Novo Secures Access to PhotonAssay Services by Executing Agreement With Intertek
Novo Resources Corp. (OTCQX: NSRPF) has signed a 3-year agreement with Intertek for on-site laboratory and PhotonAssay services at the Golden Eagle Mill. This collaboration aims to support Novo's Beatons Creek project by providing a minimum of 40,000 PhotonAssays monthly, helping to alleviate assay backlogs and enhance exploration capabilities. The installed Chrysos Units will improve sample preparation efficiency, contributing to ongoing operations in the Pilbara region. The partnership promises to streamline assay processes and expand exploration efforts for Novo's extensive land package.
- Signed a 3-year agreement with Intertek for on-site laboratory services enhancing operational efficiency.
- Secured a minimum of 40,000 PhotonAssays per month, significantly relieving assaying backlog.
- Chrysos Units will improve sample preparation time, boosting productivity at Golden Eagle Mill.
- None.
VANCOUVER, British Columbia, May 18, 2021 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO & NVO.WT; OTCQX: NSRPF) is pleased to advise that it has signed a 3-year agreement (with an option to extend to 6 years) with Intertek Testing Services (Australia) Pty Ltd (“Intertek”), a wholly owned subsidiary of Intertek Group plc (LSE: ITRK), for the provision of on-site laboratory and sample preparation services and PhotonAssay services (the “Intertek Agreement”). Intertek will manage an on-site laboratory at the Company’s Golden Eagle mill (the “Golden Eagle Mill”) designed to prepare samples from the Company’s planned infill drilling campaign at the Beatons Creek conglomerate gold project (“Beatons Creek”) for PhotonAssay in Intertek’s new state-of-the-art facility in Perth, Western Australia. Intertek has agreed to provide Novo with priority access to two brand new Chrysos PhotonAssay units (each a “Chrysos Unit”) which are currently being installed in Intertek’s Perth facility and should be fully operational by late May and early-July, respectively. Novo has committed to, and Intertek have agreed to provide, a minimum of 20,000 PhotonAssays per month for each Chrysos Unit once fully operational.
Summary of Benefits to the Beatons Creek Operation and Novo’s Pilbara Exploration:
- Novo is conducting grade control and resource upgrade reverse circulation drilling across the Beatons Creek deposit. Drill samples are collected on half-metre intervals, and sample material is crushed, split and 10 x 500-gram charges are analyzed by PhotonAssay per each sample (5 kg total mass analyzed per sample). Novo believes PhotonAssay is the optimal technique to analyze nuggety gold mineralization at Beatons Creek.
- Access to a minimum of 20,000 PhotonAssays per month for each of the two new Chrysos Units being installed by Intertek will assist in alleviating the existing assaying backlog over the next few months and will provide sufficient assay capacity for Beatons Creek on a continual basis going forward for the duration of the Intertek Agreement.
- Establishing an internal sample preparation facility on site at the Golden Eagle Mill will greatly reduce sample preparation time.
- The Chrysos Units will also allow Novo to introduce exploration related samples into the analytic stream thus allowing the Company to better advance its exploration assets across the Pilbara. The Company envisages employing the sample preparation facility at the Golden Eagle Mill to prepare all exploration related samples.
“Securing a minimum of 40,000 PhotoAssays per month is a huge step for Novo,” commented Dr. Quinton Hennigh, Chairman and President of Novo. “We can soon begin to alleviate our backlog of grade control assays, but also now have an assurance that we can provide sufficient assay capacity for Beatons Creek and our exploration programs across the Pilbara on an ongoing basis during the life of the Intertek Agreement. We were one of the first companies to utilize Chrysos PhotonAssays in 2017 and take great pride in being one of the first to commit to wholesale long-term use of this technique for virtually all our analytic needs. We look forward to working with Intertek as they install these two new units and our new sample preparation facility at the Golden Eagle Mill.”
Dr. Quinton Hennigh (P.Geo.) is the qualified person pursuant to NI 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is President, Chairman, and a director of Novo.
About Novo Resources Corp.
Novo is commissioning its flagship Beatons Creek gold project while exploring and developing its highly prospective land package covering approximately 14,000 square kilometres in the Pilbara region of Western Australia. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com
About Intertek
Intertek is a leading total quality assurance provider to industries worldwide. Intertek’s network of more than 1,000 laboratories and offices and over 43,800 people in more than 100 countries, delivers innovative and bespoke assurance, testing, inspection and certification solutions for its customers' operations and supply chains. Intertek total quality assurance expertise, delivered consistently, with precision, pace and passion, enabling its customers to power ahead safely.
On Behalf of the Board of Directors,
Novo Resources Corp.
“Quinton Hennigh”
Quinton Hennigh
President and Chairman
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation). These include statements (the “forward-looking statements”) regarding Novo’s intent, or the beliefs or current expectations of Novo’s management. When used in this news release, words such as “will”, “would”, “expect”, “target”, “potential”, “objective”, “subject to”, “expected to” and similar words or expressions identify these forward-looking statements as well as phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “occur” or “be achieved” or the negative connotation of such terms. Forward-looking statements in this news release include, without limitation, the timeframe during which the Chrysos Units will be ready, that the Company will have sufficient assay capacity for Beatons Creek on a continual basis going forward, that establishing an internal sample preparation facility on site at the Golden Eagle Mill will greatly reduce sample preparation time, and that access to a minimum of 40,000 PhotonAssays per month from the two Chrysos Units will also allow Novo to alleviate its backlog of grade control assays and provide sufficient capacity for Beatons Creek and exploration programs across the Pilbara on an ongoing basis during the life of the Intertek Agreement. Forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, without limitation, the risk factors identified in Novo’s annual information form for the 11-month financial year ended December 31, 2020 and Novo’s management’s discussion and analysis for the same period, both of which are available on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.
FAQ
What is the significance of Novo Resources' agreement with Intertek for NSRPF investors?
How will the PhotonAssay services impact Novo's Beatons Creek project?
When will the new Chrysos Units become operational for Novo Resources?
