The September quarter was another productive period for Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO), according to executive co-chairman and acting CEO Mike Spreadborough, “with our geological teams delivering excellent results in the Pilbara and at our Belltopper Project.”
The company is in a strong financial position to continue its exploration focus across both states with no debt, a cash balance of A$6.7 million and investments of approximately A$44.6 million as of September 30, 2024.
During the quarter encouraging results were received from drilling programs at Novo’s targets across the Pilbara region of Western Australia and at the Belltopper Project in Victoria.
“Highly prospective” portfolio
“Novo continues to actively explore and drill across our highly prospective exploration portfolio in Western Australia and Victoria,” Spreadborough said.
“Key standout achievements from the quarter were the definition of the Belltopper exploration target which highlights the exciting growth opportunity we have at this project and subsequent to quarter end, our joint venture partner De Grey Mining completing its initial A$7 million minimum expenditure commitment on exploration at the Egina Gold Project.
“Importantly, De Grey will continue with its investment to earn a 50% joint venture interest in the Egina tenements by spending an additional A$18 million through to June 30, 2027, and this commitment from De Grey highlights the exciting opportunity ahead at Egina.
“De Grey is just starting to scratch the surface at Egina, with several highly prospective areas yet to be systematically tested, providing multiple new targets to explore and build further value.”
Strong Nunyerry North results
Another highlight during the quarter for Novo was drilling at the Nunyerry North Project in the Pilbara with 34 RC holes for 3,942 metres.
The program tested multiple new targets along strike of known mineralisation and down plunge of existing intercepts extending the high-grade Main Lode to 500 metres strike/plunge and intersecting high-grade gold along the Estrid Fault.
READ: Novo Resources extends high-grade Main Lode to 500 metres at Nunyerry North, Egina Gold Camp, WA
Standout results include:
- 13 metres at 2.68 g/t gold from 66 metres, including 3 metres at 10.41 g/t;
- 11 metres at 2.20 g/t from 84 metres, including 1 metre at 18.06 g/t;
- 17 metres at 1.85 g/t from 25 metres, including 7 metres at 3.55 g/t; and
- 9 metres at 2.52 g/t from 87 metres, including 2 metres at 8.89 g/t.
Egina JV exploration
At the Egina JV with De Grey near that company’s 12.7-million-ounce Hemi Project, aggressive exploration continued at the Becher Project with drilling of four prospects - Heckmair, Irvine, Lowe and Whillans.
De Grey has completed 34,180 metres of aircore drilling and 9,129 metres of reverse circulation (RC) drilling across these prospects, testing prospective intrusions and regional structures, as well as a drone magnetic survey and is currently awaiting final assay results from Becher including aircore re-splits.
Novo completed a review of the antimony-gold potential across its Pilbara landholding with two prospects in the early stages of exploration ranking highly for antimony potential.
Future work
In the near-term work will continue compiling and analysing results from recently completed work programs in addition to generating additional targets and developing follow-up programs.
Given the normal period of high temperatures and cyclone risks it is expected that all exploration drill programs will remain suspended until approximately March 2025.
READ: Novo Resources identifies antimony-gold potential at Pilbara landholding
Follow-up sampling and mapping is planned on antimony targets at Sherlock Crossing/Clarke and Southeast Wyloo and regional reconnaissance work will continue in the East Pilbara at Miralga, prior to the onset of more challenging conditions in summer.
Belltopper progress
At Belltopper, re-logging confirmed controls on higher-grade mineralisation and refined the position of several target reefs and key structural features such as modelled high-grade shoots and high-priority target anticline corridors.
An exploration target was defined through geological modelling of priority target reefs following completion of 2024 drilling and the release of assay results.
This excludes numerous emerging prospective zones and conceptual targets based on progressive geological and geochemical understanding.
Upcoming work
During this quarter, Novo will continue to develop programs to build on recent success with emerging reef discoveries, as well as drilling programs designed to test the higher-priority conceptual shallow and deeper targets that are continuously evolving on the project.
A strong focus for the company at Belltopper is on exploring for world-class, Fosterville-style, anticline-related targets, still considered the highest priority targets.