Tibooburra Project Update: RC drilling to commence as Novo forms unincorporated Joint Venture with Manhattan Gold

Novo secures approvals and JV, drilling 2,700 m at Tibooburra starts mid-November.

What the company is saying

Novo Resources Corp. announces it has received all regulatory and landholder approvals to begin a ~2,700 m RC drilling program at the Tibooburra Gold Project in New South Wales, with drilling scheduled for mid-November 2026. The company highlights the completion of a Heritage Clearance Survey with the Tibooburra Local Aboriginal Land Council and approval from NSW Parks and Wildlife, emphasizing that all access hurdles are cleared. Novo details the technical rationale for targeting the Clone prospect, referencing high-grade historic results and geological continuity over a 300 m strike and 90 m depth. The announcement also formalizes the formation of a 70/30 joint venture with Awati Resources Pty Ltd, following Novo’s fulfillment of a A$1.5 million exploration spend, with Novo managing and free-carrying Awati to feasibility. The release stresses the under-explored nature of the Albert Goldfields and the potential for new discoveries, supported by ongoing regional sampling. Technical information is attributed to Rohan Williams, General Manager, Exploration at Novo, as qualified person. The tone is confident, focusing on imminent operational activity and the strategic significance of the JV structure.

What the data suggests

Novo has completed all required approvals to commence its planned 2,700 m RC drilling program at Tibooburra, with drilling set to begin within weeks. The program will test the Clone prospect, where previous drilling returned intercepts such as 12 m @ 5.90 g/t Au (including 5 m @ 13.74 g/t), 17 m @ 2.40 g/t (including 9 m @ 4.14 g/t), 6 m @ 8.39 g/t, 9 m @ 6.03 g/t, 6 m @ 4.22 g/t (including 4 m @ 6.21 g/t), and 29 m @ 1.37 g/t (including 19 m @ 1.81 g/t). The Clone mineralisation is defined over a 300 m strike and 90 m depth, remaining open down plunge, with the new drilling aiming to extend this. Novo has spent A$1.5 million to earn a 70% interest in six exploration licences, forming a JV with Awati Resources (30%), and will free-carry Awati until a bankable feasibility study. The company is also conducting regional sampling to identify new targets along the 30 km Albert Goldfield trend. The technical disclosure is specific and credible for an exploration-stage company, but no resource estimate or economic assessment is provided at this stage.

Analysis

The announcement provides a factual and detailed operational update on the Tibooburra Gold Project, including regulatory approvals, joint venture formation, and specific technical milestones such as the completion of a A$1.5 million expenditure and the scheduling of a ~2,700 m RC drilling program. The tone is positive but proportionate to the progress: approvals are secured, and drilling is scheduled to begin imminently (mid-November 2026), which is near-term. The technical data (drill intercepts, strike lengths, anomaly widths) is specific and credible for an exploration-stage company. While several forward-looking statements are present (planned drilling, exploration aims), these are standard for the sector and are not exaggerated relative to the evidence provided. There is no indication of a large capital outlay with only long-dated, uncertain returns; the disclosed A$1.5 million expenditure is already completed and relates to a concrete milestone (JV formation). The gap between narrative and evidence is minimal, with no promotional or inflated language detected.

Risk flags

• ●Exploration risk is high: the Tibooburra project is early-stage, and while previous drill results are promising, there is no resource estimate or demonstrated economic viability. The success of the upcoming 2,700 m program is uncertain and critical for advancing the project.
• ●JV structure introduces complexity: Novo must fund and manage the project while free-carrying Awati’s 30% interest until feasibility, which could lead to future dilution or funding strain if costs escalate or results disappoint.
• ●Permitting and community engagement risks are mitigated for this phase, but future development will require additional approvals and ongoing stakeholder support, especially given the project's location in a historically sensitive area.
• ●The area is described as significantly under-explored, meaning geological understanding is limited and there is a risk that further drilling may not replicate historic grades or continuity, potentially impacting project scale and economics.
• ●No financial data beyond the A$1.5 million expenditure is disclosed, so Novo’s broader funding position and ability to sustain multi-year exploration is not transparent, increasing financial uncertainty.

Bottom line

Novo has cleared all regulatory and landholder hurdles to begin a 2,700 m RC drilling campaign at Tibooburra, targeting high-grade gold extensions at the Clone prospect. The company has formalized a 70/30 JV with Awati Resources after spending A$1.5 million, and will manage and fund the project through feasibility. Drill intercepts to date are strong for an early-stage explorer, but there is no resource estimate or economic study yet, so the investment case remains speculative and hinges on upcoming results. The timeline to value is near-term for technical news, but any commercial outcome is still distant and highly contingent. Investors should focus on the results of this drilling phase and Novo’s ability to fund ongoing work; the most important takeaway is that the next 2–3 months will reveal whether Clone can deliver the scale and continuity needed for a viable resource.

Announcement summary

(ASX:NVO) (TSX:NVO) (OTCQB:NSRPF) Novo Resources Corp. has received all regulatory and landholder approvals required to commence its planned ~2,700 m Reverse Circulation (RC) drilling program at the Tibooburra Gold Project in New South Wales. Drilling is scheduled to begin in mid-November and will target the Clone prospect, following up on the 2025 drilling program that identified plunging high-grade shoots open in multiple directions. Tenements EL9867 and EL9900 are newly granted and 100% owned by Novo, while other tenements are part of the Tibooburra Gold Project Farm-In JV with Awati Resources Pty Ltd, a wholly owned subsidiary of Manhattan Gold Corporation Ltd. Novo received approval to extend drilling at the Clone Prospect from NSW Parks and Wildlife in October 2026 and completed a Heritage Clearance Survey with the Tibooburra Local Aboriginal Land Council on 8 July 2026, securing the final heritage approval. Regional stream sediment sampling, mapping, and gridded surface soil sampling began in September, with follow-up sampling scheduled for completion in October, aiming to generate new gold-anomalous zones along the 30 km Albert Goldfield. The Clone prospect features significant historic workings, an ~600 m long strike length, and up to 250 m wide coherent >30 ppb Au-in-soil anomaly. Outcrop mapping at Clone defines a west-dipping reverse fault/thrust (Clone Thrust) associated with high-grade gold mineralisation. Drilling to date at Clone demonstrates grade and width continuity over an ~300 m strike length and to a vertical depth of 90 m, with mineralisation remaining open and untested down plunge. Significant previous drill results include: 12 m @ 5.90 g/t Au from 16 m including 5 m @ 13.74 g/t Au from 23 m (TBR0001); 17 m @ 2.40 g/t Au from 59 m including 9 m @ 4.14 g/t Au from 59 m (TBR0014); 6 m @ 8.39 g/t Au from 82 m (CL0007); 9 m @ 6.03 g/t Au from 16 m (CL0010); 6 m @ 4.22 g/t Au from 66 m, including 4 m @ 6.21 g/t Au from 68 m (CL0004); and 29 m @ 1.37 g/t Au from 61 m, including 19 m @ 1.81 g/t Au from 62 m (CL0002). The planned RC drilling at Clone will comprise 18 holes for ~2,700 m, including approximately 100 m step-out drill traverses to test for the northern extension of mineralisation and select holes on pre-existing drill lines. The Tibooburra Gold Project covers the historical Albert Goldfields in the Koonenberry Gold District and includes several key prospects such as New Bendigo, Clone, Pioneer, Warratta Reef, and Phoenix. The area is considered significantly under-explored, with regional prospective mineralised trends extending beneath cover sequences. Novo has satisfied the A$1.5 million exploration expenditure requirement to form a 70/30 joint venture with Awati Resources Pty Ltd over six exploration licences in the Albert Goldfields. Novo will hold a 70% interest and Awati a 30% interest in the Tibooburra Joint Venture, with Novo acting as manager and solely funding and free-carrying Awati’s participating interest in exploration costs until completion of a bankable feasibility study. Mr Rohan Williams, General Manager, Exploration at Novo, is the qualified person responsible for the technical information in this release.

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