TSX-listed Novo Resources is ramping up its exploration blitz across the company’s highly prospective 11,000 square kilometre Pilbara portfolio with a significant focus on gold prospects at its Purdy’s North project.
An RC drilling program is currently underway at the Morto Lago copper-gold target in addition to the Milburn nickel-copper-gold prospect at the company’s project near Karratha in Western Australia.
The two target areas sit adjacent to Azure Minerals’ Andover nickel-copper-cobalt discovery and Artemis Resources’ Carlow Castle gold-copper-cobalt prospect.
The Marlow target was identified as an electromagnetic geophysical anomaly up to 300m long and 200m wide with two copper-nickel-gold occurrences present from historical workings.
The Morto Lago target is a gold-quartz vein system with significant rock chip results of up to 6.63 grams per tonne gold.
Novo says the first three holes drilled at Milburn have highlighted a moderate dipping interpreted thrust fault with zones of pyrrhotite, chalcopyrite and pentlandite visually identified, however assays are yet to be returned.
Several additional gold and battery metal targets have been identified through regional reconnaissance mapping and surface geochemistry.
Additional high resolution geophysical electrical surveys have also been completed by Novo whilst historical geophysics support the potential for battery metals at the site.
The company believes the Morto Lago and Morto Lago North are orogenic gold targets whilst it has also identified drill ready battery metal targets including Milburn, Southcourt, NRV06 and Bushmill.
Novo Resources Acting Chief Executive Officer and Director, Mike Spreadborough said: “We have prioritised exploration as a key growth area in the next 12 months and have allocated and approved the necessary funds to deliver on this objective. With a number of drill rigs spinning at various targets over the coming months it is shaping up be a very busy end to 2022 and start to 2023.”
Novo says it is also set to commence a robust air-core drilling program at Tier 1 targets identified in the Becher area of its Egina project.
Located in the Pilbara Craton, Novo has previously identified multiple untested magnetic anomalies comparable to the gold-bearing intrusions at De Grey Mining’s extraordinary nine-million-ounce Hemi gold discovery.
The company says it is planning for a minimum of 30,000m of air-core drilling set to commence later this month.
Previous reconnaissance air-core drilling in the Becher area highlighted anomalous gold-arsenic-antimony zones and returned intercepts up to 4.38 grams per tonne gold.
A high-resolution low-altitude aeromagnetic survey over the area was recently completed with results are expected soon whilst a ground gravity survey is currently underway.
At the company’s Nunyerry North prospect, Novo has extended its gold soil anomaly over a 1.4km strike with a second 1.2km soil anomaly highlighted south of the main target.
Rock chip samples from the Nunyerry area discovered earlier this year returned results including 8.81 and 7.39 g/t gold.
This follows samples taken last year from quartz veins with impressive figures including 30.3 g/t, 21.1 g/t and 19 g/t gold.
On the other side of the country, Novo has also seen positive results from a diamond drilling campaign at its 50 per cent owned Malmsbury gold project in Victoria 50km from the Fosterville gold mine.
Assay highlights include a 7.7m intercept at 2.8 g/t gold from 87m and a 0.95m hit going 10 g/t gold from 102.65m
With plenty of targets identified within a range of tenements, including the highly prospective Pilbara region, the market will be keeping a close on eye on what Novo can unearth in its latest exploration blitz.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
