Cyclone delays won’t dampen Novo’s Aussie gold exploration push

Novo Resources is pushing ahead on multiple exploration fronts across Australia ahead of drilling at its John Bull and Tibooburra gold projects in New South Wales, while ex-tropical cyclone Zelia throws a temporary spanner in the works with flooding at the company’s Karratha and Balla Balla gold projects in Western Australia.

Novo’s recently acquired high-grade gold projects in NSW are progressing to drill-ready status. The company is completing extensive mapping and sampling campaigns on the ground ahead of a 2000-metre drilling program scheduled for next quarter.

In WA’s Onslow District, meanwhile, Novo’s aggressive land grab is nearing the finish line. The company expects mature exploration applications for the 890-square-kilometre Cane River project will be granted in the next quarter.

Novo is laser-focused on executing its exploration strategy. Assay results from its NSW gold campaigns are due by mid-March, potentially setting the stage for gold discoveries at its revived, historically high-grade projects.

Novo’s pivot towards high-grade, standalone gold projects has taken a major step forward with significant groundwork completed at John Bull and Tibooburra, two prime targets in NSW’s emerging gold districts.

An extensive field program over a 1.3km gold-in-soil anomaly at John Bull yielded 340 soil and 63 rock chip samples now awaiting assay. Early indicators suggest it is an intrusion-related gold system. Multiple intrusions have already been identified, which is a positive sign of a large-scale mineralised system.

At Tibooburra, Novo has zeroed in on the Clone prospect, previously operated by Manhattan Corporation, where widespread historical workings suggest the presence of a large-scale gold system.

Clone has delivered some historically significant drill results, including shallow gold intercepts of 7m at 7.23 grams per tonne (g/t) gold from 81m, 6m grading 4.22g/t gold from 66m and 9m at 6.03 g/t gold starting at 16m depth.

Nearly 1000 soil and rock chip samples have been collected over 2.8km at the prospect and mapping has revealed multiple shear zones rich in sericite alteration and sulphide mineralisation.

With both projects displaying remarkable gold prospectivity, Novo is wasting no time in testing its newest project with the drill bit. It has locked in 2000m of drilling on priority targets, slated for April.

Novo Resources executive co-chairman and acting chief executive officer Michael Spreadborough said: “These projects are key priorities for Novo and the team are eagerly awaiting the results from geological and geochemical sampling campaigns, expected in mid-March 2025, which will allow us to effectively determine targets for drilling.”

Novo’s WA project expansion remains on course, despite ex-tropical cyclone Zelia disrupting planned drill programs across its Egina joint venture, Balla Balla gold project and Karratha District tenements, which are all in the Pilbara. 

Heavy rainfall and wind damage pushed back the company’s Pilbara drilling timelines, but with conditions improving, Novo says it is working to reschedule its programs for next quarter.

The company recently scooped up ground in the Onslow District at Cane River. Following approvals, the project will combine with its 1524-square-kilometre Toolunga project to give Novo a dominant footprint in the underexplored region.

With assay results expected in mid-March, Novo is poised for a busy quarter ahead. The company’s focus on high-grade gold projects and aggressive drilling campaigns has set it an exciting start, particularly given 2025’s red-hot gold market.

Novo says it remains well-funded for its exploration push after offloading 38 per cent of unlisted Canadian miner San Cristobal last year for $11.5 million. As the gold price continues its relentless climb, Novo is gearing up for what could be a busy 2025.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au