Novo Resources has significantly expanded the exploration target at its Belltopper Gold Project in Victoria, incorporating new reef discoveries and extensions that increase potential gold ounces by up to 54%. The company plans drilling in the second half of 2026 to further validate these promising findings.
- 2026 Exploration Target increased by 40-48% in tonnage
- Gold grade improved by 1.5-6% compared to 2024 estimates
- Contained gold ounces range expanded by 44-54%, up to 880,000 ounces
- Western Domain Fault added as a new reef to the target
- Drilling planned for H2 2026 to confirm and expand exploration results
Significant Upgrade to Belltopper Exploration Target
Australian gold explorer Novo Resources Corp has announced a substantial increase to the Exploration Target for its Belltopper Gold Project, located in Victoria’s prolific Bendigo Tectonic Zone. The updated 2026 target incorporates a new reef, the Western Domain Fault, and extensions to four of the seven priority reefs previously identified in 2024. This revision results in a 40 to 48 percent increase in tonnage and a 44 to 54 percent increase in contained gold ounces, with grades also improving by up to 6 percent.
Context and Location
Belltopper sits approximately 120 kilometres northwest of Melbourne and about 60 kilometres south-southwest of the world-class Fosterville Gold Mine, operated by Agnico Eagle. The project area is part of a historically rich gold belt with over 60 million ounces produced in the Bendigo Zone. Nearby operations include Kaiser Reef Limited’s Maldon processing plant and Alkane Resources’ Costerfield mine, underscoring the region’s mining pedigree.
Details of the Updated Target
The 2026 Exploration Target now estimates between 2.1 million and 3.1 million tonnes of mineralisation at grades ranging from 6.7 to 8.9 grams per tonne of gold. This translates to a contained gold range of approximately 460,000 to 880,000 ounces. Novo’s technical team has applied a rigorous review of historical data, drilling results, and geological modelling, including 3D reconstructions and LiDAR surveys, to refine the target. The inclusion of the Western Domain Fault as a new reef and extensions to the Leven Star, Piezzi/Stackyards, O’Connor’s, and Queens Birthday reefs have been key contributors to the upgrade.
Exploration and Mining Potential
While the Exploration Target remains conceptual and is not classified as a Mineral Resource under the JORC Code, the high-grade nature of the reefs and the continuity of mineralisation provide a compelling case for further drilling. Novo is planning a drilling campaign in the second half of 2026 aimed at confirming the target’s robustness and testing additional high-priority reefs both within and outside the current target area. The company envisions an underground mining operation utilising selective stoping and modern ore sorting techniques to minimise surface impact, supported by strong regional infrastructure.
Future Upside and Strategic Positioning
Beyond the updated target, Novo has identified several lightly tested historic reefs that could add further value to the project. These include the NW Fault 9, Butchers Gully Fault, Panama Fault, and Welcome Fault, all considered high-priority drill targets. Novo’s broader portfolio also includes significant projects in Western Australia’s Pilbara region and New South Wales, positioning the company as a dynamic explorer with multiple avenues for growth.
Executive Commentary
Mike Spreadborough, Novo’s Executive Co-Chairman and Acting CEO, highlighted the importance of the upgrade – “Our team’s detailed work has delivered an impressive increase in Belltopper’s exploration potential. With gold prices higher since our last target update, we are excited to advance drilling plans that could unlock significant value for shareholders.”
Bottom Line?
Novo’s expanded Belltopper target sets the stage for a pivotal drilling campaign that could redefine the project’s value in 2026.
Questions in the middle?
- Will the planned H2 2026 drilling confirm the expanded Exploration Target and convert it into a Mineral Resource?
- How might the inclusion of additional reefs outside the current target impact the overall project potential?
- What are the next steps for feasibility studies and potential mine development following drilling results?