Tibooburra is an advanced exploration opportunity which covers much of the historic Albert Goldfield (Figure 1). Tenure includes six granted exploration licences over 630 sq km.

The agreement with Manhattan Corporation Limited (ASX: MHC) (Manhattan)² grants Novo an option to acquire a 70% interest in the tenements comprising this tenure, subject to (among other things) Novo meeting two minimum expenditure requirements over two 12 month periods. Refer to Novo’s 13 December 2024 news release titled “Novo strengthens portfolio with two High-Grade gold projects in NSW, Australia” for the detailed terms of the agreement with Manhattan.

Geological mapping and surface sampling of the Clone trend defined several targets that warrant drill testing or further surface geochemical sampling and review. Results from minus 80# mesh soil sampling confirmed Au anomalism associated with the Clone Thrust and splay structures, with rock chip sampling confirming high-grade gold mineralisation within the main zone of workings.

An initial Novo RC drill program of ~ 2,000 m is planned to commence in April 2025 and will target the main zone of historical workings at Clone over ~700 m of strike.

Overview

The Albert Goldfields lies on a unique district-scale bend at the boundary of the Thomson and Delamarian orogens, with stratigraphy wrapping around the Tibooburra granite intrusive complex to the northeast.

Over 200 historic workings on multiple lines, delineating over 34 km of interpreted mineralised trends have been identified at Tibooburra. Several targets were highlighted by Manhattan including New Bendigo, Clone, Pioneer, Elizabeth Reef and Good Friday (Figure 3). However, outside of the New Bendigo prospect, little systematic modern exploration has been conducted. The area is significantly under-explored, and satellite imagery and interpretation show untested cover sequences, particularly in the south. At Clone, extensive historical workings manifest over ~450 m strike and 20 m to 40 m in depth.

RC drilling by Manhattan in 2023 highlighted potential for shallow dipping high-grade gold mineralisation. Excellent drill results were returned in fresh rock from an initial 11-hole RC drill program testing 250 m strike to a maximum depth below surface of 75 m, includingⁱ:

• 7 m at 7.23 g/t Au from 81 m, including 3 m at 16.1 g/t Au (CL0007)
• 9 m at 6.03 g/t Au from 16 m (CL0010)
• 6 m at 4.22 g/t Au from 66 m, including 2 m at 11.65 g/t Au (CL0004)
• 31 m at 1.29 g/t Au from 60 m, including 3 m at 6.52 g/t Au (CL0002)

This mineralisation remains open in all directions, with targeted mineralised basement trending under cover sediments to the south. The cover sediments extend for some 15 km providing opportunities for exploration targeting potential ‘blind discoveries’.

Novo has not conducted data verification (as that term is defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects and JORC 2012) in respect of the above data from New Bendigo and Clone and therefore is not to be regarded as reporting, adopting or endorsing those results/figures. No assurance can be given that Novo will achieve similar results.

Recent Soil and Rock Chip Sample Results

A three-week field campaign comprising geochemical surface sampling and detailed mapping of the main ~ 3 km strike at the Clone prospect was completed in February 2025, with all assay results returned. The field programs were devised to investigate controls on gold mineralisation and allowed Novo to design a follow up RC drilling program to validate previous drill results. Novo is anticipating that this program may significantly extend known mineralisation along strike, down dip and down-plunge.

Results from all aspects of the exploration work proved extremely promising, supporting the decision to commit to ~2,000 m of RC drilling at Clone in April 2025.

Mapping identified a package of folded and sheared deep marine meta-sediments ranging from siltstone (shale and slate) to phyllite with limited variation in grain size. Metamorphism of the host rocks is greenschist facies. Structure in the mapping area is dominated by complex folding (possibly multi-phase) including interpreted isoclinal folding in the immediate Clone area, overprinted by a strong NW trending regional foliation.

Mineralised late-stage NNW to NW trending moderately southwest dipping shears (interpreted as reverse faults) have been the focus for much of the historical workings. Generally, the best mineralisation occurs where these structures bend in a more northerly direction (Figure 4), producing 1 m to 10 m wide shear zones. The main shear, the Clone Thrust, is traceable over 3 km strike and trends under cover to the NW and SE. Several splay structures are also present and are potentially part of the fertile architecture of the belt (Figure 4 and Figure 5). NNE trending cross-cutting faults are common, with interpreted sinistral movement on the main shear zones. Mineralised veining includes west dipping late-stage quartz veins which vary between laminated, massive, brecciated and sheared, and contain rare sulphide and green sericite.

Alteration, especially in these mineralised shears, is dominated by intense sericite and minor sulphides (pyrite and arsenopyrite). Green sericite is present on quartz vein selvedges in almost all historic workings. A broad strong zone of alteration is present between the Clone Thrust and the Western Splay adjacent to the main Clone target.

Conventional minus 80# mesh soil sampling on a nominal grid of 20 m x 40 m over areas of historical workings, extending to 20 m x 80 m to the north and south, has defined a 600 m long coherent > 30 ppb Au anomaly with peak results of 1,585 ppb Au and 1,440 ppb Au over the main target area. See Appendix 1 for significant soil sample results.

Rock chip sampling (Figure 5 and Figure 6) yielded peak results of 89.6 g/t Au and 41.9 g/t Au from mullock dump samples at the northern end of the main Clone workings. The samples comprised sheared phyllite with multiple centimetre scale quartz veinlets and minor boxwork after sulphides. In the southern part of the main workings, peak results include 31.4 g/t Au and 10.4 g/t Au from within the west dipping Clone Thrust (Figure 7). Several samples collected in the main area graded > 3 g/t Au. See Appendix 2 for all rock sample results.

High-grade gold assay results may highlight the potential for a coarse component of gold in the mineralised system at Clone, leading to difficulties in obtaining accurate rock chip results. A program of 20-30 samples grading > 0.1 g/t Au will be re-assayed via screen-fire assay to assess the coarse gold deportment and better inform assays of drill samples.

Planned RC Drill Program

Geological mapping and surface sampling of the Clone trend defined several targets that warrant drill testing or further surface geochemical sampling and review. 

Results from minus 80# mesh soil sampling confirmed Au anomalism associated with the Clone Thrust and splay structures, with rock chip sampling confirming high-grade gold mineralisation within the main zone of workings.

The initial RC drill program of ~ 2,000 m is planned to commence in April 2025 and will target the main zone of historical workings at Clone over ~700 m of strike. 

A heritage survey has been completed by the Tibooburra Local Aboriginal Land Council (TLALC), with no heritage sites located on the drill pads or the field track required to access the northern drill holes. An APO for all proposed drillholes and the northern access track was successfully returned in March. 

Authorised for release by the Board of Directors.