Novo Resources Reports 87,000 Ounce Inferred Resource at Belltopper
Novo Resources Corp bolsters its Australian gold and copper exploration pipeline with a maiden inferred resource at Belltopper and strategic gains at Egina following Northern Star’s JV exit.
- Belltopper Gold Project reports 87,000 oz inferred resource
- Northern Star withdraws from Egina JV, Novo gains full data access
- Toolunga Copper-Gold Project targets IOCG systems with expanded landholding
- Strong cash position of A$8M and A$37.5M liquid investment portfolio
- H2 2026 exploration programs include extensive drilling and geochemical surveys
Belltopper Inferred Resource and Exploration Target Expansion
Novo Resources (ASX:NVO, TSX:NVO) has unveiled a maiden inferred mineral resource estimate at its Belltopper Gold Project in Victoria, pegging 87,000 ounces of contained gold within 760,000 tonnes at 3.6 g/t Au. This Leven Star Reef resource forms part of a broader 2026 Exploration Target that now ranges between 460,000 and 880,000 ounces of gold across multiple reefs. The resource is based on underground mining assumptions and remains open in several directions, offering potential for further growth.
Belltopper’s dense network of high-grade reefs lies roughly 60 kilometres south of Agnico Eagle’s prolific Fosterville mine, with Novo targeting similar epizonal orogenic-style mineralisation. The company plans a 2,500-metre diamond drilling campaign in Q4 2026 to test high-priority targets within the Belltopper Anticline Corridor, aiming to convert the exploration target into a defined resource.
Egina Project Gains Strategic Momentum Post JV Withdrawal
In a significant development, Northern Star Resources (ASX:NST) has withdrawn from its earn-in and joint venture agreement at Novo’s Egina Gold Project in the Mallina Basin, Western Australia. Novo now holds full access to all geological data collected by Northern Star, enabling a fresh assessment of this strategically located asset adjacent to Northern Star’s 11 million ounce Hemi Gold Project.
Egina’s tenements are considered highly prospective for structural and intrusion-related gold deposits sharing characteristics with Hemi, though Novo cautions that no assurance exists that similar commercial deposits will be discovered. Fieldwork is planned for the second half of 2026 to advance exploration efforts.
Toolunga Copper-Gold Project Targets IOCG Systems
Novo has consolidated a substantial ~2,242 square kilometre landholding in the Onslow District of Western Australia for its Toolunga Copper-Gold Project, focusing on iron oxide copper-gold (IOCG) systems. The terrain remains under-explored with extensive shallow cover, and Novo has identified three priority targets; Lobster, Ironstone Bore, and Mt Minnie; each exhibiting compelling magnetic and gravity anomalies indicative of IOCG potential.
Historic drilling at Lobster returned modest copper intercepts but was shallow and incomplete, while Ironstone Bore and Mt Minnie remain untested at depth. Novo is negotiating heritage access and awaiting government approvals to advance drilling programs at these targets.
Robust Funding and Investment Portfolio Support Exploration
Financially, Novo is well-positioned with A$8 million in cash and a liquid investment portfolio valued at approximately A$37.5 million, anchored by a significant holding in San Cristobal Mining Inc., which has delivered substantial dividend growth; dividends rose 60% over 12 months and 200% over three years. This cash and liquid asset base underpins Novo’s aggressive exploration and project generation strategy across gold, copper, and antimony assets in Tier-1 Australian jurisdictions.
Additionally, Novo holds accumulated Australian tax losses of around A$300 million, potentially offsetting future taxable income from its exploration projects.
H2 2026 Exploration Programs Target Multiple Projects
Looking ahead, Novo has lined up an extensive exploration schedule for the second half of 2026. In Western Australia, programs include follow-up drilling at Wyloo Polymetallic Project to expand on confirmed hydrothermal alteration systems and antimony-silver-gold mineralisation, as well as reverse circulation drilling at Tibooburra in New South Wales targeting high-grade gold shoots at Clone and Pioneer prospects.
Victoria’s Belltopper project will see diamond drilling to test reef extensions and new targets, while the Teichman Gold Project near Egina is slated for maiden RC drilling following promising high-grade rock chip results. The Toolunga Copper-Gold Project will advance with soil sampling and geophysical surveys pending heritage and governmental approvals.
These programs are designed to unlock value across Novo’s diversified portfolio, with the company’s experienced leadership team steering a discovery-driven approach.
Bottom Line?
Novo’s strong cash and liquid assets provide a solid runway as it advances multiple high-potential gold and copper projects, though exploration outcomes remain inherently uncertain.
Questions in the middle?
- Will Novo’s Belltopper drilling convert exploration targets into a defined resource?
- How will Northern Star’s exit reshape Novo’s strategy and timelines at Egina?
- Can Toolunga’s IOCG targets deliver a breakthrough in copper-gold discovery?
