Novo Resources (TSX:NVO) has provided an exploration update from its Malmsbury Project and the adjacent Queens Project, location roughly 50km south-southwest of the high-grade Fosterville mine in Victoria, Australia. Both projects are 50%-owned by Novo Resources. The Malmsbury Project is a joint venture with GBM Resources and the company has a joint venture with Kalamazoo Resources for the Queens Project.

Novo’s Executive Co-Chairman, acting Chief Executive Officer, and director Mike Spreadborough commented in a press release: “We are very pleased with the most recent set of assay results from drilling at the Malmsbury project, highlighted by strong grades generated at the Queens Birthday and Leven Star reefs, along with a compelling result from step-out hole MD22.

“We know this region is highly prospective and we will continue to systematically test compelling targets to build each project in size and scale. The team in Victoria are doing an excellent job and we are excited by the future growth potential of our Victorian project portfolio.”

Highlights from the exploration update are as follows:

• New exciting high-grade assay results received from the 11-hole, 3,162 m diamond drilling program recently completed at the 50%-owned Malmsbury gold project (“Malmsbury Project”) located 50 km SSW of the high-grade Fosterville gold mine in Victoria, Australia.
• Significant results generated from the last two holes drilled in the program at Queens Birthday (MD20) and Leven Star (MD21) reefs include:
  • 3.1 m @ 9.27 g/t Au from 400.9 m (MD20);
  • 8.1 m @ 5.79 g/t Au from 131.9 m (MD21); and
  • 6.2 m @ 3.92 g/t Au from 144.6 m (MD21).
• Step-out hole MD22 returned 45 m @ 0.23 g/t Au from 134 m successfully intersecting the gold-mineralised felsic intrusive (Missing Link Monzogranite) 80 m north of previous reported drilling (MD171).
• These new results together with previously released results affirm the success of this drilling program and support the exploration potential of the Malmsbury Project.
• Induced polarization (“IP”) survey commenced on the Malmsbury Project and adjacent 50%-owned Queens gold project (“Queens Project”). Ground gravity and magnetic data to be collected concurrently with the IP survey. Novo expects this will take approximately six weeks to complete.
• Diamond drilling planned for H1 2023 will test remaining high-priority mapping targets at the Malmsbury Project, in addition to developing high-grade shoot potential on the Leven Star Reef and key significant results from the recent diamond drilling campaign.

The Company has recently completed an 11-hole, 3,162 m diamond drill program at the Malmsbury Project, with positive results generated from several holes reported previously (see Novo press release), and now including high-grade assays from the Queens Birthday and Leven Star reefs. Key results generated from drilling include:

• 3.1 m @ 9.27 g/t Au from 400.9 m (MD20)
• 8.1 m @ 5.79 g/t Au from 131.9 m (MD21);
• 6.2 m @ 3.92 g/t Au from 144.6 m (MD21); and
• Step-out hole (MD22) intersected 45 m @ 0.23 g/t Au from 134 m, 80 m north of previous reported drilling (MD17)

Novo exercised its option over the Malmsbury Project to earn a 50% interest, and the right to earn an additional 10% interest by incurring A$5 million in exploration expenditure over a four-year period2.

Novo exercised its option over the Queens Project to earn a 50% interest, and the right to earn an additional 20% interest by incurring A$5 million in exploration expenditure over a five-year period3.

Results referred to in this news release are not necessarily representative of mineralization throughout the Malmsbury Project and the Queens Project.

DETAILS

Drilling Program Update

All gold and multi-element assays have now been returned from the 11-hole, 3,162 m diamond drilling program at the Malmsbury Project. Significant results from the final three holes (MD20, MD21 and MD22) are presented herein. Significant results for earlier holes (MD13 through MD19) have been reported previously.4,1,5

Table 1 below highlights new >1 gram metre results reported for drill holes MD20, MD21 and MD22 testing reef-related mineralization. Intersections presented for MD20 are considered at or near true width. An oblique component to the intersections in both MD21 and MD22 is interpreted. True width intersections will reduce for MD21 and MD22 when mineralization is interpreted and modelled.

Table 1: Significant intercept table for results from drill holes MD20 and MD21 and MD22. 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.

*1 Intersection in MD20 remains open. No sampling immediately prior to mineralised interval from 400.9 m.  

Table 2 below highlights new >1 gram metre results reported for a significant intersection in MD22 across the mineralised felsic intrusive (Missing Link Monzogranite) representing intrusion related gold (“IRG”) mineralization and/or intrusion-hosted mineralization. An oblique component to the intersection presented for MD22 is interpreted. Different parameters to calculate the intersections are used for reef-related verses IRG or intrusion hosted mineralization. These parameters are outlined clearly in the respective tables.

Table 2: Significant intercept table for result across mineralised felsic intrusive (Missing Link Monzogranite) in drill holes MD22. The table is generated using a 0.1 g/t Au cut-off grade and no more than 5 m internal waste. All intervals > 1 gram metre Au reported here.