Novo Secures 1,520 sq km in WA and Reports A$12.1M Cash, A$43.8M Investments

Expanding the Exploration Horizon

In its latest quarterly business review, Novo Resources Corp. has unveiled a series of strategic moves that significantly enhance its Australian gold exploration portfolio. The company secured three new farm-in and joint venture agreements in December 2024, adding high-quality projects in Western Australia and New South Wales. These deals not only broaden Novo’s geographic reach but also align with its strategy of targeting gold deposits with potential exceeding one million ounces.

Central to these acquisitions is the Toolunga Project in the Onslow District of Western Australia, where Novo has consolidated approximately 1,520 square kilometres of prospective ground. This underexplored area offers promising potential for both precious and base metal discoveries, complementing Novo’s existing Pilbara tenure.

Promising Results from Pilbara and NSW

Exploration activities in the Pilbara region have yielded encouraging results, with rock chip sampling near the historic Sherlock Crossing antimony mine returning grades up to 4.7% antimony and 146.7 grams per tonne gold. Similarly, the Miralga district sampling highlighted porphyry-related copper-gold mineralisation with peak values of 1.2 g/t gold and 4.4% copper.

In New South Wales, Novo executed binding term sheets for the John Bull Gold Project in the New England Orogen and the Tibooburra Gold Project in the Albert Goldfields. Both projects exhibit significant discovery potential, supported by historical drilling and soil sampling that revealed high-grade gold anomalies. Notably, John Bull’s historical costean intersected 160 metres at 1.2 g/t gold, including intervals exceeding 7 g/t, while Tibooburra’s New Bendigo trend has recorded exceptional drill intercepts with grades above 100 g/t gold in some zones.

Financial Strength and Portfolio Management

Novo’s financial position remains robust, with a cash balance of A$12.1 million and investments valued at approximately A$43.8 million as of December 31, 2024. The company monetised part of its stake in San Cristobal Mining, realising A$11.5 million in cash proceeds, which validates the liquidity and strength of this investment. Additionally, Novo completed the sale of its remaining interest in the Quartz Hill Joint Venture for A$850,000, further streamlining its asset base.

Executive Co-Chairman and Acting CEO Mike Spreadborough emphasised the disciplined approach Novo applies to exploration and project generation. The company is actively seeking joint venture partners or buyers for lower-priority projects such as Comet Well and Purdy's North, enabling a sharper focus on high-impact opportunities.

Looking Ahead: Drilling and Development Plans

Looking forward, Novo plans to initiate aircore drilling at the Balla Balla Gold Project in the first half of 2025, following completion of all compliance requirements. Further exploration campaigns are scheduled at Toolunga, the Tabba Tabba Shear Corridor, and Miralga, aiming to validate historic results and advance drill targets. The company’s joint venture partner, De Grey Mining, continues to progress with its earn-in at the Egina Gold Camp, committing an additional A$18 million in exploration through mid-2027.

In Victoria, Novo is refining its exploration target at the Belltopper Gold Project, situated in the prolific Bendigo Zone. The project’s conceptual target ranges between 320,000 and 570,000 ounces of gold, with upcoming drilling programs designed to test high-priority reef structures reminiscent of world-class deposits in the region.

Strategic Positioning in a Competitive Landscape

Novo’s portfolio diversification across multiple Australian gold provinces, combined with its strong balance sheet and active project generation, positions the company well amid a competitive junior exploration sector. The recent partial divestment of San Cristobal shares and the conclusion of the Quartz Hill JV reflect a strategic reallocation of capital towards higher-value assets.

While exploration results remain early-stage and subject to the inherent uncertainties of mineral discovery, Novo’s methodical approach and expanding landholdings underscore its ambition to deliver a major gold discovery in the near term.