Novo hits copper near 14Mt WA asset

RC drilling at TSX-listed Novo Resources Corporation’s Milburn nickel-copper-gold target near Karratha in Western Australia has returned a swag of anomalous copper hits including 3m at 0.59 per cent from 94m, inside of a broader 13m intercept grading 0.39 per cent from 92m.

The operation is adjacent to several noteworthy assets including Artemis Resources’ Carlow Castle project where earlier this year the company outlined a 14.3 million tonne inferred resource going 0.4 per cent for 53,000 tonnes of contained copper.

Other notable copper results from Novo’s campaign include 6m at 0.46 per cent from 67m inside of a longer 18m envelope running 0.34 per cent from the same depth. Longer strikes include 8m going 0.48 per cent copper from 70m with a broader 19m interval running 0.35 per cent.

In addition to copper, drilling across Milburn also returned a suite of anomalous nickel mineralisation grading up to 0.4 per cent.

Despite the relatively modest copper and nickel grades it is the ground’s potential that Novo is excited about. Outside of Milburn’s proximity to Artemis Resources’ Carlow Castle project the operation is also in earshot of Azure Minerals’ Andover deposit.

Azure’s nickel-copper-cobalt asset holds a 4.6 million tonne resource going 11.1 per cent nickel, 0.47 per cent copper and 0.05 per cent cobalt for 51,700 tonnes of contained nickel, 21,700 tonnes of contained copper and 2,290 tonnes of contained cobalt.

Meanwhile, diamond drilling at the company’s NRV06 prospect, a stone's throw away from Andover, struck several meters of disseminated to stringer-style nickel and copper sulphide mineralisation. Subsequent pXRF analysis on samples from NRV06 delivered grades of up to 0.95 per cent nickel and 0.25 per cent copper.

The program at Milburn and NRV06 is all part of a suite of exploration being completed across Novo’s 11,000 square kilometre Pilbara portfolio. Included in the activity is a probe of the company’s nearby Morto Lago gold target.

Drilling in the zone returned several significant intercepts including 4m at 6.74 grams per tonne gold from 8m, 3m running 3.35 g/t from 9m and 2m grading 4.06 g/t from 18m inside of a longer 5m parcel going 1.73 g/t from a shallow depth of just 15m.

The company describes Morto Lago as a gold-quartz vein system and was encouraged to work the drill bit following the return of several high-grade rock chips that delivered grades as high as 6.63 g/t gold.

Novo Resources Corporation Acting Chief Executive Officer and Director, Michael Spreadborough said:“The high-grade results from the Morto Lago area and positive results from the Milburn area provide us with a compelling platform to continue our aggressive approach to exploration in 2023. We await the next set of assays from 47k and 48K, Sullam, NRV06, Southcourt and Morto Lago North and will also complete downhole EM surveys which will generate the next set of drill targets.”

Novo is also moving ahead with a feasibility study on the more-economical fresh rock gold resources at its Beatons Creek project in the Pilbara. The move follows over a year of mining the site’s shallower oxide resources with mixed results.

The company claims to have reached the end of the mineable oxide resource at Beatons Creek and now plans to move the asset into care and maintenance whilst it awaits regulatory consent to mine the fresh rock.

Novo expects to have the regulatory hurdles associated with the gold operation to be cleared in about 12 to 18 months.

Whilst work progresses at Beatons Creek the market will no doubt be paying attention to the company’s Milburn nickel-copper anomaly and the NRV06 prospect given the neighbourhood includes Artemis Resources’ Carlow Castle project and Azure Minerals’ Andover deposit.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au