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Business Upturn
2 days ago
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- Business Upturn
Highlights
Novo completed its maiden RC drill program at the Clone prospect as part of the Tibooburra Gold Project in May 2025 testing 500 m of strike. Drilling produced significant high-grade gold intercepts including: 12 m @ 5.90 g/t Au from 16 m, including 5 m @ 13.74 g/t Au from 23 m (TBR0001) 1 17 m @ 2.40 g/t Au from 59 m including 9 m @ 4.14 g/t Au from 59 m (TBR0014) 1 Grade and width continuity has been successfully demonstrated by the RC drilling and indicates a shallow north plunge to the near-surface shoot of high-grade gold mineralisation, now defined over 300 m strike. High-grade intercepts remain open to the north and are currently under assessment for follow up drilling. in May 2025 testing 500 m of strike. Drilling produced significant high-grade gold intercepts including: Results from the field campaign at John Bull Gold Project confirmed prospectivity and identified four Key Target Areas for drilling in H2 2025. Results include: Extension of the > 100 ppb Au anomaly to ~ 1.5 km strike with a peak soil result of 1.59 g/t Au 2 . Rock chip sampling returned peak results of 67.9 g/t Au and 29 g/t Au 2 from sheeted quartz veins mineralised structural zones, demonstrating potential for high-grade mineralisation. Mapping significantly enhanced the understanding of the John Bull mineral system and strongly supports presence of an Intrusion Related Gold System (IRGS) model . confirmed prospectivity and identified four Key Target Areas for drilling in H2 2025. Results include: Novo has advanced Pilbara high-grade gold and gold-antimony prospects which will be the focus for exploration and drilling in H2 2025. Exploration at the Sherlock Crossing Au-Sb prospect defined a coherent 1.5 km antimony in soil anomaly (at > 15 ppm Sb) 3 , with gold anomalism up to 85 ppb Au 3 , with all heritage and compliance approvals now in place for exploration drilling. At the Southeast Wyloo Au-Sb-Ag-Cu Project, plans are in place to complete mapping and rock chip sampling in preparation for drill program planning. Results from reconnaissance aircore (AC) drilling at Balla Balla delineated broad zones of low-level gold anomalism (peak 0.114 ppm Au) along the Sholl Shear. Significant results from multielement assays of bottom hole samples and select drill holes include 96.8 ppm Ag, 182 ppm Sb, 353 ppm Cu, and 71.6 ppm Bi 3 . delineated broad zones of low-level gold anomalism (peak 0.114 ppm Au) along the Sholl Shear. Significant results from multielement assays of bottom hole samples and select drill holes include Northern Star Resources Limited, Novo's new partner in the Egina Farm-in/Joint Venture arrangement (following its acquisition of De Grey Mining) continues reviewing previous data in planning for future exploration programs. arrangement (following its acquisition of De Grey Mining) continues reviewing previous data in planning for future exploration programs. Strong financial position with a cash balance of A$7 million (C$6 million) and investments of approximately A$34 million (C$30 million) as of 30 June 2025. PERTH, Australia, July 28, 2025 (GLOBE NEWSWIRE) — Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQB: NSRPF) is pleased to report on the key activities carried out by the Company during the Quarter ended June 30, 2025 (June 2025 Quarter). PORTFOLIO Novo has built a diversified, gold exploration and development portfolio, located across leading mining provinces in Australia and has a mix of greenfields, advanced greenfields, and advanced exploration projects. The Company has planned detailed drill programs across all key projects and is set to deliver a strong pipeline of news. A dedicated project generation program continues to focus on identifying advanced gold and copper assets to further enhance Novo's portfolio. NEW SOUTH WALES – NEW GOLD PORTFOLIO John Bull Gold Project (Farm-in with TechGen Metals) The John Bull Gold Project (John Bull) is an advanced exploration opportunity, located in the prolific New England Fold Belt of NSW ( Figure 1 ). The tenure consists of two tenements and covers some 32 sq km. The agreement with TechGen Metals Limited (TechGen) grants Novo an option to acquire an 80% interest in the Mick Bull tenement EL9121 and a 70% interest in the John Bull tenement EL8389. Figure 1: Location of the John Bull Gold Project in northeastern NSW, Australia. Significant results from Novo's intensive field campaign at John Bull identified four Key Target Areas for drilling ( Figure 2 ). These targets have been defined by high order soil anomalism, and include mineralised quartz veins within preferred lithology, fault zones with intense sericite alteration and brecciation, and an Induced Polarisation geophysical anomaly co-incident with a major structure. The field campaign resulted in extension of the historical > 100 ppb Au in soil anomaly to ~ 1.5 km strike with a peak soil result of 1.59 g/t Au. In addition, rock chip sampling returned peak results of 67.9 g/t Au and 29 g/t Au from sheeted quartz veins2 in NW and NE trending mineralised structural zones, demonstrating potential for high-grade mineralisation2. The four Key Target Areas for drilling include: John Bull Main ( Figure 3 ) – three targets are planned for testing within this larger zone: John Bull Breccia Zone – a NE trending zone approximately 100 m long where exploration work yielded high grade rock chip samples including 67.9 g/t Au and three other samples > 5 g/t Au 2 . This linear trend included two historic shafts. John Bull Shear – mapping has highlighted strong sericite alteration along a broad NW trending zone of shearing and recent rock chip samples of up to 29 g/t Au 2 . John Bull Sluicing Area – mapping has delineated an E-W target zone in a fine sandstone-dominant unit, which was the focus for the main historic sluicing and with the broadest zone of high quartz vein density. ( ) – three targets are planned for testing within this larger zone: John Bull South – includes high grade soil anomalies up to 4.77 g/t 4 Au surrounding and partly overlapping a monzodiorite intrusion, coupled with a large area of historic sluicing for gold. – includes high grade soil anomalies up to 4.77 g/t Au surrounding and partly overlapping a monzodiorite intrusion, coupled with a large area of historic sluicing for gold. Hills Creek West – A coincident IP conductivity anomaly and soil geochemical anomaly with peak value of 2.1 g/t Au 4 occur along a regional NW trending fault. – A coincident IP conductivity anomaly and soil geochemical anomaly with peak value of 2.1 g/t Au occur along a regional NW trending fault. Digger's North – a very broad soil anomaly occurs where limited outcrop is present, in an area north of the previous drilling. Peak soil results include 10.0 g/t Au4 and soil geochemical anomalies are linear along the major NW trending faults within the broader N-S mineralised corridor. A ~1,750 m RC drill program is planned to commence in H2 2025 (drill rig availability dependent), testing these key targets. The recent field campaign also significantly enhanced the understanding of the mineral system at John Bull and strongly supports presence of an Intrusion Related Gold System (IRGS) model. Element zonation suggests a proximal Sn-Bi-As core centred on a porphyritic intrusion mapped in the SW of the project area, flanked by intermediate Au-Mo-Cu-Sb-Te zones, and surrounded by the distal halo of sheeted veins with an Au-As-Sb-W association. Figure 2: Regional geological interpretation map of the John Bull Project over LiDAR™ showing Key Target Area locations. Figure 3: John Bull Main Workings interpreted geology showing preferred stratigraphy and high vein density areas, with rock chip results where outcrop can be identified. 2 Tibooburra Gold Project (Farm-in with Manhattan Corporation) The Tibooburra Gold Project (Tibooburra) is an advanced exploration opportunity, located in northwestern NSW and covers much of the historic Albert Goldfield. Tenure includes six granted exploration licences over 630 sq km ( Figure 4 ). The agreement with Manhattan Corporation Limited (Manhattan) grants Novo an option to acquire a 70% interest in the project. Novo met (and exceeded) the required minimum spend of $500,000 at Tibooburra for the initial farm in period under the binding term sheet during June 2025. The Tibooburra Project area itself displays more than 200 historic workings and more than 34 km of mineralised trend on multiple lines of workings. Several immediate targets have been delineated by previous workers including New Bendigo, Clone, Pioneer, Elizabeth Reef and Good Friday ( Figure 4 ). However, outside of the New Bendigo prospect, little systematic modern exploration has been conducted. The area is significantly under-explored, and satellite imagery and interpretation show abundant cover, particularly in the south. Figure 4: Geology and main prospects of the Tibooburra tenements highlighting the Albert Goldfields at the boundary of the Thomson and Delamarian orogens wrapping around the west side of a cluster of large granite intrusions to the east. Novo's initial exploration at Tibooburra completed in Q1 2025 assessed a ~ 3 km trend at the Clone prospect, and recommended RC drilling to test the main area of historical workings where Manhattan had successfully drilled several important intercepts. RC drilling was completed at Clone in May 2025, with 14 holes drilled for 1,984 m on approximately 60 m to 150 m spaced sections. The program was designed to test 500 m strike of Clone in the main area of historical workings, informed by Novo's geological mapping and sampling and historical drilling by Manhattan. Significant results from the RC drill program include ( Figure 5 ): 12 m @ 5.90 g/t Au from 16 m including 5 m @ 13.74 g/t Au from 23 m (TBR0001) 1 from 16 m including from 23 m (TBR0001) 17 m @ 2.40 g/t Au from 59 m including 9 m @ 4.14 g/t Au from 59 m (TBR0014)1 The results show grade and width continuity similar to the original Manhattan RC drilling and support a near-surface shoot of north-plunging high-grade gold mineralisation, now defined over 300 m strike ( Figure 6 ). Drill testing was designed to best intersect interpreted mineralised trends and structures at right angles to minimise bias in sample collection. All intervals are reported as down hole widths, as true orientation of mineralisation is still unknown 1 . Mineralisation at Clone remains open in all directions, with targeted mineralised basement trending under cover sediments to the south. The cover sediments extend for some 15 km providing opportunities for exploration targeting potential 'blind discoveries.' Figure 5: Significant intercepts from Novo (green callout) and Manhattan (white callout) RC drilling programs, dill hole and section location and geological interpretation. 1 Figure 6: Clone interpreted long section highlighting grade and width continuity, shallow north plunge to the high-grade shoot and mineralising system open to the north (green callout Novo drilling, grey callout Manhattan drilling) – see Figure 5 for location. 1 Forward Programs – NSW Projects At John Bull a ~1,750 m RC drill program is planned to commence in H2 2025 (access approvals and drill rig availability dependent), testing the four Key Target Areas at John Bull Main, John Bull South, Hills Creek West and Diggers North. Next steps at Tibooburra include designing follow up RC drilling at Clone to test the northern extension of the high-grade shoot defined by Novo over 300 m strike in recent drilling. In addition, planned work at Clone includes down hole imaging to determine if structural data (vein orientations) can be obtained, and whether this provides a useful basis for structural targeting. Relogging of core from the New Bendigo prospect is also planned to better identify controls on gold mineralisation. New Bendigo displays a similar shallow northerly plunge to Clone and will also be assessed for extensional RC drilling. Further and broader scale work at Tibooburra will be systematic and will focus on understanding the belt-wide structural controls on gold mineralisation by mapping and sampling the northern extension of the Clone Trend at Pioneer/Phoenix, and by mapping the Waratah Reef and southern New Bendigo areas ( Figure 4 ). WESTERN AUSTRALIAN GOLD PORTFOLIO Field programs in the Pilbara ( Figure 7 ) focused on completing the maiden AC program at the Balla Balla Gold Project (Balla Balla), in addition to progressing two gold-antimony prospects at Sherlock Crossing and Southeast Wyloo in preparation for RC drilling in H2 2025. Desktop work at the Toolunga Project in the Onslow District continued in preparation for tenement grant. Figure 7: Novo Pilbara and Onslow tenure showing main projects and significant prospects. Balla Balla Gold Project Balla Balla is an early-stage exploration project centred on the Sholl Shear Zone ( Figure 8 ). In April 2025, Novo completed a maiden AC program testing several prospects over a 10 km trend, targeting the Sholl Shear Zone and interpreted splay faults under shallow cover. A total of 187 AC holes for 5,996 m were completed on regionally spaced lines varying from 640 m to 2.8 km apart ( Figure 9 ). Hole depths range from 5 m to 79 m with cover varying between 5 m to 35 m depth (average 22 m). Samples were collected as 3 m composites for the entire hole and assayed for gold using fire-assay, and a bottom of hole (BOH) sample was taken and assayed for gold and a 52-multielement suite using fire assay and four-acid digest. Figure 8: Novo Tenure in the Central Pilbara showing the Egina Gold Camp and Balla Balla Gold Project Au and Sb prospects, and JV interests. The AC drill program was designed to effectively test several prospects, by drilling through the unconsolidated cover sequence to the harder basement rocks, also providing a good end of hole basement rock sample for geological identification and geochemical testing purposes. All samples from the program were analysed by ALS Laboratories in Perth. Peak results from broad zones of low-level anomalism associated with the Sholl Shear includes assay of 114 ppb Au3 ( Figure 10 ). However, numerous additional anomalies have been defined by BOH and select hole multielement assay, with high values including 96.8 ppm Ag and 182 ppm Sb.3 Peak Au-Ag-Bi-Sb-Cu-Mo is present at Ramquarry and south Babbage along the Sholl Shear and are related to sub-massive pyrite mineralisation, strong silica-chlorite alteration and/or zones of intense quartz veining, indicating significant hydrothermal activity. Higher silver values are related to an interpreted fold axis in regional magnetics and porphyritic mafic intrusion. Figure 9: Balla Balla geological interpretation showing complex structure, priority targets and planned aircore drill program. Figure 10 accompanying this announcement is available at: Figure 10 : AC collar locations over regional geological interpretation and airborne magnetics, showing maximum downhole gold values. Sherlock Crossing (Au-Sb) Novo completed a soil sampling program to extend coverage of an antimony in soil anomaly and high order stream sediment anomaly, to the southwest of the Sherlock Crossing historic workings area ( Figure 11 ). Samples were collected on a 40 m x 80 m grid. Results define a strong and coherent antimony anomaly extending over 1.5 km in strike length, and a width of 200 m. Peak soil sample results include 85 ppb Au and 48.3 ppm Sb3. Anomalous antimony occurs in a strongly altered and sheared ultramafic unit which sporadically outcrops over 2.3 km strike, trending under colluvial cover to the south. All heritage and compliance approvals have been obtained to enable a maiden RC drilling program adjacent to the historical Sherlock Crossing workings to test promising gold and antimony mineralisation, where targeted rock chip sampling yielded grades of up to 4.7% Sb and 146.7 g/t Au5. Figure 11 accompanying this announcement is available at: Figure 11 : Sherlock Crossing, showing extended soil anomaly > 15 ppm Sb to the SW of the proposed first pass drilling area at the Clarke Mine. 5 Southeast Wyloo (Au-Sb) Novo recognised antimony prospectivity at Southeast Wyloo during a field reconnaissance program in 2023 where reconnaissance rock chip sampling yielded peak results of 387 g/t Ag, 2.4% Cu, 0.38% Sb, and 0.52 g/t Au, 5.0% Pb and 1.6% Zn6. The prospect area also includes two, 2 km-strike high-order antimony (± gold) stream sediment anomalies. Field mapping and sampling were completed in early July in preparation for drill planning. Results are awaited. Egina Gold Camp – Egina Earn-in/JV (Northern Star earning a 50% interest) Northern Star Resources Limited recently finalised its acquisition of De Grey Mining. The NST group has commenced reviewing previous data in planning for future exploration programs in the Becher and surrounding area. Egina is located near the 13.6 Moz Hemi Gold Project7. No assurance can be given that a similar (or any) commercially viable mineral deposit will be determined at Novo's Egina Project. Egina Gold Camp – Tabba Tabba Shear Corridor Exploration of the Tabba Tabba Shear Corridor, part of Novo's Egina Gold Camp, progressed in 2024, with first pass surface geochemistry and mapping now covering the central part of the Corridor. Historically, only limited modern exploration has been undertaken in the Yandeyarra Reserve. Novo has prioritised obtaining access to the Teichman prospect ( Figure 8 ), located within the Yandeyarra Reserve, where previous explorers obtained high-grade surface results from several prospects over 2.3 km strike, including 25.5 g/t Au and 32.3 g/t Au from rock samples8. Novo has not conducted data verification (including as that term is defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects and JORC 2012 ) in respect of this historical data and therefore is not to be regarded as reporting, adopting or endorsing those results. During the quarter, reconnaissance field work was completed on parts of Novo's tenements within the Yandeyarra Aboriginal Reserve. This work allowed for mapping and planning for future field work. Approval is now being sought for conducting further field work which will include soil and rock chip sampling. Given the complexity of working in the Reserve and the requirement for multiple stakeholder approval including the Western Australian Government, it is not expected that the follow up field program will be completed in 2025. Forward Programs – Pilbara At Balla Balla further work will include spectral imaging on selected intervals to determine alteration mineralogy and rock composition, and petrology on selected samples. After the full results are interpreted along with other high-level studies, follow-up and extensional drilling will be planned if warranted. At Sherlock Crossing RC drilling is planned for H2 2025. Meanwhile, detailed mapping and sampling will continue to assist in targeting the core of the soil anomaly to the southwest. At Southeast Wyloo results from field the recent visit will be assessed and an RC drill program designed for completion in H2 2025. At Toolunga regional and follow-up exploration campaigns are planned to commence on tenement grant, including geophysical surveys, mapping and geochemical sampling programs over known targets to validate historic results and to rapidly advance drill targets. VICTORIAN GOLD PORTFOLIO Belltopper Gold Project Work is underway to define the next strategic step for the Belltopper Gold Project building from the exploration target issued in 20249 and the work completed since to fully define the potential of this high-grade gold project. SUSTAINABILITY There was a lost time incident during the June 2025 Quarter involving a field technician suffering from dehydration. There were no environmental or heritage incidents reported during the quarter. Discussions with representatives of the Traditional Owners are on-going as Novo reviews and updates the relevant access agreements. Novo has advanced negotiations with the Mugarinya community Board, which will allow exploration to take place within the Yandeyarra Reserve once Western Australian Government approval has been received. Novo remains in close contact with Traditional Owners to ensure appropriate heritage protection for planned exploration activities across all of its projects. CORPORATE Project Generation Novo continues to focus its efforts on a dedicated and disciplined project generation program to identify value accretive opportunities across targeted gold and copper assets that complement the Company's current portfolio and ASX and TSX investor base. Comet Well and Purdy's North Novo's board of directors has resolved to seek interest from parties to acquire or be part of a joint venture in relation to, the Comet Well and Purdy's North project. This process remains on-going. Relinquishment of Tenure The Company's exploration programs across key Pilbara areas continue to be successful in identifying priority targets for exploration follow-up drilling, along with identifying tenure that provides little further exploration value or follow-up. As a result, tenure which does not complement Novo's exploration strategy continues to be relinquished to reduce land tenure holding costs. The Company currently manages an estimated ~5,200 sq km of 100% owned tenure, of which 465 sq km is under Joint Venture. In addition, ~1,780 sq km of tenure forms the Egina Joint Venture (Northern Star) or Harding Dam Battery Metal Joint Venture (SQM Priority tenements), both managed by JV partners. Novo has reduced annual holding costs by entering into joint ventures, or by relinquishing or divesting tenure of limited prospectivity. Financial Update As of 30 June 2025, Novo had a cash balance of A$7 million (C$6 million). In addition, Novo has an investment portfolio of shares held in ASX-listed and unlisted companies that is valued at approximately A$34 million (C$30 million), consisting of: (1) ASX-listed companies, valued at approximately A$0.9 million (C$0.8 million) based on the closing price of those shares on 30 June 2025; and (2) Unlisted companies, valued at approximately A$33 million (C$30 million) as of 30 June 2025. Ticker Number of shares held Novo's interest Value A$'000 Value C$'000 (1) ASX-listed shares* Kalamazoo Resources Limited ASX: KZR 10,000,000 4.56% $900 $805 Kali Metals Limited (commenced trading 8 January 2024) ASX: KM1 566,947 0.39% $45 $41 (2) Unlisted shares** Elementum 3D Inc. (E3D) (US$) 2,076,560 8.63% $14,024 $12,550 San Cristobal Mining Inc. (SCM) (US$) 1,242,500 2.39% $18,942 $16,951 *ASX-listed shares were converted to C$ using an exchange rate of C$ to A$ of 1 : 1.1174 ** The valuation of the unlisted shares held in E3D is in line with management's valuation as of 30 June 2025, converted using an exchange rate as of 30 June 2025 from US$ to C$ of 1 : 1.3643 and C$ to A$ of 1 : 1.1174. The valuation of the unlisted shares held in SCM is based on the partial sale of Novo's shareholding in SCM and the price achieved, US$ to C$ of 1 : 1.3643 and C$ to A$ of 1 : 1.1174. Shares held in E3D and SCM are initially recognised at fair value (and remeasured with reference to share prices at which funds are raised from third-party investors) or were based on independent valuations performed. For further information on Novo's investment portfolio, please refer to Novo's website. During June 2025, the Company sold the 11 million shares held in GBM, receiving proceeds of A$138,000. This clears out this investment. Share Registry During the quarter there has been significant movement in the top 20 shareholders due to First Sentier reducing its shareholding in Novo. This has broadened the shareholder base and has been achieved without share price impact. A photo accompanying this announcement is available at: *Please note that the above list of shareholders excludes the objective beneficial owners and non-objective owners as defined by the TSX. These shareholders with holdings above 1% hold approximate 5% of the register. Authorised for release by Board of Directors. CONTACT QP STATEMENT Mrs De Luca (MAIG), is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects , responsible for, and having reviewed and approved, the technical information contained in this news release. Mrs De Luca is Novo's General Manager Exploration. JORC COMPLIANCE STATEMENTS The information in this news release that relates to Exploration Results from Novo's New South Wales and Pilbara (WA) Gold Portfolio's is extracted from Novo's ASX announcements listed in endnotes 1, 2, 3, 4, 5 and 6 below, each of which is available to view at The Company confirms that it is not aware of any new information or data that materially affects the information in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements. DISCLAIMER This Business Review constitutes a voluntary disclosure by the Company and is not a Quarterly Activities Report for the purposes of ASX Listing Rules 5.3 and 5.5 for which Novo has an exemption, as a foreign entity with its primary listing on an overseas exchange with a particular obligation imposed by the home exchange that is comparable to the ASX Listing Rule obligation. FORWARD-LOOKING INFORMATION Some statements in this news release may contain 'forward-looking statements' within the meaning of Canadian and Australian securities law and regulations. In this news release, such statements include but are not limited to planned exploration activities and the timing of such. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo's annual information form for the year ended December 31, 2024 (which is available under Novo's profile on SEDAR+ at and at and in the Company's prospectus dated 2 August 2023 which is available at Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements. ABOUT NOVO Novo is an Australian based gold explorer listed on the ASX and the TSX focussed on discovering standalone gold and copper projects with > 1 Moz development potential. Novo is an innovative gold explorer with a significant land package covering approximately 5,500 square kilometres in the Pilbara region of Western Australia, along with the 22 square kilometre Belltopper project in the Bendigo Tectonic Zone of Victoria, Australia. In addition to the above, Novo is part of two prospective farm in agreements in New South Wales. Novo's key project area in the Pilbara is the Egina Gold Camp, where Northern Star Resources Limited is farming-in to form a JV at the Becher Project and surrounding tenements through exploration expenditure of A$25 million within 4 years for a 50% interest. The Becher Project has similar geological characteristics as Northern Star's 12.7 Moz Hemi Project#. Novo is also advancing gold exploration south of Becher in the Egina Gold Camp, part of the Croydon JV (Novo 70%: Creasy Group 30%). Novo continues to undertake early-stage exploration elsewhere across its Pilbara tenement portfolio. Novo has also formed a lithium joint venture with SQM in the Pilbara which provides shareholder exposure to battery metals. Novo has recently strengthened its high-quality, Australian based exploration portfolio by adding the TechGen John Bull Gold Project in the New England Orogen of NSW, and Manhattan Tibooburra Gold Project in the Albert Goldfields in northwestern NSW. Both projects demonstrate prospectivity for significant discovery and resource definition and align with Novo's strategy of identifying and exploring projects with > 1 Moz Au potential. These high-grade gold projects compliment the landholding consolidation that forms the Toolunga Project in the Onslow District in Western Australia. Novo has a significant investment portfolio and a disciplined program in place to identify value accretive opportunities that will build further value for shareholders. Please refer to Novo's website for further information including the latest corporate presentation. Exploration map accompanying this announcement is available at: #Refer to De Grey's ASX Announcement, Hemi Gold Project mineral Resource Estimate (MRE) 2024, dated 14 November 2024. No assurance can be given that a similar (or any) commercially viable mineral deposit will be determined at Novo's Becher Project. ________________________________ 1 Refer to Novo's ASX announcement dated 9 July 2025 – High-grade results from RC drilling at Tibooburra Gold Project. 2 Refer to Novo's ASX announcement dated 6 May 2025 – High grade gold anomaly extended at John Bull in preparation for drilling. 3 Refer to Novo's ASX announcement dated 20 June 2025 – Pilbara exploration update, High Grade Gold and Antimony targets. 4 Refer to Novo's ASX announcement dated 13 December 2024 – Novo strengthens portfolio with two high-grade gold projects in NSW, Australia. 5 Refer to Novo's ASX announcement dated 10 December 2024 – Pilbara Exploration Update. 6 Refer to Novo's ASX announcement dated 11 September 2024 – Evaluation of Pilbara antimony-gold potential generates positive results. 7 Refer to De Grey's ASX Announcement dated 14 November 2024 – Hemi Gold Project mineral Resource Estimate (MRE) 2024. No assurance can be given that a similar (or any) commercially viable mineral deposit will be determined by Novo's Becher Project. 8 Refer to De Grey's ASX Announcement dated 22 January 2008 – Reconnaissance rock sampling confirms gold and copper potential at Yandeyarra. No assurance can be given that a similar (or any) commercially viable mineral deposit will be determined by Novo's Becher Project. 9 Refer to Novo's ASX announcement dated 25 September 2024 – Belltopper Mineralisation modelling defines prospectivity. Photos accompanying this announcement are available at:
News.com.au
15-07-2025
- Business
- News.com.au
Following in the footsteps of De Grey – who will find the next Pilbara gold monster?
After De Grey's $6bn sale, juniors a lining up to find the Pilbara's next Hemi Soon to be one of Australia's largest gold mines, explorers are confident the region has more to give New Age, Peregrine, Artemis and more among the hot gold hunters in the district The Pilbara is renowned for its world-class iron ore deposits and has more recently become a lithium hot spot. But the rising gold price has put its precious metals cargo on the map as well. While there are existing gold mines in the region, like the Mark Creasy owned Warrawoona, Black Cat Syndicate's (ASX:BC8) Paulsens and Capricorn Metals' (ASX:CMM) Karlawinda, it was De Grey Mining's (ASX:DEG) 2020 discovery of Hemi that really cemented its gold status as a gold hotspot, more than two years on from the flash in the pan 'conglomerate gold rush'. Hemi and the surrounding deposits within De Grey's Mallina project have since grown to 13.6 million ounces of gold at 1.4 grams per tonne. And now, record gold prices and Northern Star Resources (ASX:NST) $6 billion acquisition of De Grey has kicked off a swathe of M&A activities in the area this year – shining a spotlight on the Pilbara's gold potential. Gold juniors with a play in the region are all building cases as to why they could be on to the next Hemi. One is New Age Exploration (ASX:NAE), where executive director Joshua Wellisch says the company is so confident it has streamlined its assets to focus on the Wagyu project, which sits adjacent to – and along strike – from Hemi. 'It's the only project that has produced results thus far that look anything like Hemi,' he said. 'With the location directly along strike, we have a very good chance of finding a substantial deposit there.' The company has confirmed Hemi style rocks thanks to recent aircore and reverse circulation drilling, with assays up to 28.6g/t. Wellisch says this reinforces the project's parallels to the discovery process at Hemi, where shallow oxide mineralisation guided targeting of deeper, high-grade zones. 'We were also able to fast track the project in about 9 months, benefitting from DEG's 20 years of exploration work at Hemi,' he said. 'We knew what processes and what steps to take to firm up the initial targets and followed that through with aircore drilling to establish the initial gold mineralisation. 'We're sitting on intermediate intrusive in all of the targets and now what we're seeing is a highly gold mineralised supergene blanket across multiple targets which provides the pathway for us to vector in on where the gold mineralisation at depth is. 'Like Hemi was, we're seeing exactly what they did in the early days.' Earlier this month the company announced the sale of the Lochinvar project in the UK to focus resources on Wagyu. The next round of drilling will aim to expand gold-enriched supergene zones and to further test deeper primary mineralisation. 'As we move into the next stages of drilling we'll be able to push deeper and take a more refined approach in terms of our targeting,' Wellisch said. 'We want to expand on the supergene gold mineralisation, which is shallow – that in itself may represent an economic deposit – and then we'll look to vector in on the gold mineralisation at depth and find ... Hemi 2.0.' Wellisch notes that Hemi is made up of six individual deposits, so even if NAE had 2 or 3 similar deposits you could be talking multiple million-ounce deposits. 'The opportunity is really significant at this market cap,' he said. A number of other companies have active gold drill programs going on in the Pilbara. Artemis Resources (ASX:ARV) This year ARV kicked off a fresh exploration strategy with the appointment of new managing director Julian Hanna. He was the brains behind the early growth of Western Areas from an explorer into a leading Australian nickel producer, which was eventually acquired by IGO (ASX:IGO) for $1.3 billion in 2022. That stunning success was followed up by the development and sale of MOD Resources to Sandfire Resources (ASX:SFR), now the owner and miner of MOD's Motheo discovery in Botswana's Kalahari copper belt. Hanna previously told Stockhead he was attracted to Artemis' Pilbara portfolio, and he's wasted no time getting exploration up and running at Karratha. He reckons Artemis could have a slice of the Hemi action at the western end of the belt, where the Carlow deposit sits with its resource of 8.74 million tonnes at 2.5 grams per tonne gold equivalent for 704,000 ounces of AuEq, or 374,000oz of gold, 64,000t of copper and 8000t of cobalt. Five diamond holes for 1790m were completed last quarter, and returned hits of up to 15.3g/t gold. A further 3800m of diamond drilling is in the works now, with 1500m of RC drilling underway at the Titan target along with a gravity survey over the Cassowary Intrusion east of Kalgoorlie, where ARV is chasing Iron-Oxide-Copper-Gold mineralisation. Moving to technical studies is the next goal to progress Carlow towards possible feasibility and early development stages. Peregrine Gold (ASX:PGD) At the Mallina project near Hemi, PGD has appointed highly experienced geologist Matt Rolfe as exploration manager. His previous roles include as the senior geologist managing Northern Star Resources' Pilbara exploration program. The company has its eye on a whopping 40 priority targets for intrusion hosted 'Hemi style' and other orogenic gold deposits, as well as 6 targets analogous to Chalice Mining's 'Julimar type' Ni-Cu-PGE deposits. PGD believes there are further Hemi style discoveries to be made in the Mallina Basin and with numerous targets already identified, Matt's expertise and knowledge of the region gives them the best chance to unlock the potential of the project. The company is now in the final stages of planning for a substantial 10,000m Aircore drilling program to test the majority of these priority gold and Ni-Cu-PGE targets as well as other Cu-Zn-Pb-Ag-Au targets identified in historical drilling. Back in Feb, the junior identified 12km of strike at its Tambourah project, with rock chips returning up to 101g/t gold. The project was originally acquired for its lithium potential in the northwest corner of the tenement, but its gold potential is just becoming properly understood. The area has always been highly prospective for gold, with gold being discovered there in 1891, which resulted in a gold rush. The company is planning further rock chip sampling to refine drill targets. Novo Resources (ASX:NVO) Novo was the company that originally inspired the long-forgotten conglomerate gold rush, surging to ridiculous highs in the Canadian market for its theory that watermelon seed shaped nuggets found in the Pilbara were evidence of a historical link between the region and the Witwatersrand Basin in South Africa, the world's most productive gold field. Not so, the story didn't hang together. But Novo had collected a massive tenement package it brought directly to the Australian market in a 2023 dual listing. Novo had De Grey (now Northern Star) engaged on a JV at its Egina project next to Hemi, but also holds a host of tenements in the region either 100% or in JV with groups like Peregrine, Creasy and lithium giant SQM. Most recently, the company's attention has been turned to its Tibooburra and John Bull project in New South Wales, but it has been working up gold and antimony targets at Balla Balla and Sherlock Crossing.
West Australian
10-07-2025
- Business
- West Australian
X marks the spot for Pacgold's big bulls-eye gold target near Cairns
Pacgold Limited has unveiled a multi-million-ounce lookalike target at its Alice River gold project in Far North Queensland. Based on the results of high-intensity induced polarisation (IP) surveys, the company's geologists are drawing parallels between the lookalike and the nearby 5-million-ounce Mt Leyshon gold deposit. Pacgold says the latest anomaly at its White Lion prospect perfectly aligns with a previously identified 'bullseye' magnetic anomaly, with the increased target confidence inferring a potential major gold discovery. The prospect is setting pulses racing as the company gears up to drill test its target for the first time in the December quarter this year. White Lion sits just 500 metres south of the 30-kilometre-long Alice River fault zone. It has emerged as a priority target after an extended IP survey revealed a robust chargeability feature sitting atop a doughnut-shaped magnetic anomaly at 200m depth. Spanning more than 1.5km by 1km, the anomaly is further spiced up by coincident resistivity lows, hinting at sulphide-rich or clay-altered zones akin to those that made Mt Leyshon a tier-one gold-hosting system. A magnetic low southwest of the anomaly, potentially linked to magnetite-destructive phyllic alteration, only strengthens the comparison. Surface mapping has already uncovered a 250m-long outcropping quartz breccia at White Lion, with historical shallow drilling from the 1980s confirming anomalous gold along its extent. The heart of the magnetic anomaly remains untouched by the drill bit, leaving Pacgold with a tantalising untested target that's screaming for exploration. The company's IP survey has also pinpointed multiple resistivity anomalies lining the Alice River fault zone, mirroring gold-bearing structures seen at Pacgold's Central, Southern and Posie prospects to the northwest. Pacgold is wasting no time trying to capitalise on its breakthrough, with heritage clearances now underway to unlock drilling across the 1.5km by 1km target zone. To sharpen its aim, the company is running pole-dipole IP surveys over the central White Lion area, with results due by late July to further refine drill targets. Meanwhile, a broader regional IP program is mapping an 8km stretch of the fault zone, hunting for structural jogs and dilation zones that could host more gold systems like the company's 470,000 ounces of gold grading 1.0 grams per tonne (g/t) at Central. The Alice River project sprawls across 377 square kilometres in the gold-rich North East Queensland province, which sits alongside multi-million-ounce monsters such as the Pajingo, Kidston and Ravenswood gold systems. Management is eager to draw parallels between the project's 854,000-ounce intrusion related gold system and its potential to rival global heavyweights, such as Fort Knox in the United States and DeGrey Mining's 9.5-million-ounce Hemi discovery in Western Australia. With only 5 per cent of the Alice River fault zone's mineralised strike tested to date, Pacgold is chasing a district-scale prize that could redefine its place - and share price - in the gold exploration game. The company was recently backed by a chunky $5.6 million capital raise that included the likes of resources heavyweights such as Acorn Capital, Resource Capital Funds and resources broker Argonaut. The raise will power a 10,000m reverse circulation drilling program across Central, Posie, Southern and other regional targets, such as Victoria and Jerry Dodds. The White Lion will have to wait for now, but if the Mt Leyshon analogy holds, Pacgold could be on the cusp of uncovering a multi-million-ounce system that lights up the ASX and Queensland gold exploration to rival the insatiable WA market. Is your ASX-listed company doing something interesting? Contact:
News.com.au
13-06-2025
- Business
- News.com.au
Barry FitzGerald: Kairos picks right time to ramp up Pilbara gold exploration
'Garimpeiro' columnist Barry FitzGerald has covered the resources industry for 35 years. Now he's sharing the benefits of his experience with Stockhead readers. Garimpeiro's memory is a bit fuzzy on the exact date he had a coffee with Simon Lill in Melbourne's Bank Place. But it was likely early 2019 and Garimpeiro remembers being a bit grumpy that the catch-up with the then executive chairman of De Grey Mining wasn't scheduled for the PM rather than the AM so it could have taken place in the Mitre Tavern just down the alley. Thanks to the cleat head though, Garimpeiro remembers De Grey was trading at less than 10c share for a market cap of about $40 million and that Lill was enthusiastic about growing the company's gold resource at its Mallina gold project in the Pilbara. His enthusiasm proved well placed. Late in 2019, De Grey made the intrusion-related Hemi discovery which has grown to more than 11 million ounces, making Mallina 13.5Moz all up after the pre-Hemi shear-hosted gold resource is included. Northern Star Resources (ASX:NST) has just made De Grey and its Pilbara gold riches its own with an agreed $5 billion scrip takeover bid which ended up being a $6 billion takeout due to rising gold prices pushing Northern Star scrip higher. Lill was there all the way through De Grey's journey from an overlooked junior gold explorer in the then unfashionable Pilbara – for gold at any rate – through to the last day when De Grey shareholders voted through the Northern Star takeover in April. Any way it is sliced, the De Grey journey over the last six years has been one of the biggest single valuation creation exercises in the ASX gold space. It wasn't a 10-bagger. It was a 150-bagger, if you don't mind. Lill is the first to say it was a team effort. And it was. Coming from a stockbroking and capital markets background, his main contribution was bringing in the small licks of capital to keep the lights on during the hungry years, and then the big licks needed to advance the Hemi discovery to the point where Northern Star had to buy it. Back in black Garimpeiro would be content after an achievement like Lill's at De Grey to hold court at the front bar at the Mitre and not do much else. But that's not for Lill. He is back as a chairman guiding another Pilbara gold stock – Kairos Minerals (ASX:KAI). For a couple of years, when the Pilbara conglomerate gold story was running hot, and another couple of years when lithium was the thing, Kairos took its eye off its Mt York gold project. Those distractions left the stock with few followers. But starting in May 2022 when veteran geologist Peter Turner became manager director, Mt York is now getting the attention it deserves. And now with Lill as non-executive chairman, Kairos is likely on a re-rating pathway. Mt York deserves attention all right. It stands as a 1.4 million ounce resource in a single pit shell (43Mt grading 1g/t). The mineralisation is of the banded iron formation (BIF) style which makes it different to Hemi, 55km to the north-west. But as experienced miners will tell you, the style doesn't matter as long as there is plenty of gold to be had. Geological comparisons for Mt York include Karlawinda in the Pilbara and Mt Gibson in the Murchison, the two gold deposits that underpin Capricorn Metals (ASX:CMM) $4 billion market cap. Major exploration program Mt York is better grade than both of those but it has a long way to go to catch them in terms of resource ounces. The biggest exploration program ever undertaken by Kairos is now underway, with a likely first target being to grow Mt York to something more than 2Moz. Helping the cause is pending access for Kairos to a 1500m extension of the mineralisation as it trends into its neighbour's ground – Pilbara Minerals, and its Pilgangoora lithium operation. An earlier deal between Kairos and Pilbara involved Pilbara agreeing to a $20 million payment for some non-core Kairos tenements. The first $10m instalment is helping fund the record exploration effort at Mt York. The exploration effort will likely lead to an increased mineral resource estimate update later this year – a sure fire re-rating event. Kairos could certainly do with a re-rating event. At its mid-week price of 2.8c a share it is has a market cap of $73.6 million. Based on the existing 1.4Moz resource estimate, it has one of the lowest enterprise value-to-resource ounce metrics in its ASX peer group. That is despite a scoping study in November last year outlining a $276 million project producing 115,000oz annually at an all-in sustaining cost of $2205/oz. Using a conservative $3500/oz gold price, the pre-tax net present value (NPV) was put at $410 million and capital payback was put at 2.7 years. Gold is now $5100/oz or thereabouts. Plug that into the financial model and Garimpeiro estimates a NPV of around $1 billion and a payback period well short of two years. That makes Kairos' current market look to be on the mean side of things. That's particularly so when Mt York gets juiced up by the additional ounces expected to come from the big exploration push now underway.
Yahoo
29-05-2025
- Business
- Yahoo
Westgold appoints Ivan Mullany as Independent Non-Executive Director
PERTH, Western Australia, May 29, 2025 /CNW/ - Westgold Resources Limited (ASX: WGX) (TSX: WGX) – (Westgold or the Company) is pleased to announce the appointment of Mr Ivan Mullany as an Independent Non-Executive Director to the Board, effective immediately. Mr. Mullany (BSc, Majoring in Extractive Metallurgy, CIMM, FAusIMM), has over 35 years in mining project management with broad international experiences. Most recently, with Newmont Corporation and its predecessor Goldcorp Inc. on the Senior Leadership Team, Mr. Mullany led numerous major projects, collectively in excess of $18 billion, during the engineering study, construction and execution stages. In Australia and most recently, Mr Mullany was appointed Chair of the Hemi Gold Project Committee at De Grey Mining Limited (ASX:DEG), where he provided strategic oversight of the Project Execution Plan for the proposed Hemi development, prior to the takeover by Northern Star. Mr Mullany is currently a Non-Executive Director of Nexgen Energy Ltd and is a Fellow of the Australian Institute of Mining and Metallurgy. Westgold Non-executive Chair Hon Cheryl Edwardes AO commented: "Westgold is delighted to welcome Ivan to the Board. Ivan is a great cultural fit and his extensive operational and project delivery experience will significantly strengthen our Board and strategic planning processes. Our leadership team will directly benefit from his operational excellence background as this is a key to unlocking greater productivity and increasing free cash flow from our expansive Western Australian gold portfolio." This announcement is authorised for release to the ASX by the Board. SOURCE Westgold Resources Limited View original content to download multimedia:
