Novo adds more options with new gold find near Golden Eagle mine

Novo Resources Corporation has tabled several high-grade gold hits at its untested Genie lode-gold prospect, located within cooee of its operating Golden Eagle processing plant in the Pilbara. Best new intercepts include 8 metres at 4.6 grams per tonne gold from just 26m. The new discovery may give Novo additional mill feed options at its nearby conglomerate gold mine as it awaits approval to mine the fresh rock from its Beatons Creek conglomerate gold project.

Novo is currently mining the oxide zone above the fresh rock at Beaton’s Creek and in parallel, the Canadian listed company is also seeking to scrub up a string of prospects to the east of Beaton’s, the closest of which is Genie. 

Other solid hits from Genie include 10m going 3.0 g/t gold from 32m, 3m at 8.9 g/t gold from 5m, 8m at 3.2 g/t from 37m and 13m at 2.0 g/t gold from 12m.

The exciting new gold intercepts come on the back of a maiden 31-hole RC program for nearly 1,800m of drilling at Genie that is less than just 3km from Novo’s Golden Eagle mining operation.

Results from the remainder of the campaign at Genie are pending and Novo has wasted little time in following-up on the gold strikes with a more aggressive drill program now looking to grow the mineralised zone.

Genie forms a part of a previously untested target area stretching for more than 1.25 kilometres.

Notably, the company says the discovery at Genie is related to an interpreted early phase dolerite intrusion - a new style of gold mineralisation in the Mosquito Creek Basin.

To date, all of the company’s mill feed has been sourced exclusively from its conglomerate gold deposit at Beatons Creek, a different style of mineralisation to the lode style gold mineralisation discovered at Genie.

Novo Resources Non-Executive Co-Chairman, Dr. Quinton Hennigh said:“Novo has an exceptional exploration team capable of quickly identifying and testing impactful targets around the Nullagine Gold Project…

Quickly recognizing the excellent potential and new style of mineralization at Genie is a prime example of their strength. And Genie is just one of the first targets on our list. Many more targets are currently being tested, all of which could have near-term impact on delivering resources for the operation. We are thrilled with these early results and eagerly await a large volume of exploration drill results to come.”

Novo has amassed a tenement package in the Pilbara that combines for a whopping 13,250 square kilometres. More than 20 drill targets within trucking distance of Golden Eagle have been identified at the tenure.

The company recently approved an expanded exploration budget that will see a serious 25,000m of drilling test high-priority and near-mine gold targets by year’s end. The drill program is looking to unearth more ore for the Golden Eagle mill.

Interestingly, Novo is utilising an exciting new way to assay its drill samples where a purpose built “Chrysos PhotonAssay” machine from Intertek is used to deliver assay results within just days rather than weeks.

The new system essentially “radiates” the sample to produce a grade and is considerably less time consuming than the cumbersome fire assay type system.

Genie is a good strategic discovery for Novo. Its location close to the Golden Eagle mill, its high grades and lode style mineralisation just might weigh into Novo’s mine plan in a big way if a serious deposit can be unearthed there.

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