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Highlights
- Novo hits high-grade gold at Clone prospect, Tibooburra
- Drilling confirms 300-metre gold shoot with consistent grades
- Further exploration to expand mineralisation underway
Novo Resources Corp (ASX:NVO) has delivered promising results from its inaugural reverse circulation (RC) drilling program at the Clone prospect, part of the Tibooburra Gold Project in northwestern New South Wales. The recent drilling, completed in May, has uncovered a compelling zone of near-surface high-grade gold mineralisation, sparking momentum for further exploration.
The program, undertaken by one of the emerging ASX mining stocks, comprised 14 reverse circulation (RC) holes across nearly 2,000 metres, targeting a 500-metre strike zone at the Clone prospect. Standout intercepts delivered robust gold grades with sustained mineralisation, reinforcing the presence of a shallow, north-plunging gold shoot now delineated over 300 metres of strike. This continuity in both grade and thickness significantly enhances Clone’s exploration potential, particularly as the recent drilling successfully bridges a previously untested 180-metre gap between earlier campaigns. These developments underscore the momentum building among ASX gold explorers tapping into high-potential zones.
Significantly, the mineralisation displays consistency and scale, two key indicators for further development. The results not only verify high-grade gold in the near-surface domain but also suggest the geological setting is conducive to broader mineralisation potential. These findings will guide upcoming exploration efforts, particularly a new phase of drilling aimed at extending the gold shoot further north.
The exploration strategy extends beyond Clone. At the larger Tibooburra Gold Project, Novo Resources is also evaluating the New Bendigo area, where historical drilling has returned similarly encouraging results. Together, Clone and New Bendigo are part of a 22-kilometre strike zone packed with exploration targets. Structural mapping and relogging of historical core samples will support a deeper understanding of the regional gold system.
Geologically, the Tibooburra region shares traits with Central Victoria's goldfields, considered part of the renowned Lachlan Orogen. This comparison strengthens the project's credentials and shapes it as a prospective orogenic gold system, an attractive model for future growth.
Novo (NVO) has now secured a 70% stake in the Tibooburra project through a farm-in agreement and plans to maintain exploration momentum. The company continues to pursue its strategy of developing a diversified portfolio of high-potential gold and critical minerals assets, including the Egina Gold Camp in Western Australia.
Although Novo is not among the ASX 100 companies, the progress at Tibooburra underscores the kind of exploration success that draws broader market attention. With systematic programs and further drilling in the pipeline, the project is set to remain a focal point in Novo’s broader development roadmap.
