Novo Resources Strikes High-Grade Gold at Tibooburra, Eyes NSW Expansion

Strong Maiden Drilling at Tibooburra

In the June 2025 quarter, Novo Resources Corp delivered promising results from its maiden reverse circulation (RC) drill program at the Clone prospect within the Tibooburra Gold Project in northwestern New South Wales. The program tested 500 metres of strike and returned notable high-grade gold intercepts, including 12 metres at 5.90 grams per tonne gold from 16 metres depth, with a standout 5 metres at 13.74 grams per tonne. Another hole intercepted 17 metres at 2.40 grams per tonne, confirming the continuity of a shallow, north-plunging shoot of high-grade mineralisation now defined over 300 metres of strike. These results validate the prospectivity of the historic Albert Goldfield area and set the stage for follow-up drilling to extend mineralisation further north.

John Bull Project – Multiple Targets and Intrusion-Related Gold System

At the John Bull Gold Project in the New England Fold Belt of NSW, Novo’s recent field campaign identified four key target areas for drilling in the second half of 2025. Soil sampling extended a gold anomaly over 1.5 kilometres with peak soil assays reaching 1.59 grams per tonne. Rock chip samples from quartz veins yielded exceptionally high grades up to 67.9 grams per tonne, highlighting the potential for significant high-grade mineralisation. Geological mapping supports an Intrusion Related Gold System model, with element zonation patterns indicating a complex mineralising system centred on a porphyritic intrusion. A planned 1,750-metre RC drill program aims to test these targets, potentially unlocking a new high-grade gold province.

Pilbara Portfolio Advances with Gold-Antimony Focus

In Western Australia’s Pilbara region, Novo progressed exploration at several gold-antimony prospects. At Sherlock Crossing, soil sampling delineated a coherent 1.5-kilometre antimony anomaly with gold anomalism, and all heritage and compliance approvals are now secured for maiden RC drilling. Southeast Wyloo saw preparatory mapping and rock chip sampling following earlier reconnaissance that returned significant silver, copper, and antimony values. Meanwhile, reconnaissance aircore drilling at Balla Balla defined broad zones of low-level gold anomalism along the Sholl Shear, accompanied by multi-element anomalies indicative of hydrothermal activity. These efforts reflect Novo’s strategic focus on high-grade gold and associated metals in under-explored Pilbara terrains.

Financial Strength and Portfolio Management

Novo maintains a robust financial position with approximately A$7 million in cash and an investment portfolio valued at around A$34 million, including stakes in both ASX-listed and unlisted companies. The company continues to actively manage its extensive landholdings of roughly 5,200 square kilometres of 100% owned tenure, supplemented by joint ventures covering additional areas. This includes the Egina Gold Camp JV with Northern Star Resources, which is progressing exploration planning following Northern Star’s acquisition of De Grey Mining. Novo’s disciplined approach includes relinquishing non-core tenure to reduce holding costs and seeking joint venture partners to accelerate project development.

Looking Ahead

Forward programs are well defined, with planned RC drilling at John Bull and follow-up drilling at Tibooburra’s Clone prospect to test extensions of high-grade shoots. Pilbara projects will see further drilling at Sherlock Crossing and Southeast Wyloo, alongside ongoing geological studies at Balla Balla. Novo’s strategic additions of high-grade NSW projects complement its Pilbara base, positioning the company to deliver a strong pipeline of exploration news and potential resource growth in the coming months.