Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR)earlier this week announced a maiden JORC-compliant mineral resource estimate for the Leven Star Reef at its Belltopper Gold Project in Victoria, providing an initial resource foundation while highlighting the broader growth potential of the project.
The company reported an inferred mineral resource of 760,000 tonnes grading 3.6 g/t gold for 87,000 ounces of contained gold. The resource represents the first formal resource estimate at Belltopper and covers only one of at least eight identified gold-bearing reefs within the project area.
Executive co-chairman and acting chief executive officer Mike Spreadborough said the resource should be viewed within the context of a much larger exploration opportunity. He noted that Belltopper currently hosts an exploration target ranging from 660,000 ounces to 880,000 ounces of gold, with Leven Star accounting for only a portion of that potential.
Spreadborough said the company had completed surface drilling programs over recent years that enabled the maiden resource estimate to be defined. He added that Belltopper had reached an important stage where Novo could begin assessing pathways toward future technical studies while continuing to grow the resource inventory.
A key catalyst for the project will be a planned 2,500-metre diamond drilling program scheduled for the second half of the year. General manager exploration Rohan Williams said the campaign would focus on systematically testing additional reefs and validating the broader exploration target.
Williams said Leven Star was only one of at least eight identified reefs and suggested additional opportunities could exist across the project area. He described the mineralisation as typical Victorian saddle-style orogenic gold systems similar to those historically mined around Ballarat and Bendigo.
According to Williams, the exploration target is based on high-grade reef systems with grades ranging between 6.0 g/t and 8.9 g/t gold, providing encouragement for future resource growth through further drilling.
Spreadborough also pointed to improving conditions for exploration in Victoria, stating that the state was "back in business for gold exploration and gold development". He said renewed confidence in the regulatory environment was supporting the company's decision to continue investing in Belltopper.
The Belltopper project now occupies a distinct position within Novo's portfolio, complementing the company's greenfields exploration programs across Western Australia. While those Pilbara projects remain focused on discovery, Belltopper is advancing toward a more defined resource growth phase.
With additional drilling expected later this year, resource expansion and further definition of the multiple reef systems represent the key near-term catalysts for investors to watch.
Key highlights
- Novo Resources announced its first JORC-compliant mineral resource at the Belltopper Gold Project.
- Leven Star Reef hosts an inferred resource of 760,000 tonnes at 3.6 g/t gold for 87,000 ounces.
- The resource forms part of a broader Belltopper exploration target of 660,000 to 880,000 ounces.
- At least eight high-grade reefs have been identified across the project area.
- A 2,500-metre diamond drilling program is planned for the second half of the year.
- Exploration will focus on testing additional reefs and expanding the resource base.
- Belltopper is located near Castlemaine in Victoria, a historically significant gold region.
- Management believes Victoria's improving regulatory environment supports future exploration and development.
- Belltopper complements Novo's earlier-stage exploration activities across Western Australia.
- The company sees significant potential for future resource growth through continued drilling.
Proactive: Welcome back to Proactive Investors. Once again, I'm your host, Kerry Stevenson. Today we've got a double act. Mike Spreadborough, executive co-chairman and acting CEO of Novo Resources, and Rohan Williams, general manager exploration. Novo has projects in Western Australia and Victoria, but today we're focusing on the Belltopper Project in Victoria, where the company has delivered a maiden mineral resource. Mike, how does Belltopper fit into Novo's broader portfolio and strategy?
Mike Spreadborough: Victoria is now open for business again. We've seen the Victorian government approve exploration tunnels and there's renewed momentum in gold exploration and development. Belltopper is located about an hour north of Melbourne near Castlemaine, a very historic gold region.
We've owned the project 100% for a long time and completed drilling programs in 2023 and 2024. We'll return to drilling later this year. Earlier this year we announced an exploration target of between 660,000 and 880,000 ounces of gold across eight high-grade reefs that are potentially accessible underground.
The maiden resource announced today relates to just one of those reefs, Leven Star. While 87,000 ounces may not seem large in isolation, it's a subset of a much larger exploration target. The drilling completed over recent years has enabled us to establish this inferred resource and begin building a platform for future growth. With greater confidence in Victoria's regulatory environment, we're excited about Belltopper's future potential.
Proactive: Rohan, Leven Star is only one of eight reefs identified so far. What are the next steps and how will exploration be conducted?
Rohan Williams: Leven Star is one of at least eight reefs we've identified, and there could be more. The inferred mineral resource of 87,000 ounces relates only to that reef.
We've planned a 2,500-metre drilling program for the second half of the year. We'll use diamond drilling to systematically test the other reefs and work to confirm and potentially expand the exploration target. We expect to be very active during the second half of the year and are confident we can continue adding value through further exploration.
Proactive: For viewers unfamiliar with these reef systems, can you describe what they look like?
Rohan Williams: These are typical Victorian saddle-style orogenic gold systems, similar to those found in Ballarat and Bendigo. The reefs are relatively narrow but can be extremely high grade. Victoria has produced enormous amounts of gold historically and we're targeting high-grade opportunities. Our exploration target grades range from approximately 6.0 g/t to 8.9 g/t gold. We'll continue systematically testing these reefs through drilling later this year.
Proactive: We're already in June. Do you have rigs and personnel secured?
Rohan Williams: We certainly have the people. We have an eastern states exploration team including geologists and field assistants. We're also well advanced in securing a drill rig and have a strong relationship with the drilling contractor we used in 2024. There are other contractors operating in the region as well, so we're confident of getting drilling underway later this year.
Proactive: Mike, with Victoria opening up for exploration, does Belltopper change Novo's focus away from Western Australia?
Mike Spreadborough: It's more of an equal weighting. In Western Australia we're running several early-stage exploration programs across the Pilbara focused on new discoveries.
Belltopper sits at a different stage of the portfolio. We now have enough confidence to continue investing and determining what work is required to advance toward future technical studies. Belltopper's narrow, high-grade reefs are suited to underground mining, and there are processing plants nearby.
The project complements our greenfields exploration activities in Western Australia. Belltopper's large exploration target and the maiden resource highlight the project's potential, and further drilling should help convert more of that target into meaningful resources. We believe investors will increasingly recognise the value of the work being done in Victoria.
Proactive: Great to have you both on Proactive. We look forward to future updates.
Mike Spreadborough: Thank you very much.
Rohan Williams: Thank you.