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REN Gold

REN GOLD PROPERTY

20 claims (REN 1 to 20) aggregating 40,169.25 acres or 16,260.28 hectares, 23 kilometres long from north to south and up to 11 kilometres wide located approximately 320 kilometres north of Yellowknife in the Northwest Territories called the REN Property. It is approximately 90 kilometres southwest of the formerly producing Lupin gold mine (4,000,000 oz), owned by China Minmetals (formerly Kinross Gold Corp).
History
Two gold showings were discovered in the REN claims area in 1964 by Point Lake prospecting Syndicate (AR 017346, 017348). Ten years later another two gold showings were found by Texas Gulf Incorporated (AR 080527). Twenty-six holes were drilled totalling 3,145 metres.

The claims lapsed in 1986, and Cominco acquired them in 1987. They entered into a joint venture with Westview Resources Incorporated. In 1988, a 240 line-km magnetic and EM survey was completed and ground geophysics and geological mapping and sampling followed up on anomalies. Eleven BQ-sized holes totalling 1,280 metres tested seven conductors (AR 082743). In 1989 four holes totalling 1,372 metres tested the Main Zone. One hole intersected 9.3 g/t Au over 6 metres.

In 1990, 200 line-km of HLEM, magnetic, and gradiometric surveys were completed (AR 082944) and eighteen diamond drill holes totalling 2,396 metres tested eleven conductors. Six holes were drilled in the Main Zone and its north strike extension. A new showing (Grizz) was tested by three holes. It may be an extension of the Main Zone iron formation.

Bedrock and Mineral Deposit Geology
The area is within the Slave Geological Province and is underlain by sedimentary and volcanic rocks. Greywacke and mudstone turbidites are interbedded with iron formation; these rocks are north trending and steeply dipping. Intermediate to felsic volcanic rocks outcrop on the claims. Mackenzie diabase dykes crosscut all rock types.

In the Main Zone, four zones of auriferous iron formation between 10 and 35 metres thick were intersected to a depth of 290 metres. The strike length may exceed 500 metres.

Significant Results
The Banner Zone, a new showing in iron formation, was discovered in 1989. Chip samples assayed up to 198 g/t Au and the zone could be traced by magnetometer for 600 metres. Westview Resources Incorporated reported in 1990 that the Main Zone indicates the potential for a 1.8 to 2.7 million tonne deposit in the 10 g/t Au range.

Qualifying statement on potential resource estimate
The potential resource estimate cited in this press release was prepared by Westview Resources Incorporated in 1990. At the time, Cominco was a partner in the property. Details of the calculations are not available; therefore it is not possible to compare the categories of resource with those required by NI 43-101. The company believes that the estimate is relevant to an appraisal of the merits of the property because the estimate was based on all drill data available at the time, and because there is no evidence of any subsequent work on the property. No more recent data or resource estimates are available in the public domain. No work has been done by a qualified person to classify the potential resource estimate as a current resource or reserve. The company is not treating the potential resource as a current mineral resource or reserve. The potential resource estimate should not be relied on.
From: A Guide to the Mineral Deposits of the Northwest Territories

Current Activity

January 2010

Wide gold zone identified by drilling on REN property, Drill results from the Main occurrence within the REN property clearly indicate a previously unrecognized wide zone of gold mineralization associated with iron formation. Gold assay values ranging between 2 to 3 g/t were reported for intersections that ranged from 10.61 to 32.76 meters. High-grade gold up to 22.40 g/t gold across 0.65 meters were also intersected.

7 Kilometre long gold zone identified by surface sampling and drilling on REN property. A total of 83 samples were collected and submitted for gold analysis. The samples were collected along the more than seven kilometre long iron formation within the REN property that includes the Main occurrence where a recent drill program was carried out. Most of the samples came from known occurrences other than the Main occurrence. The Banner, Flag and Gord occurrences are located along the southern half of the iron formation, more than 3 kilometers south of the Main occurrence. Grab samples (17) collected from the Banner occurrence ranged from 0.07 to 205.00 g/t gold and grab samples (12) collected from the Flag occurrence ranged from 0.02 to 22.40 g/t gold.

February 2010

Novus announces the initiation of a follow-up historic drill core sampling program on its REN property. Previous drilling on the Main Zone outlined a strike of approximately 330 metres and a depth of approximately 300 metres open in all directions and at depth. This provides an opportunity to acquire gold assay data of the Main Zone for possibly 29 drill holes. Previous historic drilling reported an intersection of 92.02 meters of 2.35 g/t Au.

March 2010

Novus receives two of the first assay results from the REN property historic drilling re-sampling program. Hole COM-89-35 sampled 2.83g/t Au over 49.98 metres including 19.05 metres of 5.07 g/t Au.

17.97 metres grading 2.22 g/t gold sampled in new zone on REN property.
Novus announces gold assay results for the Grizzly occurrence on the REN property. These results along with historic geophysical data and on-going geological analysis, suggest the Grizzly 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.

April 2010

Drilling commences on REN gold property in the Northwest Territories.

May 2010

Novus releases more re-samples from historic drill core on REN gold property. One sample returned 37.93 m of 2.46 g/t Au including 8.59 m of 5.67 g/t.

August 2010

Novus completes a 1,120 kilometre airborne geophysical survey over its REN Property. Analysis of the results clearly indicates a close association between the 20 known gold-bearing bedrock occurrences and the electromagnetic and magnetic trends identified within the REN property by the survey.

September 2010
Novus announces assay results on the REN property NWT for three recently completed drill holes on the Grizzly gold occurrence. 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.

October 2010
Novus provides a summary of the completed work to-date on the REN property. During the summer, 10 drill holes were completed at the Main Zone, three at the Grizzly occurrence and one at the Moore gold occurrence totalling 3,189 metres. In addition, 20 more historic drill holes were relogged, four of them resampled, to bring the total relogged drill holes to 42 with a combined total of 6,485 metres. In addition, the 27 gold occurrences within the REN property were examined and 174 bedrock grab samples were collected from five of the locations. The results further demonstrate the potential of the REN property to include multiple high-tonnage, low-grade gold deposits and the discovery of two additional gold-bearing host rocks in geological environments previously unreported to occur within the REN property.