Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) has delivered robust results for the June 2025 quarter, with highlights including its completion of a maiden reverse circulation (RC) drilling program at the Clone prospect within the Tibooburra Gold Project in New South Wales, where significant high-grade gold intercepts were recorded.
The drilling results, demonstrating continuity in both grade and width, confirm the presence of a substantial gold system at Tibooburra, with high-grade mineralisation now defined over a 300-metre strike and remaining open to the north. This sets the stage for follow-up drilling to test the northern extension of the mineralised zone.
Meanwhile, exploration during the quarter at the John Bull Gold Project, also in NSW, defined four key target areas, with rock chip samples returning up to 67.9 g/t gold (Au), underscoring the potential for rich gold deposits.
Tibooburra Gold Project: High-grade gold drilling results
At the Tibooburra Gold Project, Novo completed a 1,984-metre drilling campaign at the Clone prospect, testing about 500 metres of strike in May 2025. The drilling produced outstanding results, such as:
- 12m at 5.90 g/t Au from 16m, including 5m at 13.74 g/t Au from 23m (hole TBR0001); and
- 17m at 2.40 g/t Au from 59m, with a higher-grade intercept of 9m at 4.14 g/t gold (hole TBR0014).
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Geology and main prospects of the Tibooburra tenements highlighting the Albert Goldfields at the boundary of the Thomson and Delamarian orogens wrapping around the west side of a cluster of large granite intrusions to the east.
These results confirm the presence of a shallow, north-plunging shoot of high-grade gold mineralisation, which remains open to the north and will be further tested in follow-up drilling.
Clone is now defined over a 300-metre strike length, with high potential for further discovery under cover to the south of the known mineralisation. The company plans to continue drilling in the area to expand the high-grade zone and test additional targets along the Clone trend.
John Bull Gold Project: Expanding high-grade targets
Novo’s exploration work at the John Bull Gold Project has also produced encouraging results, identifying four key target areas for follow-up drilling in the second half of 2025.
The project, which is a farm-in with TechGen Metals, has shown strong potential for high-grade gold mineralisation, with rock chip samples returning peak results of 67.9 g/t Au and 29 g/t Au from sheeted quartz veins in mineralised structural zones. Soil sampling also extended the >100 parts per billion (ppb) gold anomaly to 1.5 kilometres, with a peak result of 1.59 g/t gold.
Location of the John Bull Gold Project in northeastern NSW, Australia.
The John Bull project, located in the prolific New England Fold Belt, has demonstrated features consistent with an Intrusion Related Gold System (IRGS), which could support the development of a significant gold deposit. Novo’s upcoming drilling program will focus on testing these key target areas, which include the John Bull Breccia Zone, John Bull Shear and the John Bull Sluicing Area, all of which have shown strong gold anomalies.
Pilbara and other Western Australian projects: Progressing multiple targets
Novo’s Western Australian portfolio also saw considerable progress in the June quarter. Exploration at the Balla Balla Gold Project, located in the Pilbara along the Sholl Shear Zone, included a maiden aircore drilling program that identified broad zones of low-level gold anomalism, with notable multielement anomalies including silver, antimony, copper, and bismuth. The company is continuing to assess the results and will follow up with additional drilling to target the Sholl Shear and other potential zones of interest.
Novo Pilbara and Onslow tenure showing main projects and significant prospects.
At the Sherlock Crossing and Southeast Wyloo gold-antimony prospects, Novo has advanced towards drilling with soil and rock sampling defining strong antimony (Sb) anomalies, including results of up to 4.7% Sb and 146.7 g/t Au from rock chip samples at Sherlock Crossing. Drilling at both prospects is planned for the second half of 2025, following successful heritage and compliance approvals.
Sherlock Crossing, showing extended soil anomaly > 15 ppm Sb to the SW of the proposed first pass drilling area at the Clarke Mine
Financial position and outlook
Novo’s strong financial position, with a cash balance of A$7 million (C$6 million) and investments valued at A$34 million (C$30 million), positions the company well for continued exploration across its portfolio. Its project generation program is actively targeting new gold and copper assets to further complement its existing portfolio.
Looking ahead, Novo plans to continue its aggressive exploration efforts, with a focus on advancing its key projects in New South Wales and Western Australia. Drilling at John Bull, Tibooburra and Balla Balla will be the primary focus in the second half of 2025, with the potential for further significant discoveries across the portfolio.