- Novo Resources Corp.(NVO) has commenced drilling on high-priority gold targets at the Malmsbury project
- The targeting has relied on exploration work conducted by the Novo and GBM Resources Limited team throughout 2021
- The Malmsbury Project is under-explored and highly structurally complex
- Drilling will target a shoot on the Leven Star trend
- Future program work includes a second phase of drilling to define disseminated sulphide haloes around various gold targets, further expansion of systematic soil geochemistry, mapping, and sampling
- Novo Resources Corp.(NVO) is up 5.69 per cent trading at $1.30 per share as of 3:25 p.m. EST
Novo Resources Corp. (NVO) has commenced drilling on high-priority gold targets at the Malmsbury project.
The targeting has relied on exploration work conducted by the Novo and GBM Resources Limited team throughout 2021.
The diamond drilling program will consist of 2000 metres, testing multiple high-order gold targets.
Drill targets were defined through systematic exploration in 2021 including historic data compilation with 3D modelling.
The Malmsbury Project is under-explored and highly structurally complex.
It has multiple orientations of high-grade gold mineralization with more than 1,500 historic workings and old trenching.
Several target styles are going to be included.
Drilling will target a shoot on the Leven Star trend.
The historical results are not necessarily representative of mineralization throughout the Malmsbury Project
Drilling will also target a highly altered gold-mineralized Devonian monzogranite.
This is considered to be rare in Victoria and outcrops over 340 metres strike and 40 metres width.
Future program work includes a second phase of drilling to define disseminated sulphide haloes around various gold targets, further expansion of systematic soil geochemistry, mapping, and sampling.
Novo acquired a 50 per cent interest in the Malmsbury Project from ASX-listed GBM Resources Limited in May 2021.
Novo has the right to earn up to an additional 10 per cent interest by incurring AU$5 million in exploration expenditure over a four-year period.
Novo Resources Corp. (NVO) is up 5.69 per cent trading at $1.30 per share as of 3:25 p.m. EST.