Pilbara Exploration Update
Pilbara Exploration Update
HIGHLIGHTS
• Recent grant of tenure at Balla Balla coupled with completed heritage surveys and regulatory approvals, will allow
Novo to complete advanced exploration activities including aircore (AC) drilling in H1 2025.
• Targeted follow-up rock chip sampling of the Sherlock Crossing historic antimony (Sb) mine yielded grades of up to
4.7% Sb and 146.7 g/t Au.
• Rock chip sampling at Miralga , which is prospective for porphyry-related Cu-Au, yielded peak values of 1.2 g/t Au and
4.4% Cu from intense stockwork veining and alteration. A 400 m by 200 m coherent gold soil anomaly was defined,
directly correlating with the high vein density at the margin of a highly altered porphyry intrusion at Shady Camp .
• New and extended gold in soil anomalies delineated across the Tabba Tabba Shear Corridor , defined a 5 km-long
linear soil gold anomaly greater than 20 ppb between No 6 Bore to Kilkenny targets, including elevated rock samples of
up to 3.8 g/t Au.
Commenting on the Company’s exploration activity across its Pilbara assets, Mike Spreadborough, Executive Co-Chairman
and Acting Chief Executive Officer, said: “Our exploration focus remains on progressing targeted reconnaissance and drilling
programs across our project portfolio. The Egina Gold Camp, which is led by our flagship Becher Project, is located in a
standout region for exploration and mining and this has been highlighted by the recently announced proposed A$5 billion
acquisition of De Grey Mining by Northern Star. This proposal acquisition which demonstrates the potential of the region as a
new major gold production hub.
“With De Grey progressing exploration efforts at Becher as part of our Egina joint venture, Novo will focus on ramping up
activities across our next set of key projects in the Pilbara. We are at an advanced stage in planning for a maiden drill
program at Balla Balla in the first half of 2025 and we will continue reconnaissance work programs along the Tabba Tabba
Shear Corridor and at Miralga. Weare also very excited about the emerging opportunity at the Sherlock Crossing historic
antimony mine, with a focus on commencing a maiden RC drill program in 2025.
“Following the sale of 38% of our investment in San Cristobal Mining for A$11.5 million, Novo is well-funded to continue its
widespread exploration focus on advance key project generation opportunities which will complement our current project
portfolio.”
Regional mapping area southeast of Gully Washer, Miralga Project
VANCOUVER, British Columbia, Dec. 09, 2024 -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO)
(OTCQX: NSRPF) is pleased to provide an update on the exploration status of projects across its approx. 5,500 sq km
prospective landholding the Pilbara, Western Australia (Figure 1).
Figure 1: Novo Pilbara tenure showing main projects and significant prospects.
EGINA GOLD CAMP
The Egina Gold Camp (EGC) is located centrally within Novo’s Pilbara tenure and is the Company’s flagship project area. The
EGC covers some 80 km of continuous tenure across prospective stratigraphy of the Mallina Basin, with approximately 900 sq
km managed by Novo and 1,050 sq km in the Egina Joint Venture managed by De Grey Mining (ASX: DEG).
The EGC hosts Novo’s current high priority Pilbara targets ( Figure 2 ) primarily at Becher in the north, but also with several
emerging prospects throughout the southern EGC. This belt has been the main focus for Novo’s 2024 Pilbara exploration
programs with drilling completed at Nunyerry North, and mapping and surface sampling of targets along the Tabba Tabba
Shear Corridor .
Egina Earn-in/JV (De Grey earning a 50% interest)
In June 2023, Novo entered into an earn-in and joint venture agreement with De Grey for the Company’s Becher Project and
adjacent tenements within the EGC. De Grey exceeded the A$7 million minimum expenditure commitment on the Egina JV in
October 2024 and have committed to a further spend of A$18 million by June 30, 2027, to earn 50% in the project.
Northern Star Resources Limited (ASX: NST) recently announced its intention to acquire De Grey for a deal valued at A$5
billion (see NST’s ASX announcement dated 2 December 2024), highlighting the region as a new major gold production hub.
Figure 2 Location of the Egina Gold Camp and Balla Balla Gold Project tenure with major structural corridors over
aeromagnetic imaging.
Nunyerry North
Follow up RC drilling was completed at Nunyerry North in Q4 2024, testing extents of known mineralisation, and stepping out
to additional targets defined by soil sampling, mapping and rock chip sampling. A series of encouraging intercepts were
reported from the 34-hole, 3,942 m program1 including:
• 13 m at 2.68 g/t Au from 66 m, including 3 m at 10.41 g/t Au from 66 m (NC046)
• 11 m at 2.20 g/t Au from 84 m, including 1 m at 18.06 g/t Au from 86 m (NC046)
• 17 m at 1.85 g/t Au from 25 m, including 7 m at 3.55 g/t Au from 25 m (NC063)
Although numerous intercepts have been reported at Nunyerry North, results from the RC program have not delineated
extensive nor continuous gold mineralisation at depth, and at this stage an economic resource appears unlikely. Follow-up
work is a low priority at Nunyerry North as Novo focusses further north along the EGC.
Tabba Tabba Shear Corridor
Exploration has progressed to the north of Nunyerry North in Q3/Q4 2024 to expand first pass surface geochemical coverage
on the ~ 60 km long fertile Tabba Tabba Shear Corridor, with new targets identified from re-interpretation of geology and
observations from Nunyerry North drilling. Most of the Corridor is underexplored, as access is difficult and significant parts are
covered with shallow alluvium and colluvium or overlain by Fortescue Group basalt.
Only minimal parts have been drill tested by Novo (Nunyerry North) and (previous holder) Kilkenny Gold NL (Kilkenny North)1.
Several new targets have now been tested with first pass surface geochemistry ( Figure 3 ). Soil sample grids at a nominal 40
m x 160 m spacing targeted structural intersections of faults and shears, particularly where folded stratigraphy or minor
intrusions are noted. Soil sampling returned peak results of 794 ppb Au, and from 1,308 samples collected. Opportunistic rock
sampling included a best result of 3.8 g/t Au from 127 samples collected. See Appendices 1 and 2 for all significant results.
Recent exploration results are encouraging. The most significant results returned to date define a coherent linear soil gold
anomaly greater than 20 ppb Au trending between No 6 bore to Kilkenny North over ~ 5 km strike, with elevated rock
samples of up to 3.8 g/t Au associated with narrow brecciated zones and stringer veins ( Figure 3).
Additional surface sampling and follow-up on delineated anomalies is planned for 2025, to expand on geochemical coverage
over the district. In addition, heritage negotiations will be prioritised to access and assess the Teichman Top prospect where
previous explorers obtained high-grade surface results including 25.5 g/t Au and 32.3 g/t Au from rock samples1.
Figure 3: Gold in soil geochemistry and main prospects of the Tabba Tabba Shear Corridor
BALLA BALLA GOLD PROJECT
Novo executed a Determination Wide Aboriginal Heritage Protection Agreement with the Kariyarra Aboriginal Corporation 1,
enabling the grant of application E47/4703 in November 2024, critical to Novo’s targeting strategy for the Balla Balla Project
(Figure 1 and Figure 2).
A site avoidance heritage survey has been completed with Kariyarra, and a Programme of Work has been approved by the
regulator (DEMIRS), enabling first pass AC drilling to be conducted over priority shear corridors in H1 2025 (Figure 4). The AC
program targets potentially fertile structures and splays of the Sholl Shear Zone under shallow cover.
Figure 4 Balla Balla Project geology showing the Sholl Shear Zone and complex folded stratigraphy
KARRATHA DISTRICT
Exploration in the Karratha District ( Figure 1 ) has advanced several drill targets, including North Whundo, Railway Bore and
East Well ( Figure 5)2. A maiden RC drilling program is planned for 2025 to test these three prospects for Au and Au-Cu (+/-Pt
and Pd) mineralisation once heritage and regulatory approvals are obtained.
Figure 5 Location of the Karratha District drill targets
PILBARA ANTIMONY-GOLD EVALUATION
Sherlock Crossing
The historic Sherlock Crossing antimony mine was discovered in 1906 and operated during 1907 to 1916. According to historic
records, the mine initially produced 16 tonnes of concentrate grading 53% Sb and 10.9 g/t Au to 72.9 g/t Au and in 1916, a
further 5.66 tonnes of concentrate grading 42.2% Sb and 15.6 g/t Au 3.Novo previously conducted surface soil and rock
sampling at Sherlock Crossing (Figure 2) with peak results of 1.71 g/t Au and 592 ppm Sb 4.
During follow up exploration, Novo recently collected an additional fourteen rock samples targeting mineralised material
associated with the historical antimony mine, and vein material along strike of the mine towards the south. These samples
returned exceptional results including 4.7% and 3.1% Sb, and 146.7 ppm and 35.3 ppm Au . These samples are hand
selected from mining spoils and may not be indicative of mineralisation in the district but do validate the high grades reported
historically from mining activities (Figure 6). See Appendix 3 for all results.
The accessible extent of historical mining is constrained to a small area, with additional workings described in historic
literature now entirely covered by flood transported sands and clay. The minimal outcrop is part of a north-south trending
structural corridor, entirely untested by modern exploration. Based on the new results and historic information, Novo is now
progressing Programme of Work and heritage approvals for a maiden RC drill test in 2025.
Figure 6 Rock sample Sb results over mapped geology at Sherlock Crossing. Latest results are shown as larger squares.
MIRALGA
Surface sampling and mapping was recently conducted at the Miralga district in the East Pilbara ( Figure 7 ), following the
execution of a Determination Wide Aboriginal Heritage Protection Agreement with the Nyamal Aboriginal Corporation in
August5 2024.
The project is located on the eastern flank of the North Pole Dome where porphyry style Cu-Au and epithermal Au-Ag-Cu-
Pb-Zn vein and breccia-style mineralisation have been historically observed. Geophysical and remote sensing
interpretation, coupled with review of existing geochemical datasets identified several targets on Novo’s tenure, some of which
have seen little to no historical exploration5.
Figure 7 East Pilbara tenement location map, showing Miralga District and key prospects.
Shady Camp
At Shady Camp, an altered porphyritic intrusion of dacitic composition intrudes shallowly dipping basalt-andesite-chert
stratigraphy, with both the intrusion and intruded stratigraphy strongly kaolin and chlorite altered. The intrusion hosts several
phases of high-density veining, including shallow crustal level vuggy quartz veins, and stockwork style quartz veining that
displays multiple hydrothermal events. It is cut by a strongly to intensely foliated and brecciated shear zone, showing intense
goethite / hematite / limonite alteration, trending to the southwest. A locally brecciated quartz vein system flanks the intrusion,
and strikes > 1.4 km to the north ( Figure 8).
A broad scale pXRF soil sampling program was completed over a nominal 40 m by 160 m grid incorporating the intrusion,
shear zone, and quartz vein system, and delineated a 3.5 km long Cu anomaly , which was resampled by -80 mesh soil
sampling and analysed for gold and base metals using aqua regia for 33 elements. A total of 737 soil samples were collected
on a 40 m by 80 m grid or 40 m by 40 m grid and returned a peak of 848 ppm Cu and 89 ppb Au. Selective rock sampling
includes peak results of 1.16 g/t Au and 4.4% Cu. See Appendix 4 and 5 for significant results.
Coherent gold mineralisation is associated with the mapped high vein density and the margin of the intrusion. A broad low-level
gold anomaly over > 4 ppb forms an ellipse of 200 m by 400 m, with a 50 m by 200 m core of Au > 32 ppb ( Figure 8 ).
Elevated gold and most of the significant Cu mineralisation is associated with the quartz vein system and the altered shear
zone, which may relate to remobilisation along these structures.
Figure 8 Gold soil geochemistry over simplified geology at Shady Camp West.
Gully Washer
Surface pXRF sampling at Gully Washer generated a modest Cu anomaly around the high-grade vein breccia outcrop where
rock samples collected by Novo in 2021 returned peak results of 14.8 g/t Au, 10,083 g/t Ag (342 oz/t Ag), 3.8% Cu, 28.3% Pb
and 3.6% Zn4 (these results are not necessarily representative of mineralisation in the district ). This anomaly is flanked by two
larger surface pXRF Cu anomalies to the northeast and southwest, both of which strike for approximately two kilometres.
Follow up -80 mesh soil sampling and mapping will be conducted after the wet season.
FORWARD PROGRAMS
Pilbara
At the Egina JV , De Grey have committed to a further spend of A$18 million by June 30, 2027 and are compiling and
analysing results from recently completed work programs to developing follow-up programs, including targeted RC and
diamond drilling.
Once additional heritage permits and clearances are in place, De Grey will be well-positioned for exploring additional target
areas that have previously seen little to no modern exploration, with planned activities ranging from early-stage ground gravity
surveys, surficial geochemical surveys, geological mapping through to AC drilling for target generation and sub-surface
geological mapping and follow up RC and DD target testing6.
Novo plans to conduct maiden AC drilling at Balla Balla in H1 2025. Mapping and sampling campaigns are also planned to
continue along prioritised areas of the Tabba Tabba Shear Corridor in the EGC and at Miralga .
Smaller and more targeted follow up sampling and mapping is planned on the antimony targets at Sherlock Crossing and
Southeast Wyloo . This work is designed to delineate maiden RC drill programs to test scale and tenor of possible
mineralisation, to be drilled in conjunction with the Karratha District drill targets.
Harding Dam JV
In December 2023, Novo entered into a tenement sale agreement, joint venture agreement, and coordination agreement with