Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR) earlier this week announced an updated February 2026 Exploration Target for the Belltopper Gold Project in Victoria, highlighting a significant expansion in the project’s conceptual gold inventory.
Executive co-chairman Mike Spreadborough said the revised target followed an in-depth review of local geology, historical production records and previous drilling, incorporating eight highly prospective reefs within the project area. The 2026 update includes the addition of a new reef and expanded strike and/or dip extensions across four reefs previously outlined in the 2024 Exploration Target.
Interview highlights
- Updated February 2026 Exploration Target released for Belltopper
- Target based on detailed geological review, historical data and prior drilling
- Eight highly prospective reefs included in updated model
- Addition of a new reef in 2026 update
- Increased strike and/or dip extensions for four reefs
- Contained gold range increased by more than 50% compared to 2024 target
- Project located in the prolific Bendigo Tectonic Zone (~60Moz historical production)
- Some reefs historically produced ~100,000oz at grades above 1oz/t
- Detailed 3D geological model completed
- Surface drilling planned to begin around July 2026
- Program expected to run approximately 12 months
- Objective: increase confidence and progress toward an inferred resource
Interview Q&A
Proactive: Welcome back to Proactive Investors. I’m your host, Kerry Stevenson. I’m joined by Mike Spreadborough, executive co-chairman of Novo Resources, and Kas De Luca, general manager exploration. We’re talking about gold and the Belltopper project in Victoria. Mike, what’s got you excited about this release today?
Mike Spreadborough: We’ve had Belltopper as a 100% owned project for a couple of years now. Our last drilling campaign was in 2020, and at that time we published an Exploration Target, which is a conceptual estimate of what we think the project could become. It’s not a Mineral Resource. In 2024 we updated that target, and now in February 2026 we’ve completed further work.
The updated 2026 Exploration Target incorporates an in-depth geological review, historical data, and previous drilling across eight highly prospective reefs. It includes the addition of a new reef and increased strike and/or dip extents for four reefs previously documented in 2024. The contained gold range has increased by more than 50%. Victoria is open for business again, and Belltopper has the potential to move down the development pathway.
Proactive: Belltopper is near other well-known gold projects. Kas, can you explain the geology?
Kas De Luca: We are in the Bendigo Tectonic Zone, which is one of the most prolific gold-producing regions historically, with around 60 million ounces recorded. Belltopper hosts a dense network of narrow but continuous high-grade gold reefs. We’ve traced some structures for up to two kilometres along strike.
We’ve built a detailed 3D model incorporating historical workings, mapping and relogged core. We now have more information than ever before about Belltopper. Some reefs historically produced around 100,000 ounces at grades exceeding an ounce per tonne. The updated 2026 Exploration Target reflects this expanded understanding.
Proactive: Is this a major focus for Novo?
De Luca: Yes. While Novo has greenfields projects elsewhere, Belltopper is the most advanced target in the portfolio. A dedicated team has worked consistently over several months to upgrade the Exploration Target. We’re confident in the geological continuity of the reefs.
Proactive: What are the next steps?
Spreadborough: The next step is more surface drilling to increase confidence in the Exploration Target. We expect drilling to commence around July 2026, following approvals and land access processes. It will likely be a 12-month program. The goal is to move toward an inferred resource. As I’ve said, “The next stage is really exciting — to actually get an inferred resource.”
Proactive: What are the key challenges?
Spreadborough: Land access is always the biggest risk in early-stage exploration. We work closely with landowners, communities and traditional owners. Responsible development and community engagement are essential as we progress Belltopper.