Novo Delivers Significant Increase to Belltopper Exploration Target
Novo Delivers Significant Increase to Belltopper Exploration Target
HIGHLIGHTS
• The Exploration Target, which was defined in 2024, has been significantly increased following detailed review and
assessment.
• The Belltopper Gold Project is located within the gold prolific Bendigo Tectonic Zone in Victoria and approximately 60
km SSW of the high-grade world-class Fosterville Gold Mine.
• The updated 2026 Exploration Target brings in the Western Domain Fault as a new reef and encapsulates strike
and depth extensions on four of the seven priority reefs included in the 2024 Exploration Target.
• The evolving geology model continues to provide additional high priority, drill ready targets focussing on both near-
surface reef systems and deeper conceptual targets.
• Additional lightly tested historic gold reefs at Belltopper that currently sit outside of the updated 2026 Exploration
Target highlight the upgrade potential of the project.
• Preliminary planning has commenced for potential drilling in H2 2026, aimed to provide further confidence in the
Exploration Target.
An updated Exploration Target is now presented for the Belltopper Gold Project area based on an in-depth review of the
local geology, historical data, and previous drilling relevant to eight highly prospective reefs within the project area. The
updated 2026 Exploration Target includes the addition of a new reef and increased strike and/or dip extents for four of the
seven reefs documented in the 2024 Exploration Target (Table 1).
Table 1. Updated 2026 Exploration Target for the Belltopper Gold Project, Victoria.
Figures may not compute due to rounding.
Metric Low case
(approximation)
High case
(approximation)
Tonnage range 2.1 Mt 3.1 Mt
Grade range 6.7 g/t Au 8.9 g/t 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 reported in accordance with the JORC
Code (2012).
PERTH, Australia, Feb. 11, 2026 -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQB:
NSRPF) is pleased to provide an updated Exploration Target for the Belltopper Gold Project (‘Belltopper’) in Victoria.
Belltopper is located 120 km northwest of Melbourne and approximately 60 km south of Agnico Eagle’s Fosterville Gold Mine
(Figure 1) in the Bendigo Zone, an area with historical gold production of more than 60 million ounces.
Kaiser Reef Limited’s Maldon processing plant is located some 40 km to the northwest of the project area and Alkane
Resources Limited’s Costerfield’s operation is located some 50 km to the northeast of Belltopper.
2026 UPDATED EXPLORATION TARGET
The 2026 Exploration Target demonstrates significant growth in tonnage and grade when compared with the 2024
Exploration Target. Key improvements from the 2024 Exploration Target to the 2026 Exploration Target (Low and High Case)
include:
• Tonnage Growth: An increase of 40% (Low) to 48% (High)
• Au Grade Improvement: An increase of 1.5% (Low) to 6% (High)
The increase has been driven by further interpretation of local geology, historical data and previous drilling.
This assessment brings in the Western Domain Fault as a new reef and encapsulates strike and depth extensions on four of
the seven priority reefs included in the 2024 Exploration Target. The assignment of grade to the updated Exploration Target
has also changed through accounting for historical metallurgical recovery and reinterpretation of Waste and Low Grade (LG)
material.
Planning has commenced for potential drilling in H2 2026 aimed to provide further confidence in the Exploration Target.
Commenting on the Belltopper Gold Project, Mike Spreadborough, Executive Co-Chairman and Acting Chief
Executive Officer, said: “We are very pleased to deliver this important and impressive upgrade to our Belltopper Gold Project
Exploration Target.
“The team has been working extremely hard on Belltopper and have delivered an excellent result, with tonnage increasing by
40% and 48% and the already high-grade nature of Belltopper increasing by 1.5% and 6%. “
“The importance and price of gold since our 2024 Exploration Target has increased significantly and we look forward to
completing our planning for the next phase of drilling, testing high-priority reefs that sit within and outside the Exploration
Target and unlocking the exciting value opportunity of Belltopper when we potentially kick-off drilling in the second half of
2026.”
Figure 1. Belltopper Gold Project location map with regional mining centres and major structurea.
See endnotes for for source documents in relation to historical gold production figures for Bendigo, Fosterville, Costerfield,
Castlemaine and Ballarat.
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 Appendix 4). In addition, all references in
this announcement to tonnage and grade, and associated ranges are expressed as approximations.
Belltopper is characterised by a dense network of high-grade gold reefs that form a distinct cluster in the northwest quadrant of
the project area adjacent the regional Taradale Fault. The 2024 Exploration Target included seven distinct reefs from this
cluster that were considered to show the highest prospectivity based primarily on geological, drilling and/or historical mining
data.
The 2024 Exploration Target at Belltopper was released on September 24, 2024 (TSX) and September 25, 2024 (ASX) and
reported potential gold mineralisation ranging from 1.5 Mt @ 6.6 g/t Au (Low Case) to 2.1 Mt @ 8.4 g/t Au (High Case) b.
The updated 2026 Exploration Target demonstrates significant growth compared to the 2024 Exploration Target (Tables 1
and 2).
Table 2. Breakdown of tonnage and, grade for Low and High Cases (per reef) for the 2026 Exploration Target. Figures may not
compute due to rounding.
Target Reefs
Reef No. on
Figures
2-4
Low Case
Tonnage (t)
High Case
Tonnage (t)
Low case Grade
Range (g/t Au)
High Grade
Range (g/t Au)
Leven Star 1 580,000 810,000 4.6 5.1
Missing Link 2 150,000 220,000 7.7 10.5
Never Despair 3 180,000 270,000 7.7 10.5
O’Connor’s 4 540,000 800,000 7.7 10.5
Queens /Egyptian 5 170,000 230,000 7.7 10.5
Hanover 6 120,000 170,000 7.7 10.5
Piezzi/Stackyards 7 300,000 450,000 7.7 10.5
West Domain Fault 10 90,000 140,000 4.4 6.3
TOTAL - 2,100,00 3,100,000 6.7 8.9
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 reported in accordance with the JORC
Code (2012).
Eight reefs together form the 2026 Exploration Target (Figure 2), primarily defined by mapping, sampling, and 3D modelling
of historic reef workings, supported by modern drilling and acquired LiDAR™ and high-resolution ortho-imagery across the
project area.
Figure 3 and Figure 4 zoom-in to the northern and southern sectors of the field respectively to show more detail.
Figure 3 and Figure 4 also highlight historic and newly recognised high-grade gold reefs in the project area with significant
intersections returned across all phases of drilling depicted (see Appendices 1,2 and 3 for all intersections > 2 gram meters).
Figure 2, Overview Map of the Belltopper Gold Project showing location of the eight reefs included in the 2026 Exploration
Target, downhole gold tenor, historical workings, important geological elements of the field and the location of Section C-C’
displayed in Figure 6.
Figure 3, Location map for northern 2026 Exploration Target reefs labelled #1 through #8. Refer to Table 4 for characteristics
of individual reefs and Table 2 for breakdown of the 2026 Exploration Target per reef. For a full list of all significant >2 m.g/t
Auc intercepts with corresponding drill collar details and location map refer to Appendices 1, 2 and 3.
Figure 4, Location map for the southern 2026 Exploration Target reefs labelled #1 through #8. Refer to Table 4 for
characteristics of individual reefs and Table 2 for breakdown of the 2026 Exploration Target per reef. For a full list of all
significant >2 m.g/t Au c intercepts with corresponding drill collar details and location map refer to Appendices 1, 2 and 3.
All reefs forming part of the updated 2026 Exploration Target have some degree of historic mining and/or exploration
development, albeit this is 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 reported4.
Key inputs are supported by Novo’s geological understanding of the reef network at Belltopper, and draw upon the detailed 3D
reconstruction of historic mining and exploration development data, drilling data, structural and geochemical data, field
mapping (including high-resolution LiDAR™ interpretation), and surface rock chip sampling (Tables 3 and 4; Figure 5).
Reefs #1 to #7 were included in the 2024 reported Exploration Target. Reef #8 is an addition to the current updated 2026
Exploration Target .
Table 3. Significant reefs with summary of key inputs to the 2026 Exploration Target.
Target Reefs
Reef No.
on Figures
2-4
Historic
underground
development
Historical
production
data
Drilling Mapped Surface
sampling
Leven Star 1 Minor No 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
Western Domain Fault 8 Yes Yes Yes Yes Yes
Figure 5, Example from Novo's 3D Model, showing historical mine infrastructure, diamond drilling and assay callouts, beneath
LiDAR™ 2
Reefs belonging to the 2026 Exploration Target are typically narrow, discrete, continuous structures that can be traced up to
2 km in strike (e.g. O’Connors Reef). These reefs (barring the newly added Western Domain Fault) typically 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. The reefs manifest as narrow (<1 m wide), sulphide-rich fault
breccias ±quartz vein occurrences or infrequently as multiple occurrences within a typically wider halo of intense sericite–silica
±kaolinite altered sediments, with preserved textures and mineralogy consistent with the epizonal class of orogenic lode gold
deposits.
The Western Domain Fault strikes north-south and represents the westernmost line of a series of narrow, steeply east-dipping
reefs that belong to the historic Doctors Reef–Queen Victoria Reef area of workings (Figures 2 and 3). The Western Domain
Fault represents the largest of the north-south workings in this area.
Table 4. Individual characteristics for each of the eight reefs included in the updated 2026 Exploration Target. Square
brackets highlight previous parameters adopted for strike and dip continuity on individual reefs reported in the 2024
Exploration Target, where they have changed for the 2026 Exploration Target.
Reef Dip / dip
direction
Strike
continuity
(m)
Dip
continuity
(m)
Potential
mining
width (m)
Mean vein
width
(m)
Characteristics of
mineralisation
Leven Star 85° to SE 1,000
[800]*
400
[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 670 400
[250]1
1.5 0.20 Puggy tectonic breccia (Au +
As)
O’Connor’s 70° to ENE 1,960
[1,500]*
400
[300]*
1.5 0.33 Tectonic breccia
±disseminated sulphides (Au
+ As)
Queens/Egyptian 78° to ENE 780 400
[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 1,760
[1,450]*
250 1.5 0.20 Narrow tectonic breccia
overprinting bucky white quartz
vein surrounded by irregular
quartz veining (Au + As, Bi)
Western Domain Fault 70° to E 550 250 1.5 0.20 Sericite shear and narrow
tectonic breccia (Au + As)
with vuggy Fe-Qtz stockwork
veining
* Parameters in square brackets represent those used in the previous 2024 Exploration Target reported. These are presented
for comparison.
Leven Star Extension
The original strike continuity for the Leven Star Reef adopted in the 2024 Exploration Target is represented as the solid red line
in Figure 3 and was initially restricted to the portion of Leven Star where extensive historical RC and diamond drilling was
completed. The updated 2026 Exploration Target extends the Leven Star an additional ~200 m strike to the NE, primarily
driven by a significant intersection in BTD003 comprising 3 m @ 1.0 g/t Au from 318.41 m that is consistent with the re-
modelled NE projection of the reef d. This intersection is further supported by mapping, paleo-alluvial working trends, and an
obvious lineament in the high-resolution LiDAR™ data that logically represents a potential extension to the main Leven Star
structure.
The Leven Star Reef intersection in BTD003 is characterised by a distinct zone of sericite and silica altered sandstone with
disseminated chalcopyrite, arsenopyrite and pyrite, narrow (1-2 cm) quartz veining and thin (1-2 mm) feldspar veining.
Piezzi and O’Connor’s Reef Extensions
The Piezzi/Stackyard and O’Connor’s reefs were intersected in BTD006 during Novo’s 2023-2024 diamond drilling campaign
(Figure 2 and Figure 4). A significant intersection of 7 m @ 1.88 g/t Au from 179 m; including 3.19 m @ 3.42 g/t Au from
182.81 m correlates with the modelled NW extension of the Piezzi/Stackyard Reef (Figure 6) d; whilst a significant intersection
of 1.56 m @ 0.55 g/t Au from 238.14 m correlates with the modelled NW extension of the O’Connor’s Reef. These
intersections are beyond the northwest strike limits adopted in the 2024 Belltopper Exploration Target for both reefs. The
updated 2026 Exploration Target extends the strike of both reefs to drill hole BTD006, where the reefs manifest as “blind,”
targets below the surface and in the footwall of the west-dipping Taradale Fault. Both reefs remain open at depth and to the
NW.
Figure 6, Drill cross section for BTD006 showing intersection of Piezzi Reef Fault and O’Conner’s Reefs. These manifest as
“blind,” reefs in the footwall of the Taradale Fault in this area. Diamond core from BTD006 (177.19 m–186.77 m) shows the
Piezzi Reef intersection characterised by significant quartz veining within a mineralised halo of strongly sericite altered
sediments.d
A review on modelled historic underground workings from the Queens Birthday, Queens Birthday South, and the Eastern
Whim Crosscuts (Figure 7), highlight historic drives that worked east-dipping reefs consistent with the current modelled SE
extensions for the Piezzi/Stackyards and O’Connor’s reefs. These drives sit beyond the SE limitations adopted for both reefs
in the 2024 Exploration Target.
The updated 2026 Exploration Target extends the Piezzi/Stackyards Reef to the main Queens Birthday Crosscut; and the
O’Connor’s Reef to the No. 1 South Queens Birthday Crosscut (Figure 7).