Novo advances multi-state exploration strategy during March quarter

Novo Resources Corp kicked off the 2025 calendar year with a robust operational performance, highlighted by the launch of drilling programs in Western Australia and extensive field campaigns across its newly acquired New South Wales assets.

The company closed the March quarter with a solid financial foundation, reporting A$10 million in cash and investments totalling approximately A$35.6 million.

Novo Portfolio

Exploration highlights 

During the March quarter, the company launched a maiden aircore (AC) drilling program comprising approximately 6,000 metres at the Balla Balla Gold Project in the Pilbara.

The program is targeting structurally complex zones and splay faults adjacent to the Sholl Shear Zone and is progressing to plan.

In northern New South Wales, Novo completed two three-week field campaigns at the Tibooburra and John Bull gold projects.

At the Clone prospect within Tibooburra, rock chip sampling returned high-grade assays up to 89.6 grams per tonne (g/t) gold, while soil sampling identified a coherent 600 metre by 250 metre gold anomaly.

These results underpin a planned reverse circulation (RC) drilling program of approximately 2,000 metres, scheduled to begin in late April.

Positioned for exploration success

Commenting on the quarter, Novo Executive co-chairman and acting CEO Mike Spreadborough said, “Our team continues to position Novo for exploration success.

"We have strengthened our exploration portfolio with the recent addition of the John Bull, Tibooburra and Toolunga Projects via Farm-In agreements.”

“Drilling is already underway at the Balla Balla Gold Project and the team is excited to commence targeted exploration programs at the Tibooburra and John Bull Projects.

"Importantly, Novo is well-funded to execute on our exploration strategy and to deliver a continuous flow of news over the next quarter.”

New South Wales gold projects

John Bull Gold Project

Located in the New England district, John Bull is being advanced under a farm-in agreement with TechGen Metals Limited.

The March field campaign focused on geological mapping, rock chip sampling and soil sampling across two tenements covering 32 square kilometres.

Results from the program are pending, with further fieldwork and a 1,500 metre RC drill program planned for late Q2 2025.

Read more: Novo Resources Corp prepares to begin drill targeting after geochemical sampling of John Bull and Tibooburra gold projects

Location of the John Bull Gold Project in northeastern NSW, Australia 

Tibooburra Gold Project

Through a farm-in with Manhattan Corporation, Novo has access to a large 630 square kilometre tenure over the historic Albert Goldfield.

Rock chip samples from the Clone prospect yielded up to 89.6 g/t gold, while soil assays returned peak values of 1,585 parts per billion (ppb) gold.

Mapping confirmed the presence of the Clone Thrust, a structure linked with high-grade mineralisation. Earthworks are set to begin mid-April ahead of RC drilling.

Western Australian gold portfolio

Balla Balla Gold Project

At Balla Balla, Drilling began in late March along a 10 kilometre trend surrounding the Sholl Shear Zone.

The current AC program is testing structural targets under shallow cover, with results expected by the end of Q2 2025.

Toolunga Project

Comprising six wholly owned Exploration License Applications and four more under option, Toolunga spans 1,524 square kilometres across key tectonic junctions in the Onslow District.

A regional geophysics review is ongoing ahead of ground-based campaigns following tenement grant.

Forward exploration programs

Novo remains focused on advancing its diversified gold exploration portfolio with a structured, well-funded campaign strategy.

The next steps across its multistate exploitation strategy include:

• NSW: RC drilling to begin at Tibooburra in late April and John Bull in late Q2 2025.
• WA: Balla Balla AC drilling to continue through Q2. Toolunga campaigns to begin post-tenure grant. Additional work is underway at Karratha, Egina, and Miralga.
• Victoria: Historic review at Belltopper continues to inform future exploration strategy on the Missing Link Reef.