Novo Resources Reports 87,000 Ounce Inferred Gold Resource at Belltopper

Maiden Resource Defines Belltopper’s Leven Star Reef

Novo Resources Corp (ASX:NVO) has unveiled a maiden inferred mineral resource estimate for its Leven Star Reef at the Belltopper Gold Project in Victoria, Australia. The estimate totals 760,000 tonnes grading 3.6 g/t gold, equating to 87,000 ounces of contained gold, based on underground mining parameters and a 1.9 g/t cut-off grade.

This initial resource is a significant milestone for Novo, marking the first formal quantification of mineralisation at Belltopper. The Leven Star Reef is one of eight high-grade reefs that collectively form a recently upgraded Exploration Target, which ranges from 460,000 to 880,000 ounces of gold across 2.1 to 3.1 million tonnes. Novo’s executive co-chairman Mike Spreadborough noted the resource provides a solid foundation amid a favourable gold price environment.

Geology and Mineralisation Complexity

Located about 120 km northwest of Melbourne and 60 km south of Agnico Eagle’s Fosterville mine, Belltopper sits in the historically prolific Bendigo Zone. The Leven Star Reef is a polymetallic, quartz-veined stockwork-breccia up to 10 metres wide, striking northeast; an unusual orientation for the region. The deposit hosts a complex mineral assemblage, including pyrite, arsenopyrite, and bismuth minerals, with gold occurring both as visible grains and locked within sulphides.

Drilling to date comprises 44 holes (15 RC and 29 diamond), with mineralisation open in multiple directions, especially down dip and along strike. Recent drilling extended mineralisation up to 120 metres deeper than previous intersections, confirming structural controls such as the Far East Hanover Fault.

Metallurgical Challenges and Processing Route

Metallurgical testwork on a fresh sulphide composite averaging 4.5 g/t gold reveals the gold is strongly refractory. Gravity recovery is limited to 12%, while flotation at a grind size of 90 microns achieved around 92% recovery, indicating flotation is the preferred processing method. Cyanide leaching performed poorly, reflecting gold locked within sulphides, especially arsenopyrite.

These findings imply that conventional gravity-CIL processing would be ineffective for Belltopper’s mineralisation. Novo assumes mineralisation would be processed at a flotation plant within reasonable haulage distance, with the flotation concentrate potentially sold directly.

Mining Assumptions and Resource Classification

The resource estimate is reported within optimized mineable shapes assuming underground sub-level open stoping, with mining and processing costs of AU$162 and AU$119 per tonne respectively, metallurgical recovery of 88%, and a gold price of AU$5,250 per ounce. A time frame of 5 to 10 years is considered appropriate for eventual economic extraction, factoring in possible changes in gold price, operating costs, and regulatory conditions.

The resource is classified entirely as Inferred, reflecting drill spacing from 20 to over 50 metres and some data quality limitations. No Measured or Indicated resources are reported at this stage, and approximately 21% of ounces are based on extrapolation beyond drill data.

Next Steps and Exploration Potential

Belltopper remains underexplored beyond Leven Star. Novo plans a drilling campaign in the second half of 2026 targeting the remaining seven reefs within the Exploration Target and additional historic reefs outside it. This program aims to upgrade resource confidence and expand the resource base.

Environmental and permitting processes have commenced but are expected to require at least three years before mining can begin. Novo is conducting surveys and studies to assess potential impacts, including flora, fauna, hydrology, and community effects, in line with Victorian regulatory frameworks.