Novo Resources Expands Gold Exploration with Promising New Acquisitions

2 min read | December 16, 2024 03:05 PM AEDT | By Team Kalkine Media

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Novo Resources Expands Gold Exploration with Promising New Acquisitions — Image source: Shutterstock

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Highlights

Novo Resources (NVO) acquires two gold projects in Australia, expanding its exploration footprint.

The projects exhibit potential for significant gold resources exceeding one million ounces.

Exploration to commence in early 2025, focusing on high-grade opportunities.

Novo Resources (ASX:NVO) has strengthened its gold exploration portfolio by acquiring two new projects in New South Wales, Australia. The company has entered into agreements with TechGen Metals (ASX:TG1) for the John Bull Gold Project and Manhattan Corporation (ASX:MHC) for the Tibooburra Gold Project. These additions align with Novo's strategy of targeting assets capable of producing over one million ounces of gold.

These acquisitions complement Novo's existing gold exploration projects in Western Australia and Victoria, bolstering its position in Australia's gold sector. The company recently consolidated landholdings in the Onslow District of Western Australia with the formation of the Toolunga Project, further solidifying its presence in promising gold regions.

John Bull Gold Project

Located in New England, the John Bull Gold Project has shown promising results from historical exploration. Highlights include results of 160 metres at 1.2 grams per tonne (g/t) of gold in 1983, including 5 metres at 18.0 g/t gold. Soil sampling by TechGen identified a 900-metre by 250-metre gold anomaly with significant gold concentrations.

Novo plans to conduct extensive exploration, including 2,000 metres of drilling, in the first half of 2025. The exploration program will target four untested induced polarisation (IP) anomalies alongside detailed mapping and geochemical sampling to unlock the project's full potential.

Tibooburra Gold Project

The Tibooburra Gold Project spans 630 square kilometres and includes six exploration licenses covering the historic Albert Goldfield. With more than 200 historical workings and advanced drill-ready targets at the New Bendigo and Clone prospects, this project represents a significant addition to Novo's portfolio.

Peak results from New Bendigo include 30 metres at 4.03 g/t gold and 8 metres at 40.5 g/t gold. Clone also offers broad mineralisation with results such as 7 metres at 7.23 g/t gold. Novo plans to begin exploration with structural mapping, geological surveys, and a 2,000-metre reverse circulation drilling program by mid-2025.

These acquisitions position Novo Resources (NVO) to enhance its exploration footprint, leveraging its geological expertise to unlock high-grade gold opportunities across Australia's most promising regions.

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