Novus Gold Corp.

Novus Gold Corp.

September 21, 2010 03:05 ET

Novus Gold Corp.: Wide Gold Zone Intersected in REN Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 21, 2010) - Novus Gold Corp. (TSX VENTURE:NOV)(OTCQX:NVXXF)(FRANKFURT:VGN) is pleased to announce assay results for three recently completed drill holes on the Grizzly gold occurrence within its 100% owned REN property, Point Lake, Northwest Territories. Results further substantiate significant gold associated with amphibolite iron formation and demonstrate the discovery of both high- and low-grade gold associated within metasediments that are not in direct association with amphibolite iron formation. These results, combined with previously reported data, are considered to clearly demonstrate that the REN gold property is underexplored and has the potential to host high tonnage, low grade, economic gold deposits.

The three drill holes which were recently completed by Novus on the Grizzly gold occurrence were from the same setup with an azimuth opposite to the three drill holes completed by Westview and Cominco in 1990. Gold assay results are reported in the table below. Assay results for NOV-10-06 and NOV-10-08 include both gold-bearing amphibolite iron formation with interbedded variably gold-bearing metasediments. Assay results of the NOV-10-07 represent gold-bearing metasediments with no interbedded amphibolite iron formation. The metasediments with significantly reported gold are characterized by weak to intense brecciation, chloritization, and silicification. The wide, low-grade intersection of 1.90 g/t Au along 20.02 metres, including the high-grade gold assay of 26.40 g/t Au along 0.63 metres within NOV-10-07, is the first known significant gold-bearing metasediments not associated with amphibolite iron formation to be reported within the REN property. Drill hole WC-90-60 was drilled by Westview/Cominco in 1990.

Drill Hole Year Drilled Year Sampled Grid UTM E Grid UTM N Azi. Core Size Dip From (m) To (m) Width (m) Au g/t
NOV-10-08 2010 2010 407383 7254453 W NQ -45 12.97 51.43 38.46 1.12
Including*               37.22 37.77 0.55 8.53
NOV-10-06 2010 2010 407383 7254453 W NQ -55 15.58 47.55 31.97 0.74
Including               16.12 25.37 9.25 1.88
Including*               23.87 24.26 0.39 6.36
NOV-10-07 2010 2010 407383 7254453 W NQ -70 13.41 33.43 20.02 1.90
Including               24.33 32.61 8.28 4.51
Including*               25.13 25.76 0.63 26.40
WC-90-60 1990 2010 407299 7254471 E NQ -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
*highest single assay interval reported within reported intercept for reported drill hole

The Grizzly gold occurrence is located along the Main "Gold Trend", an approximately 4.5 kilometre trend that includes the Main Zone, "A", Grizzly, Kendrick and Druid 1 gold occurrences. The Main "Gold Trend" is associated with a folded contact between felsic metavolcanics and metasediments along an important gold controlling metamorphic isograd that marks higher grade metamorphic rocks to the northeast and lower grade rocks to the southwest. The transition in the grade of metamorphism is considered an important control to the deposition of gold within the REN property and other important gold deposits in the area such as the Lupin-style gold deposit located 80 kilometres to the east of the REN property. The Main Zone and "A" gold occurrences are situated on the relatively higher grade side of the isograd and the Grizzly, Kendrick and Druid 1 gold occurrences are on the lower grade side of the isograd.

During the winter of 2010, Novus relogged and resampled drill core that had been acquired by Westview Resources Inc. and Cominco Ltd. in 1990 and that had not been publicly reported. The results indicated that a significant zone of gold-bearing amphibolite iron formation interbedded with gold-bearing metasedimentary rocks was present at the Grizzly gold occurrence (see press release dated March 23, 2010), similar to that observed at the Main Zone gold occurrence (see press release May 12, 2010). A summary of drill results from Novus's 2009 drill program in a press release dated January 11, 2011. Analysis and interpretation of the available results also suggested the possibility that the Grizzly occurrence could be the northern extension of the Main Zone gold occurrence, located approximately 1.7 kilometres to the south.

Further assay results from 2010 drilling, re-sampling core from previous drilling and surface exploration sampling is pending.

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

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
    1-604-683-7161 (FAX)