Commenting on the results delivered from drilling, Novo’s Executive Co-Chairman, acting Chief Executive Officer, and director Mike Spreadborough said “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.”
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 period 2 .
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 3 .
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.
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Image 1
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Figure 1 , Location of Malmsbury Project (Novo Resources – GBM Resources) and Queens Project (Novo Resources – Kalamazoo Resources) in Victoria.
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Figure 2 , Location of drill holes MD13 – MD22 (green traces) from current diamond program on RL006587 with key target gold reefs (red lines) and solid geology. Target felsic intrusive is pink stippled polygon. Refer to Appendix 1 for full geology legend.
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.
| HOLE ID | COORDSYS | Collar Details | AZI GRID |
DIP |
Includes |
DEPTH FROM |
DEPTH TO |
Au (ppm) |
Width (m) |
Gram* metre |
||
| EASTING | NORTHING | RL | ||||||||||
| MD20 | MGA94_55 | 263828 | 5878871 | 477 | 260 | -58 | 244.8 | 245.8 | 1.13 | 1 | 1.13 | |
| MD20 | MGA94_55 | 263828 | 5878871 | 477 | 260 | -58 | 400.9 *1 | 404 | 9.27 | 3.1 *1 | 28.74 *1 | |
| MD20 | MGA94_55 | 263828 | 5878871 | 477 | 260 | -58 | Inc. | 400.9 *1 | 403.24 | 12.0 | 2.34 | 28.11 *1 |
| MD21 | MGA94_55 | 263959 | 5880254 | 481 | 318.6 | -68.4 | 105 | 106.5 | 2.53 | 1.5 | 3.79 | |
| MD21 | MGA94_55 | 263959 | 5880254 | 481 | 318.6 | -68.4 | 131.9 | 140 | 5.79 | 8.1 | 46.90 | |
| MD21 | MGA94_55 | 263959 | 5880254 | 481 | 318.6 | -68.4 | Inc. | 131.9 | 136 | 3.11 | 4.1 | 12.74 |
| MD21 | MGA94_55 | 263959 | 5880254 | 481 | 318.6 | -68.4 | Inc. | 137 | 140 | 11.29 | 3 | 33.86 |
| MD21 | MGA94_55 | 263959 | 5880254 | 481 | 318.6 | -68.4 | 144.6 | 150.8 | 3.92 | 6.2 | 24.33 | |
| MD21 | MGA94_55 | 263959 | 5880254 | 481 | 318.6 | -68.4 | Inc. | 144.6 | 146 | 2.13 | 1.4 | 2.98 |
| MD21 | MGA94_55 | 263959 | 5880254 | 481 | 318.6 | -68.4 | Inc. | 147 | 148.7 | 4.86 | 1.7 | 8.25 |
| MD21 | MGA94_55 | 263959 | 5880254 | 481 | 318.6 | -68.4 | Inc | 149.3 | 150.8 | 8.57 | 1.5 | 12.86 |
| MD22 | MGA94_55 | 263587 | 5880638 | 471 | 93.9 | -45.9 | 7 | 9 | 0.59 | 2 | 1.17 | |
| MD22 | MGA94_55 | 263587 | 5880638 | 471 | 93.9 | -45.9 | 87.6 | 88.8 | 3.81 | 1.2 | 4.57 | |
| MD22 | MGA94_55 | 263587 | 5880638 | 471 | 93.9 | -45.9 | 122.4 | 126.5 | 1.38 | 4.1 | 5.65 | |
*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.
| HOLE ID | COORDSYS | Collar Details | AZI GRID |
DIP |
Includes |
DEPTH FROM |
DEPTH TO |
Au (ppm) |
Width (m) |
Gram* metre |
||
| EASTING | NORTHING | RL | ||||||||||
| MD22 | MGA94_55 | 263587 | 5880638 | 471 | 93.9 | -45.9 | 134 | 179 | 0.23 | 45 | 10.41 | |
Drill hole MD21 (Figure 2) successfully tested a developing high-grade shoot / splay zone on the Leven Star Reef within 30 m of MD16 which recently returned >220 gram meters of gold down-hole 4 . Significant results from MD21 include two distinct intersections: 8.1 m @ 5.79 g/t Au from 131.9 m and 6.2 m @ 3.92 g/t Au from 144.6 m; and support modelling of one or more mineralised splay structures along the Leven Star main lode, a feature that was also apparent in MD16.
Drill hole MD20 (Figure 4) was collared on farmland on the Drummond Historic Goldfield and was designed to test down-dip continuity and tenor of the Queens Birthday and O’Connors Historic reefs. MD20 returned a high-grade intercept of 3.1 m @ 9.27 g/t Au from 400.9 m across a heterogeneously brecciated and quartz veined fine to medium grained sandstone sequence with fine grained disseminated, acicular arsenopyrite mineralization (locally to 5%). This interval included a 35 cm wide quartz bearing sulphide breccia that retuned a gold assay of 35.1 g/t Au and corresponding As assay of 2.3%. This intersection represents continuity of the high-grade Queens Birthday reef at depth, where it remains open and untested. The Queens Birthday reef system extends for over 1.25 km strike, where it disappears southward under tertiary basalt cover and remains untested and open. A 0.5 m logged and sampled interval containing a puggy fault within laminated siltstone from 116.2 m returned a gold assay of 0.46 g/t Au, with a corresponding As assay of 9310 ppm. This interval potentially represents intersection of the O’Connors reef as a discrete As-rich and gold anomalous structure.
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Figure 3 , Cross Section depicting geology and significant Au intersection in MD21. Refer to Figure 2 for section location.
Step-out hole MD22 successfully intercepted a strongly altered, quartz veined and sulphide bearing porphyritic intrusive (Missing Link Monzogranite) 80 m north of the previous reported gold-mineralized intrusive in MD17 1 . Assays across the mineralized porphyritic intrusive interval returned 45 m at 0.23 g/t Au and include the upper contact zone. Peak multi-element assays within the mineralized felsic intrusive include: 1,935 ppm (As); 1.63 ppm (Ag); 64.7 ppm (Bi); 143.5 ppm (Mo); 63.5 ppm (Sb); 356 ppm (W). The intrusive remains open and untested at depth and gives further validation for an intrusion hosted and/or IRG system at the Malmsbury Project.
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Figure 4 , Drill holes MD19 and MD20 on the Drummond North goldfield testing the Queens Birthday and O’Connors reef trends.
Ground Geophysical Surveys
An IP survey for approximately 18 line km commenced on October 26, 2022. The survey spans the Malmsbury Project and the Queens Project areas and involves 11 planned traverses across priority mapping, drilling, historic reef, and geochemical targets, in addition to developing geophysical magnetic and gravity targets (Figure 5). The IP survey aims to identify potential “sulphide-rich target,” zones within the granite (IRGS) target corridor, in addition to delineating disseminated sulphide haloes around high-priority gold reef targets. It will also aid in delineating key prospective structural corridors in addition to providing useful information on preferred litho-stratigraphic domains.
Additional ground magnetics and ground gravity acquisition will run contemporaneously with the current IP survey to help refine and expand the current geophysical targets. It is anticipated that the ground geophysical work (IP, magnetics and gravity) will take approximately 6 weeks to complete.
Synthesis of all available ground and airborne magnetic and gravity data with the current IP survey in progress will form a critical component to aide…
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2022-11-22 22:11:09
