Novus Gold Corp.
TSX VENTURE : NOV

Novus Gold Corp.

March 23, 2010 03:05 ET

Novus Gold Corp.: 17.97 Metres Grading 2.22 Grams Per Ton Gold Sampled in New Zone on Ren Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2010) - Novus Gold Corp. (TSX VENTURE:NOV) is pleased to announce gold assay results for the Grizz occurrence within its 100% owned REN property, Northwest Territories. These results along with historic geophysical data and on-going geological analysis, suggest the Grizz occurrence may potentially be an extension of the low-grade, high-tonnage gold-bearing rocks of the Main Zone, located approximately 2 kilometres to the south. Further exploration will be necessary to demonstrate the continuity of the gold-bearing rocks between the two occurrences.

Novus is currently completing a re-logging and re-sampling program of historic drill core currently stored within the REN property. Three drill holes were previously completed at the Grizz occurrence by Westview Resources Inc. in 1990 as part of a joint venture agreement with Cominco Ltd. Drill holes WC-90-58 and WC-90-59 were drilled from the same set-up with WC-90-59 having an azimuth approximately 45 degrees more easterly than WC-90-58. Drill hole WC-90-60 undercuts WC-90-59, having the same azimuth and dip but located approximately 45 metres to the west. Each drill hole was assayed, but details of the samples were not publicly reported.

The three drill holes completed at the Grizz occurrence intersected a relatively thick sequence of amphibolitic iron formation and argillite with intercalated greywacke turbidites analogous to that of the Main Zone. Drill hole WC-90-60 intersected 2.22 g/t Au across 17.96 m while WC-90-59 and WC-90-58 intersected stratigraphically higher and thinner gold-bearing layers (see table below). These results support Novus's discovery during its 2009 exploration program that the stratabound gold occurrences present along a more than 7 kilometre strike represent a potential high-tonnage, low-grade, gold resource.

  Drill Hole Grid
UTM E
Grid
UTM N
Azimuth Dip   From
(m)
  To
(m)
  Width
(m)
Au
g/t
  WC-90-60   407299   7254471 East -45   30.55   48.52   17.97   2.22
  Including           41.62   47.26   5.64   5.06
  Including*           41.62   41.93   0.31   12.10
                 
  WC-90-59-   407339   7254465   East   -45   36.11   39.27   3.16   2.81
                 
                 
WC-90-58   407339   7254465   Northeast   -45   22.87   23.30   0.43   9.40
                 

*highest gold for a single assay interval reported within each drill hole

Since the initiation of exploration work completed by Novus in 2009, an exploration model of formation is currently being developed that takes into consideration common associations and controls related to the gold-bearing rock types. The gold-bearing rocks can be generally characterized as relatively high-grade gold (+5 g/t Au) hosted within amphibolitized iron formation with 5 to 20 percent pyrrhotite and 1 to 5% arsenopyrite and relatively lower grade gold (typically less than 3 g/t Au) hosted in amphibolitic argillite with multiple thin interbedded chert layers. Combined, these two gold-bearing rock types can represent true widths up to 30 metres.

The Grizz occurrence was discovered by Westview Resources Inc. in 1990 while prospecting and sampling within the REN property during an option and joint-venture agreement with Cominco Ltd. During 1990, Westview completed three drill holes, WC-90-60, WC-90-59, and WC-90-58 into the Grizz occurrence. Outcrop and corresponding drill collars at the Grizz occurrence were examined and surface samples were collected during Novus's 2009 exploration program. A total of seven surface grab samples were collected from the Grizz occurrence with reported gold assays ranging from 38.4 to 3.10 g/t gold (see press release dated January 15, 2010).

Novus had also discovered a gold-bearing amphibolite iron formation 450 metres northwest of the Grizz occurrence during the 2009 exploration program. A total of five samples were collected and gold assay results ranging between 6.25 to 1.51 g/t Au were reported (see Novus press release dated January 15, 2010). These results are considered to suggest that the gold-bearing amphibolitic iron formation that extends from the Main Zone to the Grizz occurrence, continues northward, extending the potential strike length from 2.0 kilometres to 2.5 kilometres.

Mike Magrum, PEng, a qualified person under National Instrument 43-101, has approved the technical content of this news release.

Samples were collected from each of the holes using a rock saw, quartered drill core for previously sampled sections and halved core along sections that were not previously sampled. The Grizz occurrence results are of quartered or halved NQ drill core that was stored intact within the REN property. Samples were securely packaged and shipped directly to ALS Laboratory in North Vancouver.

On behalf of the board of directors of

NOVUS GOLD CORP.

Mike Magrum, President

This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Contact Information

  • Novus Gold Corp.
    Ryan Johnson
    Investor Relations
    604-688-0335
    604-683-7161 (FAX)
    www.NovusGold.com