple new targets to be tested along strike of known mineralisation and down plunge of existing intercepts.
The new intercepts include 6 metres at 6.12 g/t gold from 37 metres; 11 metres at 2.52 g/t gold from 22 metres, including 6 metres at 4.19 g/t gold from 22 metres; 13 metres at 1.89 g/t gold from surface; and 17 metres at 1.34 g/t gold from 37 metres, including 4 metres at 3.77 g/t gold from 50 metres.
A recent exploration review in the Karratha district has advanced several drill targets, including North Whundo, Railway Bore and East Well. North Whundo is defined by a significant 1.2-kilometre-long copper-palladium-gold anomaly, with highly anomalous rock chip results including peak values of 4.1 g/t gold+platinum+palladium and 3.9% copper.
Novo plans to commence a 3,500-metre RC drilling program to test these prospects immediately after the Nunyerry North program is complete.
The company confirms it is in a strong financial position with no debt and a cash balance of A$16.7 million and investments of A$47.7 million as at March 31, 2024.