(via Thenewswire.ca)
VANCOUVER , January 29, 2014 - Novo Resources Corp. ("Novo" or the "Company") (CSE: NVO; OTCQX: NSRPF) is pleased to announce the discovery of a new outcropping gold-bearing conglomerate horizon (reef) in an area approximately 700 meters west of the NI 43-101 compliant resource (421 Koz Au; 8.9 Mtonnes @ 1.47 gpt Au) announced May 1, 2013 and described in a technical report entitled "Technical Report and Resource Estimate on the Beatons Creek Project, Pilbara Region, Australia" which was filed under Novo's profile on SEDAR on May 23, 2013 . Surface grab samples taken during a recent reconnaissance mapping and sampling program range from 0.06-17.86 gpt Au ( see attached sampling map ). The reef varies from 1-2 meters thick and appears to be quite shallow, less than 20 meters deep, over an area roughly one kilometer across. It is approximately 150 meters up-section from known gold-bearing reefs at Grant's Hill. More sampling and mapping will be undertaken to adequately assess its true extent.
2014 Exploration Program
By conserving cash, Novo exercised extreme caution in late 2013 as market conditions deteriorated in the junior mining sector. This has put the company in a strong position to move forward as the market improves. Currently, there is approximately CAD $10.6 million in treasury.
In addition to work on expanding the newly discovered gold-bearing reef mentioned above, Novo's priorities include:
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1) Upgrading the existing NI 43-101 compliant resource (421 Koz Au; 8.9 Mtonnes @ 1.47 gpt Au) and undertaking economic studies to move it toward feasibility.
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2) Conducting large diameter diamond core drilling and/or bulk sampling to evaluate shallow, oxidized gold-bearing reefs in proximity of the resource. Attempts at reverse circulation drilling in these areas in 2013 failed to produce acceptable sample quality.
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3) Completing deep diamond drill holes at both Beatons Creek and Marble Bar using funds from the $400,000 drilling grant awarded by the government of Western Australia (see December 14, 2013 news release).
Due to dismal market conditions, Novo is currently evaluating any and all "distressed" opportunities that might help augment its position in the Pilbara region.
"Beatons Creek continues to generate surprises," commented Dr. Quinton Hennigh, President, CEO and Director of Novo. "There is absolutely no evidence of any historic workings on the newly discovered upper reef horizon, so this is truly a virgin discovery. Given our strong cash position, not only are we in a great position to advance this new discovery and our other exploration goals in 2014, but we can also take advantage of good opportunities that may come our way."
