Highlights – June Quarter 2025
Highlights – June Quarter 2025
• Novo completed its maiden RC drill program at the Clone prospect as part of the Tibooburra Gold Project in May
2025 testing 500 m of strike. Drilling produced significant high-grade gold intercepts including:
• 12 m @ 5.90 g/t Au from 16 m, including 5 m @ 13.74 g/t Au from 23 m (TBR0001) 1
• 17 m @ 2.40 g/t Au from 59 m including 9 m @ 4.14 g/t Au from 59 m (TBR0014) 1
• Grade and width continuity has been successfully demonstrated by the RC drilling and indicates a shallow north
plunge to the near-surface shoot of high-grade gold mineralisation, now defined over 300 m strike.
• High-grade intercepts remain open to the north and are currently under assessment for follow up drilling.
• Results from the field campaign at John Bull Gold Project confirmed prospectivity and identified four Key Target
Areas for drilling in H2 2025. Results include:
• Extension of the > 100 ppb Au anomaly to ~ 1.5 km strike with a peak soil result of 1.59 g/t Au2.
• Rock chip sampling returned peak results of 67.9 g/t Au and 29 g/t Au 2 from sheeted quartz veins mineralised
structural zones, demonstrating potential for high-grade mineralisation.
• Mapping significantly enhanced the understanding of the John Bull mineral system and strongly supports
presence of an Intrusion Related Gold System (IRGS) model .
• Novo has advanced Pilbara high-grade gold and gold-antimony prospects which will be the focus for exploration and
drilling in H2 2025.
• Exploration at the Sherlock Crossing Au-Sb prospect defined a coherent 1.5 km antimony in soil anomaly (at
> 15 ppm Sb) 3, with gold anomalism up to 85 ppb Au3, with all heritage and compliance approvals now in place
for exploration drilling.
• At the Southeast Wyloo Au-Sb-Ag-Cu Project, plans are in place to complete mapping and rock chip sampling
in preparation for drill program planning.
• Results from reconnaissance aircore (AC) drilling at Balla Balla delineated broad zones of low-level gold anomalism
(peak 0.114 ppm Au) along the Sholl Shear. Significant results from multielement assays of bottom hole samples and
select drill holes include 96.8 ppm Ag, 182 ppm Sb, 353 ppm Cu, and 71.6 ppm Bi 3.
• Northern Star Resources Limited, Novo’s new partner in the Egina Farm-in/Joint Venture arrangement (following its
acquisition of De Grey Mining) continues reviewing previous data in planning for future exploration programs.
• Strong financial position with a cash balance of A$7 million (C$6 million) and investments of approximately A$34
million (C$30 million) as of 30 June 2025.
PERTH, Australia, July 28, 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 the Quarter ended June 30, 2025 ( June
2025 Quarter).
PORTFOLIO
Novo has built a diversified, gold exploration and development portfolio, located across leading mining provinces in Australia
and has 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 further enhance
Novo’s portfolio.
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 prolific New England Fold Belt of
NSW ( Figure 1). The tenure consists of two tenements and covers some 32 sq km. 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.
Significant results from Novo’s intensive field campaign at John Bull identified four Key Target Areas for drilling ( Figure 2 ).
These targets have been defined by high order soil anomalism, and include mineralised quartz veins within preferred lithology,
fault zones with intense sericite alteration and brecciation, and an Induced Polarisation geophysical anomaly co-incident with
a major structure.
The field campaign resulted in extension of the historical > 100 ppb Au in soil anomaly to ~ 1.5 km strike with a peak soil
result of 1.59 g/t Au. In addition, rock chip sampling returned peak results of 67.9 g/t Au and 29 g/t Au from sheeted quartz
veins2 in NW and NE trending mineralised structural zones, demonstrating potential for high-grade mineralisation2.
The four Key Target Areas for drilling include:
• John Bull Main (Figure 3) – three targets are planned for testing within this larger zone:
◦ John Bull Breccia Zone - a NE trending zone approximately 100 m long where exploration work yielded high
grade rock chip samples including 67.9 g/t Au and three other samples > 5 g/t Au 2. This linear trend included
two historic shafts.
◦ John Bull Shear – mapping has highlighted strong sericite alteration along a broad NW trending zone of
shearing and recent rock chip samples of up to 29 g/t Au 2.
◦ John Bull Sluicing Area - mapping has delineated an E-W target zone in a fine sandstone-dominant unit,
which was the focus for the main historic sluicing and with the broadest zone of high quartz vein density.
• John Bull South – includes high grade soil anomalies up to 4.77 g/t 4 Au surrounding and partly overlapping a
monzodiorite intrusion, coupled with a large area of historic sluicing for gold.
• Hills Creek West – A coincident IP conductivity anomaly and soil geochemical anomaly with peak value of 2.1 g/t Au 4
occur along a regional NW trending fault.
• Digger’s North – a very broad soil anomaly occurs where limited outcrop is present, in an area north of the previous
drilling. Peak soil results include 10.0 g/t Au 4 and soil geochemical anomalies are linear along the major NW trending
faults within the broader N-S mineralised corridor.
A ~1,750 m RC drill program is planned to commence in H2 2025 (drill rig availability dependent), testing these key targets.
The recent field campaign also significantly enhanced the understanding of the mineral system at John Bull and strongly
supports presence of an Intrusion Related Gold System (IRGS) model. Element zonation suggests a proximal Sn-Bi-As core
centred on a porphyritic intrusion mapped in the SW of the project area, flanked by intermediate Au-Mo-Cu-Sb-Te zones, and
surrounded by the distal halo of sheeted veins with an Au-As-Sb-W association.
Figure 2: Regional geological interpretation map of the John Bull Project over LiDAR™ showing Key Target Area locations.
Figure 3: John Bull Main Workings interpreted geology showing preferred stratigraphy and high vein density areas, with rock
chip results where outcrop can be identified. 2
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 4 ). The
agreement with Manhattan Corporation Limited (Manhattan ) grants Novo an option to acquire a 70% interest in the project.
Novo met (and exceeded) the required minimum spend of $500,000 at Tibooburra for the initial farm in period under the binding
term sheet during June 2025.
The Tibooburra Project area itself displays more than 200 historic workings and more than 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 show
abundant cover, particularly in the south.
Figure 4: Geology and main prospects of the Tibooburra 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.
Novo’s initial exploration at Tibooburra completed in Q1 2025 assessed a ~ 3 km trend at the Clone prospect, and
recommended RC drilling to test the main area of historical workings where Manhattan had successfully drilled several
important intercepts.
RC drilling was completed at Clone in May 2025, with 14 holes drilled for 1,984 m on approximately 60 m to 150 m spaced
sections. The program was designed to test 500 m strike of Clone in the main area of historical workings, informed by Novo’s
geological mapping and sampling and historical drilling by Manhattan.
Significant results from the RC drill program include (Figure 5):
• 12 m @ 5.90 g/t Au from 16 m including 5 m @ 13.74 g/t Au from 23 m (TBR0001)1
• 17 m @ 2.40 g/t Au from 59 m including 9 m @ 4.14 g/t Au from 59 m (TBR0014)1
The results show grade and width continuity similar to the original Manhattan RC drilling and support a near-surface shoot
of north-plunging high-grade gold mineralisation, now defined over 300 m strike (Figure 6).
Drill testing was designed to best intersect interpreted mineralised trends and structures at right angles to minimise bias in
sample collection. All intervals are reported as down hole widths, as true orientation of mineralisation is still unknown 1.
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.’
Figure 5: Significant intercepts from Novo (green callout) and Manhattan (white callout) RC drilling programs, dill hole and
section location and geological interpretation.1
Figure 6: Clone interpreted long section highlighting grade and width continuity, shallow north plunge to the high-grade shoot
and mineralising system open to the north (green callout Novo drilling, grey callout Manhattan drilling) – see Figure 5 for
location.1
Forward Programs - NSW Projects
At John Bull a ~1,750 m RC drill program is planned to commence in H2 2025 (access approvals and drill rig availability
dependent), testing the four Key Target Areas at John Bull Main, John Bull South, Hills Creek West and Diggers North.
Next steps at Tibooburra include designing follow up RC drilling at Clone to test the northern extension of the high-grade shoot
defined by Novo over 300 m strike in recent drilling. In addition, planned work at Clone includes down hole imaging to
determine if structural data (vein orientations) can be obtained, and whether this provides a useful basis for structural targeting.
Relogging of core from the New Bendigo prospect is also planned to better identify controls on gold mineralisation. New
Bendigo displays a similar shallow northerly plunge to Clone and will also be assessed for extensional RC drilling.
Further and broader scale work at Tibooburra will be systematic and will focus on understanding the belt-wide structural
controls on gold mineralisation by mapping and sampling the northern extension of the Clone Trend at Pioneer/Phoenix, and
by mapping the Waratah Reef and southern New Bendigo areas (Figure 4).
WESTERN AUSTRALIAN GOLD PORTFOLIO
Field programs in the Pilbara (Figure 7) focused on completing the maiden AC program at the Balla Balla Gold Project ( Balla
Balla ), in addition to progressing two gold-antimony prospects at Sherlock Crossing and Southeast Wyloo in preparation for
RC drilling in H2 2025. Desktop work at the Toolunga Project in the Onslow District continued in preparation for tenement
grant.
Figure 7: Novo Pilbara and Onslow tenure showing main projects and significant prospects.
Balla Balla Gold Project
Balla Balla is an early-stage exploration project centred on the Sholl Shear Zone (Figure 8). In April 2025, Novo completed a
maiden AC program testing several prospects over a 10 km trend, targeting the Sholl Shear Zone and interpreted splay faults
under shallow cover.
A total of 187 AC holes for 5,996 m were completed on regionally spaced lines varying from 640 m to 2.8 km apart ( Figure 9).
Hole depths range from 5 m to 79 m with cover varying between 5 m to 35 m depth (average 22 m). Samples were collected as
3 m composites for the entire hole and assayed for gold using fire-assay, and a bottom of hole (BOH) sample was taken and
assayed for gold and a 52-multielement suite using fire assay and four-acid digest.
Figure 8: Novo Tenure in the Central Pilbara showing the Egina Gold Camp and Balla Balla Gold Project Au and Sb
prospects, and JV interests.
The AC drill program was designed to effectively test several prospects, by drilling through the unconsolidated cover sequence
to the harder basement rocks, also providing a good end of hole basement rock sample for geological identification and
geochemical testing purposes. All samples from the program were analysed by ALS Laboratories in Perth.
Peak results from broad zones of low-level anomalism associated with the Sholl Shear includes assay of 114 ppb Au 3 (Figure
10). However, numerous additional anomalies have been defined by BOH and select hole multielement assay, with high values
including 96.8 ppm Ag and 182 ppm Sb.3
Peak Au-Ag-Bi-Sb-Cu-Mo is present at Ramquarry and south Babbage along the Sholl Shear and are related to sub-
massive pyrite mineralisation, strong silica-chlorite alteration and/or zones of intense quartz veining, indicating significant
hydrothermal activity. Higher silver values are related to an interpreted fold axis in regional magnetics and porphyritic mafic
intrusion.