Systematic Sampling at Novo’s Egina Mining Lease Yields Positive ‘MAK’ Gold Results

VANCOUVER, British Columbia, July 08, 2020 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to report positive mobile alluvial Knudson (“MAK”) sampling results from across its 100% owned Egina mining lease, M47/560, indicating widespread gold potential within terrace gravels. The Egina mining lease is a small part of the Company’s overall terrace holdings, representing approximately 5 sq km out of nearly 2,500 sq km, but these systematic sample results provide an encouraging picture of how gold might prove to be distributed over broader parts of the project. Novo’s 2020 Egina exploration program is now ramped back up to full capacity.

Summary:

MAK sampling has continued apace since Novo resumed its 2020 field season a few weeks ago following a minor delay resulting from COVID-19 restrictions which have since been eased. A further 342 MAK samples have been collected and processed from targeted terrace gravels across much of M47/560. Novo’s 2019 exploration program focused on MAK sampling, trenching and bulk sampling within a restricted test area focusing on a swale in the north-eastern corner of this mining lease (Figure 1). MAK sampling currently continues across the mining lease, but areas sampled thus far in the north-west and south are painting an encouraging picture.

Discovery of new gold targets during MAK sampling at Northwest Egina

• Through MAK sampling, Novo has identified significant expanses of gold-bearing gravels in the northwestern quadrant of M47/560 immediately north of an area of low rolling hills (Figure 2).
• Gold-bearing gravels are indicatively tested by excavating approximately 1 tonne grab samples from shallow, 1-2 m deep pits dug across the gravel profile that are then processed using Novo’s MAK test equipment. Gold is reported in point counts of particles captured in concentrate.
• The next phase of exploration in this area will encompass bulk sampling of 30-50 cubic m of gravel that is then processed through the Company’s IGR 3000 alluvial test plant to quantify grades.
• Aggressive sampling work is being conducted on the Egina mining lease early in the 2020 exploration program because, given that M47/560 is a granted mining lease, the Company sees this area as a suitable location and fastest path for trial bulk extraction and processing of gravels.

Broad areas of encouraging MAK results from South Egina