Novo Business Review
Novo Business Review
VANCOUVER, British Columbia, Aug. 06, 2024 --
HIGHLIGHTS
• Exploration ramped up across Novo Resource’s ( Novo or the Company ) priority Pilbara targets in Q2 2024, with
drilling programs running concurrently at Nunyerry North and the Becher Project (Becher) in the Egina Gold Camp.
• Drilling at Nunyerry North commenced in May 2024 and was completed in late July 2024 with over 3,200 m reverse
circulation (RC) drilling to date. The program tests multiple new targets along strike of known mineralisation and down
plunge of existing intercepts. Final assays expected mid- August.
• Follow-up aircore (AC) and RC drilling programs commenced at Novo’s flagship Becher Project by De Grey Mining ( De
Grey) with two drill rigs. Initial focus for these programs is on testing gold and base metal mineralisation at the priority
Heckmair and Lowe Prospects.
• De Grey plans to undertake a further 28,000 m of combined AC and RC drilling in 2024, adding to the ~10,500 m
already completed in Q4 2023.
• Recent exploration review in the Karratha district has advanced several drill targets, including North Whundo, Railway
Bore and East Well. A program of ~3,500 m of RC drilling is planned to test these prospects in late Q3 2024 post
completion of heritage surveys.
• Reconnaissance AC drilling is also planned at Balla Balla in late Q3 2024 post completion of heritage surveys.
• At the Belltopper Gold Project in Victoria, results were received from the six-hole, 2,529 m, diamond drill program
completed in Q1 2024.
• Significant intercepts included1:
◦ 5.6 m @ 3.14 g/t Au from 219.8 m and 4.25 m @ 5.88 g/t Au from 274.75 m ( including 2 m @ 11.15
g/t Au) and 1.94 m @ 2.37 g/t Au from 230 m in BTD001 on the Leven Star Reef.
◦ 2 m @ 15.18 g/t Au from 9 m in BTD004 on a newly discovered reef.
◦ 12.26 m @ 1.45 g/t Au from 185 m ( including 4.6 m @ 2.64 g/t Au ) in BTD005 on the Missing Link
Reef.
◦ 7 m @ 1.88 g/t Au from 179 m ( including 3.19 m @ 3.42 g/t Au ) in BTD006 on the Piezzi Reef, a
parallel structure to the O’Connors Reef.
• New gold reefs have been delineated, and extension potential demonstrated on several key historic reefs. A
new high-priority north-west trending target corridor was also defined.
• Hole BTD001 extended mineralisation up to 120 m down-dip on the Leven Star Reef in an emerging high-grade
zone and anomalous gold in BTD003 indicates a potential north-east extension to the Leven Star Reef in addition
to evidence for a prospective parallel structure (the Butchers Gully Fault).
• Hole BTD002 intersected the Hanover Reef, and discovered an additional, parallel reef (the Welcome Fault)
returning 4.1 m @ 2.37 g/t Au from 36.1 m. BTD002 is the only hole drilled into this developing target corridor.2
• Structural logging has confirmed the geometry and position of major anticline corridors which remain priority
targets for structurally controlled high-grade gold events such as those seen at the nearby Fosterville gold mine.
• Novo continues to focus its efforts on dedicated and disciplined project generation program to focus on
identifying value accretive opportunities across targeted precious and base metals assets that complement the
current portfolio.
• Novo is in a strong financial position to continue its exploration focus on Western Australia and Victoria, with no debt
and a cash balance of A$11.7 million (C$10.7 million) and investments of approximately A$46.2 million
(C$42.1 million) as at 30 June 2024. 3
Commenting on the June quarter, Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said, “It has been a
busy quarter as we progressed exploration activity across our Pilbara portfolio and analysed results from our Belltopper drill
program from earlier in the year.”
“Results from the Nunyerry North RC drill program will now be assessed prior to finalising targets for diamond drilling and the
team will continue to finalise planning for a RC drill program to test three prospects in the Karratha district, with drilling
scheduled to start late next quarter.”
“At the Balla Balla Gold Project, a reconnaissance AC program is also planned for the second half of the year, testing
prospectivity adjacent to the Sholl Shear and associated potentially fertile structural corridors undercover.”
“Excitingly, results from the Belltopper diamond drill program were received and new gold reefs have been delineated with
extension potential demonstrated on several key historic reefs. A program of historical core logging and sampling of several
deep diamond holes drilled by previous explorers has now been initiated with results from this work expected to be finalised in
the first half of Q3 2024.”
“As always, the team is continuing our aggressive exploration push, with a busy half planned and a strong pipeline of news
expected for the remainder of 2024”.
SUSTAINABILITY
There were no significant safety, environment, or community incidents during Q2 2024.
Discussions are advanced with Traditional Owners to ensure appropriate heritage protection for planned Nunyerry North, Balla
Balla and Karratha District drill programs and for eventual exploration in the Yandeyarra Reserve (part of Novo’s Egina Gold
Camp).
WESTERN AUSTRALIAN GOLD PORTFOLIO
Egina Gold Camp
The Egina Gold Camp is an 80 km long contiguous tenement package, which hosts Novo’s current high priority Pilbara targets
(Figure 1) at Nunyerry North and Becher. The tenure is focussed on a series of structurally complex, gold-fertile corridors and
is hosted by rocks of the Mallina Basin in the north and mafic / ultramafic sequences further south. This belt is the primary
focus for Novo’s 2024 Pilbara exploration programs.
Figure 1: Novo Pilbara tenure showing main projects and significant prospect.
In addition to the Nunyerry North and Egina JV, several other priority gold targets are also being progressed along the main
structural corridors within the EGC (Figure 2). These prospects form part of Novo’s regional reconnaissance program in 2024.
Nunyerry North (70% Novo / 30% Creasy Group)
The Nunyerry North prospect lies within Exploration Licence E47/2973 in the southern EGC, located 150 km from Port
Hedland. The tenement is subject to a Joint Venture agreement, with Novo holding a 70% interest and the remaining 30% held
by Rockford Metals Pty Ltd, an entity of Mark Gareth Creasy (The Creasy Group). Novo completed a maiden RC drilling
program of 30 holes for 2,424 m at Nunyerry North in Q4 2023.
Figure 2: EGC tenure showing significant Au prospects, location of Nunyerry North, and JV interests.
Phase 2 RC drilling commenced at Nunyerry North in late May 2024 following receipt of significant results from the maiden drill
program. The current program was completed with a total of 28 RC holes for 3,168 m drilled in June 2024. The program was
designed to test multiple new targets along strike of known mineralisation and down plunge of existing intercepts ( Figure 3 ).
Final assays are expected in mid-August.
Figure 3: Nunyerry project area with interpreted geology, highlighting strike extent of favourable stratigraphy and additional
structural targets for further drill testing.
Egina Earn-in/JV (De Grey earning a 50% interest)
In the northern Egina Gold Camp at the Egina JV area, Novo’s partner De Grey commenced drill programs in late May 2024,
with two rigs concurrently conducting a proposed approximate 28,000 m combined AC and RC drill program. The RC drill
program is focussed initially at Heckmair and has been designed to follow up on encouraging results at Lowe, Heckmair, and
Whillans. The AC drill program has commenced at Lowe and aims to provide better geochemical coverage over structural and
intrusion targets ( Figure 4 ). At 30 June 2024, a total of 38 RC holes for 4,975 m and 201 AC holes for 16,955 m had been
completed. Results are expected in late Q3 2024.
Figure 4: Proposed drill programs by JV partner De Grey at the Becher Project in the Egina JV
Karratha District Prospects
Novo’s maiden RC drilling program at the North Whundo, Railway Bore and East Well prospects is scheduled for late Q3
2024. A total of ~3,500 m is planned to test Au and Au-Cu (+/- Pt-Pd) targets defined by a combination of mapping, surface
geochemistry and reprocessing/reinterpretation of historic geophysics (IP chargeability and anomalies).
Recent exploration in the Karratha district has advanced several drill targets, including North Whundo, Railway Bore and East
Well.
By way of further detail:4
• The primary target North Whundo5 is defined by a significant 1.2 km long Cu-Pd-Au anomaly , with highly anomalous
rock chip results including peak values of 4.1 g/t Au+Pt+Pd and 3.9 % Cu.
• At Railway Bore5, rock chip results include 9.6 g/t Au, 11.9% Cu and 26 g/t Ag from malachite rich breccia in a swarm
of felsic intrusion-hosted quartz veins.
• At East Well, a 450 m long copper pXRF soil anomaly > 200 ppm Cu delineates the intersection of a high-grade quartz
vein trend and a Au-PGE-Cu breccia trend.
Figure 5: Karratha District showing Novo tenure and significant prospects
Balla Balla Gold Project
Balla Balla is an emerging exploration project centred on the Sholl Shear and associated potentially fertile structural corridors
undercover. The Project is considered prospective for intrusion-hosted gold mineralisation, in addition to structurally controlled
gold. Geophysical interpretation and research of historical data completed in 2023 advanced the Company’s understanding of
prospectivity in the project area and further delineated targets for follow-up work in 2024. A reconnaissance AC drill program is
currently in planning for H2 2024.
Forward Programs – Pilbara
Results from the Nunyerry North RC drill program will be assessed prior to finalising targets for diamond drilling. At Becher, in
the Egina JV, De Grey AC and RC drilling programs are expected to continue in Q3 2024. Geophysical surveys proposed for
Q2 2024, including a high-resolution drone aeromagnetic survey at Becher, and ground gravity over several additional selected
areas, have been delayed and are now scheduled for Q3 2024.
Novo also plans to conduct a RC drill program to test three prospects in the Karratha district, with programs to be completed
at Railway Bore, East Well, and North Whundo. Drilling is scheduled to start in late Q3 2024 and will total ~3,500 m to test Au
and Au-Cu(+/- Pt-Pd) targets defined by a combination of mapping, surface geochemistry and historic geophysics (IP
chargeability anomalies).
At the Balla Balla Gold Project, a reconnaissance AC drill program is also planned for H2 2024, testing prospectivity adjacent
to the Sholl Shear and associated potentially fertile structural corridors undercover. The Project is considered prospective for
intrusion-hosted gold mineralisation, in addition to structurally controlled gold. Geophysical interpretation and research of
historical data completed in 2023 advanced the Company’s understanding of prospectivity in the project area and further
delineated priority targets.
BELLTOPPER GOLD PROJECT, VICTORIA
In Victoria, final gold and multi-element assay results have been received from the diamond drilling at the Belltopper Gold
Project ( Figure 6 ) completed late Q1 2024. Summary metrics for the program are 6 holes for 2,529 m. The program was
designed to test multiple high-priority targets, including structural and intrusion hosted/related gold targets, high-amplitude IP
chargeability anomalies and favourable structural positions within key anticline corridors, and a developing high-grade zone at
the Leven Star Reef.
A program of historical core logging and sampling of several deep diamond holes drilled by previous explorers has also been
initiated. Results from this work are expected to be finalised in the first half of Q3 2024.
Figure 6: Belltopper Gold Project location map with focus area for the diamond drilling program.
A series of significant results were returned from the drill program contributing to the understanding of the tenor and position of
key historic reefs. A new high-priority north-west trending target corridor was also defined.
Key results from the drill program included6:
• 5.6 m @ 3.14 g/t Au from 219.8 m and 4.25 m @ 5.88 g/t Au from 274.75 m (including 2 m @ 11.15 g/t Au) and 1.94
m @ 2.37 g/t Au from 230 m in BTD001 on the Leven Star Reef.
• 2 m @ 15.18 g/t Au from 9 m in BTD004 on a newly discovered reef.
• 12.26 m @ 1.45 g/t Au from 185 m (including 4.6 m @ 2.64 g/t Au ) in BTD005 on the Missing Link Reef.
• 7 m @ 1.88 g/t Au from 179 m (including 3.19 m @ 3.42 g/t Au ) in BTD006 on the Piezzi Reef, a parallel structure to
the O’Connor’s Reef.
The mineralisation presented in the body of this release 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.
Significant gold results span a range of mineralisation styles; including oblique to stratigraphy high-grade shear or fault related
mineralisation analogous to that at Costerfield or Stawell mines; layer-parallel laminated gold-bearing quartz, quartz breccia,
and west-dipping mineralised faults analogous to high-grade Victorian deposits such as at Fosterville mine; and broad, low-
grade mineralisation associated with the anticline saddle reef-style that has contributed so significantly to the historical gold
endowment of the nearby Bendigo and Castlemaine goldfields.
The recent drilling continues momentum garnered from current exploration efforts and the 2021 - 2022 diamond drilling program
which discovered and delineated a gold-bearing felsic porphyry with clear IRG characteristics (confirming a new but
hypothesised mineralisation style in the region); in addition to highlighting several underexplored, kilometre-scale, high-grade
gold reefs with emerging shoot potential, that have in many cases only been tested by a handful of scout or reconnaissance
holes at best. Key learnings from the program include:
• Hole BTD001 extended mineralisation up to 120 m down-dip on the Leven Star Reef in an emerging high-grade zone,
and in addition anomalous gold in BTD003 indicates a potential north-east extension to the Leven Star Reef in addition
to evidence for a prospective parallel structure (the Butchers Gully Fault).
• Hole BTD0025 intersected the Hanover Reef, and discovered an additional, parallel reef (the Welcome Fault) returning
4.1 m @ 2.37 g/t Au from 36.1 m. BTD002 is the only hole drilled into this developing target corridor. 7
• Structural logging has confirmed the geometry and position of major anticline corridors which remain priority targets for
structurally controlled high-grade gold events such as those seen at the nearby Fosterville gold mine.
Figure 7: Oblique view of IP lines showing chargeability anomalies and key reefs tested as part of current program.
Figure 8: Collar location map (LIDAR) and drill azimuth for the six recently completed diamond drill hole at Belltopper. Key
structural elements and target mineralised reefs (red lines) also delineated.
Forward Programs - Victoria