Novo Resources Corp. press release
Novo Resources Corp. Business Review
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VANCOUVER, British Columbia and PERTH, Australia, Feb. 05, 2025 (GLOBE NEWSWIRE) --
HIGHLIGHTS – FOURTH QUARTER
Three new high prospectivity farm-in/JV deals in December 2024, strengthening Novo’s high-quality, Australian based exploration portfolio. Onslow District Western Australia 1 Significant new ground position of approximately 1,520 sq km secured at the Toolunga Project in the Onslow District of Western Australia. Option to acquire a 70% interest in the Cane River Project. Direct pegging by Novo of six new exploration licenses (100% Novo). The Toolunga Project is underexplored with prospectivity for precious and base metal discovery and aligns with Novo’s exploration strategy targeting > 1 Moz Au potential.
New South Wales Projects 2 Executed binding term sheets for the John Bull Gold Project in the New England Orogen of NSW, and the Tibooburra Gold Project in the Albert Goldfields in northwestern NSW. Both projects demonstrate prospectivity for significant discovery and resource definition.
Belltopper Gold Project – Victoria 3 Ongoing work to refine the Exploration Target defined at Belltopper in September 2024 through geological modelling of priority target reefs following completion of 2024 drilling.
Exploration field programs in Q4 2024 focussed on the Pilbara (Western Australia). High grades of up to 4.7% Sb and 146.7 g/t Au 4 received from targeted rock chip sampling as follow up of the Sherlock Crossing historic antimony (Sb) mine. Rock chip sampling at Miralga, targeting porphyry-related Cu-Au, yielded peak values of 1.2 g/t Au and 4.4% Cu 4 from intense stockwork veining. An ~5 km-long soil gold anomaly was delineated across the Tabba Tabba Shear Corridor between No 6 Bore to Kilkenny targets, including elevated rock samples of up to 3.8 g/t Au 4 . All required compliance to enable aircore drilling at Balla Balla in 2025 has been finalised. De Grey Mining (ASX: DEG) has satisfied it’s $7 million minimum expenditure commitment in September 2024 and have committed to a further spend of A$18 million by June 30, 2027, to earn 50% in the Becher Project. Egina is located near De Grey’s 13.6 Moz Hemi Gold Project 5 .
Sale of remaining 20% of the Quartz Hill Joint Venture and Novo’s 100% interest in gold and silver rights in the Quartz Hill Joint Venture for A$850,000 (C$774,000) 6 cash. Sale of 38% of Novo’s shareholding in privately-owned San Cristobal Mining (San Cristobal) for gross proceeds of A$11.5 million (C$10.5 million) 7 validating the strength and liquidity of this investment. In January 2025, San Cristobal declared a dividend of US$0.756 per common share and Novo received US$935,000 (C$1,351,000). Strong financial position with a cash balance of A$12.1 million (C$10.8 million) and investments of approximately A$43.8 million (C$39.1 million) as of 31 December 2024.
Commenting on Q4 2024, Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said, “ The fourth quarter has put Novo in a very strong position to deliver shareholder success in 2025.
“The three new projects that we have added to our portfolio are all highly prospective and help broaden our geographic diversity. 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.
“We have also freed up significant capital through the sale of a portion of our San Cristobal shareholding, and our remaining interests in the Quartz Hill Joint Venture. Investor interest in our San Cristobal shareholding was strong. We now have A$12 million cash and more than A$40 million in investments – balance sheet strength that would make us the envy of many junior explorers.
“The team at Novo continues to be highly disciplined in our exploration approach and also when it comes to project generation and consolidation. 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.
“To that end, we have resolved to seek interest from parties to acquire or be part of a joint venture in relation to, the Comet Well and Purdy’s North project, which would allow us to focus on our high priority opportunities.”
Surface mapping at the John Bull Project in New South Wales
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8a0b364d-ec83-4400-9f99-59e3d9d44dee
SUSTAINABILITY
There were no significant safety, environment, or community incidents during Q4 2024.
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.
NEW SOUTH WALES – NEW GOLD PORTFOLIO
TechGen Metals – John Bull Gold Project
The John Bull Gold Project ( John Bull ) is an advanced exploration opportunity, located in the emerging New England district NSW. The tenure consists of two tenements and covers some 32 sq km ( Figure 1 ). The agreement with TechGen Metals Limited ( TechGen ) (ASX: TG1) grants Novo an option to acquire an 80% interest in the Micks Bull tenement EL9121 and a 70% interest in the John Bull tenement EL8389. The initial farm-in period is 12 months, for which Novo will pay TechGen A$300,000 (approximately C$267,000) in Novo shares, during which Novo is required to complete 1,500 m of drilling on EL8389. The second farm-in period is 18 months, for which Novo will pay TechGen A$200,000 (approximately C$178,000) in Novo shares, during which Novo is required to complete an additional 1,500 m of drilling on EL8389. Following each farm-in period, Novo has the option to exit the farm-in agreement. If Novo should elect to form the joint venture after the second farm-in period, an additional A$180,000 (approximately C$160,000) in Novo shares is to be paid to TechGen.
_Figure 1: __Location of the John Bull Gold Project in northeastern NSW, Australia _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6c7b2b5b-7b84-4356-98de-8695355cf302
Historical highlights at John Bull ( Figure 2 ) include results from a costean by Kennecott Australia in 1983 which intersected 160 m @ 1.2 g/t Au, including 5 m @ 18.0 g/t Au and 5 m @ 7.1 g/t Au 8 . Soil sampling completed by TechGen highlighted an exceptionally high-order gold anomaly over 900 m long and 250 m wide at > 100 ppb Au with seven samples reporting > 4.5 g/t Au 9 . Novo has not conducted data verification (as that term is defined in National Instrument 43-101 _Standards of Disclosure for Mineral Projects _and JORC 2012) in respect of the data set out above and therefore is not to be regarded as reporting, adopting or endorsing those results/figures. 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. The location of drill Section A-A’ (see below) is also noted. _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9f59802f-2a9a-47e7-bcde-7a3aeea6995c
TechGen also completed 17 RC holes for 2,249.5 m (2022 and 2023) with an effective test to ~120 m vertical depth. Peak results from four approximately 100 m spaced sections of shallow RC drilling by TechGen over 320 m strike ( Figure 2 ) include ( Figure 3 ):
94 m @ 0.95 g/t Au from 4 m including 66 m @ 1.14 g/t Au, and 17 m @ 1.08 g/t Au from 109 m (JBRC0006) 10 68 m @ 1.00 g/t Au from surface, including 23 m @ 2.02 g/t Au (JBRC0001) 11
Novo has not conducted data verification (as that term is defined in National Instrument 43-101 _Standards of Disclosure for Mineral Projects _and JORC 2012) in respect of the data set out above or in _Figure 3 _and therefore is not to be regarded as reporting, adopting or endorsing those results/figures. No assurance can be given that Novo will achieve similar results.
_Figure 3: __John Bull - E-W Drill section (A-A’ on __Figure 2 __) showing 130 m wide mineralisation and internal higher grades. System open below 120 m depth. Note, wider intercepts have no restriction on internal dilution. _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/db42c7fa-abbf-422e-879c-ed696294066b
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.
_Figure 4: __John Bull - Plan view IP image with targets defined by IP (A, 1-4) and soil geochemical targets (dashed black lines). _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/869b1d3f-7b64-4532-9f75-2deabf520901
Manhattan Corporation – Tibooburra Gold Project
The Tibooburra Gold Project ( Tibooburra ) is an advanced exploration opportunity, located in northwestern NSW and covering the historic Albert Goldfield. Tenure includes six granted exploration licences over 630 sq km. The agreement with Manhattan Corporation Limited ( Manhattan ) (ASX: MHC) grants Novo an option to acquire a 70% interest in the tenements comprising Tibooburra. The initial farm-in period is 12 months, for which Novo will issue Manhattan 500,000 Novo shares, during which Novo is required to spend a minimum of A$500,000 on exploration. The second farm-in period is 12 months, for which Novo will issue Manhattan 1,000,000 Novo shares, during which Novo is required to spend a minimum of A$1,000,000 on exploration. Following each farm-in period, Novo has the option to exit the farm-in agreement.
Tibooburra covers ~55 km of strike along the Tibooburra and Koonenberry Greenstone Belts in northwestern NSW ( Figure 5 ). The Albert Goldfields is located in the north of the project area. It was discovered in 1881 and mined in earnest until 1901 with a recorded production of approximately 55,000 oz Au at mining grades of +20 g/t Au 9 .
_Figure 5: __. Geology of the Tibooburra project tenements highlighting the Albert Goldfields at the boundary of the Thomson and Delamarian orogens wrapping around the west side of a cluster of large granite intrusions to the east _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/249d680e-6ced-4430-85b2-6d23d95a3fe2
The Tibooburra project area itself displays more than 200 historic workings and over 34 km of mineralised trend on multiple lines of workings. Several immediate targets have been delineated by previous workers including New Bendigo, Clone, Pioneer, Elizabeth Reef and Good Friday ( Figure 6 ). However, outside of the New Bendigo prospect, little systematic modern exploration has been conducted. The area is significantly under-explored, and satellite imagery and interpretation shows abundant cover, particularly in the south.
Two advanced drill ready target areas are defined at New Bendigo and Clone (and the associated Clone Trend).
_Figure 6: __Tibooburra project tenure, with geology, drill collars, main prospects, highlighting multiple parallel mineralised trends. _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3a1b3677-43cf-48d4-a194-f3c4a5c4d309
The New Bendigo trend shows extensive historical workings over 2 km strike. Several drill programs by Manhattan tested over 530 m strike and intersected multiple high-order intercepts. Extremely high-grade gold has been observed hosted in laminated quartz veins in historical diamond drilling where peak drill results include 12 :
30 m at 4.03 g/t Au from 11 m, including 5 m at 20.86 g/t Au (NB0033) 16 m at 13.89 g/t Au from 1 m, including 3 m at 69.20 g/t Au (NB0083) 8 m at 40.5 g/t Au from 70 m, including 3 m at 105.34 g/t Au (NB0089) 7 m at 13.10 g/t Au from 97 m, including 5 m at 18.01 g/t Au (NB0113) 13 m at 6.16 g/t Au from 50 m, including 3 m at 25.48 g/t Au (NB0122)
At Clone extensive historical workings manifest over ~450 m strike and 20 to 40 m in depth. Drilling by Manhattan in 2023 highlighted potential for shallow dipping high-grade gold mineralisation. Excellent drill results were returned from 11 holes over 250 m strike to a maximum depth below surface of 75m, including 13 :
7 m at 7.23 g/t Au from 81 m, including 3 m at 16.1 g/t Au (CL0007) 9 m at 6.03 g/t Au from 16 m (CL0010) 6 m at 4.22 g/t Au from 66 m, including 2 m at 11.65 g/t Au (CL0004) 31 m at 1.29 g/t Au from 60 m, including 3 m at 6.52 g/t Au (CL0002)
Mineralisation at Clone remains open in all directions, with targeted mineralised basement trending under cover sediments to the south. The cover sediments extend for some 15 km providing opportunities for exploration targeting potential ‘blind discoveries.’
Novo has not conducted data verification (as that term is defined in National Instrument 43-101 _Standards of Disclosure for Mineral Projects _and JORC 2012) in respect of the above data from New Bendigo and Clone and therefore is not to be regarded as reporting, adopting or endorsing those results/figures. No assurance can be given that Novo will achieve similar results.
Forward Programs - NSW Projects
Novo is planning to conduct field reconnaissance at both John Bull and Tibooburra in Q1 2025, including detailed structural work, broad scale geological and regolith mapping, surface soil and rock chip geochemical sampling prior to targeting RC drill programs.
WESTERN AUSTRALIAN GOLD PORTFOLIO
Onslow District – Toolunga Project
Novo recently pegged six Exploration License Applications for 634 sq km of 100% owned tenure in the Onslow District of WA, with a further 890 sq km in four Exploration License Applications ( Figure 7 ) via an option arrangement with OD4 Rocklea Pty Ltd ( OD4R ) on the Cane River Project (under which Novo would acquire a 70% interest if the option is exercised). On execution of the agreement, Novo paid OD4R A$55,000 as reimbursement for expenditure incurred to date. The initial farm-in period is 12 months from tenement grant date, for which Novo will pay OD4R A$45,000. The second farm-in period is 12 months, for which Novo will pay OD4R A$100,000 in Novo shares. Following each farm-in period, Novo has the option to exit the farm-in agreement.
This completes a strategic landholding of 1,524 sq km targeted across the junction of major tectonic boundaries in the north of WA and is termed the Toolunga Project. The Toolunga tenure is underexplored using systematic, modern exploration technologies yet displays prospectivity for precious and base metal discovery and aligns with Novo’s corporate strategy of exploring for targets with > 1 Moz Au potential.
_Figure 7: __Novo Pilbara and Onslow tenure showing main projects and significant prospects. _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ad019f86-1e81-4b61-bfe6-5f37a5d6cffc
A series of targets have been generated by Novo and OD4R based on current geological understandings and the initial assessment of regional geophysics and open file GSWA geochemical sampling ( Figure 8 ):
Large geophysical targets (gravity – magnetic) with surface geochemical support. Range No. 2 – Historic shaft sunk into a shear zone with peak rock chip samples of 3.1% Cu, 33% Pb and 125 ppm Ag 14 – not drilled. Bullajacka Well - Historic Cu-Au occurrence with rock chip results of 6.2% Cu, 0.19 ppm Au, 94 ppm Ag, 310 ppm Bi and 41 ppm Sb 15 . Mt Minnie – kilometre scale coincident magnetic and gravity anomaly in a triple junction between the Bandee Fault Lithospheric Boundary and the Mindle Shear Zone, with anomalous As-Cu-Pb-Zn stream samples. Range North – Strongest Cu soil anomaly in WAMEX dataset for the area, including a peak of 147 ppm Cu 16 parallel to a N-S structure.
Historical data and sample results may not be representative of mineralisation in the district. Novo has not independently validated the public results listed in historic WAMEX reports or the information included in the DEMIRS database and is therefore not to be regarded as reporting, adopting or endorsing the results. No assurance can be given that Novo will achieve similar results as part of its exploration activities at the Toolunga Project.
_Figure 8: __Toolunga Project tenure showing regional targets over 1VD aeromagnetic image in a complex structural setting _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4553b114-3a4d-4642-bec6-48917be9be6d
Egina Gold Camp
The Egina Gold Camp ( EGC ) is located centrally within Novo’s Pilbara tenure and is the Company’s flagship project area. The EGC covers some 80 km of continuous tenure across prospective stratigraphy of the Mallina Basin, with approximately 900 sq km managed by Novo and 1,050 sq km in the Egina Joint Venture managed by De Grey Mining Limited (ASX: DEG) ( De Grey ).
The EGC hosts Novo’s current high priority Pilbara targets ( Figure 9 ) primarily at Becher in the north, but also with several emerging prospects throughout the southern sector. This belt has been the main focus for Novo’s 2024 Pilbara exploration programs with drilling completed at Nunyerry North, and mapping and surface sampling of targets along the Tabba Tabba Shear Corridor.
_Figure 9: __Novo Tenure in the Central Pilbara showing the Egina Gold Camp and Balla Balla Gold Project Au prospects, location of Nunyerry North, and JV interests. _
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/29802962-1499-48e4-a347-bdaf42277e0d
Egina Earn-in/JV (De Grey earning a 50% interest)
In June 2023, Novo entered into an earn-in and joint venture agreement with De Grey for the Company’s Becher Project and adjacent tenements within the EGC. De Grey exceeded the A$7 million minimum expenditure commitment on the Egina JV in September 2024 and have committed to a further spend of A$18 million by June 30, 2027, to earn 50% in the Becher Project.
Northern Star Resources Limited (ASX: NST) ( NST ) recently announced its intention to acquire De Grey for a deal valued at A$5 billion 17 , highlighting the region as a new major gold production hub.
Tabba Tabba Shear Corridor (TTSC)
Exploration has progressed to the north of Nunyerry North in Q3/Q4 2024 to expand first pass surface geochemical coverage on the ~ 60 km long fertile TTSC, with new targets identified from re-interpretation of geology and observations from Nunyerry North drilling. Most of the corridor is underexplored, as access is difficult, and significant parts are covered with shallow alluvium and colluvium or overlain by Fortescue Group basalt.
Several new targets have now been tested with first pass surface geochemistry ( Figure 10 ). Soil sampling returned peak results of 794 ppb Au, and from 1,308 samples collected. Opportunistic rock sampling included a best result of 3.8 g/t Au 4 from 127 samples collected.
The most significant results returned to date define a coherent linear soil gold anomaly greater than 20 ppb Au trending between No 6 bore to Kilkenny North over ~ 5 km strike, with elevated rock samples of up to 3.8 g/t Au 4 associated with narrow brecciated zones and stringer veins ( Figure 10 ).
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9993081a-e9df-4a1c-b5b7-849387ac7dc5
_Figure 10 __: Gold in soil geochemistry and main prospects of the Tabba Tabba Shear Corridor _
Balla Balla Gold Project
Balla Balla is an emerging exploration project centred on the Sholl Shear and associated potentially fertile structural corridors undercover ( Figure 9 ). All required compliance to enable aircore ( AC ) drilling at Balla Balla in H1 2025 has been finalised ( Figure 11 ).