Novo Resources (TSX:NVO) Intersects High-Grade Gold Mineralization at Malmsbury Project in Victoria, Australia

Novo Resources (TSX:NVO) has reported assay results from the diamond drilling program on RL006587 at the Malmsbury Project in Victoria, Australia.

Novo exercised its option over the Malmsbury Project to acquire a 50 percent stake and the right to earn an extra 10 percent interest by investing A$5 million in exploration costs over the following four-year period. The company’s results follow up on early success from the first 3 drill holes of the program, and confirm high potential for mineralization extension.

Ms. Kas De Luca, General Manager of Exploration at Novo Resources, commented in a press release: “These preliminary, high-grade results from the Malmsbury Project are very promising. Following the early success and results from the first 3 holes of this drill program, further work to confirm potential for mineralization extension, including IP and additional drilling, are planned for 2022 and early 2023. We look forward to working with our partner, GBM, to continue advancing the exciting potential of the Malmsbury Project.

Source: Novo Resources

Highlights from the results are as follows:

  • Drilling on the 50%-owned Malmsbury gold project (“Malmsbury Project”) joint venture with ASX-listed GBM Resources Ltd. (“GBM”), located 50 km SSW of the high-grade Fosterville gold mine in Victoria, Australia, has intersected a significant high-grade gold mineralized zone.
  • Significant results received to date include 14 m @ 6.1 g/t Au from 120 m, 10 m @ 4.9 g/t Au from 173 m and 4 m @ 8.6 g/t Au from 188 m (MD16); 7.8 m @ 3.6 g/t Au from 32.2 m (MD13); and 9.1 m @ 2.4 g/t Au from 65.4 m (MD14). These results are not necessarily representative of mineralization throughout the Malmsbury Project. Remaining assays for the program are expected over the coming months.
  • 2,000 m of diamond drilling completed (>75% of program) with full gold and multi-element assays received from the first three of six holes completed and sampled to date. Assays confirm high-grade shoot potential and splay features on the Leven Star mineralization and extension potential for the Missing Link Reef.
  • Intersection of altered, quartz veined, and sulphide bearing Missing Link Monzogranite confirmed in drill hole MD17, from 204 m to 269 m. Drilling confirms a steep (70 – 80°) east-dipping elongate body that widens at depth and validates the potential for an intrusion hosted and/or intrusion related gold (“IRG”) system at the Malmsbury Project. Full gold and multi-element assays for MD17 are still pending at this time.
  • Missing Link Monzogranite target now defined over 340 m strike and 40 m width (at surface) and remains completely open at depth.
  • Current diamond drilling phase nearing completion (Q3 2022), with recent success to drive a larger second phase of diamond drilling later in 2022 or early 2023.
  • 2D/3D induced polarization (“IP”) survey planned to help define sulphide rich granite-related targets and disseminated sulphide haloes around gold reef targets.
Source: Novo Resources

DETAILS of Drilling Program 2021 – 2022

Approximately 2,000 m (7 holes, 1 in progress) of a circa 2,650 m planned diamond drilling program have been completed to date at the Malmsbury Project. At the time of writing, gold, and multi-element assays from three of six holes completed have been returned in full. Significant results from these early holes are highly encouraging and include, but are not limited to:

  • 14 m @ 6.1 g/t Au from 120 m; including 3 m @ 11.1 g/t Au from 131 m (MD16)
  • 10 m @ 4.9 g/t Au from 173 m; including 7 m @ 6.8 g/t Au from 175 m (MD16)
  • 4 m @ 8.6 g/t Au from 188 m (MD16)
  • 7.8 m @ 3.6 g/t Au from 32.2 m; including 1.85 m @ 12.5 g/t Au from 34.15 m (MD13)
  • 4 m @ 2.9 g/t Au from 80 m; including 0.4 m @ 24.4 g/t Au from 81.2 m (MD13)
  • 9.1 m* @ 2.4 g/t Au from 65.4 m; including 2.5 m* @ 5.9 g/t Au from 70.4 m (MD14)

*Interval not closed owing to 0.5 m core loss from 72.9 m – 73.4 m

Table 1 below provides a list of significant intersections (reporting >1 gram metre) using parameters that include a 0.3 g/t Au cut-off and no more than 2 m internal waste for drill holes MD13, MD14 and MD16. Reported intersections for MD14 and MD13 are considered at (or close to) true widths, with exception to the Leven Star Reef intersection in MD13 ca. 32 m – 40 m that will have an oblique component. Reported intersections for MD16 are considered to have an oblique, down-dip component, and thus true widths will have reduced intersections.

Table 1: Significant intercept table for results from drill holes MD13, MD14 and MD16. The table is generated using a 0.3 g/t Au cut-off grade and no more than 2 m internal waste. Higher grade “Includes,” intercepts calculated with 1 g/t Au cut-off grade and no internal dilution. All intervals > 1 gram metre Au reported here.

Drill holes MD13, MD14 and MD16 were drilled to target high-grade potential shoot zones and other high-order gold targets, including the Missing Link Gold Reef. In addition, these holes will provide material for metallurgical test-work from the Leven Star mineralization. All three holes were drilled as larger core diameter HQ3 (triple tube method) to provide a bigger sample size and maximise core return. All holes successfully intersected the Leven Star Reef mineralization.

Drill hole MD14 was planned to drill beyond the interpreted Leven Star Reef position to test extensions to the Missing Link and Panama South historic gold reef workings (Figure 2 and 3). Significant gold mineralization within multiple puggy, sulphide rich, sericite altered shears in distinctly bleached sediments from 65 m – 74 m (Refer to Table 1 for significant intercepts), strongly suggest that the Missing Link Reef has been intercepted in this hole, and add a significant strike and down-dip extension to the known extent of this gold reef target.

The Missing Link Reef was also likely intersected in MD13 within similarly bleached and sericite altered sediments from 71 m – 84 m, returning 4 m @ 2.9 g/t Au from 80 m, including a narrow high-grade interval of 0.4 m @ 24.4 g/t Au from 81.2 m, and confirming the high-grade potential for this reef (Refer to Table 1 for additional significant intercepts).

Drill hole MD16 targeted a complex potential splay and high-grade shoot zone on the Leven Star mineralization where previous historic reverse circulation (“RC”) drilling conducted by GBM intersected 7 m @ 5.4 g/t Au (LSCR015) including 2 m @ 16 g/t Au from 67 m2 (the “GBM Results”) (not verified by Novo), on-section and up-dip from MD16. Three distinct zones of high-grade gold mineralization were returned from MD16, including:

  • An upper zone characterized by wide limonitic tectonic fault breccia in strongly oxidized material from 73 m – 96 m (refer to Table 1 for significant intercepts);
  • A middle, fresh sulphide zone within a sulphide-rich (arsenopyrite stringers and disseminations) and moderately silicified, sericite altered and distinctly bleached siltstone and fine sandstone package from 120 m – 141 m (refer to Table 1 for significant intercepts); and
  • A lower fresh sulphide zone (potential newly discovered splay) from 173 m – 197 m (refer to Table 1 for significant intercepts).

Reported intercepts for MD16 are interpreted to be oblique. Exact true widths cannot be determined until mineralization trends are remodelled to incorporate the recent results (including the new potential splay zone); however, these are anticipated to be a reduction in the stated intersection widths.

Drill hole MD17 was designed as a westerly directed, ca. 400 m hole to test the recently discovered Missing Link Monzogranite at depth, in addition to the Missing Link and Hanover West historic gold reefs. This hole aimed to determine the geometry and gold endowment of the intrusion and targeted the monzogranite for its potential as an IRGS, in addition for the potential for orogenic vein style mineralization.

MD17 successfully intercepted the Missing Link Monzogranite between 204 m – 269 m down hole, in addition to a smaller and potentially parallel shallow sub-surface granite dyke interpreted in strongly oxidised material near the collar. Drilling confirms a steep (70 – 80°) east-dipping geometry for the intrusive that widens noticeably at depth. The intrusive is characterized by strong sericite alteration and disseminated sulphides throughout with regular intervals of planar white quartz-sulphide stockwork veining. A distinct 1 m-wide sulphide-shear-breccia within strongly quartz veined sandstone occurs within a metre of the upper granite contact.

Source: Novo Resources

Source: Novo Resources
Source: Novo Resources
Source: Novo Resources

 

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I cover the mining industry and the best mining stocks around the world. I write about industry news, individual companies, projects, management, and profiles on industry leaders.

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