Novo Strengthens Portfolio with TWO High-Grade GOLD Projects IN Nsw, Australia
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
Vancouver: 13 December 2024
Perth: 16 December 2024
NOVO STRENGTHENS PORTFOLIO WITH TWO
HIGH-GRADE GOLD PROJECTS IN NSW, AUSTRALIA
HIGHLIGHTS
Novo has strengthened its high -quality, Australian based exploration portfolio by
executing binding term sheets relating to TechGen Metals Limited’s (ASX: TG1)
(TechGen) John Bull Gold Project in the New England Orogen of NSW, and
Manhattan Corporation Limited’s (ASX: MHC) (Manhattan) Tibooburra Gold Project
in the Albert Goldfields in northwestern NSW.
Both projects demonstrate prospectivity for significant discovery and resource
definition and align with Novo’s strategy of identifying and exploring projects with
> 1 Moz Au potential.
These high-grade gold projects compliment the recent announced landholding
consolidation that forms the Toolunga Project in the Onslow District in Western
Australia
TechGen – John Bull Gold Project
The John Bull Gold Project (John Bull) is an advanced exploration opportunity, located
in the emerging New England district NSW.
The agreement with TechGen grants Novo an option to acquire an 80% interest in the
Micks Bull tenement and a 70% interest in the John Bull tenement.
A costean by Kennecott Australia in 1983 intersected 160 m @ 1.2 g/t Au , including
5 m @ 18.0 g/t Au and 5 m @ 7.1 g/t Au 1.
Soil sampling completed by TechGen highlighted an exceptionally high-order gold
anomaly over 900 m long and 250 m wide at > 100 ppb Au with seven samples
reporting > 4.5 g/t Au2.
Drilling completed by TechGen includes 17 RC holes for 2,249.5 m (2022 and 2023) with
an effective test to ~120 m vertical depth.
Peak results from four approximately 100 m spaced sections of shallow RC drilling by
TechGen over 320 m strike include:
o 94 m @ 0.95 g/t Au from 4 m including 66 m @ 1.14 g/t Au, and
17 m @ 1.08 g/t Au from 109 m (JBRC0006)3
o 68 m @ 1.00 g/t Au from surface, including 23 m @ 2.02 g/t Au (JBRC0001)4
All sections remain open at depth and the system remains open along strike.
An Induced Polarisation (IP) geophysical survey over part of the target produced
anomalies over known mineralisation 5 and an additional four IP chargeability targets
remain to be tested.
Multiple targets identified for drill testing, including directly down dip and along
strike of significant intercepts, co-incident or separate Au soil anomalies and IP
anomalies, and under historic workings.
Novo is planning > 2,000 m drilling for H1 2025, following the completion of detailed
mapping and infill and extensional geochemical sampling.
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Manhattan – Tibooburra
The Tibooburra Gold Project is an advanced exploration opportunity, located in
northwestern NSW and covering the historical Albert Goldfield.
The agreement with Manhattan grants Novo an option to acquire a 70% interest in the
tenements comprising the Tibooburra Project.
The Tibooburra Gold Project includes six granted exploration licences over 630 sq km,
including more than 200 historic workings and 34 km of mineralised trends on multiple
lines of workings, with two advanced drill-ready target areas (New Bendigo and Clone)
already defined.
New Bendigo – shows extensive historical workings over 2 km strike.
o Several drill programs by Manhattan tested over 530 m strike and intersected
multiple high-order intercepts. Extremely high-grade gold has been observed
hosted in laminated quartz veins in historical diamond drilling.
o Peak drill results include6:
30 m at 4.03 g/t Au from 11 m, including 5 m at 20.86 g/t Au (NB0033)
16 m at 13.89 g/t Au from 1 m, including 3 m at 69.20 g/t Au (NB0083)
8 m at 40.5 g/t Au from 70 m, including 3 m at 105.34 g/t Au (NB0089)
7 m at 13.10 g/t Au from 97 m, including 5 m at 18.01 g/t Au (NB0113)
13 m at 6.16 g/t Au from 50 m, including 3 m at 25.48 g/t Au (NB0122)
Clone - extensive historical workings over ~450 m strike and 20 to 40 m in depth.
o Drilling by Manhattan in 2023 highlighted potential for shallow dipping high-
grade gold mineralisation. Excellent drill results were returned from 11 holes over
250 m strike to a maximum depth below surface of 75m, including 7:
7 m at 7.23 g/t Au from 81 m, including 3 m at 16.1 g/t Au (CL0007)
9 m at 6.03 g/t Au from 16 m (CL0010)
6 m at 4.22 g/t Au from 66 m, including 2 m at 11.65 g/t Au (CL0004)
31 m at 1.29 g/t Au from 60 m, including 3 m at 6.52 g/t Au (CL0002)
o Shallow cover is present in the southern part of the field, with ~10 km of
mineralised trend unexplored north and south of the immediate Clone area.
Novo is planning to conduct detailed structural work, broad scale geological and
regolith mapping, surface soil and rock chip geochemical sampling in the main
target areas prior to a 2,000 m RC drill program in H1 2025.
Commenting on the acquisitions, Mike Spreadborough, Executive Co-Chairman and Acting
Chief Executive Officer, said: “Novo is pleased to complete option agreements on the John Bull
Gold Project with TechGen Metals and the Tibooburra Gold Project with Manhattan
Corporation. Both Projects are drill-ready, high-grade gold opportunities, located in excellent
mining jurisdictions and most importantly, meet the specific project criteria required by our
standout geological team to identify standalone gold projects with > 1 Moz development
potential.
“High-grade gold projects are rare, and both the John Bull and Tibooburra Gold Projects have
reported previous high-grade results. We are looking forward to getting on the ground early in
2025 and commencing both exploration programs. Importantly, the John Bull and Tibooburra
Gold Projects compliment Novo’s existing high-quality Pilbara, Western Australia and Victoria
exploration portfolio and following the recent sale of our partial investment on San Cristobal
Mining for A$11.5 million, we are well-funded to continue our strong exploration push in 2025.”
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VANCOUVER, BC - Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQX: NSRPF)
is pleased to announce that it has entered into binding term sheets for two option agreements, one with
TechGen Metals Limited (ASX: TG1) (TechGen) at their John Bull Gold Project (John Bull) and a second
with Manhattan Corporation Limited (ASX: MHC) (Manhattan) at their Tibooburra Gold Project
(Tibooburra) with both projects located in New South Wales (NSW), Australia.
These projects support Novo’s strategy of identifying ‘drill ready’ exploration targets with a
demonstrated pathway with potential to be a standalone project with > 1 Moz development potential.
Both Projects also satisfy Novo’s key sustainability criteria for potential future development.
In addition to Novo’s current Pilbara exploration portfolio and recently announced Onslow District
landholding consolidation to form the Toolunga Project in Western Australia (WA), the John Bull and
Tibooburra Gold Projects will strengthen Novo’s exploration portfolio and provide targeted exploration drill
programs throughout 2025.
Figure 1 Location of Current Priority Novo Projects and Gold Projects in NSW, Australia
ABOUT NOVO
Novo is an Australian based gold explorer listed on the ASX and the TSX focused on discovering standalone
gold projects with > 1 Moz development potential. Novo is an innovative gold explorer with a significant
land package covering approximately 5,500 square kilometres in the Pilbara region of Western Australia,
along with the 22 square kilometre Belltopper project in the Bendigo Tectonic Zone of Victoria, Australia.
Novo’s key project area in the Pilbara is the Egina Gold Camp, where De Grey Mining (ASX: DEG) is farming-
in to form a JV at the Becher Project and surrounding tenements through exploration expenditure of A$25
million within 4 years for a 50% interest. The Becher Project has similar geological characteristics as De
Grey’s 12.7 Moz Hemi Project *. Novo is also advancing gold exploration south of Becher in the Egina Gold
Camp, part of the Croydon JV (Novo 70%: Creasy Group 30%). Novo continues to undertake early-stage
exploration elsewhere across its Pilbara tenement portfolio.
Novo has also formed a lithium joint venture with SQM in the Pilbara which provides shareholder exposure
to battery metals.
*Refer to De Grey ASX Announcement, Hemi Gold Project Resource Update, dated 21 November 2023 No assurance can be given
that a similar (or any) commercially viable mineral deposit will be determined at Novo’s Becher Project and that all material
assumptions and technical parameters underpinning the estimates in the original market announcement continue to apply and
have not materially changed.
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JOHN BULL GOLD PROJECT
Location and Tenure
John Bull is located in the New England Orogen of NSW. The tenure consists of two tenements and covers
some 32 sq km (Figure 2, Table 1).
Table 1 John Bull Gold Project tenement details
Tenement
Number Grant Date Expiry Date Number of
Blocks Area sq km Holder
EL 8389 03/09/2015 03/09/2028 1 3 TechGen NSW Pty Ltd
EL 9121 01/04/2021 01/04/2027 11 29 TechGen NSW Pty Ltd
Figure 2: Location of the John Bull Gold Project in northeastern NSW, Australia
Geology and Mineralisation
Mineralisation at John Bull is interpreted to be part of a reduced IRG system. It is characterised by
abundant sheeted and stockwork veins with associated sulphides and is hosted within Carboniferous
sediments and felsic intrusions ( Figure 3). The mineralisation lies within the thermal aureole of a large
northeast-trending Triassic I-type granite, which is of the same age as the Timbarra Gold Mine.
Gold mineralisation in the form of sheeted, low-sulphide quartz veins trend NNE and ENE and dip 40 to 60
degrees to the ESE in a 250 m wide corridor, crosscutting bedding. Mineralisation includes native gold in
a low sulphide system with pyrrhotite and arsenopyrite and minor magnetite.
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Figure 3: Project location in NSW, Australia, with known mineral occurrences and geology dominated
by multiphase intrusions along a regional domain bounding N-S Fault
Previous Exploration
Historic
Gold discovered in 1872 was worked from at least three shafts up to 20 m deep8. Subsequent and extensive
hydraulic sluicing of elluvial material of three areas was conducted. The main area of sluicing has exposed
numerous sheeted quartz veins in the south of the project area and was the target of drilling conducted
by TechGen in 2022 / 2023.
Kennecott / Southern Goldfields Trenching and Sampling
Between 1983 and 1985, Kennecott / Southern Goldfields completed a 220 m long costean dug by a
backhoe, which has since been infilled and rehabilitated. The trench was excavated perpendicular to veins
and cut through the main exposed vein arrays in Sluice Area 1 resulting in an intersection of 160 m @
1.2 g/t Au (Figure 4) from 5 m composite samples (no top cut applied), and including higher grades such
as 5 m @ 18.0 g/t Au and 5 m @ 7.1 g/t Au9. Assaying included screen fire assay on twelve samples, which
show the presence of coarse gold. The project may significantly benefit from alternate modern assay
techniques such as 500 g or multipot Chrysos PhotonAssay ™ analysis to better quantify this coarse gold
component.
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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.
TechGen Geochemical Sampling
More recently, TechGen defined a significant, high-order surface geochemical gold anomaly over 900 m
strike and 250 m width at > 100 ppb Au (Figure 4), with seven soil samples > 4.5 g/t Au and a peak assay
of 10.0 g/t Au10. The soil anomaly remains open along strike to the north. A second smaller anomaly occurs
in the south, with the entire system thus far defined over 1.3 km strike. TechGen completed 743 samples
at 50 m x 50 m and locally down to 25 m x 25 m resulting in assays with 47 samples > 1 g/t Au . Refer to
Appendix 2 for all results > 100 ppb Au soil samples.
The Micks Bull tenement, immediately west of John Bull has limited stream sediment sampling and
requires immediate follow-up and first pass exploration.
Figure 4: John Bull drill hole and costean locations, soil gold geochemical results and historical soil
sampling locations. The location of drill Section A-A’ (see below) is also noted.
Geophysics
Induced Polarisation electrical geophysics (IP) was conducted on 3 lines over the southern part of the
target, delineating significant chargability anomalies over known mineralisation 11, as well as four
chargability anomalies that are not yet drill tested (Figure 5).
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Figure 5 Plan view IP image with targets defined by IP (A, 1-4) and soil geochemical targets (dashed
black lines).
Drilling
Seventeen RC drill holes for 2,249.5 m were completed in 2 phases by TechGen in 2022 and 2023, with the
deepest hole being 146.5 m (effectively tested to 120 m below surface). Drilling tested only 320 m strike
with mineralisation open on all sections and to the north and south. Best results are:
• 94 m @ 0.95 g/t Au from 4 m, including 66 m @ 1.14 g/t Au and 17 m @ 1.08 g/t Au (JBRC0006)12
• 68 m @ 1.0 g/t Au from surface, including 23 m @ 2.02 g/t Au (JBRC0001) also including higher
grade zones of 7 m @ 3.10 g/t Au from 55 m and 4 m @ 4.58 g/t Au from 39m13
• 22 m @ 1.07 g/t Au from 60 m (JBRC00016)14
Full results for significant intercepts previously released are presented in Appendix 1.
Figure 6: E-W Drill section (A-A’ on Figure 4) showing 130 m wide mineralisation and internal higher
grades15. System open below 120 m depth. Note, wider intercepts have no restriction on internal dilution.
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ESG Criteria
Novo has an ongoing commitment to operating in a safe, responsible and environmentally sustainable
manner. Novo carries out exploration activities mindful that it has a responsibility to manage the land on
which it operates to ensure it minimises its impacts. Novo develops and implements Environmental
Management Plans specific to the regions in which it operates.
Novo is committed to developing strong relationships with all its stakeholders. This is achieved through
open and honest communications.
Heritage and Native Title
The TechGen tenements fall within the Grafton-Ngerrie Local Aboriginal Council. There are no Native Title
Determinations or active Claims over the tenements. This area will be monitored for the lodgment of a
new claim. If a claim is lodged, consultation will occur with the new representative body/traditional owners
to ensure informed consent for exploration in the area.
Forward Programs
Novo intends to conduct the following exploration activities John Bull in H1 2025:
Detailed 1:500 scale to 1:2,000 scale mapping, focussing on lithological and structural controls on
mineralisation at John Bull.
Extend the soil sample grids to the north and south of current coverage, and infill to 25 m x 25 m
spaced soil sampling where current coverage is 50 m x 50 m.
pXRF multielement analysis of soil samples in addition to laboratory assayed gold.
Complete multi-element assaying of remaining drilling residue where this was not previously
conducted.
> 2,000 m of drilling, including > 500 m of diamond drilling in H1 2025. Drilling will be aimed at
testing down dip and along strike of current open intercepts, testing targets north and south of
current drilling and testing structural – lithological intersections once defined by new detailed
mapping.
Work to be conducted on the western Micks Bull tenement includes additional stream sediment
sampling to achieve full coverage, ridge and spur rock chip sampling, gridded soil sampling, and
mapping.
Material John Bull Option Terms
The key terms of the binding term sheets with TechGen Metals Limited, TechGen NSW Pty Ltd ( TechGen
NSW) and Andrew Sloot (Sloot) regarding the John Bull project are set out below:
On signing of the definitive agreement, Novo will reimburse TechGen NSW A$300,000 worth of
Novo shares at market value for expenditure incurred to date, which shares will be subject to a
four-month hold period pursuant to Canadian securities laws.
Novo is required to complete 1,500 m of drilling in the first earn in period of 12 months.
Following that initial period, if Novo chooses to continue, it will pay TechGen NSW, A$200,000
worth of Novo shares at market value for a second farm in period of 12 months, which shares will
be subject to a four-month hold period pursuant to Canadian securities laws.
Novo is required to complete an additional 1,500 m of drilling in the second earn in period of 12
months.
At completion of the second farm-in period, Novo has the option to terminate the agreement or
exercise the option and form an 80/20 unincorporated joint venture with TechGen NSW on EL9121,
(Micks Bull) in which TechGen is free carried until a decision is made to commence commercial
mining operations. If the option is exercised, Novo will obtain an 80% interest in the tenements.
Also, at completion of the second farm-in period, Novo has the option to form a 70/20/10
unincorporated joint venture with TechGen NSW and Sloot on EL8389 (John Bull) in which both
TechGen NSW and Sloot are free carried until a decision is made to commence commercial mining
operations. If this option is exercised, Novo will obtain a 70% interest in the tenement.