en.Wedoany.com Reported - Novo Resources Corp announced that drilling at the Wyloo project, located in the Pilbara region of Western Australia, will commence in late April 2026, following a slight delay due to weather conditions. This drilling represents the first test for the project and marks the beginning of the company's broader exploration activities. It is expected to provide investors with ongoing updates on exploration progress.
Novo Resources Corp is a mining company primarily focused on gold exploration, listed on the Australian Securities Exchange and the Toronto Stock Exchange under the ticker symbols ASX:NVO and TSX:NVO, respectively. The company holds exploration tenements covering approximately 10,500 square kilometers in the Pilbara region of Western Australia and the Bendigo region of Victoria. Mike Spreadborough, the company's Executive Co-Chairman and Interim CEO, has over 20 years of experience in mining engineering, having previously served as CEO of Metals X Limited and Vice President of Mining at BHP's Olympic Dam mine.
The Wyloo project is located south of the operational Paulsens Gold Mine, currently operated by Black Cat Syndicate, which was acquired from Northern Star Resources in 2022. For the first phase of the Wyloo project, Novo Resources plans to complete approximately 2,500 meters of air-core drilling to test targets defined by surface sampling results. Previous rock chip samples have shown elevated levels of antimony, silver, zinc, and lead, along with gold mineralization, indicating the potential for a significant polymetallic mineralizing system. Spreadborough described Wyloo as "the most exciting target Novo has had for a long time." The company aims to use this drilling to better understand the geological controls and assess whether the mineralization reflects the characteristics of a hydrothermal system.
In addition to the Wyloo project, Novo Resources is advancing other exploration projects within its Pilbara tenement portfolio. At the Cronus project near Karratha, the company plans to drill five lines to test the potential extension of mineralization identified by neighboring explorer, Artemis. The Cronus project has previously yielded promising gold intersections, supporting follow-up work. At the Balla Balla project, Novo Resources is preparing for a second phase of drilling, planning to complete approximately 6,000 meters of reverse circulation drilling. After analyzing data from over 20,000 meters of drilling conducted in 2025, the company has refined its targets to focus on two key areas. Spreadborough stated that the second phase aims to tighten the drill spacing and deepen the mineralization, laying the groundwork for a potential third phase. He likened this exploration approach to "peeling an onion," with each phase revealing the project's potential more clearly.
In February 2026, Novo Resources raised approximately C$7.9 million (approximately A$8.2 million) through two placements, including a unit offering in Canada and a depository interest offering in Australia. Major shareholder Northern Star participated in the second placement to maintain its approximately 9% shareholding. The funds raised will primarily be used for drilling and exploration work in 2026 at projects including Wyloo, Balla Balla, Teichman, and Belltopper. The company is now well-funded to execute its drilling plans and expects to release drilling results from multiple projects sequentially from late April through July 2026.
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