Exploration Status Update - Seite 2

Novo’s tenure forms a contiguous package of approx. 80 km strike length directly along this trend and has been one of the main focus areas for Novo’s exploration and joint venture programs over the last eighteen months, culminating in the Egina earn-in/JV with De Grey and delineation of the Nunyerry North orogenic gold prospect.

In addition to the earn-in/Egina JV and the expanding greater Nunyerry project area, several other priority gold targets are also being progressed along the main structural corridors within the Egina Gold Camp (Figure 2). These prospects form part of Novo’s regional reconnaissance program in 2024.

Egina JV (De Grey earning a 50% interest)²

De Grey commenced AC drilling at Becher in October 2023 as part of their planned 39,000 m program of AC, RC and diamond drilling.

A total of 271 infill AC holes were drilled for 7,536 m in Q4 2023, targeting the Heckmair/Irvine and Bonatti prospects. In addition, RC drilling is ongoing, with the first 29 drill holes for 4,154 m completed focusing on the Heckmair/Irvine and Lowe prospects.

Final assays are anticipated in Q1 2024.

De Grey has completed drilling for the year and will resume drilling in the New Year.

Figure 2: Egina Gold Camp prospectivity highlighting the earn-in/Egina JV with De Grey and the Nunyerry North target, in addition to newly delineated structural targets for further exploration.¹

Nunyerry North (Novo 70% / Creasy Group 30%)

Nunyerry North is a high priority exploration target with significant prospectivity, located in the southern part of the Egina Gold Camp.

Novo recently completed a maiden 2,424 m shallow RC program, which tested high grade surficial gold anomalism across a strike length of some 500 m and immediately defined several zones of mineralised quartz veining, some of which appear blind at surface (refer to the Company’s ASX announcement dated 15 November 2023).

Gold mineralisation is hosted in arrays of quartz veins with minor sulphides including pyrite, pyrrhotite and chalcopyrite. The vein arrays trend between two north dipping shear zones and are hosted in a 60 m wide zone of mafic to high-MgO basalt within an ultramafic dominant package.

The maiden drill program only tested a small area of the overall Nunyerry North project area (Figure 3). Results from the RC program were highly encouraging and warrant further follow-up work. The prospective stratigraphy continues along strike towards the east and repeats west of the Aurora Fault. RC drilling to test these positions is planned for H1 2024. The plunge of mineralisation in the strike extent tested to date is well understood, and a deep diamond drilling program is also being proposed to test for additional repeats of mineralisation at depth, as well as down plunge continuations.