Novo Resources and its respective joint venture (JV) partners De Grey Mining and industry veteran Mark Creasy are firing up the rigs with multiple gold and base metal drilling programs in Western Australia’s Pilbara region.
The partnerships will be plunging a combined 32,000m of drilling into the respective Becher and Nunyerry North targets in a bid to make another compelling Pilbara discovery.
Following the end of the annual wet season in the Pilbara, De Grey has kicked off a follow-up air-core (AC) and reverse-circulation (RC) drill program, targeting gold and base metals at the high-priority Heckmair and Lowe prospects. It is planning to spend at least $7 million in exploration costs at the Egina gold camp, which includes Becher, by the end of the year as part of an agreement to stump up $25 million in four years to earn 50 per cent of the JV.
Peppering the two prospects with 28,000m of combined AC and RC drilling, the JV partners are on a mission to add more quality intercepts to their initial 10,500m drill program completed late last year. In February, the JV revealed a first-pass hit adjacent to the fault line of 8m at 4.7 grams per tonne gold from 96m including 3m at 11.88g/t from 100m at Lowe.
Further wide intercepts of 10m and 24m, but at lower grades, at Heckmair have given the JV a tantalising taste of what may lie in store and results from the program will be eagerly awaited.
Often, as is the case here, the ore-bearing structures in the region are intrusive and lie close to fault zones. The Heckmair fault shows evidence for broad-scale fluid flow within a fault conduit and De Grey says it considers it to be a priority target.
Both targets sit in an important structural corridor, which the JV sees as a prime focus for its exploration. The corridor also hosts De Grey’s massive Hemi project that has a JORC-compliant estimated 12.7 million-ounce gold resource, just 30km east/north-east of Becher.
Novo Resources executive co-chairman and acting chief executive officer Michael Spreadborough said: “De Grey is focused on undertaking a further 28,000m of combined drilling, which of course is a follow-on from the initial program completed at the end of 2023 and will continue to advance key targets identified by Novo historically. Becher is a highly-prospective and high-priority exploration target.”
In late May, Novo also launched a 4000m RC program at the Nunyerry North prospect, 70km south of Becher, where it holds 70 per cent of the JV with Creasy (30 per cent). The company last year identified a 1.4km strike with a high-tenor gold anomalism along the Skadi and Freyda shear zones within Nunyerry North and completed a maiden 30-hole, 2424m program through 250m of strike.
Initial results included 6m at 6.2g/t from 37m, 6m at 4.19g/t from 22m and 4m at 5.71g/t from 40m. The near-surface hits prompted the JV partners to commit to further drilling.
The current program is testing multiple new targets along strike of known mineralisation and down-plunge to existing intercepts. Drilling is due to be completed early next month, with assays expected soon after.
Immediately after the program at Nunyerry North, Novo will either ramp up an AC program at the Balla Balla gold project, or an RC program at the Karratha District to chase gold-copper-platinum group elements (PGE) targets, depending on the timing of heritage surveys and final approvals due late next month.
Balla Balla is another intrusion-hosted and structurally-controlled gold prospect where previous geophysical work completed last year identified multiple targets. A maiden reconnaissance AC program is planned for this year’s second half.
At the Karratha district, a maiden 3500m RC program is planned to test three significant targets at North Whundo, Railway Bore and East Well.
The annual drilling season is in full swing and with three horses in the race at the same time, Novo’s chances of striking a company-making discovery have been significantly enhanced. The Pilbara has a reputation for being “elephant country” and the company has given itself a red-hot shot at getting to the winning post.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By James Pearson
