Quantcast

Novo Resources Discovers New Gold-Bearing Reef at Beatons Creek and Announces 2014 Program - abc27 WHTM

Novo Resources Discovers New Gold-Bearing Reef at Beatons Creek and Announces 2014 Program

Posted: Updated:

VANCOUVER, January 29, 2014 – Novo Resources Corp. (“Novo” or the “Company”) (CSE: NVO; OTCQX: NSRPF) is pleased to announce the discovery of a new outcropping gold-bearing conglomerate horizon (reef) in an area approximately 700 meters west of the NI 43-101 compliant resource (421 Koz Au; 8.9 Mtonnes @ 1.47 gpt Au) announced May 1, 2013 and described in a technical report entitled “Technical Report and Resource Estimate on the Beatons Creek Project, Pilbara Region, Australia” which was filed under Novo’s profile on SEDAR on May 23, 2013. Surface grab samples taken during a recent reconnaissance mapping and sampling program range from 0.06-17.86 gpt Au (see attached sampling map). The reef varies from 1-2 meters thick and appears to be quite shallow, less than 20 meters deep, over an area roughly one kilometer across. It is approximately 150 meters up-section from known gold-bearing reefs at Grant’s Hill. More sampling and mapping will be undertaken to adequately assess its true extent.

2014 Exploration Program

By conserving cash, Novo exercised extreme caution in late 2013 as market conditions deteriorated in the junior mining sector. This has put the company in a strong position to move forward as the market improves. Currently, there is approximately CAD $10.6 million in treasury.

In addition to work on expanding the newly discovered gold-bearing reef mentioned above, Novo’s priorities include:

  1. 1)Upgrading the existing NI 43-101 compliant resource (421 Koz Au; 8.9 Mtonnes @ 1.47 gpt Au) and undertaking economic studies to move it toward feasibility.

  2. 2)Conducting large diameter diamond core drilling and/or bulk sampling to evaluate shallow, oxidized gold-bearing reefs in proximity of the resource. Attempts at reverse circulation drilling in these areas in 2013 failed to produce acceptable sample quality.

  3. 3)Completing deep diamond drill holes at both Beatons Creek and Marble Bar using funds from the $400,000 drilling grant awarded by the government of Western Australia (see December 14, 2013 news release).

Due to dismal market conditions, Novo is currently evaluating any and all “distressed” opportunities that might help augment its position in the Pilbara region.

“Beatons Creek continues to generate surprises,” commented Dr. Quinton Hennigh, President, CEO and Director of Novo. “There is absolutely no evidence of any historic workings on the newly discovered upper reef horizon, so this is truly a virgin discovery. Given our strong cash position, not only are we in a great position to advance this new discovery and our other exploration goals in 2014, but we can also take advantage of good opportunities that may come our way.”

Quality Control and Quality Assurance

All rock chip samples presented on the attached map are spot rock chip samples collected by Novo staff. Samples were prepared and analyzed using the Leachwell technique by Intertek-Genalysis Laboratory Services Pty Ltd, Perth, Australia. The Leachwell technique utilizes a large, 1 kilogram, split of pulverized sample thereby reducing the variability associated with coarse particulate gold. Because this technique uses a solution of sodium cyanide to dissolve gold, it also provides a preliminary indication of what levels of gold might be recoverable from these rocks.

Dr. Quinton Hennigh, the Company’s Chief Executive Officer, President and Director and a Qualified Person as defined by NI 43-101, has approved the technical contents of this news release. Novo Resources personnel have performed work at Beatons Creek under the supervision of Dr. Hennigh.

About Novo Resources Corp.

Novo’s focus is to evaluate, acquire and explore gold properties. The Company presently has joint ventures earning a 70% interest two exploration properties, Beatons Creek and Marble Bar, situated in Western Australia. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com .

On Behalf of the Board of Directors,

Novo Resources Corp.

“Quinton Hennigh”

Quinton Hennigh

CEO and President

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, the statement as to upgrading the existing NI 43-101 compliant resource and undertaking economic studies to move it toward feasibility, and the statement as to planned exploration activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the ability to undertake and complete the planned exploration activities, the receipt of successful results as drilling proceeds, customary risks of the mineral resource exploration industry, as well as Novo having sufficient cash to fund the planned drilling and other activities.

Cautionary Note to U.S. Readers Regarding Estimates of Inferred Resources

The technical report referred to in this news release uses the term “inferred resources.” We advise U.S. investors that while this term is recognized and required by Canadian regulations, it is not recognized by the U.S. Securities and Exchange Commission. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estimates of “inferred mineral resources” may not form the basis of a feasibility study or prefeasibility studies. U.S. investors are cautioned not to assume that any part or all of an inferred resource exists or is economically or legally mineable.

The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Sampling Map

Click Image To View Full Size

Source: http://www.accesswire.com/viewarticle.aspx?id=411365

ReleaseID: 32141

Powered by WorldNow