Novo Resources identifies hot Pilbara gold opportunity
Vancouver-based Novo Resources (TSX: NVO) continues to grow its rich Becher Project, located in one of Australia’s hottest new exploration plays, recording gold hits in 349 holes to date in a new campaign in Western Australia’s north.
The company has obtained further promising exploration results from its 2023 aircore drilling program at Becher, located in the same region as De Grey Mining’s (ASX: DEG) world class Mallina gold project and Hemi discovery in the Pilbara region of WA.
Novo, which has also identified significant gold upside at its Belltopper gold project in Victoria, is one of a number of TSX-listed firms currently targeting Australia’s golden riches.
In its Becher 3,350m aircore drilling programme, which only kicked off in mid-April 2023, Novo is utilising fast-tracked field sampling methodology and Chrysos PhotonAssay analysis.
This has allowed the company to already identify numerous gold hits including highlights intersections of: 3.0 metres at 5.23 g/t gold from nine metres; 3.0 metres at 2.93 g/t gold from nine metres; and 3.0 metre at 2.08 g/t gold from 12 metres.
The current programme follows an extensive 2022 drilling campaign of 32,000 m focused on ENE trending gold-fertile, structurally complex corridors at Becher.
That campaign successfully identified three standout gold and associated pathfinder element targets at Irvine, Heckmair and Whillans, which Novo is currently testing.
To date, 423 holes for a total of 10,080m aircore drilling have been undertaken at the eastern Heckmair and Irvine prospects, with the current drilling program targeted for completion by the end of Q2 2023.
Standout gold assay results have already been returned in 349 of the first 423 holes, with Novo executive co-chairman and acting chief executive officer, Mike Spreadborough, identifying significant upside.
De Grey’s Mallina gold project
He says the infill aircore drilling results highlight the need to continue prioritising these targets, including both structurally controlled and intrusion related gold which appear similar to mineralisation at De Greys’ Mallina gold project.
“Novo has discovered a large broad area of gold anomalism with recent drilling now confirming gold mineralisation extending into the underlying intrusions and sandstone rock units adjacent to De Grey’s Mallina gold project.
“Novo will continue the current drilling program to build on the excellent progress to date at Becher to further define the extent of mineralisation.”
De Grey’s Hemi deposit at the Mallina gold project has an initial estimated measured mineral resources of 4.7 million tonnes at 1.7 g/t gold for 265,000 ounces of gold, an indicated mineral resources of 153.4 Mt at 1.3 g/t gold for 6,590k ounces of gold, and inferred mineral resources of 92.6 Mt at 1.3 g/t gold for 3,779k ounces of gold.
Drilled in an area which many explorers had passed over, the Hemi discovery is considered one of the richest gold finds in recent Australian history.
Announced as a significant gold discovery in late 2019, Hemi led to a new gold rush in the Pilbara, with numerous companies snapping up acreage in the area.