Novo Resources Corp. The transaction structure for each project allows a great balance between risk, expenditure and exploration potential.
We have hit the ground running at these projects and are very excited by the potential opportunity for a major gold discovery. Investor interest in our San Cristobal shareholding was strong. Our structured approach allows us to quickly identify priority targets for follow up and highlight tenure that can be dropped or traded to help us manage our land portfolio and holdings costs. There were no significant safety, environment, or community incidents during Q4 Discussions with the representatives of the Traditional Owners are on-going as Novo reviews and updates the relevant access agreements.
Novo remains in close contact with Traditional Owners to ensure appropriate heritage protection for planned exploration activities across all of its projects. The tenure consists of two tenements and covers some 32 sq km Figure 1. Following each farm-in period, Novo has the option to exit the farm-in agreement. Historical highlights at John Bull Figure 2 include results from a costean by Kennecott Australia in which intersected m 1.
No assurance can be given that Novo will achieve similar results. Figure 2: John Bull drill hole and costean locations, soil gold geochemical results and historical soil sampling locations. TechGen also completed 17 RC holes for 2, Peak results from four approximately m spaced sections of shallow RC drilling by TechGen over m strike Figure 2 include Figure 3 :. System open below m depth. Note, wider intercepts have no restriction on internal dilution. All drill sections remain open at depth and the system remains open along strike.
An Induced Polarisation IP geophysical survey over part of the target also produced anomalies over known mineralisation. Multiple targets have been identified for drill testing, including directly down dip and along strike of significant intercepts, co-incident or separate Au soil anomalies and IP anomalies, and under historic workings.
