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Novo Resources: New Style of Gold Mineralization Encountered at Malmsbury Project, Victoria, Australia
HIGHLIGHTS Diamond drilling continues at the 50%-owned Malmsbury gold project (“Malmsbury Project”) joint venture with ASX-listed GBM Resources Ltd. (ASX: GBZ),
About this update from Novo Resources Corp.
[{"type":"text","content":" HIGHLIGHTS Diamond drilling continues at the 50%-owned Malmsbury gold project (“Malmsbury Project”) joint venture with ASX-listed GBM Resources Ltd. (ASX: GBZ), located 50 km SSW of the high-grade Fosterville gold mine in Victoria, Australia, with over 2,500 m completed as at the end of May 2022. Drill hole MD17 encountered a new style of disseminated mineralization, 79.9 m @ 0.26 g/t Au from 197 m, hosted by the Missing Link Monzogranite between 204 – 269 m downhole, in addition to gold bearing sediments across its upper and lower contacts. Results represent a newly discovered style of mineralization and are not necessarily representative of mineralization throughout the Malmsbury Project. Novo considers the highly elevated levels of gold in this intercept to be strongly anomalous leaving open the possibility of higher grades nearby. Review of multi-element analysis for MD17 is ongoing. Remaining assays for the Malmsbury drill program are expected over the coming months. The Missing Link Monzogranite target is now defined over 340 m strike and 40 m width (at surface) and remains completely open at depth. Drilling confirms a steep (70 - 80°) east-dipping elongated body that widens at depth. Positive gold assays from the current diamond drilling further validate the potential for an intrusion hosted and/or intrusion related gold system (“IRGS”) at the Malmsbury Project. Two additional diamond holes to be included in the current drilling program based on recent success. A step out hole to further test the monzogranite target, and an additional hole on the Leven Star Reef to test a potential high-grade shoot zone as supported by significant high-grade intersections returned from MD161. Preparations are underway for an induced polarization (“IP”) survey to test for mineralization in the Belltopper Hill area. This survey is designed to define sulphide rich granite-related targets and disseminated sulphide haloes around the high-grade gold reef targets. VANCOUVER, British Columbia, June 21, 2022 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to report additional assay results received from the current diamond drilling program on RL006587 at the Malmsbury Project, approximately 50 km SSW of the high-grade Fosterville mine in Victoria, Australia. Novo exerc...