Novo Resources Corp (ASX: $NVO) announces upgraded nunyerry north drill results

Novo Resources Corp (ASX: $NVO) has announced the upgraded high-grade results from the maiden reverse circulation (RC) drill program completed at Nunnery North in late 2023. The significant drill intercepts from the 2023 Nunyerry North program of shallow reverse circulation drilling were re-analysed by multi-pot PhotonAssayTM. The drill program comprised 30 holes for 2,424 m. The larger sample methodology has upgraded a number of the existing significant intercepts, with new intercepts including 6 m @ 6.12 g/t Au from 37 m (NC017), 11 m @ 2.52 g/t Au from 22 m, including 6 m at 4.19 g/t Au from 22 m (NC014), and 13 @ 1.89 g/t Au from surface (NC004).

Executive Commentary on Upgraded Drill Results

It is exciting to see a significant grade increase in the Nunyerry North drill results, some of which are close to surface and demonstrate the substantial upside potential of this Project. Plans are in place for phase two follow-up drill program, which has been designed to test extensions of the known target horizon, structural targets and a potential mineralised porphyry intrusion. Our exploration activity across key Western Australian assets continues to deliver exciting results and importantly, we are well-funded to continue our strong exploration program throughout 2024.

Summary of Upgraded Drill Results and Future Plans

Novo Resources Corp (ASX: $NVO) has announced the upgraded high-grade results from the maiden reverse circulation (RC) drill program completed at Nunnery North in late 2023. The larger sample methodology has upgraded a number of the existing significant intercepts, with new intercepts indicating a significant component of coarse gold within the mineralised system at Nunyerry North. The company plans to conduct a phase two follow-up drill program to test extensions of the known target horizon, structural targets, and a potential mineralised porphyry intrusion. Additionally, the company outlined its 2024 exploration plans for Nunyerry North, including a ~4,000 m reverse circulation drilling program and further drill testing near Karratha. Novo is well-funded for ongoing exploration activities with a cash balance of A$17.4 million (C$15.4 million) and an investment portfolio comprising A$39.3 million (C$34.8 million) in ASX-listed and unlisted companies as at 25 March 2024.