Novo Resources (ASX, TSX: NVO) has increased the exploration target for its Belltopper gold project in South Australia and has begun preparations for inaugural drilling at its western gold, silver and antimony project.
The company has issued an exploration target of 460,000 to 880,000 ounces. Gold at Belltopper in Victoria, one of the company’s most advanced assets. The update represents a 40% increase from its 2024 estimate based on drilling in four of seven priority areas there and the inclusion of a new area of interest. At Willow in the Pilbara region, soil and rock chip samples carried out by Novo have identified a 200-hectare area for a drilling programme, scheduled to begin in April.
“This is a significant change in the size and quantity of mineralization at Belltopper,” said Mike Spreadborough, the company’s CEO. “So, this project may now have a multi-year development path to identify the resource.”
Belltopper’s increased exploration target is based on recent analysis of local geology, historical data and completed drilling. The company has also incorporated the Western Range Fault as a new priority area of concern in its updated figure. The target supports a higher range of 3.1 million tonnes at 8.9 grams of gold per tonne.
Close to the surface
De novo modeling has provided locations in the near-surface reef system and deeper conceptual options for continued drilling. Spreadborough said the work, scheduled to begin in the second half of 2026, will aim to provide further confidence in the company’s updated exploration target.
Novo’s Wyloo project is among its early-stage exploration assets. Exploratory work at Wyloo has so far focused on sampling soil and rock chips. The drilling operations planned by Novo this year will be the first ever at the site other than historical excavators.
“That kind of makes sense, no one was there,” Spreadborough said. “So, we’re going to go dig it up and hope there’s something there.”
Spreadborough describes Nova as a “brilliant frontier explorer” in gold and copper, and is disciplined in her geophysical and fieldwork and decision-making.
“Explorers don’t get credit when we stop doing things because there’s no logical reason to develop an economic project,” he said, adding that Novo is very disciplined in its approach and stopped working on two projects when the benefit did not materialize despite previous exploration programs.
The goals are ready
Early results at Willow have been encouraging, Spreadborough said. Soil samples found strong multi-element deposits, and seven rock chip samples last year yielded peak assay results of 387 grams of silver per tonne, 0.38% antimony, 5% lead, 1.6% zinc, 2.4% copper and 0.52 grams gold. Recent exploration has provided several targets ready for drilling.
Novo will conduct a heritage survey of the project in March to provide access to drill in April for a distance of approximately 1,500 metres. The work will test a polymetallic vein and a large fault zone immediately south of the main target area.
With C$7.7 million (US$5.7 million) in cash and C$9 million in liquid investments available as of the end of December, Novo is well positioned to execute the planned work this year, Spreadborough said. “We have a strong balance sheet that includes investments that are performing really well,” he added.
The balance sheet will help support ongoing work elsewhere in the Pilbara on the Balla Balla polymetallic project. Spreadborough said Novo completed extensive surface drilling of more than 15 kilometers there last year and the results were encouraging enough to justify further exploration.
“We like what we see and will be back before June to do more drilling to build the story of the geochemical signature,” he said. “We like Balla Balla, but it needs a long gestation period, maybe two or three more drilling campaigns before we can say there’s something there.”
Joint venture
Novo is also looking to develop its other exploration projects in the Pilbara this year, including a joint venture with Northern Star Resources (ASX:NST) and its Teichmann site.
Its joint venture asset, Aegina, covers an area of 1,000 square kilometres, and the work is being carried out by Northern Star. The project is located 30 kilometers south of the Hemi mine, which Spreadborough said is home to about 13 million ounces. Of gold.
Novo has drilling planned for the second half of the year at its Teichmann project based on rock chip results for 2025. Rock assays showed a highest gold grade of 77.5 grams last year. The results showed that 11 samples out of 87 weighed more than 10 grams of gold.
Along with its early-stage work, Novo is looking for advanced gold and copper projects that could reach a mining decision within five years.
“We’re still trying to find, not only organic but inorganic opportunities to bring into the portfolio,” Spreadborough said. He added that although the company has not found anything worth investing in yet, it is not giving up.
The above joint venture article is promoted content sponsored by Novo Resources and produced in collaboration with Northern Miner. Visit: https://novoresources.com/ For more information.
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