Novo Resources has lodged a comprehensive NI 43-101 technical report for the Leven Star Reef at its Belltopper Gold Project, outlining an inferred resource of 87,000 ounces gold within optimised underground stope shapes and highlighting the need for flotation processing due to refractory sulphide mineralisation.
- 87,000 oz inferred gold resource at Leven Star Reef
- Resource reported within optimised underground shapes
- Metallurgical testwork shows flotation as primary recovery route
- Resource classification reflects moderate-high technical and economic risks
- A$10.5 million planned for further drilling and studies over four years
Leven Star Reef Resource Confirmed with 87,000 Ounces Inferred
In a detailed NI 43-101 technical report filed with the TSX, Novo Resources Corp. (ASX:NVO) has confirmed an Inferred Mineral Resource estimate of 760,000 tonnes grading 3.6 g/t gold for 87,000 ounces at its 100% owned Leven Star Reef (LSR), part of the Belltopper Gold Project in Victoria, Australia. The resource is reported within optimised underground stope shapes above a 1.9 g/t cut-off grade, reflecting a mining scenario based on sublevel open stoping with dilution and mining recovery assumptions.
The report, effective as of 9 June 2026 and issued on 22 July 2026, is the first formal Mineral Resource Estimate (MRE) for the LSR and was prepared by independent Qualified Persons Ms Janice Graham of Snowden Optiro and Dr Simon Dominy. It integrates historical and recent drilling data, including a 2023 diamond drill hole (BTD001) that extended mineralisation down dip by 120 metres and confirmed key structural controls.
Geology and Mineralisation Distinct from Typical Victorian Orogenic Gold
The LSR is characterised as an intrusion-related gold system (IRGS) hosted in a quartz-veined stockwork-breccia up to 10 metres wide, differing from the common narrow quartz-vein orogenic lodes of Central Victoria. Mineralisation is polymetallic, featuring gold associated with tellurium, arsenic, bismuth, antimony, copper, and zinc sulphides, and notably refractory gold locked within arsenopyrite. The deposit lies near major Devonian granites and exhibits a complex hydrothermal alteration halo.
Metallurgical Testwork Highlights Flotation as Key Recovery Method
Preliminary metallurgical testwork conducted in 2023 on a 28 kg composite from fresh sulphide mineralisation showed that gravity recovery of gold is low at 12%, with most gold particles fine and refractory. Flotation tests on gravity tails yielded an impressive 92.2% gold recovery to concentrate at a 12.1% mass pull, resulting in a combined gravity-plus-flotation recovery of about 93%. Conversely, cyanide leaching performed poorly with only about 11% recovery, confirming the refractory nature of the mineralisation.
These results indicate that a conventional gravity-CIL processing route would be ineffective, and flotation to produce a concentrate for smelter sale is the preferred processing pathway at this stage.
Resource Classification Reflects Uncertainties and Risks
The Mineral Resource is classified entirely as Inferred due to moderate to high risks stemming from historical drilling documentation gaps, variable core recovery, early use of aqua regia assays likely underestimating gold grades, and wide drill spacing averaging 50m along strike by 20m down dip. The resource model uses relatively large block sizes and broad search parameters, suitable for global assessment but not detailed mine planning.
Economic risks are elevated due to the refractory nature of the sulphide mineralisation requiring flotation, with no detailed geotechnical, infrastructure, or economic studies completed yet. Environmental, social, and governance (ESG) considerations are also significant given the project’s location within conservation and culturally sensitive areas in Victoria.
Belltopper Project Positioned for Growth with Multiple Reefs Under Evaluation
The LSR is one of eight reefs comprising the current Exploration Target at Belltopper. Novo plans near-term scoping-level diamond drilling at 100m by 100m spacing to validate these reefs and expand the Exploration Target. Resource-level drilling at 50m by 50m spacing will follow based on initial results.
Notably, recent drilling suggests the LSR remains open to the northeast and southwest, with potential for high-grade shoot zones down plunge. Novo’s four-year work program budgets approximately A$10.5 million for drilling, metallurgical and geotechnical testwork, environmental studies, community engagement, and resource updates.
Permitting and Environmental Studies Underway but Early Stage
Environmental baseline studies, heritage surveys, and permitting activities are in early phases. The project tenure includes a Retention Licence and Exploration Licence, with mining lease applications requiring an Indicated Resource classification, which the LSR does not yet have. Novo acknowledges that environmental approvals in Victoria involve complex assessments, including potential Environment Effects Statements and Cultural Heritage Management Plans.
Community engagement and stakeholder consultation are ongoing to address potential impacts and regulatory requirements.
Bottom Line?
Novo’s Leven Star Reef presents a promising but early-stage gold resource with flotation processing essential for recovery; upcoming drilling and studies will be critical to de-risk and expand this Inferred resource.
Questions in the middle?
- Will further drilling validate and upgrade the Inferred Mineral Resource to Indicated or Measured categories?
- How will metallurgical variability across the deposit affect processing and recovery assumptions?
- What are the timelines and challenges for securing mining leases and environmental approvals in Victoria?