Novo regains full control of Egina Gold Project after Northern Star withdrawal
Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR) has regained full control of exploration at the Egina Gold Project in Western Australia’s Pilbara region after Northern Star Resources Ltd (ASX:NST) withdrew from its earn-in agreement. Northern Star, which inherited the agreement...
Novo Resources Corp(TSX:NVOOTCQX:NSRPFASX:NVO) View Price & Profile Novo regains full control of Egina Gold Project after Northern Star withdrawal
Last updated: 20:34 26 May 2026 EDT, First published: 19:34 26 May 2026 EDT
Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR) has regained full control of exploration at the Egina Gold Project in Western Australia’s Pilbara region after Northern Star Resources Ltd (ASX:NST) withdrew from its earn-in agreement.
Northern Star, which inherited the agreement through its acquisition of De Grey Mining, will not proceed with the additional A$18 million expenditure required to earn a 50% interest in the Egina tenements. As a result, the proposed Egina joint venture will not be formed and exploration activities will revert to Novo.
The withdrawal leaves Novo with 100% control of a strategically located gold project within the Mallina Basin, around 28 kilometres west-southwest of Northern Star’s Hemi gold project, which hosts more than 13.6 million ounces of gold.
Novo will retain all data generated from Northern Star’s exploration work, giving its geological team the opportunity to reassess Egina, rank it within the broader portfolio and determine the next phase of work.
Exploration to resume in second half of 2026
Novo said it intends to restart exploration on the Egina tenements in the second half of 2026.
Executive co-chairman and acting chief executive officer Mike Spreadborough said the return of the project data would allow Novo to undertake a fresh assessment of Egina and decide the best pathway to advance what it considers “an outstanding asset for a gold explorer”.
Egina includes the priority Becher prospect, along with other high-priority areas at Heckmair, Irvine, Whillans and Lowe. The broader project covers prospective gold corridors in the Pilbara, including shallow cover over underexplored Mallina Basin rocks.
Elsewhere in the Pilbara, Novo has completed a 2,628-metre, 16-hole first-pass reverse circulation drilling program at the Wyloo SE prospect and has sent the first samples for analysis. The drill rig is being moved to the Cronus prospect, 23 kilometres southeast of Karratha, where drilling is scheduled to begin next week.
Heritage surveys are also planned in the September quarter of 2026 to clear RC drilling at the Teichman project.
Novo remains focused on building a multi-district exploration portfolio across Western Australia, Victoria and New South Wales, targeting standalone gold and copper projects with more than 1-million-ounce development potential.
Key exploration highlights include:
Wyloo Antimony Project: ~2,500 metres of reverse circulation (RC) drilling underway targeting a large polymetallic system with antimony, silver and base metals Cronus Gold Prospect: ~2,000 metres of planned RC drilling across the Titan Shear to test structural targets Balla Balla Project: 6,000 metres of aircore drilling planned to follow up anomalous zones along the Scholl Shear Teichman Gold Project: drilling preparation under way for Q3 2026, pending approvals