Novo Resources executive chairman Mike Spreadborough talked with Proactive about the company’s discovery-led gold and copper exploration strategy, its portfolio of projects across Australia and the drilling catalysts expected over the coming months.
Novo Resources is focused on greenfields discovery, targeting the earlier stages of the exploration curve where successful discoveries can potentially create significant value. He also highlighted the company’s balance sheet and its ability to assess development opportunities alongside organic exploration.
Belltopper in Victoria remains Novo’s most advanced gold project. Spreadborough pointed to its large exploration target and high-grade reef systems, with an initial resource having been defined as part of the company’s work to demonstrate the potential to convert exploration targets into resources.
He also discussed Toolunga in Western Australia, where Novo is targeting copper-gold opportunities across a large project area, as well as planned work at Teichman, Egina and Tibooburra. Egina gives Novo exposure to ground south of Northern Star’s Hemi gold project, while further drilling and fieldwork are planned across several projects.
Meanwhile, Novo values its strategic investment in San Cristobal Mining at around $36 million.
It also has $8 million in cash and Spreadborough said the investment is liquid and could provide funding flexibility for drilling or potential project acquisitions.
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