Significant Results from RC Drilling at Tibooburra Gold Project
Significant Results from RC Drilling at Tibooburra Gold Project
HIGHLIGHTS
• Novo completed its maiden drill program at the Clone prospect as part of the Tibooburra Gold Project, in May 2025. The
program comprised 14 RC holes for 1,984 m, 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)
• 17 m @ 2.40 g/t Au from 59 m including 9 m @ 4.14 g/t Au from 59 m (TBR0014)
• The peak intercept in hole TBR001 (12 m @ 5.90 g/t Au) fills a 180 m gap in previous drilling by Manhattan Corporation
Limited (ASX: MHC), where 9 m at 6.03 g/t Au from 16 m(CL0010) was intersected ~100 m to the south of TBR0001,
and 6 m @ 8.39 g/t Au from 82 m (CL0007), was intersected ~80 m to the north.
• 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 , both down plunge and down dip and warrants follow up RC drilling
which is being designed.
• Future work at Tibooburra will include detailed structural analysis to understand controls on mineralisation in the belt
will include: 1) down hole imaging at Clone, 2) relogging core at New Bendigo and 3) mapping the Pioneer - Phoenix
trend.
• Novo met (and exceeded) its required minimum spend of $500,000 for the initial farm-in period under the binding term
sheet with Manhattan Corporation Limited during June 2025.
Mike Spreadborough, Executive Co-Chairman and Acting Chief Executive Officer, said: “Results from the RC drill program at
the Clone prospect include two intercepts above 40 mxg Au, where drilling has successfully intersected high-grade near-
surface gold mineralisation consistent with a shallow plunging shoot. The consistency of grade and thickness over a 300 m
strike is very encouraging. Follow up RC drilling to extend gold mineralisation to the north is warranted and is now being
designed.
Some 7 km southeast of the Clone prospect, the New Bendigo prospect displays a similar shallow northerly plunge and will
also be advanced with structural analysis and interpretation of historic diamond core, in preparation for potential extensional
drilling.
Further systematic exploration programs are planned along the full project strike length testing mineralised trends from New
Bendigo to Warratta Reef and Pioneer/Phoenix to Clone to identify potential drill targets. Tibooburra remains an exciting
exploration project given the extent of the system along a 22 km strike of historic workings, and limited systematic exploration
or drilling.”
PERTH, Western Australia, July 09, 2025 -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO)
(OTCQB: NSRPF) is pleased to announce significant high-grade gold results from the Company’s maiden drilling program at
the Tibooburra Gold Project (Tibooburra) (Figure 1), located in northwestern NSW. The program comprised 14 holes for 1,984
m, testing 500 m of strike at the Clone prospect ( Clone).
Tibooburra is an advanced exploration opportunity and covers much of the historic Albert Goldfields. Tenure includes six
granted exploration licences over 630 sq km and covers the historic workings over a strike of over 22 km from Phoenix North to
New Bendigo.
In late 2024, Novo completed a binding farm-in/JV agreement for Tibooburra with Manhattan Corporation Limited (ASX: MHC)
(Manhattan )1. The agreement grants Novo an option to acquire a 70% interest in the tenements comprising the Tibooburra
Gold Project, subject to (among other things) Novo meeting two minimum expenditure requirements over two 12-month
periods.
Novo met (and exceeded) the required minimum spend of $500,000 for the initial farm in period under the binding term sheet
during June 2025.
Figure 1 Tibooburra Gold Project location and tenement map, showing main prospects.
Clone Prospect Surface Exploration
Initial exploration completed by Novo in Q1 2025 focused on Clone2 and included detailed structural, lithological and regolith
mapping, pXRF analysis of soils and rocks, -80# mesh soil sampling and rock chip sampling.
Novo rock chip sampling returned exceptional peak results of 89.6 g/t Au and 41.9 g/t Au 2 from mullock dump samples
associated with historical workings, and 31.4 g/t Au and 10.4 g/t Au 2 from limited quartz vein outcrop.
Soil sampling defined a ~ 600 m long and up to 250 m wide coherent gold in soil anomaly at > 30 ppb Au, with standout peak
results of 1,585 ppb Au and 1,440 ppb Au 2.
Mapping defined a west dipping reverse fault/thrust ( Clone Thrust ) associated with high-grade gold mineralisation. Most
historical workings and significant sericite-carbonate alteration are proximal to, or constrained within the fault/shear zone
(Figure 2). The turbidite stratigraphy is intensley folded (tight to isoclinal) with most fold axes plunging moderately NNW. The
intersection of regional foliation and the main structures, provide a shallow north to NNE plunging intersetion, similar to the
high-grade shoot plunge defined by the recent drilling.
Figure 2 Clone historic workings, geological interpretation and surface rock chip results 2.
Clone Prospect RC Drill Program
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 (Figure 3, 4 and 5).
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 Manhattan3.
Significant results from the RC drill program include:
• 12 m @ 5.90 g/t Au from 16 m including 5 m @ 13.74 g/t Au from 23 m (TBR0001)
• 17 m @ 2.40 g/t Au from 59 m including 9 m @ 4.14 g/t Au from 59 m (TBR0014)
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.
Historical drilling completed by Manhattan in 2023, highlighted potential for shallow dipping high-grade gold mineralisation,
testing to a maximum depth of 75 m, with significant drill results returned from eleven holes including:
• 6 m @ 8.39 g/t Au from 82 m (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 4 m @ 6.21 g/t Au from 68 m (CL0004)
• 29 m @ 1.37 g/t Au from 61 m , including 19 m @ 1.81 g/t Au from 62 m Au (CL0002)
Broad zones of lower grade mineralisation were also intersected, highlighting the gold fertility of the structural corridor. Drill
intercepts from both Novo and Manhattan support this model and include:
• 10 m @ 0.45 g/t Au from 105 m (TBR0013)
• 23 m @ 0.51 g/t Au from 71 m (CL0001)
• 14 m @ 0.5 g/t Au from 17 m (CL0005)
• 10 m @ 0.53 g/t Au from 57 m (CL0007)
Refer Appendix 1 for all drill collar information, and Appendices 2 and 3 for all significant drill assay results.
New Bendigo Prospect
New Bendigo is an advanced target at Tibooburra approximately 7 km southeast of Clone, and along a parallel trend. This was
the focus area for Manhattan’s drilling programs. The prospect is mostly under cover but has several shafts and extensive
historical workings over 2 km strike.
Multiple high-grade gold intercepts were defined during several drill programs by Manhattan at New Bendigo, where peak drill
results include:
• 30 m at 4.03 g/t Au from 11 m, including 5 m at 20.86 g/t Au (NB0033)1
• 16 m at 13.89 g/t Au from 1 m, including 3 m at 69.20 g/t Au (NB0083)1
• 8 m at 40.5 g/t Au from 70 m, including 3 m at 105.34 g/t Au (NB0089)1
• 7 m at 13.10 g/t Au from 97 m, including 5 m at 18.01 g/t Au (NB0113)1
• 13 m at 6.16 g/t Au from 50 m, including 3 m at 25.48 g/t Au (NB0122)1
Figure 3 Significant intercepts from Novo (green callout) and Manhattan (white callout) RC drilling programs, dill hole and
section location and geological interpretation
Figure 4 Clone drill sections with interpreted mineralised envelope and drill intercepts (green callout Novo drilling, grey callout
Manhattan drilling) – see Figure 3 for location
Figure 5 Clone drill sections with interpreted mineralised envelope and drill intercepts (green callout Novo drilling, grey callout
Manhattan drilling) – see Figure 3 for location
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 3 for
location
There is potential for repeated lodes at depth and along the interpreted shallow northerly plunge at New Bendigo, however
controls on gold mineralisation are not yet fully understood. Figure 7 shows current interpretation of grade from historical
drilling, clearly delineating a northern plunge control on the long section.
Novo has not conducted data verification (as that term is defined in National Instrument 43-101 Standards of Disclosure for
Mineral Projects and JORC 2012) in respect of the above data from New Bendigo and therefore is not to be regarded as
reporting, adopting or endorsing those results/figures. No assurance can be given that Novo will achieve similar results.
Figure 7 Long section interpretation at New Bendigo by Novo, based on historical data.
Tibooburra Geological Model
The mineralisation at Tibooburra is classified as an orogenic gold system hosted within a turbidite-dominated sequence,
sharing key structural and geological similarities with the turbidite-hosted gold deposits of Central Victoria’s Western Lachlan
Orogen (Figure 8). The historic workings at Tibooburra extend over 22 km along strike.
Similarities between Tibooburra and Central Victoria include moderate west dipping mineralised reverse faults, tight shallow
plunging folds, age of the host rocks, mineralisation styles and structural deformation history. The current understanding of the
Clone and New Bendigo prospects provides several possibilities for the detailed mineralisation style ( Figure 8) and structural
control on the high-grade shoots.
Figure 8 Simplified structural model for orogenic turbidite-hosted gold deposits of Central Victoria (not depth specific) and
examples of these deposits in Victoria (modified and adapted from W.R.H Ramsay et al 1998 and Hitchman et al 2017).
This rationale, adapted from Ramsay et al. (1998), Hitchman et al. (2017), and Greenfield and Reid (2006) 4, underscores
Tibooburra’s potential as an orogenic gold system, with exploration focused on structurally controlled targets analogous to the
Victorian Goldfields.
While Novo believes such similarities exist, no assurance can be given that Novo will achieve similar results at its Tibooburra
Project.
Forward Program
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 New Bendigo is also planned to better identify controls on gold mineralisation at the prospect. 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.
Authorised for release by the Board of Directors.
CONTACT
Investors:
Mike Spreadborough
+61 8 6400 6100
North American Queries:
Leo Karabelas
+1 416 543 3120
Media:
Cameron Gilenko
+61 466 984 953
QP STATEMENT
Mrs Karen (Kas) De Luca (MAIG), is the qualified person, as defined under National Instrument 43-101 Standards of
Disclosure for Mineral Projects , responsible for, and having reviewed and approved, the technical information contained in this
news release. Mrs De Luca is Novo’s General Manager Exploration.
JORC COMPLIANCE STATEMENT
The information in this news release that relates to new exploration results at Tibooburra is based on information compiled by
Mrs De Luca, who is a full-time employee of Novo Resources Corp. Mrs De Luca is a Competent Person, as defined in the
2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves', who is a
member of the Australian Institute of Geoscientists. Mrs De Luca has sufficient experience that is relevant to the style of
mineralisation and the type of deposits under consideration and to the activity being undertaken to qualify as a Competent
Person. Mrs De Luca consents to the inclusion in the report of the matters based on her information in the form and context in
which it appears.
The information in this news release that relates to previously reported exploration results at the Tibooburra Project is
extracted from:
(a) Novo’s ASX announcement entitled “Novo Strengthens Portfolio with Two High-Grade Gold Projects in NSW, Australia”
released to ASX on 13 December 2024; and
(b) Novo’s ASX announcement entitled “Promising Surface Exploration Informs Tibooburra RC Drilling Program” released to
ASX on 2 April 2025,
each of which is available to view at www.asx.com.au. The Company confirms that it is not aware of any new information or
data that materially affects the information included in the original market announcement and that all material assumptions and
technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed.
The Company confirms that the form and context in which the competent persons findings are presented have not been
materially modified from the original market announcements.
FORWARD-LOOKING STATEMENTS
Some statements in this news release may contain “forward-looking statements” within the meaning of Canadian and
Australian securities law and regulations. In this news release, such statements include but are not limited to planned
exploration activities and the timing of such. These statements address future events and conditions and, as such, involve
known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements
to be materially different from any future results, performance or achievements expressed or implied by the statements. Such
factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo’s annual
information form for the year ended December 31, 2024 (which is available under Novo’s profile on SEDAR+ at
www.sedarplus.ca and at www.asx.com.au) and in the Company’s prospectus dated 2 August 2023 which is available at
www.asx.com.au. Forward-looking statements speak only as of the date those statements are made. Except as required by
applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking
statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in
assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking
statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other
forward-looking statements.
___________________
1 Refer to ASX news release by Novo Resources dated 13/12/2024 – Novo Strengthens Portfolio with Two High-Grade Gold
Projects in NSW, Australia.
2 Refer to ASX news release by Novo Resources dated 02/04/2025 – Promising Surface Exploration Informs Tibooburra RC
Drilling Program
3 Refer to ASX news release by Manhattan Corp dated 10/07/2023 – New High-Grade Gold Discovery
• 4 Greenfield J & Reid W, 2006. Orogenic gold in the Tibooburra area of northwestern NSW- a ~440 Ma ore system
with comparison to the Victorian Goldfields, ASEG Extended Abstracts, 2006:1, 1-8
• Ramsay W.R.H, Bierlein F.P, Arne D.C and Vanden Berg A.H.M, 1998 . Turbidite-hosted gold deposits of Central
Victoria, Australia: their regional setting, mineralising styles, and some genetic constraints, Ore Geology Reviews,
Volume 13, Issues 1–5, 1998, Pages 131-151
• Hitchman, S.P., Phillips, N.J. and Greenberger, O.J., 2017 - Fosterville gold deposit: in Phillips, G.N.,
(Ed.), 2017 Australian Ore Deposits, The Australasian Institute of Mining and Metallurgy, Mono 32, pp. 791-796.