Key Highlights

  • All regulatory and landholder approvals are in place for a roughly 2,700-metre, 18-hole reverse circulation program at the Clone prospect, with drilling expected in November 2026.
  • Novo said it has met the A$1.5 million minimum exploration spend to earn a 70 per cent interest in six exploration licences, with Awati Resources holding 30 per cent on a free carry.
  • The update restates earlier drilling results and contains no mineral resource estimate.

Drilling cleared to start

Novo Resources Corp (ASX:NVO) said in a project update released on 28 October 2026 that it has received all regulatory and landholder approvals needed to begin the roughly 2,700-metre reverse circulation drilling program at its Tibooburra gold project in New South Wales, first announced on 30 July 2026. The program comprises 18 holes at the Clone prospect. The final step was approval from NSW Parks and Wildlife in October 2026 for a drilling extension at Clone, following a heritage clearance survey completed on 8 July 2026 with the Tibooburra Local Aboriginal Land Council.

The announcement gives two different start timings. The highlights say drilling will start in early November 2026, while the body text says mid-November. The document does not reconcile the two.

What the drilling will test

Novo said the main aim is to test the down-plunge extension of a shallow, north-plunging, open high-grade gold zone identified in drilling by Manhattan Gold in 2023 and by Novo in 2025. The plan includes a step-out traverse about 100 metres to the north to test the northern extension, along with selected down-dip and infill holes on existing lines to follow up open intersections and test for parallel, stacked lodes.

The company described Clone as having significant historic workings, a strike length of around 600 metres and a coherent gold-in-soil anomaly above 30 parts per billion, up to 250 metres wide. It said mapping defines a west-dipping reverse fault, the Clone Thrust, with most historic workings and sericite-carbonate alteration on or within that structure. The high-grade shoot plunges shallowly north at 10 to 20 degrees, has been defined over about 300 metres of strike to a vertical depth of 90 metres, and remains open down-plunge and to the north.

Previously reported results

The update restates earlier drilling results rather than reporting new ones. Intercepts listed include 12 metres at 5.90 grams per tonne gold from 16 metres in hole TBR0001, including 5 metres at 13.74 grams per tonne, and 17 metres at 2.40 grams per tonne from 59 metres in TBR0014. Other holes included CL0007 with 6 metres at 8.39 grams per tonne from 82 metres, CL0010 with 9 metres at 6.03 grams per tonne from 16 metres, and CL0002 with 29 metres at 1.37 grams per tonne from 61 metres. The company said the underlying data and assumptions have not materially changed since the 9 July 2025 and 30 July 2026 announcements, and that the mineralisation described may not represent the whole project.

Joint venture position

Novo said it has met the A$1.5 million minimum exploration spend required to earn a 70 per cent interest in six exploration licences in the Albert Goldfields, under its farm-in with Awati Resources Pty Ltd, a subsidiary of Manhattan Gold Corporation, and notified the parties in October 2026. The venture is unincorporated, with Novo holding 70 per cent and Awati 30 per cent. Novo manages the venture and will solely fund Awati's share of exploration costs, known as a free carry, until a bankable feasibility study is complete.

Regional work and next steps

Separately, stream sediment sampling, mapping and gridded soil sampling began in September 2026, with rock chip sampling noted and a follow-up program scheduled for October. Results are pending. The company said the goal is to find new gold-anomalous zones in recessive areas of the 30-kilometre Albert Goldfield, build its target pipeline and prioritise targets for possible drilling in 2027. It noted that cover sediments extend about 15 kilometres in the south of the project and remain largely unexplored.

Novo said its next steps are to begin the Clone drilling in November, receive the regional sampling results and prioritise targets for potential drilling in 2027. The update describes exploration results only; it does not contain a mineral resource estimate, and drilling outcomes remain uncertain.