Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR) earlier this week confirmed that maiden reverse circulation drilling at its Wyloo Polymetallic Project in Western Australia’s Pilbara had identified a significant hydrothermal alteration system and returned high-grade silver and antimony mineralisation from surface.
Executive co-chairman Mike Spreadborough said the results formed part of Novo Resources’ staged approach to greenfields exploration. He described exploration as being like an onion, with the company progressively “peeling away” geological layers through surface sampling, rock-chip analysis, geochemistry and drilling.
General manager of exploration Rohan Williams said the initial drilling program had materially improved the company’s understanding of the wider hydrothermal system at Wyloo.
Williams highlighted the Vera prospect, immediately east of the reverse circulation drilling area, where Novo Resources had identified high-grade antimony in rock-chip samples from a shear zone. He said the company’s soil-sampling grid remained open to the north and would be extended through further fieldwork.
Additional antimony anomalism had also been identified approximately 1.5 kilometres west of the initial drilling area through rock-chip and soil sampling.
Williams said Novo Resources would undertake infill soil sampling, mapping and other groundwork before finalising its next drilling program. The company’s objective was to identify targets that would provide the “best bang for the buck” from future drilling expenditure.
The completion of this work could provide a near-term catalyst by sharpening the company’s understanding of the strongest geochemical targets and supporting a follow-up aircore or reverse circulation drilling campaign.
Spreadborough also outlined progress at Toolunga, an early-stage land package covering approximately 1,200 square kilometres of Novo Resources-owned and joint-venture ground.
Historical geophysical data has helped the company identify three principal targets in an area that has seen limited exploration since the 1990s. Subject to approvals, Novo Resources plans to undertake soil sampling and mapping during the second half of the year.
That fieldwork is intended to finalise targets for drilling in early 2027, providing a further potential catalyst for the company.
Spreadborough said Toolunga also had a strong copper component, complementing Novo Resources’ wider focus on early-stage gold and copper discoveries.
Further news outlining drilling programs for the remainder of the year is expected over the coming weeks.
Interview highlights
- Maiden reverse circulation drilling at Wyloo confirmed a significant hydrothermal alteration system.
- Results included high-grade silver and antimony mineralisation from surface.
- Novo Resources is applying a staged and disciplined greenfields exploration strategy.
- Drilling improved the company’s understanding of the wider hydrothermal system at Wyloo.
- The Vera prospect contains high-grade antimony rock-chip results associated with a shear zone.
- Soil sampling at Vera remains open to the north and is expected to be extended.
- Further infill soil sampling, mapping and geochemical work will help refine future drilling targets.
- Novo Resources is assessing the potential for a future aircore drilling program.
- The Toolunga land package covers approximately 1,200 square kilometres.
- Historical geophysics has helped Novo Resources identify three major targets at Tullanga.
- Field mapping and soil sampling are planned subject to approvals.
- Toolunga drilling is being considered for early 2027.
- Novo Resources expects to outline additional drilling programs for the remainder of the year.
- The company remains funded and focused on early-stage gold and copper discoveries.
Proactive: Novo Resources’ maiden drilling at Wyloo has returned high-grade silver and antimony mineralisation from surface. Joining us to discuss the latest results are executive co-chairman Mike Spreadborough and general manager of exploration Rohan Williams. Gentlemen, it is good to see you. Mike, can you give us an overview of the program, the results and what they mean for Wyloo?
Mike Spreadborough: The important starting point is that Novo Resources is a greenfields explorer, so the company targets a number of different areas. I often compare exploration to an onion because the team keeps peeling away the layers.
At Wyloo, the team completed the initial layer through surface work and rock-chip sampling. Novo Resources has now completed some drilling and will progressively build the geological case.
It is the same at Toolunga. That project is still at a very early stage, but the geophysics is exciting. Novo Resources is looking for the next discovery, and today’s announcement, together with further news expected over the next five or six weeks, should continue to demonstrate how the company is developing its projects.
Novo Resources remains disciplined. When the company does not see a viable pathway for a project, it moves on and directs its exploration effort towards the next-best opportunity.
Proactive: Rohan, let us look more closely at today’s results. How important is the new Vera prospect, and what work has Novo Resources completed there?
Rohan Williams: We regard the wider Wyloo area as a large hydrothermal system. As Mike said, the company has identified high-grade silver and antimony.
Novo Resources initially drilled the southeastern area, and the program successfully improved the company’s understanding of the broader hydrothermal system.
The Vera prospect lies immediately east of the reverse circulation drilling area. Novo Resources has identified high-grade antimony in rock-chip samples from a shear zone and completed a gridded soil-sampling program that remains open to the north. The company wants to return and extend that coverage.
Approximately 1.5 kilometres west of the drilling area, Novo Resources has another prospect where antimony has also been identified through rock-chip sampling and soil sampling. The company intends to complete infill work and expand the coverage before committing to a drilling program.
Novo Resources may ultimately use an aircore program. The immediate priority is to continue building its knowledge and identify the strongest area for potential economic mineralisation.
Proactive: What exactly are you looking for as that geological knowledge develops?
Rohan Williams: Novo Resources needs to complete infill soil sampling and further work to determine where drill holes can deliver the best return from the exploration budget.
Proactive: What are the next steps at Wyloo?
Rohan Williams: The company plans to undertake infill soil sampling, additional mapping and further groundwork. Novo Resources considered other options, including geophysics, but the current priority is to improve its geochemical understanding of the targets.
Once that work is complete, the company can design the next drilling program.
Proactive: Mike, Wyloo is not the only project progressing. Can you talk us through the work at Toolunga?
Mike Spreadborough: This is the first time many people will have heard Novo Resources discuss Toolunga in detail. It is a large land package covering approximately 1,200 square kilometres, comprising both Novo Resources-owned and joint-venture ground.
Desktop studies have helped the company focus on an area that has seen very little exploration since historical work in the 1990s.
Novo Resources has now completed enough research to identify three major targets based on historical geophysics. The next challenge is securing the necessary approvals to begin fieldwork.
The company hopes its team will be on the ground during the second half of this year, carrying out soil sampling and mapping. That work is intended to confirm and finalise a drilling program planned for early 2027.
The ground is highly exciting. Some exploration companies would regard targets of this scale as an entire portfolio, whereas Toolunga forms only one part of Novo Resources’ broader project base.
It is early-stage ground with strong discovery potential, and the company is progressing it along a defined exploration pathway.
Proactive: There is also plenty happening elsewhere across the portfolio. What else should investors be watching?
Mike Spreadborough: Novo Resources expects to release further information outlining its drilling programs for the remainder of the year.
The company continues to assess new projects and has sufficient funding to maintain its drilling activities.
Toolunga also has a strong copper component. With copper in short supply globally, that adds to the project’s appeal. Novo Resources will continue to focus on early-stage gold and copper discoveries.
Proactive: Mike and Rohan, there is clearly plenty happening. We look forward to speaking again as further news is released. Thank you for your time.
Mike Spreadborough: Thanks very much.