Novo Resources Corp. Exploration Update
Novo Resources Corp. Exploration Update
HIGHLIGHTS
• Geological and geochemical sampling campaigns designed to guide effective targeting for drill programs in Q2 2025
have been completed at the Tibooburra and John Bull Gold Projects in NSW.
• Mapping and sampling at both projects will allow for delineation of priority drill targets. Results are pending.
• At the John Bull Gold Project , 340 soil and 63 rock chip samples have been collected for assay over the 1.3 km trend
of the historic high tenor soil anomaly.
• At the Tibooburra Gold Project , 962 soil and rock chip samples have been collected for assay over a 2.8 km trend at
Clone.
• Assessment of historic data and remote area geophysics continues at the Toolunga Project in the Onslow District of
WA, providing numerous targets for on the ground follow up on the grant of tenure.
• The Odette 4 Rocklea 890 sq km of mature exploration applications at the Cane River Project moved closer to grant in
Q2 2025.
• Tropical Cyclone Zelia adversely impacted Novo’s Pilbara Projects resulting in potential delays to drill programs in the
Karratha District, at the Balla Balla Gold Project, and in the Egina JV area.
Commenting on the Company’s exploration activity, Mike Spreadborough, Executive Co-Chairman and Acting Chief Executive
Officer, said, “We are very excited to have been able to quickly progress exploration activities across our recent additions to
Novo’s exciting exploration portfolio.
“These projects are key priorities for Novo and the team are eagerly awaiting the results from geological and geochemical
sampling campaigns, expected in mid-March 2025, that will allow us to effectively determine targets for drilling.
“We look forward to updating the market as these key milestones progress .”
Field Work in Action
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/03274732-acef-4505-9af3-1eafa93f8594
VANCOUVER, British Columbia, Feb. 26, 2025 -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO)
(OTCQB: NSRPF) is pleased to provide an update on planned activities across its enhanced exploration portfolio (Figure 1) for
the remainder of H1 2025.
Field teams have completed mapping and sampling campaigns at the newly acquired Tibooburra and John Bull Gold Projects
in NSW, with the objective of improving the geological interpretation and understanding of controls on mineralisation, thereby
firming up priority drill targets for Q2 2025. Results from the sampling campaigns are expected in mid-March 2025.
Ongoing desktop assessment of the Toolunga Project in the Onslow District of Western Australia continues to identify priority
targets for field verification on grant of tenure.
In the Pilbara, Tropical Cyclone Zelia impacted all proposed drill programs, potentially delaying access to drill targets at Balla
Balla, in the Karratha District and across the Egina JV.
Figure 1: Location of the Novo Project Portfolio
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/eb2e7a67-d5b3-4e63-92d1-10325b1ee114
NEW SOUTH WALES EXPLORATION PORTFOLIO
John Bull Gold Project (Farm-in with TechGen Metals)
The John Bull Gold Project ( John Bull) is an advanced exploration opportunity, located in the emerging New England district
in NSW. The project consists of two tenements and covers some 32 sq km ( Figure 2). The agreement with TechGen Metals
Limited1 (ASX: TG1) (TechGen) 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) following two tranches of exploration work and expenditure.
Figure 2: 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/8c5d7b9a-3a89-463e-a650-bdddfc0c0ac6
An intensive field campaign of mapping and surface sampling has been completed with the objective of characterising local
geology, identifying new targets, and investigating current high-value prospects for potential depth or strike extensions or
zones of higher-grade mineralisation. Indications of Intrusion Related Gold (IRG) mineralisation are evident, with multiple
intrusions identified, and broad alteration zones mapped around monzodiorite stocks.
Detailed 1:500 and 1:1,000 scale mapping (Figure 3 ) has been conducted across the 1.3 km long >100 ppb gold in soil
anomaly previously delineated by TechGen (Figure 4) .
This work is establishing both the local geology and the key mineralisation controls across the highest order anomalous gold
zones in soils; and the main drilling area at John Bull.
Initial larger scale ca. 1:10,000 mapping has been completed across the John Bull tenement in order to understand the
broader project-scale geology and to identify additional target zones that sit outside of the current surface sample coverage.
High resolution (~10 cm) processed LiDAR™ elevation and imagery data provided the base maps for the campaign to ensure a
strong spatial control on positioning. Relogging of RC chips was also completed to characterise lithology and mineralisation
and to tie back into the detailed mapping prior to creating a 3D targeting model.
A total of 340 soil samples have been collected to date. The new soils programs extend coverage to the north and south of the
known prospective gold corridor, which currently remains open in both directions. An additional grid extends soil sampling to
the western boundary of the tenement and tests an emerging target area characterised by mapped occurence of altered felsic
porphyritic material. Some 63 rock chip samples were additionally collected during the mapping campaign.
Figure 3: Drone footage of regional mapping at the John Bull Gold Project, NSW
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f825f12d
-850f-4a5a-adbc-64839879f0e3
Figure 4: John Bull drill hole and costean locations 1, soil gold geochemical results and historical soil sampling locations.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a828e9db-a53b-404f-8b39-340eb3664eb5
All samples have been dispatched to ALS laboratories in Brisbane for gold and multielement assay with results are expected
mid-March 2025.
On the basis of the field work, Novo plans to drill approximately 2,000 m of RC drilling in Q2 2025, and will test the priority
targets established on the project to date, integrating a rapidly developing understanding of the geology and mineralisation at
John Bull.
Tibooburra Gold Project (Farm-in with Manhattan Corp)
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 (ASX: MHC) ( Manhattan )1 grants Novo an option to acquire a 70% interest in this tenure following two
tranches of exploration work and expenditure.
Surface sampling and geological mapping activities were recently conducted at the Clone Prospect, Tibooburra. At Clone
extensive historical workings are present over ~450 m strike and are up to 40 m in depth, suggestive of a large-scale
mineralised system.
Figure 5: Drone footage of mapping activities at the Clone prospect, Tibooburra NSW.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6d15660c-68c2-4175-a2f9-b1bbaf0ff3c5
A total of 886 minus 80 mesh soil samples were collected during the campaign in conjunction with pXRF measurements,
targeting the 2.8 km northwest-trending Clone Shear across a nominal grid of 20 m x 40 m over areas of historical workings,
extending to 20 m x 80 m to the north and south. Additionally, 76 rock chip samples were collected to investigate both
historical mining sites and previously untested zones of quartz veining, and RC drill chips were relogged to focus on alteration,
veining and sulphide mineralisation.
Mapping has highlighted multiple WSW dipping shear zones (likely thrusts) which bifurcate along the trend. The shears are
characterised by intense sericite alteration, with mineralised veins associated with green sericite and minor sulphide
mineralisation. The system is likely to plunge NW, at the intersection of folds, stratigraphy and quartz veins with the Clone
Shear Zone.
On the basis of the field work, Novo plans to complete approximately 2,000 m of RC drilling in Q2 2025 in the central Clone
area, testing the plunge and grade of the main zone highlighted above. In addition, several other new targets generated during
mapping are under assessment. Results from geochemical sampling are pending but will be assessed and incorporated in drill
prioritisation.
The mineralised basement in the Clone area continues to trend beneath the overlying cover sediments to both the south and
north. The sedimentary cover extends for approximately 15km to the south, providing opportunities for exploration targeting
under cover.
All soil and rock chip samples have been dispatched to ALS laboratories in Adelaide for gold and multielement assay and
results are expected mid-March 2025.
Figure 6: Location of soil and rock chip sampling along the Clone Trend, Tibooburra NSW
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7568dbdf-fc31-43d4-b44e-9e2b713f16f3
WESTERN AUSTRALIAN EXPLORATION PORTFOLIO
Onslow District – Toolunga Project
Novo recently applied for 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 and Figure 8) 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)2 .
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.
Targets continue to be developed and finessed using newly acquired open file data, satellite and geophysical imagery.
Regional and follow-up exploration campaigns are planned to commence on tenement grant, including additional geophysical
surveys, mapping and geochemical sampling programs over known targets to validate historic results and to rapidly advance
drill targets.
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/ff6c3217
-5c85-4a6b-98a6-8626b96d3358
Figure 8: Onslow District Targets over 1VD aeromagnetic image showing complex structural setting
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9df52eec-11ac-465c-abe3-f04433e87d12
Grant of the four exploration applications which comprise the OD4R Cane River Project is pending the final approval of a
Conservation Management Plan by the Department of Biodiversity and Conservation and Attractions (DBCA). State Deeds for
heritage have been executed, and negotiations for an Access agreement will commence in next 2 weeks.
Pilbara Portfolio – Western Australia
Planned drill programs across several priority targets in Novo’s Pilbara Projects ( Figure 7) have been impacted adversely by
the outflow from Tropical Cyclone Zelia, which caused destructive winds along the Pilbara coast and extremely heavy rainfall of
200 mm – 300 mm over a two-day period during mid-February. Programs may need to be delayed to later in Q2 2025 post
planned drilling on the NSW projects.
Balla Balla Gold Project
Novo’s maiden AC drilling at Balla Balla is ready to commence now that all compliance is finalised. Unfortunately, access to
the proposed drill area has been adversely impacted by Tropical Cyclone Zelia. This event may cause delays in
commencement of the drill program.
Figure 9 Balla Balla Project geology showing the Sholl Shear Zone and complex folded stratigraphy
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4ce09a5c-af42-405b-99ca-913a70c58f78
Karratha District
Exploration in the Karratha District ( Figure 7) has advanced several drill targets, including North Whundo, Railway Bore and
East Well. A maiden RC drilling program is planned for 2025 to test these three prospects for Au and Au-Cu (+/-Pt and Pd)
mineralisation once heritage and regulatory approvals are obtained.
Sherlock Crossing Au-Sb Target
Smaller and more focussed follow up sampling and mapping is planned on the antimony targets ( Figure 10 ) at Sherlock
Crossing in H1 2025 ( Figure 7 ). This work is designed to delineate a maiden RC drill program to test scale and tenor of
possible mineralisation.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b021f344-2c61-4ee7-9a87-1088434b5e60
Figure 10 Rock sample Sb results over mapped geology at Sherlock Crossing. Latest results are shown as larger squares. 3
Authorised for release by the Board of Directors.
CONTACT
Investors:
Mike Spreadborough
+61 8 6400 6100
North American Queries:
Leo Karabelas
+1 416 543 3120
Media:
Cameron Gilenko
+61 466 984 953