Tibooburra Gold Project Update
Novo finalises the Tibooburra joint venture to advance late third-quarter drilling on the high-grade Clone and Pioneer prospects.
Novo Resources Corp. has finalized a formal Joint Venture and Option Agreement with Manhattan Gold Corporation and Awati Resources for the Tibooburra Gold Project in New South Wales. The company is advancing into the second stage of exploration, with a planned approximately 2,700-meter Reverse Circulation (RC) drilling program scheduled for late Q3 2026.
Drilling will target the Clone and Pioneer South prospects, pending regulatory and landholder approvals. The Clone prospect drilling, comprising approximately 1,700 meters across 11 holes, aims to test step-out extensions of high-grade mineralization defined in 2025, including a notable 12 m @ 5.90 g/t Au intercept. Pioneer South prospect drilling, consisting of approximately 1,000 meters across 8 holes, will serve as a first-pass program testing an undrilled approximately 600 m trend of outcropping gold-quartz reefs with historic highs up to 19.8 g/t Au.
Under the joint venture terms, Novo is required to spend A$1.5 million to exercise the option for a 70/30 unincorporated joint venture. Novo has already spent A$1.31 million, and Awati is free-carried until a bankable feasibility study.
Novo Resources Corp. (NVO) issued an announcement following its April and May 2026 business updates, which previously outlined second-half 2026 drilling plans for the Tibooburra project. The finalization of the joint venture and the specific drilling parameters align with prior expectations, with no unexpected catalysts or financial surprises introduced.
The company’s A$1.5 million option exercise cost is largely funded from its cash balance of A$11 million as of March 31, 2026. The news confirms project progression and validates the geological model established through 2025 rock-chip and RC drilling, without materially altering the near-term financial outlook or share count.
Novo Resources Corp. is a Canadian exploration and development company focused on gold and polymetallic projects. Its flagship asset is the Beatons Creek gold project, while the company also actively explores a approximately 14,000 square kilometer land package in the Pilbara region of Western Australia, alongside projects in Victoria (Belltopper) and New South Wales (Tibooburra, John Bull).
These projects are in various stages of exploration, with Belltopper holding a maiden Inferred Resource and Tibooburra advancing through joint venture structures and drilling programs. Novo Resources is not yet in production and relies on equity financings and investment dividends to fund operations.