Novo boosts Victorian gold potential with fresh high-grade target

Novo Resources has dusted off its Belltopper gold project in Victoria following a substantially boosted exploration target that now points to between 2.1 and 3.1 million tonnes of additional resource at high grades of 6.7 to 8.9 grams per tonne (g/t) gold.

The company says the prospect could contain between 460,000 and 880,000 ounces of high-grade gold, with the revised figures accelerating plans for follow-up exploration in the world-class Bendigo goldfields.

In percentage terms, the new estimates add between 44 and 54 per cent more gold to historic interpretations, driven by an expanded tonnage base of 40–48 per cent and modest grade improvements.

Novo says the uplift was driven by a reinterpretation of local geology, historical mining data and drilling results, supported by high-tech LiDAR imagery, surface sampling and 3D modelling of historic workings.

The company has also now incorporated its Western Domain Fault as a new reef and extended the strike on four of its seven previously identified priority reefs.

These eight reefs form a dense cluster of narrow, high-grade structures in the northwest quadrant of the project area, adjacent to the regional Taradale Fault.

Novo says its historically high-grade Leven Star Reef has also been lengthened along strike, thanks to surface lineaments visible in high-resolution LiDAR that coincide with a near-surface gold hit in earlier drilling.

Management believes the evolving geological model continues to generate drill-ready targets both near surface and at depth, with drilling of Belltopper’s expanding opportunity now likely to kick off in the second half of the year.

Novo Resources executive co-chairman and acting chief executive officer Michael Spreadborough said: “The importance and price of gold since our 2024 Exploration Target have increased significantly and we look forward to completing our planning for the next phase of drilling, testing high-priority reefs that sit within and outside the Exploration Target.”

Belltopper sits within the gold-rich Bendigo Tectonic Zone, roughly 60km south-southwest of the high-grade Fosterville mine operated by Agnico Eagle.

The region has historically delivered more than 60 million ounces and Belltopper is well-placed near established operations, including Kaiser Reef’s Maldon plant, 40km to the northwest and Alkane Resources’ Costerfield mine, 50km to the northeast.

The exploration target, while conceptual in nature, is based on interpreted continuity of mineralisation around historical workings, supported by a slew of different datasets.

Factors such as geological continuity, payability and historical mining depletion have been applied conservatively to arrive at the tonnage and grade ranges.

Novo says it has now started preliminary planning for potential drilling in the second half of the year, aimed at building further confidence in the target and testing priority zones.

The project’s narrow-vein reef style lends itself to selective underground mining methods, with the option of offsite processing helping keep the surface footprint light, all backed by decent regional infrastructure and easy access to Melbourne, about 120km down the road.

Belltopper forms part of Novo’s broader Australian precious metals push.

Recent work at the Wyloo gold-silver-antimony project in the Pilbara has solidified the company’s cross-continental focus, with rock-chip sampling unearthing head-turning results grading up to 482g/t silver, 15.95 per cent zinc, 9.7 per cent lead, 2.6 per cent copper and 1.29 per cent antimony.

With gold prices rebounding nicely, the company’s diversified portfolio of precious metals opportunities has Novo gearing up for a very busy year on the drill-testing front. 

Belltopper now adds several compelling systems across multiple jurisdictions, featuring high-grade, near-term drill targets that position the project as an emerging Victorian gold story with serious growth potential.

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