Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) welcomes strong gold and base metal drilling results produced by joint venture partner De Grey Mining at the Becher Project in the northern sector of the Egina Gold Camp in Western Australia's Pilbara.
The Becher Project is part of the Egina earn-in and joint venture with De Grey.
De Grey commenced aircore and reverse circulation (RC) drilling at the Becher Project in the fourth quarter of 2023, and has completed more than 10,500 metres to date, testing the Heckmair and Lowe intrusions, and the Irvine and Bonatti shear corridors.
“Highly prospective” tenements
Novo executive co-chairman and acting CEO Mike Spreadborough said, “This set of results from the recent drilling is very exciting.
“De Grey has a total of 39,000 metres of drilling planned under this program. This ground is going to get some focused exploration attention with De Grey required to spend up to A$25 million at Becher and adjacent tenements within four years, to earn a 50% direct interest in the Egina JV.
"In this program, a minimum $7 million will be spent within 18 months, so we expect a good flow of results going forward.
“What excites us the most at Novo is that the Egina JV tenements are considered highly prospective for significant intrusion-related gold deposits, with similar attributes to the 12.7-million-ounce gold (JORC 2012) Hemi Gold Project.
"De Grey understands the enormous potential of this ground, and this is just the start of an exciting exploration partnership.”
Significant Becher results
RC drilling at Lowe has confirmed gold mineralisation associated with a deformed intrusive sill, with a best intercept of 8 metres at 4.74 g/t gold from 96 metres, including 3 metres at 11.88 g/t from 100 metres (MSRC0031).
Follow-up RC drilling into a base metals-gold corridor, that was previously defined by Novo at Heckmair, has intersected a significant zone of base metals-gold mineralisation from the two RC holes targeting the corridor.
Results from those two holes include:
- MSRC0016 - 10 metres at 0.12 g/t gold, 29.7 g/t silver, 0.3% copper, 1.5% lead and 1.8% zinc from 40 metres, including 3 metres at 0.20 g/t gold, 59.8 g/t silver, 0.9% copper, 2.4% lead and 2.2% zinc from 47 metres.
- MSRC0017 - 24 metres at 0.2 g/t gold, 13.2 g/t silver, 0.1% copper, 1.0% lead and 0.1% zinc from 105 metres (MSRC0017), including 6 metres at 0.48 g/t gold, 20.8 g/t silver, 0.2% copper, 1.4% lead and 2.8% zinc from 105 metres.
Heckmair cross section.
The base metals corridor trends west-northwest through the Heckmair intrusion, with broad intervals of anomalous base metals and low-level gold mineralisation mapping a fault to over 1.5 kilometres in strike
Novo adds that the best gold intercept from the RC drilling was 2 metres at 2.8 g/t gold in hole MSRC0013.
Resampling of anomalous gold zones from Novo’s 2023 aircore program completed by De Grey, has verified broad zones of gold anomalism associated within granitic intrusions
De Grey plans to target the Becher area with follow-up aircore and RC drilling to be completed at priority targets Heckmair and Lowe in 2024.
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