Novo Resources is set to ramp up activities across its next set of key projects in the Pilbara in 2025, including a maiden antimony and gold drill campaign at two projects showing good early geological signs.
The company is set to drill test the ground around Sherlock Crossing, an historic antimony and gold mine in WA’s Pilbara region that was mined at uber-high grades between 1907 and 1916.
Novo will also set the drill bit loose for the first time at its exciting Balla Balla project, immediately southwest of Port Hedland.
The Sherlock Crossing project to the southeast of Karratha presents as a perfect confluence of the two current in-demand minerals, gold and antimony.
Its history as a crude antimony mine - although it might also have been considered a gold mine - that pumped out some serious grades cannot be overstated and Novo believes a modern day look at the project may well yield a renewed opportunity.
Discovered in 1906, the old timers pulled out 16 tonnes of concentrate between 1907 and 1916 that graded on average a whopping 53 per cent antimony.
Gold was even coming out at between 10.9 grams per tonne (g/t) and 72.9g/t.
It seems the old timers did not get it all, as Novo has already picked up some surface rock chip samples going 1.71g/t gold and 592 parts per million (ppm) antimony.
Additional rock chips discovered in old mining spoils in a subsequent field trip went 4.7 per cent and 3.1 per cent antimony and 146ppm and 35ppm gold.
Novo says it is aware of a multitude of old workings at the site that are now covered by transported material and it is set to get a drill bit into them in the first half of 2025.
Antimony has reached fever pitch lately as the world spirals into geopolitical uncertainty.
One of its uses is in ammunition and the market is red hot for it.
Balla Balla also presents as an exciting opportunity for Novo in the new year.
It is an interesting project in that the major Sholl Shear zone collides with the Loudens fault making for a potentially geologically fertile region that Novo says has been hiding under transported cover.
The company will look to kick off an air core campaign in the first half of 2025 at Balla Balla with a view to picking up shallow hints of gold that may have deeper roots.
Novo’s key project in the Pilbara is arguably its Egina gold camp and more specifically its Becher prospect that market darling De Grey Mining is farming into.
De Grey has already spent more than $7m on the project and will spend a further $18m by June 30, 2027, to earn 50 per cent of it.
Northern Star recently lobbed a $5 billion takeover bid on De Grey’s doorstep, providing a shot in the arm for Becher that Novo says exhibits similar granite intrusive geology to De Grey’s extraordinary Hemi discovery about 26km away.
Other noteworthy discoveries recently for Novo include Miralga, which yielded 1.2g/t gold and 4.4 per cent copper in rock chips, and the discovery of a 5km-long gold anomaly along the Tabba Tabba Shear corridor with other samples going up to 3.8g/t gold.
Novo Resources executive co-chairman Mike Spreadborough said: “With De Grey progressing exploration efforts at Becher as part of our Egina joint venture, Novo will focus on ramping up activities across our next set of key projects in the Pilbara. We are also very excited about the emerging opportunity at the Sherlock Crossing historic antimony mine, with a focus on commencing a maiden RC drill program in 2025. Following the sale of 38 per cent of our investment in San Cristobal Mining for $11.5 million, Novo is well-funded.”
Novo has untapped financial resources too with its remaining shareholding in San Cristobal expected to have an estimated value of $19m.
The company’s biggest issue in 2025 will be prioritising its multitude of Pilbara based opportunities in parallel with De Grey’s stewardship of its exciting Egina camp exploration.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Mark Story
