Novo Resources (ASX: NVO) has unveiled the conceptual exploration target for its Belltopper gold project in Victoria of between 1.4 and 2.1 million tonnes containing between 320,000 and 570,000 ounces of gold grading from 6.6 grams per tonne to 8.4g/t.
The company says its current work programs at Belltopper have demonstrated a diverse range of mineralisation styles and that its evolving geology model has delineated multiple high priority, drill-ready targets.
Belltopper lies in the renowned and highly-prospective Bendigo Tectonic Zone (BTZ), about 52km south along strike from Bendigo and 15km south-east of Castlemaine –areas which have produced about 22.4 and 5.6 million ounces of gold, respectively. The BTZ lies west of and is separated from the Melbourne Tectonic Zone by the regionally-extensive crustal-scale suture known as the Mount William Fault (MWF).
An extensive system of other well-recognised, regional-scale and regularly-spaced north-to-south faults transect the region and are closely related to gold mineralisation throughout the area. They include the Fosterville Fault – about 22km west of the MWF – which is closely-related to mineralisation at Agnico Eagle’s Fosterville mine that has produced about 8.86 million ounces of gold.
The Fosterville Fault merges with the Redesdale Fault and Drummartin Fault system, about 18km west of the MWF, and several gold prospects and occurrences persist south along its length for at least 36km. The major Whitelaw Fault lies about 37km west of the MWF and passes just 6km east of Bendigo and 11km east of Novo’s Belltopper licence area.
Importantly, Belltopper is sandwiched between the Whitelaw Fault and sits just 9km west of it and hard up against the Taradale Fault that potentially extends northwards along strike into Bendigo. The next major faulting comprises the merged and/or closely-parallel Sebastian and Break O’ Day Faults about 7km west of Belltopper and which are related to the Castlemaine gold mineralisation.
The major Muckleford and Campbelltown Faults lie 22km and 33km, respectively, west of Belltopper and are associated with a myriad of gold prospects and occurrences. Then there is the famed Ballarat gold mining area that has produced 13.1 million ounces and it lies just 7km west of the Campbelltown Fault and 62km south-west of Belltopper.
Zooming into Novo’s Belltopper ground reveals a plethora of faults often closely associated with the Taradale Fault – many of which in the northern licence area are intimately associated with old workings. The dense network of apparent high-grade gold reefs (some including antimony) clustered in the north-west quadrant of the project hard-up against the Taradale Fault, is a characteristic feature of Belltopper.
Previous drilling often features high gold grades, with better runs being in the 5m-to-20m intercept ranges and going between 10g/t and 15g/t.
Our Belltopper Project is an exciting, high-grade gold opportunity located in a tier-one gold region. Belltopper is an exciting opportunity and has the potential to grow in size and scale and the focus will now turn to expanding the prospectivity of the project.
Novo Resources Executive Co-Chairman and Acting CEO Mike Spreadborough
In June, Novo completed a six-hole, 2529m program of diamond drilling at Belltopper, which defined new gold reefs and significant extension potential on several key historic reefs, along with a new high-priority north-west-trending target corridor.
Significant intercepts included 5.6m at 3.14g/t gold from 219.8m and 4.25m at 5.88g/t from 274.75m with 2m at 11.15g/t and 1.94m at 2.37g/t from 230m in its first hole from the Leven Star Reef, which is looking like an emerging high-grade zone. Another hole produced a handy hit of 2m going 15.18g/t gold from 9m on a newly-discovered reef.
The company’s latest work is building on its previous drilling in 2021 and 2022 that threw up several encouraging runs including 14m going 6.1g/t gold from 120m and another hole yielding 8.1m running 5.79g/t from 131.9 m, both on the Leven Star Reef. A third hole intercepted 3.1m at 9.27g/t gold from 400.9m on the Queen’s Birthday Reef.
Novo will now use its conceptual exploration target model to direct its activities, while at the same time systematically testing a growing list of targets. They include a Fosterville style of epizonal, anticline-related targets, a Bendigo style of the classic saddle-reef targets and others associated with Costerfield-style faulting.
The Costerfield style refers to significant mineralisation at Costerfield – which lies in the adjacent Melbourne Tectonic Zone on the eastern side of the MWF and which has produced almost 1 million ounces of gold.
The company has brought to bear all of its geological understanding of the reef network at Belltopper and has created a 3D reconstruction, considering data from historic mining and exploration, drilling, geological and structural mapping, geochemistry and high-resolution LiDAR (laser mapping) interpretations.
The reefs identified as fitting the exploration target model include narrow, discrete continuous structures capable of being traced through more than 1.5km of strike. Additionally, the reefs selected for the exploration target model have all been subject to historic mining and development and feature meaningful grades in the current gold- price context.
As an example, the company cites historic production of 44,017 tonnes from O’Connor’s reef for 38,791 ounces of gold recovered at a grade of 27.4g/t.
Novo is planning further diamond drilling during the next two years to further evaluate the widths and tenor of gold mineralisation in each of the reefs that are part of its exploration target model. Subject to success, it is then likely to undertake further drilling to explore the reefs to scope out specified nominal depths.
While the development and execution of the exploration target work is ongoing, Novo says it will continue to try and sniff out new reefs and institute drilling programs to test its higher-priority targets as they evolve.
The company’s key focus is directed at its search for world-class, Fosterville-style, anticline-related targets – the type it has earmarked as its highest priorities at Belltopper.
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