Novo Resources will begin a 2,700m RC drilling program at Tibooburra in late Q3, targeting high-grade gold at Pioneer South and Clone after past intercepts of 33.9 g/t and rock chips up to 89.6 g/t.
Alpha Score of 57 reflects moderate overall profile with poor momentum, strong value, moderate quality, moderate sentiment.
Novo Resources Corp. (ASX:NVO) will start a 2,700-metre reverse circulation drilling program at the Tibooburra gold project in New South Wales late in the third quarter, the company said.
The program targets two prospects – Pioneer South and Clone – within a 30-kilometre, northwest-trending fault-controlled alteration corridor. Pioneer South extends over a two-kilometre-long, 30-ppb gold-in-soil anomaly. Previous drilling there returned five metres at 6.96 grams per tonne gold from 199 metres, including one metre at 33.9 g/t.
Clone is defined by a 600-metre-long, 250-metre-wide gold-in-soil anomaly and historic workings. Rock chip samples from mullock dumps returned up to 89.6 g/t and 41.9 g/t, and quartz vein outcrop samples graded 31.4 g/t and 10.4 g/t, the company said. Outcrop mapping has identified a west-dipping reverse fault or thrust associated with the high-grade mineralisation.
About 1,700 metres of the total drilling is allocated to Clone and Pioneer South, with 1,000 metres budgeted for the latter. The remaining metreage will test other targets identified through ongoing regional work.
Novo is also continuing regional stream and soil sampling, along with mapping and rock chip sampling, through the second half of 2026 to generate additional drill targets.
The company, together with Manhattan Gold and its wholly owned subsidiary Awati, has signed the formal joint venture and option agreement and the minerals coordination deed. The deal follows a term sheet signed in December 2024.
Novo must spend a total of $1.5 million to exercise its option to form a 70/30 unincorporated joint venture with Awati covering precious and base metals on the tenements. All other mineral rights remain with Awati. Novo had spent $1.31 million as of June 30, 2026. Awati is free carried until the completion of a bankable feasibility study, after which Novo can either terminate the agreements or exercise the option to form the joint venture.
NVO shares last traded at 5.6 Australian cents, giving the company a market capitalisation of about A$24.2 million.
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