New South Wales Exploration Update

Core Viewpoint - Novo Resources Corp. has made significant advancements in its exploration activities at the Tibooburra Gold Project in New South Wales, identifying high-grade gold targets and enhancing geological understanding through recent mapping and sampling programs [5][6][7]. Exploration Activities - The exploration at Tibooburra involved mapping and surface sampling at key prospects including New Bendigo, Pioneer, and Warratta Reef, as well as re-logging historic diamond core and conducting down-hole geophysical surveys [6][8]. - Recent rock chip sampling returned notable results, including 39.9 g/t Au from Pioneer North and multiple samples exceeding 1 g/t Au from Pioneer South, indicating the potential for high-grade gold deposits [7][8]. Geological Insights - The geological mapping supports the hypothesis that mineralization at Tibooburra resembles major Victorian-style gold deposits, characterized by a combination of folding and faults that create high-grade ore bodies [3][4]. - The exploration has revealed a multi-kilometre-scale alteration corridor with significant gold-bearing quartz reefs, enhancing the potential for further discoveries [19][30]. Drilling Targets - Drilling targets are being assessed at Pioneer, New Bendigo, and Clone, with a focus on high-grade NNW plunging shoots [23][24]. - All regulatory approvals for drilling at the John Bull project have been secured, and negotiations for landholder access are ongoing [9][39]. New Applications - An additional exploration license covering approximately 350 sq km has been applied for at Tibooburra, consolidating the trend and including areas of historic workings [38]. Summary of Results - The exploration results include significant assays from various prospects, with Pioneer South showing consistent results above 1 g/t Au, including peak values of 19.8 g/t Au [12][16]. - The ongoing interpretation of mapping and sampling data will be integrated with pending assay results to refine potential drill targeting at Warratta Reef [34][35].