Exciting Gold Intercepts from Novo's Tibooburra Drilling Results

Exceptional Drill Results at Tibooburra Gold Project

Highlights of the Drilling Program

• Novo has successfully conducted its first drill program at the Clone prospect within the Tibooburra Gold Project, comprising 14 reverse circulation (RC) holes totaling 1,984 meters and testing a 500-meter strike.
• The drilling yielded outstanding gold intercepts including:
  • 12 m @ 5.90 g/t Au from 16 m, particularly impressive with 5 m @ 13.74 g/t Au from 23 m (TBR0001).
  • 17 m @ 2.40 g/t Au from 59 m, showcasing 9 m @ 4.14 g/t Au (TBR0014).
• Crucially, the highest intercept found in hole TBR0001 of 12 m @ 5.90 g/t Au fills a significant gap of 180 m in previous drilling efforts conducted by Manhattan Corporation Limited (ASX: MHC).
• Continuity of grade and width has been clearly demonstrated, indicating a shallow plunge to the near-surface high-grade gold mineralization, now defined over a 300-meter strike length.
• Drilling results show that high-grade intercepts are open to both northern plunge and dip, necessitating further follow-up RC drilling.
• Future exploration activities at Tibooburra will involve comprehensive structural analyses to elucidate mineralization controls across the belt, including:
  1. Downhole imaging at Clone prospect
  2. Core relogging at New Bendigo
  3. Mapping the Pioneer-Phoenix trend
• Novo exceeded its initial spending commitment of $500,000 as required under the farm-in agreement with Manhattan Corporation Limited during the recent period.

Mike Spreadborough, Executive Co-Chairman and Acting CEO of Novo, expressed enthusiasm regarding the drill results. He remarked, “Intersections producing samples above 40 meters gold indicate a successful identification of high-grade near-surface mineralization consistent with our expectations of a shallow-plunging shoot. The sustained consistency of grade and thickness over a 300-meter stretch is particularly encouraging. We are now planning additional RC drilling to extend gold mineralization further north.”

Exploration Expansion Plans

The New Bendigo prospect, located 7 km southeast of the Clone area, exhibits a similar shallow north plunge. Novo plans to advance this prospect with thorough structural analyses and interpretations of historical diamond core data to prepare for potential drilling extensions.

Additionally, systematic exploration initiatives along the entire project strike are planned to investigate mineralized trends extending from New Bendigo through to Warratta Reef, Pioneer/Phoenix, and Clone with the goal of identifying prospective drilling targets. The Tibooburra project remains a focus for active exploration, especially given the extensive 22 km strike length of historic workings, combined with limited prior exploration and drilling activities.

Overview of Tibooburra Gold Project

The Tibooburra Gold Project encompasses a treasure trove of exploration potential. Covering significant portions of the historic Albert Goldfields, Novo holds six exploration licenses comprising 630 square kilometers, which includes historic works that span over 22 km from Phoenix North to New Bendigo.

Future Work and Strategies

Moving forward, Novo is restructuring plans to enhance its drilling efforts at the Clone prospect and expand its understanding of local geology. This involves downhole imaging efforts expected to yield invaluable data on vein orientations, which may provide a basis for better-targeted drilling activities. Relogging activities for the New Bendigo core will also be pivotal in discerning the controls over gold mineralization. Systematic, broad-scale work throughout the Tibooburra project will focus on understanding geological structures influencing gold distribution.

Authorised for release by the Board of Directors.

Frequently Asked Questions

1. What were the significant results from the RC drilling at Tibooburra?

The significant drilling results include intercepts of 12 m @ 5.90 g/t Au and 17 m @ 2.40 g/t Au, showcasing high-grade gold mineralization in key areas of the project.

2. What is the future exploration plan for Tibooburra?

Novo intends to conduct structural analysis, downhole imaging, and core relogging to further define mineralization patterns and prepare for additional drilling.

3. How did Novo exceed its minimum spend requirement?

The company surpassed its required minimum spend of $500,000 through diligent exploration and investment in the Tibooburra Gold Project.

4. What are some geological characteristics of the Tibooburra Project?

The Tibooburra Gold Project exhibits geological similarities to known gold deposits in the region, featuring high-grade quartz-sulphide veins hosted in sedimentary rock formations.

5. What is the significance of the partnership with Manhattan Corporation?

This partnership enables Novo to potentially acquire a 70% interest in the Tibooburra tenements, leveraging significant historical geological data and exploration efforts.

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