New South Wales Exploration Update High-Grade Gold Rock Chips From Tibooburra
New South Wales Exploration Update
High-Grade Gold Rock Chips From Tibooburra
HIGHLIGHTS
• Rock chip results from a recently completed reconnaissance program at the Tibooburra Gold Project defined new
targets including:
◦ Pioneer North, which gave peak result of 39.9 g/t Au
◦ Pioneer South, where seven of the 20 rock chip samples assayed > 4 g/t Au with a peak result of 19.8 g/t
Au
• Recent mapping at multiple prospects across Tibooburra, down-hole televiewer and acoustic surveys at Clone and re-
logging core from Pioneer and New Bendigo , all support the shallow to moderate NNW plunging high-grade shoots
as the primary target style.
• 136 rock chip samples across the priority prospects and 115 soil samples from Warratta Reef are pending assay
results.
• An additional exploration license was recently pegged at Tibooburra covering over
~ 350 sq km, consolidating the trend and including multiple areas of historic workings.
• Drilling targets are currently being assessed to test down plunge high-grade shoots at Clone and New Bendigo and
the recently defined Pioneer South target.
• All regulatory approvals for drilling of currently planned RC holes at the John Bull project near Grafton, have been
received and landholder access negotiations are ongoing.
Commenting on the Company’s NSW exploration activity, Mike Spreadborough, Executive Co-Chairman and Acting Chief
Executive Officer, said “the size of the Tibooburra Gold system is impressive and recent technical work combined with
geochemical sampling has provided greater certainty on the controls of the high-grade shoots and identified new targets.
“The mapping work completed across key prospects at Tibooburra supports our view that mineralisation is very similar to
major Victorian-style gold deposits such as Fosterville and Bendigo,* where a unique combination of folding and faults create
high grade shallow plunging ore bodies.
“We are excited by the results generated from this work program and are in the final stages of assessing further drilling to test
the extension of Clone and Pioneer South, whilst awaiting pending assays from new Bendigo and Warratta Reefs.”
* No assurance can be given that Novo will achieve similar results at Tibooburra.
PERTH, Western Australia, Nov. 05, 2025 -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO)
(OTCQB: NSRPF) is pleased to provide an update on current exploration programs across the Company’s New South Wales
project portfolio.
Recent exploration at the Tibooburra Gold Project (Tibooburra) involved two programs of mapping and surface sampling at the
New Bendigo, Pioneer and Warratta Reef prospects, re-logging of historic diamond core from Pioneer and New Bendigo, and a
down-hole geophysical wireline survey at the Clone prospect (Figure 1).
This exploration has significantly advanced geological understanding of the high-grade gold system, to better assess targeted
follow-up drilling. New results from rock chip sampling include 39.9 g/t Au from Pioneer North, and multiple > 1 g/t Au
results at Pioneer South, with peak values of 19.8 g/t Au, and 8.12 g/t Au and 5.83 g/t Au from quartz reefs and dumps
from historic workings along a ~ 600 m (undrilled) line of historic workings ( Figure 2). These results highlight the potential
for high-grade gold from multiple reefs, within an extensive multi-kilometre-scale alteration corridor. Drill targets
are being assessed at Pioneer, New Bendigo and Clone.
Figure 1: Location, tenure (including the new ELA6968) and key prospects at Tibooburra, NSW.
At the John Bull Gold Project ( John Bull), located near Grafton NSW, the Company continues to progress regulatory and
landholder access approvals to facilitate RC drilling at four high-priority targets. Regulatory approval for drilling of currently
planned RC holes at John Bull is in place with landholder access negotiations ongoing.
TIBOOBURRA GOLD PROJECT
(Farm-in with Manhattan Corporation (ASX: MHC))
Pioneer Prospect
The Pioneer prospect ( Figure 1) is defined by a > 2 km long + 30 ppb gold-in-soil anomaly 1 and 7, multiple lines of historic
workings, including shafts up to 76 m depth, and a historic processing hub centrally located within the prospect area ( Figure
2).
Recent mapping, integrated with historic work and diamond core review, has highlighted multiple gold-bearing quartz reefs
associated with narrow, but continuous NNW-striking, steep to west dipping oblique structures, that cut the regional foliation
and isoclinal folded stratigraphy.
Rock chip sampling at Pioneer South returned consistent > 1 g/t Au assays (15 of 20 samples collected are + 1 g/t Au);
including 19.8 g/t Au, 8.12 g/t Au and 5.83 g/t Au (Table 1) from high-grade gold reefs that outcrop over approximately 600
m, co-incident with multiple historic gold workings ( Figure 2). The Pioneer South target has not been previously drill tested.
Figure 2: Plan view of quartz reefs with recently returned rock chip assays (Novo Resources sampling) at the Pioneer
prospect and 30 ppb soil Au anomaly 1 and 7
Previous, broad spaced drill traverses in the central and northern parts of the Pioneer Prospect have returned the following,
previously reported peak intercepts2:
• 5 m @ 6.96 g/t Au from 199 m; including 1 m @ 33.90 g/t Au (PN0002; Appendix 2)2
• 2m @ 14.74 g/t Au (TP003; Appendix 3)4 from an original 4 m composite @ 4.39 g/t Au 3
• 3.8 m @ 1.90 g/t Au from 69 m (AWPN02A; Appendix 4)4
Table 1 Significant (+1 g/t Au) rock chips returned from recent sampling at Tibooburra.
Sample ID Prospect Sample Type Easting (m) Northing (m) Height (m) Au (g/t)
R08594 Pioneer South Mullock Grab 581801 6730727 230 1.61
R08595 Pioneer South Mullock Grab 581806 6730735 232 1.42
R08597 Pioneer South Rock Chip 581799 6730761 233 1.52
R08600 Pioneer South Rock Chip 581784 6730788 241 1.85
R08651 Pioneer South Rock Chip 581783 6730810 236 1.58
R08653 Pioneer South Rock Chip 581761 6730892 242 1.86
R08599 Pioneer South Rock Chip 581757 6730997 239 4.07
R08654 Pioneer South Rock Chip 581725 6731010 238 5.36
R08655 Pioneer South Rock Chip 581718 6731026 237 5.34
R08656 Pioneer South Mullock Grab 581713 6731038 236 2.17
R08639 Pioneer South Rock Chip 581700 6731081 233 4.3
R08638 Pioneer South Rock Chip 581698 6731084 234 8.12
R08637 Pioneer South Mullock Grab 581677 6731180 234 19.8
R08636 Pioneer South Mullock Grab 581669 6731181 234 5.83
R08642 Pioneer South Mullock Grab 581667 6731210 227 1.03
R08623 Pioneer Rock Chip 581639 6731327 226 8.71
R08622 Pioneer Rock Chip 581634 6731333 225 1.13
R08621 Pioneer Rock Chip 581632 6731334 225 1.2
R08679 Pioneer North Rock Chip 581562 6731735 210 1.03
R08673 Pioneer North Rock Chip 581557 6731762 210 1.72
R08680 Pioneer North Mullock Grab 581521 6731927 210 2.09
R08687 Pioneer North Rock Chip 581492 6732047 210 39.9
R08695 Pioneer North Rock Chip 581412 6732238 230 1.67
R08643 New Bendigo Rock Chip 587567 6719218 177 4.1
R08699 New Bendigo Rock Chip 587636 6719093 180 1.11
R07558 Warratta Reef Rock Chip 581458 6725577 208 1.02
Refer to Appendix 1 for full results of all newly reported rock chips from Pioneer. An additional 37 rock chip samples from
Pioneer are awaiting assay.
Gold-bearing quartz reefs are typically < 1 m in width and can be traced individually for tens to hundreds of metres. Footwall
and/or hanging-wall mineralisation zones adjacent to the quartz reefs can reach thicknesses of 2 m to 5 m. Mineralisation
generally forms along structures within poly-deformed, tight to isoclinally folded and a locally intensely sericite and carbonate
altered siltstone and shale sequence that occurs within a regional alteration corridor with a multi-kilometre footprint ( Figure 2).
Structural data from mapping and orientated diamond core at Pioneer in conjunction with 3D modelling of historic mine
workings and drill hole data indicate a moderate N to NW plunge on high-grade shoots developed along the main mineralised
structure.
Refer to Appendices 2, 3 and 4 for previous drilling results at the Pioneer prospect.
Figure 3: Long section interpretation showing the Southern Pioneer and Main Shaft targets, historic shafts, previous drilling
pierce points (Appendix 2-4)2, 3,4, 7 from broad spaced drilling and recent rock chip results. Targets are high-grade NNW
plunging shoots.
Figure 3b: INSET Long section interpretation showing contoured pierce points (m x g/t Au) for the Main Shaft shoot and
historic shafts (Appendix 2-4)2,3,4,7
Potential drill testing on multiple sections is being assessed at Pioneer South, which would target high-grade NNW plunging
shoots.
Clone Prospect
The downhole wireline geophysicaI program at Clone was completed by Borehole Wireline Pty. Ltd. and involved surveying 12
existing RC holes (for 1,503 m) previously drilled across two campaigns (Novo Resources in 2025 5 and Manhatten in 2023 6).
The survey involved collecting televiewer data (optical and acoustic) in order to generate ‘virtual digital diamond core’ to aid in
structural interpretation of faults and vein orientations, vein style and paragenesis ( Figure 4 ). Additional geophysical tools,
which proved less useful, including resistivity, induction-conductivity and natural gamma, were trialled on select holes to
ascertain if these techniques could define lithological variations or alteration.
Figure 4 Downhole wireline imaging and structural data from the start of the 5 m @ 13.74 g/t Au intercept from 23 m in hole
TBR00015.
(TMAG = Total magnetic field intensity, RH =horizontal resistivity, which helps estimate rock properties like porosity, lithology,
mechanical strength, and fracture detection, TWTT = Two-Way Travel Time, C AMP = Compensated amplitude - acoustic
pulse intensity, relating to the hardness of the rock, the smoothness of the drill hole wall and the type of fluid in the drill hole ,
DIP A = dip defined by C AMP not corrected for drill hole orientation, 3D A = 3D acoustic image with structural planes in 3D,
3D O = 3D optical image with structural planes in 3D, DIPT = Tadpole presentation for true dip corrected for orientation of the
drill hole (i.e. final useful structural data)).
Data from the televiewer survey has been integrated into the evolving 3D model for gold mineralisation at Clone; which has
previously returned results including: 12 m @ 5.90 g/t Au from 16 m 5, including 5 m @ 13.74 g/t Au from 23 m (TBR0001)5
and 17 m @ 2.40 g/t Au from 59 m including 9 m @ 4.14 g/t Au from 59 m (TBR0014) 5 as reported from Novo’s maiden
drilling campaign at Clone.
The data supports the current interpretation of gold mineralised quartz vein geometries and associated structural trends,
including a shallow north plunge on the main shoot at Clone that remains open to the north and at depth (Figure 5).
Drill program assessment is focused on testing the down-plunge potential for the extension of the high-grade shoot to the north
and potential parallel mineralised trends.
Figure 5 Clone long section with surface rock chip results, and drilling pierce points 5, 6, with planned follow-up RC drilling
pierce points (white dots).
New Bendigo
Mapping, surface sampling and re-logging of seven diamond holes have been completed at New Bendigo with the aim of
identifying additional mineralisation, potential extensions to exisiting mineralisation, and establishing key controls on the
orientation and plunge of the main mineralisation.
Refer to Appendix 1 for results of all newly reported rock chips from New Bendigo, which includes a 4.1 g/t Au ( Table 1)
outcropping brecciated quartz vein from the main mineralised zone. Most samples collected during recent mapping at New
Bendigo are pending results at the time of writing (55 samples).
Wireframing of mineralised domains at New Bendigo is ongoing and currently involves incorporating new information from
recent mapping and recent re-logging. New surface sample assay results (currently pending) will be incorporated into updated
mineralisation modelling. Surface geological mapping and re-logging have identified a complex pattern of both east and west
dipping massive to laminated gold-bearing quartz veins that are locally disrupted by zones of intense brecciation.
Mineralisation styles observed at New Bendigo include laminated to massive, narrow quartz veining; saddle-reef-style quartz
veining; and at least one occurrence of intrusive (felsic-dyke) hosted mineralisation associated with a parallel mineralised zone
to the west of the main New Bendigo mineralisation trend.
Warratta Reef Prospect
Mapping and rock chip sampling (26 samples) were completed in conjuction with 115 soil samples collected on a 40 m x 160
m soil grid. Mapping has identified multiple corridors of quartz veining exploited by historic gold workings within a ~ 1.3 km by
400 m wide zone of altered sediments that trends undercover to the north-west.
The most significant individual line of historic workings (~ 400 m long) targets a steeply W-dipping laminated quartz vein.
Mapped mineralisation styles at Warratta Reef include laminated to massive quartz veins, stacked (structurally thickened)
zones of quartz veining, quartz-sulphide breccia, and saddle-reef-style mineralisation. Ongoing interpretation from mapping will
be integrated with pending assay results from both soils and rock chip samples collected recently to advance potential drill
targeting at this prospect.
All 26 submitted rock chips from the recent mapping and sampling campaign are still pending assays at the time of writing. A
result of 1.11 g/t Au (Table 1 ) was returned from a small number of samples collected during earlier reconnaissance.
Appendix 1 documents all assays recently returned for Warratta Reef. All (115) soils collected are also pending assay at the
time of writing.
New Applications – Tibooburra
An application (ELA6968) for additional tenure, comprising 118 units (~ 350 sq km in area) approximately 20 km southwest of
Tibooburra has been lodged (Figure 1). This application is contiguous to current project tenure and includes the northern
extension of the Albert Goldfield and numerous historic workings.
JOHN BULL GOLD PROJECT
(Farm-in with TechGen Metals (ASX:TG1))
At the John Bull Gold Project, a ~ 1,750 m RC drill program is planned to test four key, high priority target areas identified to
date on the project, including the John Bull Main, John Bull South, Hills Creek West and Diggers North targets. Drilling will
commence upon the Company obtaining all required regulatory and land access approvals. Regulatory approvals for the
planned RC drilling are in place with landholder access negotiations ongoing.
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
QP STATEMENT
Mrs. Karen (Kas) De Luca (MAIG), is the qualified person, as defined under National Instrument 43-101 Standards of
Disclosure for Mineral Projects , responsible for, and having reviewed and approved, the technical information contained in this
news release. Mrs De Luca is Novo’s General Manager Exploration.
JORC COMPLIANCE STATEMENT
New Exploration Results
The information in this news release that relates to Exploration Results at Novo’s NSW tenure is based on information
compiled by Mrs De Luca, who is a full-time employee of Novo Resources Corp. Mrs De Luca is a Competent Person who is a
member of the Australian Institute of Geoscientists. Mrs De Luca has sufficient experience that is relevant to the style of
mineralisation and the type of deposits under consideration and to the activity being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves'. Mrs De Luca consents to the inclusion in the report of the matters based on her information in the form and
context in which it appears.
Previous Exploration Results
The information in this news release that relates to previously reported exploration results at Novo’s NSW tenure is extracted
from Novo’s ASX announcement entitled High-Grade results from RC Drilling at Tibooburra Gold Project released to ASX on 9
July 2025 which is available to view at www.asx.com.au. The Company confirms that it is not aware of any new information or
data that materially affects the information included in the original market announcement and that all material assumptions and
technical parameters underpinning the estimates in the market announcement continue to apply and have not materially
changed. The Company confirms that the form and context in which the competent persons findings are presented have not
been materially modified from the original market announcement.
FORWARD-LOOKING STATEMENTS
Some statements in this news release may contain “forward-looking statements” within the meaning of Canadian and
Australian securities law and regulations. In this news release, such statements include but are not limited to planned
exploration activities and the timing of such. These statements address future events and conditions and, as such, involve
known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements
to be materially different from any future results, performance or achievements expressed or implied by the statements. Such
factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo’s annual
information form for the year ended December 31, 2024 (which is available under Novo’s profile on SEDAR+ at
www.sedarplus.ca and at www.asx.com.au) in the Company’s prospectus dated 2 August 2023 which is available at
www.asx.com.au. Forward-looking statements speak only as of the date those statements are made. Except as required by
applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking
statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in
assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking
statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other
forward-looking statements.
ABOUT NOVO
Novo is an Australian based gold explorer listed on the ASX and the TSX focussed on discovering standalone gold and copper
projects with > 1 Moz development potential. Novo is an innovative gold explorer with a significant land package covering
approximately 5,500 square kilometres in the Pilbara region of Western Australia, along with the 22 square kilometre
Belltopper project in the Bendigo Tectonic Zone of Victoria, Australia. In addition to the above, Novo is part of two prospective
farm in agreements in New South Wales.
Novo’s key project area in the Pilbara is the Egina Gold Camp, where Northern Star Resources Limited (ASX: NST) is farming-
in to form a JV at the Becher Project and surrounding tenements through exploration expenditure of A$25 million within 4
years for a 50% interest. The Becher Project has similar geological characteristics as Northern Star’s 13.6 Moz Hemi
Project#. Novo is also advancing gold exploration south of Becher in the Egina Gold Camp, part of the Croydon JV (Novo 70%:
Creasy Group 30%). Novo continues to undertake early-stage exploration elsewhere across its Pilbara tenement portfolio.