Highlights – March Quarter 2025
Highlights – March Quarter 2025
• AC drilling commenced at the Balla Balla Gold Project 1 in the Pilbara, Western Australia. The ~6,000 m program
is testing priority target zones of structural complexity and splay faults proximal to the Sholl Shear Zone and is
progressing well.
• Two three-week field campaigns were completed at the Tibooburra and John Bull Gold Projects in northern New South
Wales.
• Results from the Tibooburra field program which focused on the Clone prospect include:
• Rock chip sampling returned peak results of 89.6 g/t Au and 41.9 g/t Au 2 from mullock dump samples
associated with historical workings, and 31.4 g/t Au and 10.4 g/t Au 2 from quartz vein outcrop over 700 m of
strike, supporting previous high grade drill results.
• Soil sampling defined a ~ 600 m long and up to 250 m wide coherent anomaly > 30 ppb Au, with peak results of
1,585 ppb Au and 1,440 ppb Au 2.
• Mapping defined a west dipping thrust (Clone Thrust) associated with high grade gold mineralisation and
significant sericite-carbonate alteration.
• A targeted ~2,000 m RC drill program is planned to commence at Tibooburra in late April 2025 to test this
high-grade gold mineralised trend.
• Desktop review of regional geophysics and open file data continues at the Toolunga Project, which is located in the
Onslow District of Western Australia 3
• Strong financial position with a cash balance of A$10 million (C$9 million) and investments of approximately
A$35.6 million (C$31.9 million) as of 31 March 2025.
Commenting on Q1 2025, Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said, “Our team continues to
position Novo for exploration success. We have strengthened our exploration portfolio with the recent addition of the John Bull,
Tibooburra and Toolunga Projects via Farm-In agreements.”
“Drilling is already underway at the Balla Balla Gold Project and the team is excited to commence targeted exploration
programs at the Tibooburra and John Bull Projects. Importantly, Novo is well-funded to execute on our exploration strategy and
to deliver a continuous flow of news over the next quarter.”
PERTH, Australia, April 16, 2025 -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQB:
NSRPF) is pleased to report on the key activities carried out by the Company during March Quarter 2025.
SUSTAINABILITY
There were no significant safety, environment, or community incidents during the March Quarter 2025.
Discussions with the representatives of the Traditional Owners are on-going as Novo reviews and updates the relevant access
agreements. Novo remains in close contact with Traditional Owners to ensure appropriate heritage protection for planned
exploration activities across all of its projects.
PORTFOLIO
Novo has built a diversified, gold exploration and development portfolio, located across leading mining provinces in Australia
and offers a mix of greenfields, advanced greenfields and advanced exploration projects.
The Company has planned detailed drill programs across all key projects and is set to deliver a strong pipeline of news.
A dedicated project generation program continues to focus on identifying advanced gold and copper assets to provide optimum
chance of success.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f703cf6b
-b4fe-4b9f-906b-793f16307dcf
NEW SOUTH WALES – NEW GOLD 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 tenure consists of two tenements and covers some 32 sq km ( Figure 1). The agreement with TechGen Metals
Limited (TechGen) grants Novo an option to acquire an 80% interest in the Mick Bull tenement EL9121 and a 70% interest in
the John Bull tenement EL8389.
Figure 1: Location of the John Bull Gold Project in northeastern NSW, Australia
An intensive three-week field campaign was completed in March 2025 at John Bull. This work aimed to establish both the local
geology and key mineralisation controls at the main drilling area at John Bull ( Figure 2 ), in addition to understanding the
mineralisation in a more regional context.
The field programs included various scale mapping and rock chip sampling, in addition to infill and step out soil sampling to be
used for characterising local geology, identifying new targets, and investigating current high-value prospects for potential depth
or strike extensions or zones of higher-grade mineralisation.
Final results from the field programs are pending.
Figure 2: John Bull historic drill hole and costean locations, soil gold geochemical results and historical soil sampling
locations. Sample results may not be representative of mineralisation in the district. No assurance can be given that Novo will
achieve similar results as part of its exploration activities 4.
Tibooburra Gold Project (Farm-in with Manhattan Corporation)
The Tibooburra Gold Project ( Tibooburra) is an advanced exploration opportunity, located in northwestern NSW and covers
much of the historic Albert Goldfield. Tenure includes six granted exploration licences over 630 sq km ( Figure 3 ). The
agreement with Manhattan Corporation Limited (Manhattan ) grants Novo an option to acquire a 70% interest in the tenements
comprising Tibooburra.
The Tibooburra project area itself displays more than 200 historic workings and over 34 km of mineralised trend on multiple
lines of workings. Several immediate targets have been delineated by previous workers including New Bendigo, Clone, Pioneer,
Elizabeth Reef and Good Friday ( Figure 4 ). However, outside of the New Bendigo prospect, little systematic modern
exploration has been conducted. The area is significantly under-explored, and satellite imagery and interpretation shows
abundant cover, particularly in the south.
Figure 3:. Geology of the Tibooburra project tenements highlighting the Albert Goldfields at the boundary of the Thomson and
Delamarian orogens wrapping around the west side of a cluster of large granite intrusions to the east
A three-week field campaign comprising geochemical surface sampling and detailed mapping of the main ~ 3 km strike at the
Clone prospect was designed to assess prospectivity of the trend, and was completed in February 2025, with all assay results
returned. The field programs were designed to investigate controls on gold mineralisation and allowed Novo to design a follow
up RC drilling program to validate previous drill results. Novo is anticipating that this program may significantly extend known
mineralisation along strike, down dip and down-plunge.
Results from all aspects of the exploration work proved extremely promising, supporting the decision to commit to ~2,000 m of
RC drilling at Clone, which is scheduled to commence in April 2025.
Mineralised late-stage NNW to NW trending moderately southwest dipping shears (interpreted as reverse faults) have been
identified as the focus for much of the historical workings at Clone. Generally, the best mineralisation occurs where these
structures bend in a more northerly direction, producing 1 m to 10 m wide shear zones. The main shear, the Clone Thrust, is
traceable over 3 km strike and trends under cover to the NW and SE. Several splay structures are also present and are
potentially part of the fertile architecture of the belt ( Figure 5 and Figure 6). NNE trending cross-cutting faults are common,
with interpreted sinistral movement on the main shear zones. Mineralised veining includes west dipping late-stage quartz veins
which vary between laminated, massive, brecciated and sheared, and contain rare sulphide and green sericite.
Figure 4: Tibooburra project tenure, with regional geology, drill collars and main prospects, highlighting multiple parallel
mineralised trends.
Results from minus 80# mesh soil sampling has defined a 600 m long coherent > 30 ppb Au anomaly with peak results of
1,585 ppb Au and 1,440 ppb Au associated with the Clone Thrust and splay structures over the main target area.
Rock chip sampling (Figure 5 and Figure 6) yielded peak results of 89.6 g/t Au and 41.9 g/t Au from mullock dump samples
at the northern end of the main Clone workings. In the southern part of the main workings, peak results include 31.4 g/t Au
and 10.4 g/t Au from within the west dipping Clone Thrust (Figure 5). Several samples collected in the main area graded > 3
g/t Au.
Figure 5: Rock chip sample results from an exposure of the west dipping Clone Thrust, highlighting a significant high-grade
zone of mineralisation over approx. 8 m width with a peak result of 31.4 g/t Au 2 from the western-most quartz vein. Results
may not be indicative of mineralisation in the district. See Novo’s announcement released to ASX on 2 April 2025 (Promising
surface exploration informs Tibooburra RC Drilling Program) for further information, including full results tables and JORC
details regarding the assayed material
Figure 6: Structural mapping and thematically mapped minus 80# mesh soil samples over the ~ 3 km Clone Trend; results
may not be indicative of mineralisation in the district
The drill program at Clone will focus over a strike of several hundred metres and is designed to test the recently confirmed high
-grade gold targets.
All compliance required for drilling is complete including a heritage survey conducted with the Tibooburra Local Aboriginal Land
Council (TLALC). An Assessable Prospecting Operations (APO) application for all proposed drillholes and the northern access
track was successfully approved in March 2025. An approved APO is required under the State Environmental Planning Policy
when undertaking ground disturbing activities e.g. drilling or access track clearing.
Mineralisation at Clone remains open in all directions, with targeted mineralised basement trending under cover sediments to
the south. The cover sediments extend for some 15 km providing opportunities for exploration targeting potential ‘blind
discoveries.’
Forward Programs - NSW Projects
Novo is planning to conduct additional field reconnaissance at John Bull prior to planning approx. 1,500 m RC drilling for late
Q2 2025 across priority targets.
At Tibooburra, earthworks to support the planned RC drill program will be conducted in mid April 2025 with RC drilling
expected to commence in late April.
WESTERN AUSTRALIAN GOLD PORTFOLIO
Onslow District – Toolunga Project
The Toolunga Project completes a strategic landholding of 1,524 sq km targeted across the junction of major tectonic
boundaries in the north of WA. The project comprises six Exploration License Applications for 634 sq km of 100% owned
tenure, with a further 890 sq km in four Exploration License Applications ( Figure 7 ) 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).
Figure 7: Novo Pilbara and Onslow tenure showing main projects and significant prospects.
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.
Desktop assessment of historic data and remote area geophysics continues to develop conceptual targets for on ground follow
up on grant of tenure (Figure 8).