Novo (ASX: NVO) has significantly boosted its exploration activities across its Pilbara targets during Q2 2024. Drilling programs progressed concurrently at Nunyerry North and the Becher Project in the Egina Gold Camp.

Exploration Highlights

Drilling at Nunyerry North began in May 2024 and concluded in July 2024 after over 3,200 meters of reverse circulation (RC) drilling. This program assessed multiple new targets along strike and down plunge of known mineralization.

Follow-up aircore (AC) and RC drilling programs also commenced at the Becher Project, with two drill rigs running. The focus was on gold and base metal mineralization at the Heckmair and Lowe Prospects. De Grey Mining plans an additional 28,000 meters of drilling in 2024, adding to the 10,500 meters completed in late 2023.

Significant Results

The Belltopper Gold Project in Victoria yielded notable results from a six-hole, 2,529-meter diamond drill program completed in Q1 2024. Key intercepts included:

– 5.6 meters at 3.14 g/t Au from 219.8 meters.
– 4.25 meters at 5.88 g/t Au from 274.75 meters, including 2 meters at 11.15 g/t Au.
– 1.94 meters at 2.37 g/t Au from 230 meters on the Leven Star Reef.
– 2 meters at 15.18 g/t Au from 9 meters.
– 12.26 meters at 1.45 g/t Au from 185 meters.
– 7 meters at 1.88 g/t Au from 179 meters.

New gold reefs have been delineated, demonstrating potential extensions on several historic reefs.

Western Australian Gold Portfolio

The Egina Gold Camp encompasses a series of complex, structurally gold-fertile corridors. Nunyerry North lies within a joint venture agreement, with Novo holding 70% interest. Phase 2 of RC drilling at Nunyerry North, completed in June 2024, tested multiple new targets along strike of known mineralization.

In the Egina JV, De Grey commenced a 28,000-meter drilling program in May 2024. The focus is on Heckmair and Lowe, which are known for encouraging results.

Novo’s maiden RC drill program in the Karratha district is scheduled for late Q3 2024, targeting the North Whundo, Railway Bore, and East Well prospects through approximately 3,500 meters of RC drilling.

Balla Balla Gold Project

The Balla Balla Gold Project is planned for a reconnaissance AC drill program in H2 2024. The program will assess the prospectivity adjacent to the Sholl Shear and associated structural corridors for intrusion-hosted and structurally controlled gold mineralization.

Belltopper Gold Project, Victoria

Final assay results from the diamond drilling at Belltopper, completed in Q1 2024, have been received. Results have significantly advanced the understanding of historic reefs and defined a new high-priority target corridor. A historical core logging program has been initiated, with results expected in early Q3 2024.

Battery Metals Joint Ventures

Novo has entered partnerships aimed at exploring battery metals. The Harding Battery Metals Joint Venture with SQM involves prospective lithium and nickel tenements in the West Pilbara. Novo retains a 25% interest and ownership of gold, silver, PGE, copper, lead, and zinc mineral rights.

Novo also formalized an 80% / 20% joint venture with Liatam Mining Pty. Ltd. regarding Quartz Hill, focusing on LCT-style lithium mineralization confirmed by surface sampling.

Corporate Update

Novo continues its project generation and consolidation efforts while optimizing target prioritization across key Pilbara areas. As of June 30, 2024, Novo maintains a strong financial position with a cash balance of A$11.7 million and significant investment holdings in ASX-listed and unlisted companies.

The company’s current exploration strategy emphasizes value accretive opportunities that align with its portfolio of precious and base metals assets.

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