Novo Resources has injected fresh momentum into its Belltopper gold project in Victoria, unveiling a substantially boosted exploration target that points to significant high-grade mineralisation. The company's revised estimates suggest the prospect could contain between 460,000 and 880,000 ounces of gold at impressive grades ranging from 6.7 to 8.9 grams per tonne.
Substantial Resource Upgrade
The new exploration target represents between 2.1 and 3.1 million tonnes of additional resource, marking a substantial increase over previous interpretations. In percentage terms, this adds between 44 and 54 per cent more gold to historic estimates, driven by an expanded tonnage base of 40–48 per cent alongside modest grade improvements.
Novo Resources executive co-chairman and acting chief executive officer Mike Spreadborough commented on the development, noting the favourable market conditions. "The importance and price of gold since our 2024 Exploration Target have increased significantly," Spreadborough said. "We look forward to completing our planning for the next phase of drilling, testing high-priority reefs that sit within and outside the Exploration Target."
Geological Reinterpretation Drives Results
The resource uplift stems from a comprehensive reinterpretation of local geology, historical mining data and drilling results. The company has employed advanced techniques including high-tech LiDAR imagery, surface sampling and sophisticated 3D modelling of historic workings to refine its understanding of the mineralised system.
Notably, Novo has incorporated its Western Domain Fault as a new reef structure and extended the strike length on four of its seven previously identified priority reefs. These eight reefs now form a dense cluster of narrow, high-grade structures in the northwest quadrant of the project area, adjacent to the regional Taradale Fault.
Expanding Mineralisation Potential
The historically high-grade Leven Star Reef has also been lengthened along strike, thanks to surface lineaments visible in high-resolution LiDAR that coincide with a near-surface gold hit in earlier drilling. Management believes the evolving geological model continues to generate drill-ready targets both near surface and at depth.
With drilling of Belltopper's expanding opportunity now likely to commence in the second half of the year, the company has begun preliminary planning to build further confidence in the target and test priority zones. The exploration target, while conceptual in nature, is based on interpreted continuity of mineralisation around historical workings, supported by multiple datasets.
Strategic Location and Mining Potential
Belltopper sits within the gold-rich Bendigo Tectonic Zone, approximately 60 kilometres south-southwest of the high-grade Fosterville mine operated by Agnico Eagle. The region has historically delivered more than 60 million ounces of gold, positioning Belltopper advantageously near established operations.
The project benefits from proximity to Kaiser Reef's Maldon plant, 40 kilometres to the northwest, and Alkane Resources' Costerfield mine, 50 kilometres to the northeast. Belltopper's narrow-vein reef style lends itself to selective underground mining methods, with the option of offsite processing helping maintain a light surface footprint.
Regional infrastructure supports development, with easy access to Melbourne approximately 120 kilometres away providing logistical advantages for equipment and personnel movement.
Broader Australian Precious Metals Strategy
Belltopper forms part of Novo's broader Australian precious metals strategy, which includes recent work at the Wyloo gold-silver-antimony project in the Pilbara. Rock-chip sampling at Wyloo has yielded impressive results grading up to 482 grams per tonne silver, 15.95 per cent zinc, 9.7 per cent lead, 2.6 per cent copper and 1.29 per cent antimony.
With gold prices showing strong recovery, Novo's diversified portfolio of precious metals opportunities positions the company for an active year of drill testing. Belltopper now adds several compelling systems across multiple jurisdictions, featuring high-grade, near-term drill targets that establish the project as an emerging Victorian gold story with significant growth potential.
The company has applied conservative factors including geological continuity, payability and historical mining depletion to arrive at the tonnage and grade ranges, ensuring realistic expectations as exploration advances.
