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Novo Expands Mineralization at Beatons Creek and Discovers a New Gold-Bearing Reef at Marble Bar, Western Australia
(via Thenewswire.ca) VANCOUVER , October 2, 2013 - Novo Resources Corp. (the "Company...
About this update from Novo Resources Corp.
[{"type":"text","content":"Novo Expands Mineralization at Beatons Creek and Discovers a New Gold-Bearing Reef at Marble Bar, Western Australia(via Thenewswire.ca)\n\n \nVANCOUVER, October 2, 2013 - Novo Resources Corp. (the \"Company\" or \"Novo\") (CNSX: NVO; OTCQX: NSRPF) is pleased to update ongoing work at its Beatons Creek and Marble Bar Gold Projects in Western Australia. Over the past two months, the Company has conducted reverse circulation (\"RC\") drilling at Beatons Creek, analyzed core from eight holes drilled at Beatons Creek earlier in 2013, and completed its reconnaissance level program at Marble Bar. \n\n \n \n\"We are pleased to see continued expansion of mineralized conglomerate reefs to the south of areas previously drilled at Beatons Creek,\" commented Dr. Quinton Hennigh, President and CEO of Novo Resources. \"And at Marble Bar, we are excited to have discovered what appears to be the first laterally continuous gold-bearing reef in that basin. As a result of a recent exercise of share purchase warrants, we currently have approximately $8.3 million in our treasury putting us in a strong position to move this project forward.\"\n\n \n \nBeatons Creek\n\n \n \nApproximately 1,500 meters of RC drilling was undertaken at Beatons Creek between late July and late August. Most of this drilling focussed on an area north of the 421,000 troy ounce gold inferred resource (8.9 million tonnes at a grade of 1.47 grams gold per tonne) announced in a press release dated May 1, 2013, and detailed in a National Instrument 43-101 technical report filed under the Company's profile on SEDAR on May 23, 2013. One hole, BCRC13-019, was attempted on Creasy Group Pty. Ltd. ground south of the inferred resource.\n\n \n \n\n-.Hole BCRC13-019 is the first Novo hole drilled deep enough to test for the Grants Hill mineralized reef package on the downthrown side of a northwest-trending fault that cuts though this area (see attached figure 1: Drill Hole Map). This hole encountered 16 meters at 1.29 grams per tonne (\"gpt\") gold including 3 meters at 4.42 gpt gold. Interestingly, this hole continued in conglomerates with low-level mineralization grading approximately 0.2 gpt gold for an additional 130 meters below this horizon. Such a thick footwall halo has thus far not been seen elsewhere at Beatons Creek. \n\n\n\n-.RC drilling north of the resource area proved chal...