Join our daily newsletter At The Bell to receive exclusive market insights
- Hit second stage and progressing exploration at the Tibooburra.
- To commence 2,700m RC program in late Q3.
- Drilling to occur at Clone, Pioneer South prospects.
- Step out drilling at Clone will target a northern extension.
Novo Resources Corp. (ASX:NVO) is ramping up exploration ahead of a 2,700-metre reverse circulation drilling program scheduled to commence at the Tibooburra gold project in New South Wales late in the third quarter this year.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
At the same time, regional streams and targeted soils, mapping and rock chip sampling are set to continue through H2 CY26, designed to identify additional targets for potential follow-up drilling. Approximately 1,700 metres of drilling is planned to test the Clone and Pioneer South (1,000m) prospects.
Pioneer and Clone are in a NW-trending, crustal-scale, 30km, fault-controlled, alteration corridor that represents one of several gold-prospective corridors at Tibooburra.
Pioneer South forms part of the broader Pioneer prospect, defined by a two kilometre-long, 30 parts per billion (ppb) coherent gold-in-soil anomaly with historic workings along multiple trends.
Previously reported results from limited drilling at Pioneer include five metres at 6.96 grams per tonne gold from 199m, including 1m at 33.9 g/t from 199m, collared along trend, and approximately 300m north of the planned program.
Clone is characterised by significant historic workings and a 600m-long and up to 250m-wide coherent 30 ppb gold-in-soil anomaly, with previously reported rock chip results up to 89.6 g/t and 41.9 g/t from mullock dump samples, and 31.4 g/t and 10.4 g/t from limited quartz vein outcrop, which confirms the high-grade nature of the mineralisation at Clone.
Outcrop mapping at Clone has defined a west-dipping reverse fault/thrust associated with high-grade gold mineralisation. Most historical workings and significant sericite-carbonate alteration are proximal to, or constrained within, the fault/shear zone.
Novo, Manhattan Gold, and its wholly owned subsidiary Awati have now signed the formal joint venture and option, as well as the minerals coordination deed contemplated by the term sheet entered into in December CY24.
Novo is required to spend a total of $1.5 million to exercise its option to form a 70/30 unincorporated joint venture with Awati relating to precious metals and base metals on the tenements, with all other mineral rights remaining with Awati.
Novo has already spent $1.31 million as at June 30, 2026. Awati is free carried until the completion of a bankable feasibility study at Tibooburra and, at completion of that phase of the arrangement, Novo will have the option to terminate the agreements or exercise its option to form the joint venture.
If the option is exercised, Novo will obtain a 70% interest in the tenements. The minerals coordination deed will regulate the rights of the JV in respect of the minerals rights and the rights of Awati in respect of the reserved rights.
NVO is at 5.6¢ with a cap of $24.22M before the market opening.
Join the discussion: See what HotCopper users are saying about Novo Resources Corp. Ltd and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
