Novo Resources Corp (TSX:NVO, OTCQX:NSRPF) will focus on exploration programs for the remainder of 2023 across its extensive tenement portfolio in the Pilbara, Western Australia and Belltopper in Victoria.
Following Novo’s recent application to dual list on the ASX and proposed IPO raising of A$4 million by way of an issue of chess depositary interests (CDIs) (with the ability to accept over-subscriptions for an additional A$3.5 million), the company has detailed its exploration programs plan.
However, Novo's exploration plans remain subject to the successful completion of the proposed IPO capital raising and ASX dual listing.
At the Egina earn-in and joint venture area, ~39,000 metres of air core (AC) and follow-up reverse circulation (RC) and diamond drilling are expected to be conducted by partner De Grey Mining Limited (ASX:DEG).
All exploration programs across this area are managed by De Grey under the terms of the earn-in arrangement.
Read: Novo Resources closes A$10 million cornerstone investment by De Grey Mining
Novo also has a busy second half of exploration planned across other key targets, including ~6,000 metres of drilling at Nunyerry North, Balla Balla and Bamboo-Strattons in the Pilbara (Figure 1), and 2,000 metres at Belltopper in Victoria.
Figure 1: Novo’s Pilbara tenure, showing priority prospects and joint venture interests.
Egina Gold Camp
The Egina Gold Camp is a contiguous tenement package, targeted on a series of structurally complex, gold-fertile corridors, hosted by rocks of the Mallina Basin in the north and mafic/ultramafic sequences further south.
These corridors trend towards De Grey’s Pilbara Gold Project to the north and northeast.
This tenure has been one of the main focus areas for Novo’s exploration programs over the last eighteen months, culminating in the Egina JV with De Grey, and delineation of the Nunyerry North orogenic gold prospect (Figure 2).
Figure 2: Egina Gold Camp tenure showing priority prospects and joint venture interests.
Egina JV
Novo recently completed a notable earn-in and joint venture agreement with De Grey for the company’s Becher Gold Project and the adjacent tenements within the Egina Gold Camp, with the resultant joint venture to be known as the Egina JV.
De Grey has been granted the right to earn a 50% interest in the Egina JV by spending up to A$25 million on exploration over four years.
The combined Egina JV and De Grey tenure (Figure 3) form a strategically significant land position in the Mallina Basin covering ~2,500 square kilometres.
De Grey assumed management control of the Novo area (under the earn-in arrangements) from 1 July 2023 and has generated a detailed and targeted work program for 2023, to start imminently at the Egina JV.
Figure 3: Map showing the aggregate Novo and De Grey tenure in the Mallina Basin at the northern part of the Egina Gold Camp (orange tenement outline) and De Grey’s targets. Novo has no interest in the De Grey areas (outlined in blue) shown in this figure.
Exploration at the Egina JV in the remainder of 2023 will follow up on the results from Novo’s highly successful drilling campaigns at Becher and explore new target areas.
These programs include:
- Progressing heritage and access agreements with various Native Title groups and conducting heritage surveys as required;
- further test work on AC samples, including follow-up re-split assays and resampling based on the results of Novo’s drilling, retrieval of chip trays for photography, and TerraspecTM alteration test work;
- AC drilling at Becher, expected to commence in September 2023, initially following up previous drilling completed by Novo, with targeted RC / diamond drilling testing more advanced prospects;
- further AC and RC drilling as targets warrant and as new exploration areas are developed; and
- ground gravity surveys over the Mallina Basin to expand upon detailed gravity surveys completed by Novo.
Nunyerry North is a high-priority exploration target with significant prospectivity in the southern part of the Egina Gold Camp.
Heritage approvals have been finalised for Novo’s ~2,000 metres of RC drilling scheduled to proceed in H2 2023.
Nunyerry North is characterised by a soil anomaly extending over 1.4 kilometres strike with a central coherent >100 ppb gold anomaly extending over 640 metres strike, and a second 1.3 kilometres long soil anomaly at > 30 ppb gold defined south of the main target6.
Eighteen soil samples assayed > 1 g/t gold, and rock chip sampling by Novo included peak values of 30.3 g/t gold, 21.1 g/t gold and 19.0 g/t gold (Figure 4). Numerous gold nuggets have been detected during surface sampling.
Figure 4: Contoured gold results from soil sampling at Nunyerry North and high-grade gold results from rock chip sampling.
Mapping and rock chip sampling in the area have identified sheeted quartz vein-related gold mineralisation.
The initial drilling plan covers an area of 600 metres strike over the main soil anomaly and peak rock chip results, where mapped vein densities are optimal.
Belltopper Gold Project, Victoria (Novo 100%)
The Belltopper Gold Project in Victoria is in the Bendigo Tectonic Zone, where over 60 million ounces of gold were produced historically.
Belltopper displays many of the characteristics of the epizonal orogenic gold deposit class that includes Agnico Eagle’s Fosterville Mine, located 50 kilometres to the north.
Novo exploration in 2023 has focussed on integrating all regional to target-scale data sets to develop a 3D geological and mineralisation model.
Multiple high-grade gold targets and styles are recognised within a corridor of alteration that hosts a network of gold reefs and the mineralised Missing Link Intrusion.
A ~ 2,000-metre diamond drilling program in H2 2023 is planned to test the high-priority targets, which includes a high order induced polarisation (IP) chargeability anomaly north of the Missing Link Intrusion.
Read more on Proactive Investors AU
