Toronto-listed, Novo Resources Corporation could be set for some stage time after greenfield exploration across its ground in the West Pilbara region of WA unveiled a suite of gold-copper and nickel-copper-cobalt targets. The company is now progressing ground electromagnetic surveys to advance its latest findings and says the work is consistent with its exploration strategy of maturing its portfolio of gold and battery metals interests across its Pilbara ground.
According to Novo, its latest exportation jaunt in the mineral-rich Pilbara has been largely driven by a spate of historical success stories adjacent to its landholdings.
Only a couple of years ago the well-regarded Creasy Group plunged a hole in the area that intersected a solid 7 metre strike grading 2.62 per cent nickel and 0.65 per cent copper.
ASX-listed Azure Minerals followed up its predecessor’s discovery with a similarly impressive hit, notching a high-grade 3.9m intercept at 2.85 per cent nickel and 0.47 per cent copper from 94.5m in its maiden drill hole.
The area now looks to be developing into something of a hotbed of activity with Novo’s suite of targets nestled between Azure Minerals’ Andover deposit to the south and Artemis Resources’ Carlow deposit to the north.
Novo’s exploration license across the area contains several Versatile Time Domain Electromagnetic, or “VTEM” anomalies that have to date not met the drill bit. The ground also boasts a spate of high-grade soil geochemical anomalies.
Included in its armoury of anomalies are a trio of VTEM conductors within the Andover intrusion at Novo’s Southcourt prospect. Sampling by the company brought forward soil values that include 1,456 parts per million copper, 1,521 ppm nickel, and 1,938 ppm cobalt. Peak rock chips drew grades of up to 19.6 per cent copper, 0.13 per cent cobalt and 2.07 per cent nickel.
Soil sampling by Novo at its Milburn anomaly, about four kilometres north of Southcourt, uncovered values that included 1,677 ppm copper, 1,131 ppm nickel and 238 ppm copper. Peak rock chip results included similarly impressive copper grades up to 15.2 per cent copper and 92 ppm cobalt and 0.33 per cent nickel.
In addition to its two primary targets, the company has also outlined about half a dozen additional targets that have mostly not been highlighted by its VTEM survey.
Novo is now gearing up for a New Year exploration onslaught that will include ground-based electromagnetic surveys to better define its EM conductors, completing induced polarization lines across the identified target zones and capping of the three-pronged exploration push will be a round of drilling across its key prospects.
The company says the planned drill holes will be surveyed using downhole EM techniques to locate off-hole conductors. Novo is also planning reconnaissance soil sampling, mapping, and rock chip sampling across its landholdings.
With plenty of intriguing targets to hunt down across a highly prospective area, Novo could be set to light up a few radars if its ongoing exploration is able to sniff out some high grade hits akin to previous discoveries.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
