Novo Resources' drilling plans & gold strategy

Fri Mar 21 2025

Novo Resources Corp last week provided an update on its upcoming drilling program at the Balla Balla Gold Project in Western Australia, marking the start of a busy exploration period for the company.

Executive co-chair and acting CEO Mike Spreadborough said the drilling campaign is expected to begin in the coming weeks, pending weather conditions in the Pilbara. He noted that this is the first of several programs planned for the year, with additional drilling to follow in New South Wales. "You'll see four months of news flow as these drilling programs roll through," he said.

General manager of exploration Kas De Luca highlighted the geological potential at Balla Balla, focusing on the Sholl Shear Zone, a 200-kilometer-long regional structure. Novo has identified a ten-kilometer trend within the shear zone containing gold pathfinder elements such as arsenic and antimony. “We really like this area and the structural complexity within it,” De Luca said.

Beyond Balla Balla, Novo is advancing exploration at its newly acquired New South Wales projects, Tibooburra and Grafton (John Bull). Spreadborough explained that the company is targeting standalone deposits exceeding one million ounces. “We think that is a missing link within gold exploration in Australia,” he said, adding that Novo’s A$12 million cash position provides a strong foundation for growth.

The company’s exploration activity is unfolding against a backdrop of record-high gold prices. Spreadborough noted that current gold market conditions are favorable for investors. “It’s the highest gold price that we've seen ever in US dollars and Australian dollars—so it’s a good time to have gold in your portfolio.”

With multiple exploration programs set to generate steady news flow over the next four months, Novo Resources is positioned for an active and potentially transformative period.

Source: https://www.proactiveinvestors.com/