Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) has added the state of New South Wales to its Australian portfolio with two new gold projects, entering into binding term sheets with TechGen Metals Ltd (ASX:TG1) for the John Bull Gold Project and Manhattan Corporation Ltd for the Tibooburra Gold Project.
The company says both projects demonstrate strong potential for a sizable gold resource in line with Novo’s strategy of identifying and exploring projects with potential for a resource of 1 million ounces or more.
These acquisitions complement a recent landholding consolidation by Novo, which formed the Toolunga Project in the Onslow District in Western Australia. As well as WA, the company has gold assets in Victoria and now NSW.
Drill-ready, high-grade gold opportunities
“Novo is pleased to complete option agreements on the John Bull Gold Project with TechGen Metals and the Tibooburra Gold Project with Manhattan Corporation,” Novo Resources executive co-chair and acting CEO Mike Spreadborough said.
“Both projects are drill-ready, high-grade gold opportunities, located in excellent mining jurisdictions and most importantly, meet the specific project criteria required by our standout geological team to identify standalone gold projects with more than 1-million-ounce development potential.
“High-grade gold projects are rare, and both the John Bull and Tibooburra gold projects have reported previous high-grade results.
“We are looking forward to getting on the ground early in 2025 and commencing both exploration programs.
“Importantly, the John Bull and Tibooburra gold projects complement Novo’s existing high-quality Pilbara, Western Australia and Victoria exploration portfolio and following the recent sale of our partial investment on San Cristobal Mining for A$11.5 million, we are well-funded to continue our strong exploration push in 2025.”
John Bull Project
The John Bull Gold Project is in the emerging New England district, while the Tibooburra Gold Project is in northwestern NSW, covering the historical Albert Goldfield.
John Bull historically produced results of 160 metres at 1.2 g/t gold in 1983, including 5 metres at 18.0 g/t gold and 5 metres at 7.1 g/t gold.
Soil sampling by TechGen highlighted a 900-metre by 250-metre gold in soil anomaly with results above 100 parts per billion (ppb) gold, and seven samples of more than 4.5 g/t gold.
Peak results from shallow reverse circulation (RC) drilling include:
- 94 metres at 0.95 g/t gold from 4 metres including 66 metres at 1.14 g/t, and 17 metres at 1.08 g/t from 109 metres; and
- 68 metres at 1.00 g/t from surface, including 23 metres at 2.02 g/t.
An induced polarisation (IP) survey identified four untested IP targets – Novo plans to complete more than 2,000 metres of drilling at John Bull in the first half of 2025, once detailed mapping, infill and extensional geochemical sampling can be completed.
Tibooburra Project
Tibooburra is an advanced exploration opportunity, with six exploration licences over a 630-square-kilometre area that includes more than 200 historical workings and 34 kilometres of mineralised trend, with two advanced drill-ready targets identified in the form of the New Bendigo and Clone prospects.
New Bendigo sits above a 2-kilometre strike of extensive historical gold workings, with peak results including:
- 30 metres at 4.03 g/t gold from 11 metres, including 5 metres at 20.86 g/t;
- 16 metres at 13.89 g/t from 1 metre, including 3 metres at 69.20 g/t;
- 8 metres at 40.5 g/t from 70 metres, including 3 metres at 105.34 g/t;
- 7 metres at 13.10 g/t from 97 metres, including 5 metres at 18.01 g/t; and
- 13 metres at 6.16 g/t from 50 metres, including 3 metres at 25.48 g/t.
Clone has demonstrated similarly broad mineralisation, although not as high-grade as New Bendigo’s results.
Drilling over Clone produced:
- 7 metres at 7.23 g/t gold from 81 metres, including 3 metres at 16.1 g/t;
- 9 metres at 6.03 g/t from 16 metres;
- 6 metres at 4.22 g/t from 66 metres, including 2 metres at 11.65 g/t; and
- 31 metres at 1.29 g/t from 60 metres, including 3 metres at 6.52 g/t.
Novo intends to begin exploration at Tibooburra with detailed structural work, broad-scale geological and regolith mapping, and surface soil and rock chip geochemical sampling in the main areas before conducting a 2,000-metre RC program in the first half of 2025.