VANCOUVER, British Columbia, Nov. 05, 2020 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce that mapping and rock sampling have confirmed a new conglomerate discovery located approximately 2 kms to the south-west of the current Beatons Creek conglomerate gold resource (the “Beatons Creek Resource”) (please see the Company’s news release dated April 1, 2019 and the report titled “Amended and Restated NI 43-101 Technical Report: Mineral Resource Update, Beatons Creek Conglomerate Gold Project, Pilbara Region, Western Australia” dated October 22, 2020 (effective date February 28, 2019)). The prospect, designated ‘Skyfall,’ has been confirmed as a younger depositional cycle in the Nullagine gold project. The mineralisation is located within easy trucking distance to the recently acquired Nullagine mill, providing further extensions to the Beatons Creek conglomerate gold system.

Highlights:

The Skyfall Extension

The southern-most extent of the current Beatons Creek Resource gently dips under cover. Further to the south-west, an additional single boulder conglomerate lag was identified during mapping and rock sampling in 2014 and tested by eleven costean samples in 2017. Results were continuous, and this small mesa is part of the Beatons Creek Resource.

The location of this boulder conglomerate lag as a mesa on top of a hill places it approximately 240m stratigraphically above the main Beatons Creek mineralised sequence. An attempt was made to locate this boulder lag further to the southwest where it was interpreted to daylight again (‘Skyfall’). No continuous boulder conglomerate lags were recognized at that time.

The current mapping program aimed to better understand the overlying sequence stratigraphy in relation to the currently defined stratigraphy units. Applying typical basin fill sequence stratigraphy, rather than directly aiming to find narrow boulder conglomerate lags, the broader cycles of deposition were mapped. This mapping is ongoing but has thus far recognized at least three repeat depositional cycles in which boulder conglomerate lags may form, much like the important M1 and M2 boulder conglomerate lags being located within the broader Beatons Creek mineralised sequence. Delineating this unit in each cycle significantly simplifies targeting new potential mineralised conglomerate lags.

The Skyfall depositional cycle immediately overlying the Beatons Creek unit comprises an upwards coarsening sedimentary cycle and includes a ~ 20m thick upper sequence of Dromedary-clast bearing cobble to boulder conglomerate with elevated disseminated pyrite and buckshot pyrite comparable to the Beatons Creek mineralised unit (please see Figure 2 below). Within this Skyfall mineralised unit, three boulder conglomerate lags are now delineated over a strike length of approximately 1.9km and remain open to the west.

Mapping the overlying depositional cycles continues, with further work likely comprising dozer scrapes and costean sampling at surface, followed by RC drilling under cover.


(Figure 1: Plan map showing the additional Skyfall mineralisation at the Beatons Creek project.)


(Figure 2: Schematic section interpretation across the Beatons Creek Resource area. Note location of A-A’ section shown on Figure 1.)

Dr. Quinton Hennigh (P.Geo.) is the qualified person pursuant to NI 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is President, Chairman, and a director of Novo Resources Corp.

About Novo Resources Corp.

Novo is advancing its flagship Beatons Creek gold project to production while exploring and developing its highly prospective land package covering approximately 14,000 square kilometres in the Pilbara region of Western Australia. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders.