Novo’s adjacent Malmsbury and Queens gold projects are located approximately 50 km SSW of the high-grade world-class Fosterville Gold Mine and 120 km NW of Melbourne.
In May 2021, Novo acquired a 50% interest in the Malmsbury Project with GBM Resources (ASX:GBZ), and concurrently exercised an option to earn a 50% interest in the surrounding Queens Project with Kalamazoo Resources (ASX:KZR).
The projects are located within the gold prolific Bendigo Tectonic Zone of Victoria, with over 60 Moz produced historically to date from goldfields throughout the region. Both projects have a history of alluvial and bedrock gold production, with numerous old paleochannels and partially mined gold reefs present.
Novo considers the Malmsbury and Queens projects in Victoria highly prospective for multiple gold-mineralization target-styles, including shear/fault related (e.g. Stawell, Costerfield), anticline related (e.g. Fosterville), intrusion hosted (e.g. Woods Point), and intrusion-related (IRG) mineralization.
Exploration efforts are actively targeting several historic high-quality gold reef systems for potential future development (unmined ore and extensions) and include, but are not limited to:
- NW-trending reefs such as the Missing Link, Panama & Never Despair;
- N-S trending reefs such as the Queens Birthday, Egyptian, O’Connors, Frenchmans & Hannover Lines (three parallel reefs)
Several high-priority gold targets with no historic mining also constitute a focus for exploration and include expansion drilling on mineralization which represents a NE-trending shear/fault hosted orogenic gold target on the Malmsbury Project.