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Promising assay results for Novo Resources in Western Australia

Novo Resources announced promising high-order, soil-sampling assay results for exploration work at the Nunyerry North gold prospect in the West Pilbara, Australia.
Promising assay results for Novo Resources in Western Australia Promising assay results for Novo Resources in Western Australia Promising assay results for Novo Resources in Western Australia Promising assay results for Novo Resources in Western Australia Promising assay results for Novo Resources in Western Australia

Petra Witowski

From 10 soil samples, the results indicated more than 1 gram per tonne gold, including 2.3g/t, 2.13g/t, 1.84g/t and 1.59g/t. Rock-chip sampling also showed peak high-grade results from quartz veins with 30.3g/t gold, 21.2g/t gold and 19g/t gold.

The company undertook grid soil sampling at the Nunyerry North site, which defined a high-order gold anomaly at more than 100 parts per billion gold over a strike of 640m, which remains open to the west. 

Novo plans to continue with grid soil sampling at the site to expand the western end of the main anomaly. Additional grid soil sampling, detailed mapping and rock-chip sampling over the other two soil anomalies to the west and south of the main target area are also planned.

The company is planning road access in order to begin a drilling programme, which is anticipated to begin later this year.

The company said the results supported its exploration strategy, which aimed to grow its high-quality portfolio of gold and battery metals prospects in the Pilbara region of Western Australia.

Located southwest of Novo's Egina district, Nunyerry North forms part of the company's Croydon project, which is a 70/30 joint venture with the Creasy Group.

On February 18, Novo Resources traded on the TSX at C$1.15/share, which was down 4.2% lower on the day. Its shares have gradually fallen from $3 in March last year to hover above the $1 mark in the past month.