Belltopper Mineralisation Modelling Defines Prospectivity
Novo Resources Corp. Head Office
Suite 1100, 1199 West Hastings Street
Vancouver, BC, Canada
V6E 3T5
Australian Office
Level 3, 46 Ventnor Avenue,
West Perth WA 6005
+61 8 6400 6100
www.novoresources.com
TSX - 24 September 2024
ASX – 25 September 2024
BELLTOPPER MINERALISATION MODELLING
DEFINES PROSPECTIVITY
HIGHLIGHTS
Belltopper Gold Project Exploration Target defined.
Belltopper is located within the gold prolific Bendigo Tectonic Zone in Victoria and
approximately 50 km SSW of the high-grade world-class Fosterville Gold Mine.
The Exploration Target was defined through geological modelling of priority target reefs
following completion of 2024 drilling and the release of assay results.
The Exploration Target excludes numerous emerging prospective zones and conceptual
targets based on progressive geological and geochemical understanding.
Evolving geology model provides multiple, high priority, drill-ready targets.
Diverse range of mineralisation styles demonstrated by current work programs.
Potential for Intrusion Hosted/Intrusion Related mineralisation and Fosterville-style, world-
class, high-grade gold to be tested in forward drill programs.
VANCOUVER, BC - Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO)
(OTCQX: NSRPF) is pleased to provide an update regarding the Company’s highly prospective
Belltopper Gold Project (“ Belltopper”) in the Bendigo Tectonic Zone, Victoria (Figure 1).
Integrating results from the current 2024 exploration program, the Company have an updated
3D model of priority target reefs at Belltopper, which has resulted in the definition of an
Exploration Target.
An Exploration Target is now presented for the Belltopper area based on seven reefs
considered to show high prospectivity based on geological, drilling, and historical data (Table 1).
Table 1. Exploration Target for the Belltopper Project, Victoria. Figures may not compute due to
rounding.
Metric Low case
(approximation)
High case
(approximation)
Tonnage range 1.5 Mt 2.1 Mt
Grade range 6.6 g/t Au 8.4 g/t Au
Contained Au range 320 koz Au 570 koz Au
Clarification statement: An Exploration Target as defined in the JORC Code (2012) is a
statement or estimate of the exploration potential of a mineral deposit in a defined geological
setting where the statement or estimate, quoted as a range of tonnes and a range of grade
(or quality), relates to mineralisation for which there has been insufficient exploration to
estimate a Mineral Resource. Accordingly, these figures are not Mineral Resource or Ore
Reserve estimates as defined in the JORC Code (2012). The potential quantities and grades
referred to above are conceptual in nature and there has been insufficient exploration to
estimate a Mineral Resource and it is uncertain if further exploration will result in the
estimation of a Mineral Resource. These figures are based on the interpreted continuity of
mineralisation and projection into unexplored ground often around historical workings. The
Exploration Target has been prepared in accordance with the JORC Code (2012).
2
Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said:
“Our Belltopper Project is an exciting, high-grade gold opportunity located in a tier-one gold
region. The Novo geological team has done an outstanding job to define the geology,
mineralisation and prospectivity of Belltopper supported by a successful period of work
delivered at the Project, including the six-hole, 2,529 m, diamond drill program completed in
Q2 this year. Belltopper is an exciting opportunity and has the potential to grow in size and
scale and the focus will now turn to expanding the prospectivity of the project.”
Figure 1. Belltopper Gold Project location map with regional gold occurrences and major structures1.
3
The mineralisation presented in the body of this announcement is not necessarily
representative of mineralisation throughout the Belltopper Gold Project. Intercepts are
expressed as down-hole intersections and should not be presumed to represent true widths,
which vary from hole to hole and between reefs (refer JORC Table 1). In addition, all references
in this announcement to tonnage, grade, contained Au and associated ranges are expressed
as approximations.
Certain results at Belltopper were obtained (and reported in accordance with Canadian
continuous disclosure requirements) prior to the Company’s listing on ASX in September 2023
and are now reported to ASX in accordance with the JORC Code 2012 for the first time.
Belltopper is located 120 km northwest of Melbourne and approximately 50 km south of Agnico
Eagle’s (TSX: AEM) Fosterville Gold Mine (Figure 1) in the Bendigo Zone, an area with historical
gold production of more than 60 million ounces.
Novo recently completed a six-hole, 2,529 m, diamond drill program in Q2 2024 (see the
Company’s ASX announcement dated 4 June 2024 released to ASX on 5 June 2024),
commensurate with a re-logging and infill assay program on key historic holes. Recent
campaigns build on previous drilling (2021 – 2022) and deliver new significant gold intercepts
across a range of structural targets, including the discovery of two new gold reefs with
significant strike potential.
The Company is focussed on developing a program that aims to grow the Exploration Target,
whilst systematically testing an evolving pipeline of high priority, drill ready, conceptual shallow
and deeper targets, including: Fosterville-style (epizonal), anticline related targets; Bendigo-
style saddle-reef targets; Costerfield-style faults; and intrusive-igneous targets such as the gold-
bearing Missing Link Granite, on theme with high-value Victorian examples of intrusion hosted
deposits such as A1 and Morning Star in the Walhalla – Woods Point gold province, and
developing projects such as Southern Cross Gold’s, Sunday Creek, 60 km north of Melbourne.
BELLTOPPER EXPLORATION TARGET DEFINITION DETAIL
A characteristic feature at Belltopper is the dense network of apparent high-grade gold ±
antimony reefs that cluster in the northwest quadrant of the project adjacent to the regional
Taradale Fault. An Exploration Target (Table 2) is presented for the Belltopper Project area based
on seven individual reefs (Figure 2) considered to show high prospectivity based on geological,
drilling and/or historical data outlined in Tables 3 and 4.
Table 2. Exploration Target for the Belltopper Project, Victoria. Figures may not compute due to
rounding.
Metric Low case
(approximation)
High case
(approximation)
Tonnage range 1.5 Mt 2.1 Mt
Grade range 6.6 g/t Au 8.4 g/t Au
Contained Au range 320 koz Au 570 koz Au
Clarification statement: An Exploration Target as defined in the JORC Code (2012) is a
statement or estimate of the exploration potential of a mineral deposit in a defined geological
setting where the statement or estimate, quoted as a range of tonnes and a range of grade
(or quality), relates to mineralisation for which there has been insufficient exploration to
estimate a Mineral Resource. Accordingly, these figures are not Mineral Resource or Ore
Reserve estimates as defined in the JORC Code (2012). The potential quantities and grades
referred to above are conceptual in nature and there has been insufficient exploration to
estimate a Mineral Resource and it is uncertain if further exploration will result in the
estimation of a Mineral Resource. These figures are based on the interpreted continuity of
mineralisation and projection into unexplored ground often around historical workings. The
Exploration Target has been prepared in accordance with the JORC Code (2012).
4
Table 3. Significant reefs with summary of key inputs to the Exploration Target.
Target Reefs^
Reef No.
on
Figure 2
Historic
underground
development
Historical
production
data Drilling Mapped
Surface
sampling
Leven Star 1 Minor - Significant Yes Yes
Missing Link 2 Yes Yes Yes Yes Yes
Never Despair 3 Yes Yes Yes Yes Yes
O’Connor’s 4 Yes Yes Yes Yes Yes
Queens / Egyptian 5 Yes Yes Yes No No
Hanover Reef Fault 6 Yes Yes Yes Yes Yes
Piezzi Reef / Stackyards 7 Yes Yes Yes Yes Yes
^Selection criteria for the sub-set of seven reefs from the wider network of reefs at Belltopper considers
both target confidence and target ounce potential, with the latter nominally set at >20,000 oz Au to be
considered for inclusion into the Exploration Target.
Figure 2 depicts significant intercepts returned across all phases of drilling. Callouts are provided
for all >50 m.g/t Au 2 intercepts, and select intercepts from important target reefs, as well as the
gold-bearing Missing Link Granite, a porphyritic felsic intrusion with IRGS (Intrusion Related
Gold System) characteristics that outcrops centrally to the network of high-grade reefs at
Belltopper. This Figure highlights the exceptional prospectivity and diverse nature of
mineralisation present at Belltopper.
Reefs belonging to the Exploration Target are typically narrow, discrete, continuous structures
that can be traced up to 1.5 km in strike and predominantly fall into two geometrical sets: a more
common moderate to steep NE dipping set; and a less common subvertical to steep NW
dipping set. Both sets are oblique to north-south trending stratigraphy and crosscut both
stratigraphy and the regional upright folds. The reefs commonly manifest as narrow (<1 metre-
wide), sulphide-rich fault breccia ± quartz vein occurrence or infrequently as multiple
occurrences within a typically wider halo of intense sericite – silica ± kaolinite altered sediments
and preserve textures and mineralogy consistent with the epizonal class of orogenic lode gold
deposits (Figure 3).
Table 4 notes individual characteristics for each of the seven reefs included in the Exploration
Target.
All reefs forming part of the Exploration Target have some degree of historic mining and/or
exploration development, albeit minor on the Leven Star Reef. The most significant mining
occurred on the historic Queens Birthday – Egyptian and O’Connor’s Reefs, where a combined
production of ca. 90,000 oz Au at historical recovered grades of between 1-2 oz/t Au are
reported2. For example, production from O’Connor’s totalled 44,017 t for 38,791 oz Au recovered
at a grade of 27.4 g/t Au.
Reported historic mining grades are supported by recent exploration drilling data at Belltopper,
including examples, but not limited to: the Queen’s Birthday Reef which returned 3.1 m @ 9.27
g/t Au from 400.9 m, including 2.34 m @ 12.01 g/t Au from 400.9 m in diamond hole MD20 3;
and the Leven Star Reef which returned 14.0 m @ 6.15 g/t Au from 120 m, including 7.60 m @
6.66 g/t Au from 121.9 m and 3.0 m @ 11.06 g/t Au from 131 m in diamond hole MD16 5.
5
Figure 2. Location map for Exploration Target reefs labelled #1 through #7. Refer to Table 2 for the global
Exploration Target and Table 3 for reef-by-reef breakdown. Callouts highlight key significant intercepts
on the project. For a full list of all significant >2 m.g/t Au4 intercepts with corresponding drill collar details
and location map please refer to Appendices 1, 2 and 3.
6
Table 4. Geological inputs for each reef to the Exploration Target. All reefs are identified on Figure 2.
Reef Dip / dip
direction
Strike
continuity
(m)
Dip
continuity
(m)
Potential
mining
width
(m)
Mean
vein
width
Characteristics of
mineralisation
Leven Star 85° to SE 800 370 2.6 2.60 Sulphide rich tectonic
breccia +- disseminated
and stringer hosted
sulphides. Occasional
zones of white quartz
veining stockwork (Au +
As, Sb +- Bi, Sn, W)
Missing Link 75° to ENE 920 250 1.5 0.15 Tectonic breccia +-
disseminated sulphides
(Au + As)
Never Despair 80° to ENE 670 250 1.5 0.20 Puggy tectonic breccia
(Au + As)
O’Connor’s 70° to ENE 1,500 300 1.5 0.33 Tectonic breccia +-
disseminated sulphides
(Au + As)
Queens/Egyptian 78° to ENE 780 350 1.5 0.20 Tectonic breccia +-
disseminated sulphides
and irregular white quartz
veinlets (Au + As)
Hanover Reef 70° to NE 650 250 1.5 0.25 Broad zone of quartz
stockwork veining
surrounding narrow
sulphide rich tectonic
breccia (Au + As)
Piezzi Reef /
Stackyards
75° to ENE 1,450 250 1.5 0.20 Narrow tectonic breccia
overprinting bucky white
quartz vein surrounded
by irregular quartz
veining (Au + As, Bi)
The wide array of orientations for mineralised reefs (i.e. mineralised structures) at Belltopper is
an important feature that has resulted in localised zones of structural and mineralisation
overprint. Several of these overprinting zones have been modelled and are captured in the
evolving pipeline of high-priority targets; including structural overprints along segments of the
Exploration Target reefs that represent potential zones of enhanced gold mineralisation and
opportunities to grow the Exploration Target (Figure 2).
Table 2 and Table 5 outline the Exploration Target, and the significant reefs included within the
current Exploration Target at Belltopper.
7
Figure 3. MD16 (127.65 m – 133.1 m). Leven Star Reef intersection in fresh sulphide material ( 14.0 m @ 6.15
g/t Au from 120 m, including 7.60 m @ 6.66 g/t Au from 121.9 m and 3.0 m @ 11.06 g/t Au from 131 m) 5.
Peak gold assay is associated with a discrete sulphide rich fault breccia and increased quartz stock-work
veining. Intercepts are expressed as down-hole intersections and should not be presumed to represent
true widths, which vary from hole to hole and between reefs (refer JORC Table 1).
Table 5. Significant reefs with breakdown of gold targets included within current Exploration
Target at Belltopper. Figures may not compute due to rounding.
Expressed as approximations
Target Reefs
Reef No.
on Figure
2
Low Case
Tonnage
(t)
High Case
Tonnage
(t)
Low case
Grade
Range
(g/t Au)
High
Grade
Range
(g/t Au)
Low Case
Ounces
(Oz Au)
High Case
Ounces
(Oz Au)
Leven Star 1 420,000 590,000 4.6 5.1 60,000 100,000
Missing Link 2 150,000 220,000 7.5 9.8 40,000 70,000
Never Despair 3 110,000 160,000 7.5 9.8 30,000 50,000
O’Connor’s 4 290,000 430,000 7.5 9.8 70,000 130,000
Queens / Egyptian 5 140,000 200,000 7.5 9.8 30,000 60,000
Hanover Reef Fault 6 120,000 170,000 7.5 9.8 30,000 50,000
Piezzi Reef
/Stackyards 7 240,000 360,000 7.5 9.8 60,000 110,000
TOTAL - 1,500,000 2,100,000 6.6 8.4 320,000 570,000
8
Clarification statement: An Exploration Target as defined in the JORC Code (2012) is a
statement or estimate of the exploration potential of a mineral deposit in a defined geological
setting where the statement or estimate, quoted as a range of tonnes and a range of grade
(or quality), relates to mineralisation for which there has been insufficient exploration to
estimate a Mineral Resource. Accordingly, these figures are not Mineral Resource or Ore
Reserve estimates as defined in the JORC Code (2012). The potential quantities and grades
referred to above are conceptual in nature and there has been insufficient exploration to
estimate a Mineral Resource and it is uncertain if further exploration will result in the
estimation of a Mineral Resource. These figures are based on the interpreted continuity of
mineralisation and projection into unexplored ground often around historical workings. The
Exploration Target has been prepared in accordance with the JORC Code (2012).
BASIS FOR THE BELLTOPPER EXPLORATION TARGET
Novo applied its geological understanding of the reef network at Belltopper, drawing upon 3D
reconstruction of historic mining (Figure 4) and exploration data, drilling data, structural and
geochemical data, field mapping (including high-resolution LiDAR TM interpretation), and
surface rock chip sampling. Tables 3 and 4 summarise key inputs into each reef.
Mineralisation volumes were defined from strike and dip continuity and potential modern
“mineable width”. Continuity extents and width were based on geological interpretation and
modelling by Novo (see Table 4 and Figure 2).
Figure 4. Example from Novo's 3D Model, showing historical mine infrastructure, diamond drilling and
assay callouts, beneath LiDARTM
The Leven Star Reef (#1) was based on a 3D wireframe from drilling6. The volumes were modified
by three factors: (1) geological continuity factor, (2) payability factor; and (3) mine factor.
The geological continuity factor allows for potential breaks in local geological continuity related
to faulting or reef pinch-out. Values (all of which are approximations) averaged 0.85 for the High
case and 0.75 for the Low case. A value of 1.0 was applied to the Leven Star Reef based on drilling
information.