- Novo Resources (NVO) released additional assay results received from its diamond drilling program at the Malmsbury Project in Victoria, Australia
- The team encountered a new style of disseminated mineralization, 79.9 metres at 0.26 g/t Au from 197 metres, in addition to gold bearing sediments across its upper and lower contacts
- Over the coming months remaining assays for the Malmsbury drill program are expected
- Novo Resources (NVO) is up 2 per cent, trading at $0.51 at 9:50 a.m. ET
Novo Resources (NVO) has released additional assay results from its current diamond drilling program on RL006587 at the Malmsbury Project in Australia.
The team encountered a new style of disseminated mineralization, 79.9 metres at 0.26 g/t Au from 197 metres, and gold-bearing sediments across its upper and lower contacts. The company added that these results represent a newly-discovered style of mineralization but are not necessarily representative of mineralization throughout the Malmsbury Project.
Location of drill holes MD13 – MD18 (green traces) from current diamond program on RL006587 with key target gold reefs (red lines) and solid geology. Target monzogranite is pink stippled polygon. Two additional drill holes (pink traces) added to current program to test the Missing Link Monzogranite and the Leven Star Reef. Map via Novo Resources.
The Vancouver-based mineral exploration company holds a 50 per cent interest in the Malmsbury gold project joint venture with ASX-listed GBM Resources Ltd. (ASX:GBZ), located 50 km SSW of the high-grade Fosterville gold mine in Victoria, Australia, with more than 2,500 metres completed as at the end of May 2022.
Over the coming months, remaining assays for the Malmsbury drill program are expected. Novo’s GM, Exploration, Kas De Luca, stated that the latest results from diamond drilling on the Malmsbury Project will be complemented by the planned geophysics later in the year.
“3D modelling and targeting by the joint venture later in the year will be a critical step in advancing the Malmsbury Project, and the intrusion related gold mineralization will form an important part of understanding the overall system.”
Novo Resources (NVO) is up 2 per cent, trading at $0.51 at 9:50 a.m. ET.