JV Article: Novo Resources’ work shows more gold to be had at Belltopper

Novo Resources (TSX: NVO; ASX: NVO; US-OTC: NSRPF) has completed a new geological model for its Belltopper gold project in Australia, and defined an exploration target of up to 2.1 million tonnes of ore grading between 6.6 and 8.4 grams gold per tonne for between 320,000 and 570,000 oz. 

Belltopper is in Victoria’s geologically defined Bendigo Tectonic Zone, an area that produced more than 60 million oz. of gold historically and is 50 km south of Agnico Eagle Mines’ (TSX: AEM; NYSE: AEM) Fosterville gold mine.  

The conceptual target, which gives an indication of likely tonnage and grade range of mineralization, but falls short of a resource estimate, was based on modelling of recent and historical drilling on seven reefs. 

“Our team worked really hard for the last two years to get a good grip on the geology,” said executive co-chair and acting CEO Michael Spreadborough. “The exploration target puts the story together and gives us an overview of the potential at Belltopper.” 

Assay results from a recent six-hole, 2,529-metre diamond drilling campaign reported Aug. 5 include intercepts of 5.6 metres grading 3.14 grams gold per tonne at 219.8 metres depth and 4.3 metres of 5.88 grams gold per tonne from 274.8 metres, including 2 metres of 11.15 grams gold per tonne. 

The company also relogged and sampled historical core from Belltopper. Results included 6 metres of 4.37 grams gold per tonne from 169 metres depth, and 2 metres of 7.19 grams gold per tonne from 52 metres, including 1.2 metres of 12.01 grams gold per tonne. 

Diamond drilling planned for Belltopper in 2025 and 2026 will initially consist of at least two holes per reef to test higher priority Fosterville-style targets. 

Novo Resources also recently reported positive results from its Becher and Nunyerry North projects in Western Australia’s Pilbara region. 

At Nunyerry North, the company completed a 34-hole, 3,942-metre reverse-circulation drill program in July. Highlighted results reported on Aug. 19 include 13 metres of 2.68 grams gold per tonne from a depth of 66 metres, including 3 metres of 10.41 grams gold per tonne; and 11 metres of 2.2 grams gold from 84 metres, including 1 metre of 18.06 grams gold per tonne in hole NCO46. The privately owned Creasy Group owns a 30% stake in Nunyerry North. 

And at Novo’s Becher project, part of its Egina JV with De Grey Resources (AEX: DEG) De Grey has spent more than the required minimum of A$7 million on exploration this year as part of its earn in agreement. The company, which holds the 12.7 million oz. Hemi project 28 km northeast of Becher, must spend A$25 million within four years for a 50% stake in the project. 

The preceding Joint Venture Article is PROMOTED CONTENT sponsored by Novo Resources and produced in co-operation with The Northern Miner. Visit www.novoresources.com for more information.