JV article: Novo Resources boosts gold goal in Victoria

Novo Resources (ASX, TSX: NVO) has increased the exploration target for its Belltopper gold project in southern Australia and kicked-off preparations for inaugural drilling work at its gold, silver and antimony project in the west. 

The company has released an exploration target of 460,000 to 880,000 oz. gold at Belltopper in Victoria, one of the company’s most advanced assets. The update is a 40% increase over its 2024 estimate based on drilling at four of seven priority areas there and the inclusion of a new area of interest. At Wyloo in the Pilbara region, Novo’s soil and rock chip sampling has identified a 200-hectare area for its drilling program, slated to begin in April. 

“That’s a major change in the scale and quantity of mineralization at Belltopper,” CEO Mike Spreadborough said. “So, that project probably now has a development pathway over many years to define a resource.”  

Belltopper’s increased exploration target is based on recent analysis of local geology, historical data and completed drilling. The company also incorporated the Western Domain Fault as a new priority area of interest in its updated number. The target supports an upper range of up to 3.1 million tonnes grading 8.9 grams gold per tonne. 

Near-surface 

Novo’s modelling has provided locations in the near-surface reef system and deeper conceptual options for ongoing drilling. The work, planned to start in the second half of 2026, will aim to provide further confidence in the company’s updated exploration target, Spreadborough said.  

Novo’s Wyloo project is among its earliest-stage exploration assets. Exploratory work at Wyloo has so far focused on soil and rock chip sampling. Novo’s planned drilling this year will be the first ever at the site apart from historical prospectors.  

“That’s kind of the rationale, no one has been there,” Spreadborough said. “So, we’ll go drill it and hopefully something will be there.”  

Spreadborough describes Nova as a “super greenfield explorer” in gold and copper that’s disciplined in its geophysics and field work and its decision making.  

“Explorers don’t get credit when we stop doing things because there is no rationale for the development of an economic project,” he said, adding Novo is extremely disciplined in its approach and has stopped work on a couple of projects when the benefit was not realised despite previous exploration programs. 

Targets ready 

Early results at Wyloo have been encouraging, Spreadborough said. Soil sampling has found a strong multi-element deposit and seven rock chip samples last year yielded peak assay results of 387 grams silver per tonne, 0.38% antimony, 5% lead, 1.6% zinc, 2.4% copper and 0.52 gram gold. Recent exploration has provided several targets ready to drill. 

Novo will undertake a heritage survey at the project in March to provide access for the April drilling of about 1,500 metres. The work will test the polymetallic vein and a large fault zone immediately south of the main target area. 

With C$7.7 million (US$5.7 million) in cash and C$9 million in liquid investments on hand as of the end of December, Novo is well positioned to execute the work that’s planned this year, Spreadborough said. “We’ve got a strong balance sheet that includes really good performing investments,” he added. 

The balance sheet will help support ongoing work elsewhere in Pilbara at the Balla Balla polymetallic project. Novo completed wide-spaced surface drilling over 15 km there last year and the results were encouraging enough to justify further exploration work, Spreadborough said.  

“We like what we see and we’ll come back before June to do some more drilling to build up the geochemical signature story,” he said. “We like Balla Balla but it has a long gestation, probably two or three more drilling campaigns before we would say there is something there.” 

Joint venture 

Novo is also looking to advance its other Pilbara exploration projects this year, including a joint venture with Northern Star Resources (ASX: NST) and its Teichmann site.  

Its JV asset, Egina, covers a 1,000-sq.-km region and Northern Star is performing the work. The project is 30 km south of the Hemi mine, which Spreadborough said is home to roughly 13 million oz. of gold. 

Novo has drilling work planned for the second half of the year at its Teichmann project based on 2025 rock chip results. The rock assays had returned a peak grade of 77.5 grams gold last year. The results showed 11 of 87 samples grading above 10 grams gold.   

Alongside its early-stage work, Novo is on the hunt for advanced gold and copper projects that could reach a mine decision within five years.  

“We’re still out there trying to find, not only organic but inorganic opportunities to bring into the portfolio,” Spreadborough said. While the company hasn’t found anything worth investing in so far, it isn’t giving up, he added. 

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