Novo Advances Tibooburra with 2,700m Drilling Targeting High-Grade Gold Extensions

Novo Commits to Major Drilling at Tibooburra Gold Project

Novo Resources Corp (ASX:NVO) is advancing its exploration efforts at the Tibooburra Gold Project in northwestern New South Wales, announcing a ~2,700-metre reverse circulation (RC) drilling program scheduled to begin in late Q3 2026, pending regulatory and landholder approvals. The campaign will focus on two key prospects: Clone and Pioneer South.

The Clone prospect drilling (~1,700m) aims to extend a shallow, north-plunging high-grade gold shoot identified in prior campaigns, which includes intercepts such as 12 metres at 5.90 g/t Au and 5 metres at 13.74 g/t Au. This step-out drilling will test the northern extension of mineralisation currently defined over a 300-metre strike and open down plunge beyond 90 metres depth.

Pioneer South: First-Time Drilling on Historic Quartz Reefs

At Pioneer South (~1,000m), Novo will undertake first-pass drilling beneath a ~600-metre continuous outcrop of gold-quartz reefs, historically mined but never drilled. Rock chip assays from these reefs have returned grades up to 19.8 g/t Au. The drilling will test steeply west-dipping quartz veins along four sections to explore down-plunge extensions, leveraging structural models that suggest favourable positions for orogenic-style gold mineralisation analogous to Victorian slate belt deposits.

Joint Venture Agreements Formalised with Manhattan Gold

Following a binding term sheet signed in December 2024, Novo, Manhattan Gold Corporation Limited (ASX:MHC), and its subsidiary Awati Resources have executed formal Joint Venture and Option Agreements. Novo has committed to spend A$1.5 million to earn a 70% interest in precious and base metals across six exploration licences in the Albert Goldfields. As of 30 June 2026, Novo has expended A$1.31 million towards this commitment. Awati remains free carried until completion of a bankable feasibility study, after which Novo can exercise its joint venture option or terminate the agreement.

Geological Setting Suggests Significant Exploration Upside

The Tibooburra project lies within a district analogous to the Victorian Goldfields, featuring a series of NNW-trending, fault-controlled alteration corridors with intense sericite-carbonate alteration and quartz veining. Novo’s interpretation classifies the mineralisation as orogenic gold hosted in turbidite sequences, sharing key structural and geological characteristics with Central Victoria’s Western Lachlan Orogen. This analogy underpins the potential for high-grade shoots along thrust faults such as the Clone-Pioneer corridor, which stretches over 30 kilometres.

Outside of the well-studied New Bendigo prospect, the region remains underexplored with many historic workings yet to be tested by modern techniques, especially beneath younger cover sequences extending up to 15 kilometres. Novo plans ongoing regional stream sediment sampling, soil sampling, and mapping through H2 2026 to identify additional targets for follow-up drilling.

Looking Ahead: Drilling and Data Integration

The upcoming drilling program is expected to take three to four weeks, incorporating downhole Televiewer surveys to capture critical structural data on faults, veins, bedding, and shearing. The results will be crucial in validating the interpreted shallow plunging shoots at Clone and exploring new mineralisation at Pioneer South.

While the geological model and historic data offer promising analogues, Novo cautions that there is no guarantee of replicating the mineralisation styles or grades seen in the Victorian Goldfields. The company will be monitoring assay results and regional sampling outcomes closely as it seeks to expand its footprint in NSW gold exploration.