Novo Resources sharpens multi-district gold and copper focus as Belltopper target jumps 44–54%
Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR) is tightening its focus around a diversified Australian gold and copper portfolio tapping into multiple Tier-1 jurisdictions, with a materially upgraded exploration target now anchoring its Victorian flagship. The strategy centres...
Novo Resources Corp(TSX:NVOOTCQX:NSRPFASX:NVO) View Price & Profile Novo Resources sharpens multi-district gold and copper focus as Belltopper target jumps 44–54%
Last updated: 00:21 18 Feb 2026 EST, First published: 23:22 17 Feb 2026 EST
Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR) is tightening its focus around a diversified Australian gold and copper portfolio tapping into multiple Tier-1 jurisdictions, with a materially upgraded exploration target now anchoring its Victorian flagship.
The strategy centres on advancing a multi-district, diversified portfolio spanning Western Australia, New South Wales and Victoria, alongside a dividend-paying strategic investment.
High Quality, Multi-District Exploration Portfolio.
At the centre of the story is the Belltopper Gold Project in Victoria’s Bendigo Tectonic Zone, where Novo recently delivered a significant lift to its 2026 Exploration Target.
Belltopper: Scaling up in a world-class gold belt
Located around 60 kilometres south of Agnico Eagle’s Fosterville gold mine, Belltopper sits in one of Australia’s most prolific historic gold provinces, where more than 60 million ounces (Moz) have been produced.
Belltopper Project with regional existing and historical mineral resources.
Novo’s updated 2026 Exploration Target ranges from:
2.1 million–3.1 million tonnes 6.7–8.9 g/t gold 460,000–880,000 ounces of contained gold
The company says this represents a 44% increase in contained ounces in the low case and 54% in the high case, following an in-depth review of historical workings, drilling, structural interpretation and its evolving geological model.
Belltopper is characterised by a dense network of high-grade gold ± antimony reefs clustered in the north-west of the project area, adjacent to the regional Taradale Fault. Novo’s 3D geological modelling has identified eight highly prospective reefs that underpin the exploration target, with drilling approvals advancing ahead of a planned H2 2026 program.
While conceptual in nature, the upgraded target marks a step change in scale and provides a clearer pathway towards defining a mineral resource.
Egina: Leverage to the Mallina Basin
In Western Australia, Novo’s Egina Gold Camp offers leverage to one of the country’s most active gold districts.
Through its farm-in and joint venture with Northern Star Resources, Novo is part of a strategically significant ~2,500-square-kilometre landholding in the Mallina Basin, near the 13.6Moz Hemi gold project.
Northern Star - Novo Egina Farm-in/JV and northern Egina Gold Camp tenements.
Northern Star has already completed a A$7 million minimum expenditure commitment and can earn a 50% joint venture interest by spending a further A$17 million by June 2027. The broader Egina tenure is considered prospective for intrusion-related and structurally controlled gold systems, with similar geological architecture to known deposits in the basin.
At the Teichman project within the Egina Gold Camp, Novo’s 2025 mapping and geochemical work has defined multiple high-grade trends across a structurally complex corridor.
Location of Egina Gold Camp tenements and major prospects.
Mapping covered a ~1.7-kilometre trend at Pride and ~1.0-kilometre trend at Teichman, with additional reconnaissance at the Cu Anomaly and Mountain Maid prospects. Both main trends remain open under cover to the south.
Rock-chip sampling returned a series of standout results, including:
77.5 g/t gold, 9.3 g/t silver and 0.24% copper (Pride NNE) 51.4 g/t gold, 7.9 g/t silver and 0.59% copper (Pride N) 30.33 g/t gold (Teichman) 17.5 g/t gold (Teichman N) 38.3 g/t gold (Mountain Maid)
Compliance planning is under way to support reverse circulation (RC) drilling at several of these prospects in the second half of 2026.
NSW and Onslow: Advancing district-scale opportunities
In New South Wales, Novo controls advanced exploration assets in two emerging belts.
At the Tibooburra Gold District, the company’s maiden RC drilling at the Clone prospect confirmed grade and width continuity, including 12 metres at 5.90 g/t gold from 16 metres, within a broader multi-kilometre alteration corridor. Follow-up work is focused on shallow, north-northwest plunging shoots and parallel reef trends.
Meanwhile, the John Bull Gold Project in the New England Orogen has been interpreted as an intrusion-related gold system, with a 1.5-kilometre gold-in-soil anomaly and historical intercepts including 94 metres at 0.95 g/t gold. Only a fraction of the anomaly has been drill tested to date, with further RC drilling planned for H2 2026.
Project tenure and location, with soil gold geochemistry, historical drilling and main prospects
In Western Australia, Novo has consolidated a 1,520-square-kilometre landholding in the Onslow District, targeting intrusion-related gold, porphyry and iron oxide copper gold (IOCG)-style systems under shallow cover. The ground package includes a mix of 100%-owned tenure and joint venture applications.
Onslow District tenure and geological setting
Strategic backing and financial optionality
Supporting the exploration push is Novo’s investment in San Cristobal Mining SA, which owns one of the world’s largest silver-zinc-lead operations in Bolivia. The holding has delivered both valuation uplift and dividends, including US$0.756 per share in 2025 and US$1.97 per share in 2026.
As of December 31, 2025, Novo reported a market capitalisation of around A$54 million, cash of A$8.5 million and liquid marketable securities of A$2.1 million. The company also highlights approximately A$300 million in accumulated tax losses, which may be applicable to future Australian projects under the right circumstances.
Long Term Investments and Supportive Register
With dual listings on the ASX and TSX, a strengthened register and multiple drill programs lined up across three states in 2026, Novo is pitching itself as a diversified Australian explorer — one seeking value not from a single asset, but from parallel shots across gold and copper districts.