Key Highlights

  • All regulatory and land-holder approvals received for a ~2,700m RC drill program at Tibooburra, NSW, with drilling at the Clone prospect expected to begin in early November 2026.
  • Step-out drilling targets a northern extension to high-grade gold mineralisation confirmed in the 2025 campaign, with results reaching 12m @ 5.90 g/t Au from 16m, including 5m @ 13.74 g/t Au from 23m.
  • Novo met the required minimum spend threshold to exercise its option and form a 70/30 unincorporated joint venture with Awati Resources, a Subsidiary of Manhattan Gold Corporation Ltd (MHC), over six exploration licences in the Albert Goldfield.
  • Regional stream sediment and targeted soil sampling programs commenced in September and October 2026 across the 30km Albert Goldfield to develop new targets for potential 2027 drilling.

The Story So Far at Tibooburra

Novo Resources Corp. (ASX:NVO) has cleared a critical administrative hurdle at its Tibooburra Gold Project in outback New South Wales, receiving all required regulatory and land-holder approvals to begin a planned Reverse Circulation Drilling campaign. The approximately 2,700-metre RC program, targeting the Clone prospect, is expected to move from preparation to active drilling by early November 2026.

The timing is significant. Novo's 2025 drill campaign at the Clone prospect delivered results that caught attention, including a headline intercept of 12 metres at 5.90 grams per tonne gold from 16 metres, which included a higher-grade shoot of 5 metres at 13.74 g/t Au from 23 metres in hole TBR0001. That kind of near-surface, high-grade hit sits well above typical orebody averages and underpins the logic for step-out drilling to test whether the mineralisation extends further to the north.

The Clone prospect itself is defined by an approximately 600-metre strike length and a coherent soil anomaly up to 250 metres wide, with outcrop mapping pointing to a west-dipping reverse fault — the Clone Thrust — as the primary structural host for the gold. The 2026 program will specifically probe the along-plunge northern extension, which remains entirely open following last year's work.

Joint Venture Structure and Tenure

Alongside the drilling update, Novo confirmed it has satisfied the minimum expenditure requirements to trigger its option under a Farm-In and Joint Venture Agreement with Awati Resources Pty Ltd, a Wholly Owned Subsidiary of Manhattan Gold Corporation Ltd. The resulting unincorporated JV gives Novo a 70% interest across six exploration licences covering the Albert Goldfield, with Manhattan Gold holding the remaining 30%.

The JV structure reduces Novo's effective risk exposure while retaining majority control and the operational driver's seat. Two of the tenements — EL9867 and EL9900 — are newly granted and held 100% by Novo, adding further coverage to the northern portion of the project area.

Regional Sampling Underway

Beyond the Clone drilling campaign, Novo's field team has been active across the broader 30-kilometre Albert Goldfield with regional surface programs. Stream sediment sampling, gridded soil sampling, and geological mapping commenced in September 2026, with results still pending. A follow-up fieldwork program was scheduled for October 2026, with the aim of generating new gold-anomalous zones in potentially recessive or covered ground.

The data gathered from this regional work is intended to assist the company in understanding the distribution and genesis of gold mineralisation across the wider goldfield and to build a pipeline of targets for potential follow-up drilling in 2027. In an area characterised by historical workings and limited modern systematic exploration, this kind of first-pass coverage can be particularly value-additive.

Sector Context

Tibooburra sits within the broader Albert Goldfield in far western New South Wales, an area that attracted significant gold Mining activity in the late 19th and early 20th centuries but has seen relatively little modern exploration. Western Australia dominates Australian gold exploration, which makes high-grade discoveries in other states notable. The junior gold exploration sector has been broadly supported by sustained gold prices in 2025 and 2026, creating better conditions for early-stage companies to attract Capital and progress drill programs.

Novo operates dual listings on the ASX and Toronto Stock Exchange (TSX), with the OTCQB marketplace providing additional US liquidity. The Canadian listing in particular reflects the company's origins and ongoing access to North American resource capital markets.

Risks

Exploration-stage projects carry inherent geological uncertainty. Intercepts from a single 2025 drill hole, even high-grade ones, do not guarantee continuity or economic scale. The northern extension targeted by the 2026 program may not confirm the modelled plunge direction or high-grade nature of the mineralisation identified to date. Ground conditions in outback New South Wales can also introduce operational delays, particularly during summer months.

The JV structure, while de-risking capital exposure, also introduces a partner relationship that may complicate future decisions around resource definition, mine development, or corporate transactions. Heritage engagement requirements, as evidenced by the Tibooburra Local Aboriginal Land Council clearance process completed in July 2026, represent ongoing obligations that can affect operational timelines.

What to Watch Next

Drilling results from the Clone step-out program are the clearest near-term catalyst. If the 2026 campaign confirms the modelled northward plunge of the high-grade shoot, the geological case for a meaningful gold system would materially strengthen. Conversely, inconclusive or low-grade results would raise questions about the extent of high-grade mineralisation. Results from the regional surface sampling programs across the Albert Goldfield will also be worth monitoring as potential indicators of future target generation in 2027.