Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) has reanalysed intercepts of note from a 2023 drilling program at Nunyerry North Project in Western Australia, leveraging multi-pot PhotonAssay™️ technology to reveal the true grade of the results.
This method uses a larger sample of 4 kilograms compared to 500 grams and achieved upgrades for several intercepts, including 6 metres at 6.12 g/t gold from 37 metres of depth.
The company says the results from this reanalysis indicate there is a notable portion of coarse gold within the mineralised system at Nunyerry North and has opted to use the methodology for assays going forward.
“Substantial” upside potential
“It is exciting to see a significant grade increase in the Nunyerry North drill results, some of which are close to surface and demonstrate the substantial upside potential of this project,” Novo Resources co-chair and acting CEO Mike Spreadborough said.
“Plans are in in place for a phase two follow-up drill program, which has been designed to test extensions of the known target horizon, structural targets and a potential mineralised porphyry intrusion.
“Our exploration activity across key Western Australian assets continues to deliver exciting results and importantly, we are well-funded to continue our strong exploration program throughout 2024.”
Novo intends to complete 4,000 metres of reverse circulation (RC) drilling along a 2-kilometre strike extent, as well as down plunge from existing intercepts and at depth for repeat mineralisation.
The company will then test for stacked lodes below the best intercepts intersected to date.
Full upgraded assays
The full set of upgraded assays from Novo’s reanalysis include:
- 6 metres at 6.12 g/t gold from 37 metres;
- 11 metres at 2.52 g/t from 22 metres, including 6 metres at 4.19 g/t from 22 metres;
- 13 metres at 1.89 g/t from surface;
- 4 metres at 5.71 g/t from 40 metres;
- 17 metres at 1.34 g/t from 37 metres, including 4 metres at 3.77 g/t from 50 metres; and
- 14 metres at 1.14 g/t from 39 metres, including 4 metres at 2.16 g/t from 41 metres.
Novo says it is well funded to pursue its exploration ambitions, with A$17.4 million in the bank and an investment portfolio worth A$39.3 million as of March 25, 2024.
Aside from drilling at Nunyerry North, NVO also intends to drill test three prospects near Karratha in the second quarter of 2024, testing for gold and copper plus palladium and platinum mineralisation.
Novo appoints new director
Novo Resources has also appointed an independent non-executive director, Karen O’Neill, following the resignation of director Michael Barrett.
“On behalf of the company’s directors, employees and stakeholders, I would like to sincerely thank Mr Barrett for his tireless commitment to Novo spanning over six years as a non-executive director and chair of the Audit Risk and Corporate Governance Committee,” Spreadborough said, “We wish him all the best for the future.”
O’Neill will also chair the Audit, Risk and Corporate Governance Committee, bringing a wealth of mining executive and finance experience, having worked with international operations across a variety of industries including resources, investment banking and professional services.
“On behalf of the board, we welcome Karen to the Novo team and look forward to her contribution as a non-executive director,” Spreadborough continued.
“Karen’s extensive experience working with ASX companies in the exploration and mining sector will allow Novo to maintain strong financial, commercial and governance skills at the board level which, in turn, will assist the company in its strategy to discover and develop top-tier gold deposits.”