Novo Resources Corp. (TSX: NVO) has received new exciting high-grade assay results from its diamond drilling programme recently completed at the 50%-owned Malmsbury gold project in Victoria, Australia.
The Malmsbury Project is a joint venture with ASX-listed GBM Resources Ltd. (ASX:GBZ) and the Queens Project is a joint venture with ASX-listed Kalamazoo Resources Ltd.
“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,” Novo’s Executive Co-Chairman, acting Chief Executive Officer, and director, Mike Spreadborough, said.
“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.”
The company has recently completed the 11-hole, 3,162 m diamond drill programme at the Malmsbury Project, with positive results generated from several holes reported previously, 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 period.
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 period.
A current round of ground geophysics (IP, gravity and magnetics) is scheduled to be completed mid to late December and will conclude prior to the Christmas break. Mapping, soil sampling, and rock chip sampling across priority target areas where access has recently been established will occur contemporaneously with the ground geophysics to better inform the surveys.
Exploration moving forward will involve a second phase of drilling that aims to build on current success and additionally test the remaining and developing high-priority mapping and geophysical targets not tested in the recently completed campaign. This is currently scheduled for H1 2023 pending rig availability.
Systematic soil geochemistry, mapping and rock chip sampling on both projects has been significantly hampered throughout H2 2022 by persistent rain and flooding events across the Eastern Australian states. These field programmes will recommence as soon as is practical and will continue into 2023.
For further information please visit: https://novoresources.com/
