Novo Resources Corp. has announced a significant expansion of the exploration target for its Belltopper Gold Project located in Victoria, Australia. The updated 2026 exploration target represents a major increase from the previously defined 2024 target, following comprehensive review and assessment of geological data.
Project Location and Geological Context
The Belltopper Gold Project is situated within the gold-prolific Bendigo Tectonic Zone in Victoria, approximately 60 kilometers southwest of the world-class Fosterville Gold Mine. This strategic location places the project in one of Australia's most promising gold regions, known for its high-grade mineralization potential.
Key Enhancements to Exploration Target
The updated exploration target incorporates several important developments that expand the project's potential. The Western Domain Fault has been identified as a new reef structure, while strike and depth extensions have been added to four of the seven priority reefs originally included in the 2024 exploration target.
According to company statements, the evolving geological model continues to reveal additional high-priority, drill-ready targets. These include both near-surface reef systems and deeper conceptual targets that could significantly enhance the project's overall resource potential.
Exploration Target Specifications
The updated exploration target presents the following ranges based on detailed geological review:
- Tonnage range: 2.1 to 3.1 million tonnes
- Grade range: 6.7 to 8.9 grams per tonne of gold
It is important to note that these figures represent an exploration target rather than a mineral resource estimate. The company has emphasized that these potential quantities and grades are conceptual in nature, with insufficient exploration completed to estimate a formal mineral resource at this stage.
Additional Project Potential
Beyond the updated exploration target, the Belltopper project contains additional lightly tested historic gold reefs that currently sit outside the 2026 target area. These represent further upgrade potential for the project as exploration activities continue.
Preliminary planning has already commenced for potential drilling programs scheduled for the second half of 2026. These drilling activities aim to provide additional confidence in the exploration target and potentially convert portions of the target into formal mineral resource estimates.
Technical Clarifications
The exploration target has been reported in accordance with the JORC Code (2012), which defines an exploration target as a statement or estimate of exploration potential where insufficient exploration has been conducted to estimate a mineral resource. The company has clarified that these figures are not mineral resource or ore reserve estimates, and there remains uncertainty about whether further exploration will result in formal resource estimation.
The exploration target is based on interpreted continuity of mineralization and projection into unexplored ground, often around historical workings. This approach represents standard industry practice for early-stage exploration projects with promising geological indicators.
Novo Resources Corp., trading under multiple ticker symbols including ASX: NVO and TSX: NVO, continues to advance its exploration activities in Victoria's gold-rich geological provinces. The Belltopper project represents one of several exploration initiatives the company is pursuing in Australia's mineral-rich regions.
