Novo Resources' Pilbara Projects: A Dual-Metal Play on High-Grade Gold and Antimony

The Pilbara region of Western Australia has long been a treasure trove for mineral exploration, and Novo Resources (ASX:NVO) is positioning itself at the forefront of a new wave of discoveries. With rising demand for both gold and antimony—driven by energy transition needs and industrial applications—Novo's latest exploration update underscores its strategic focus on high-grade, under-explored targets. This article explores how Novo's Pilbara projects could become a cornerstone of dual-metal investing in an era of commodity supercycle optimism.

The Antimony-Gold Correlation: A Key Exploration Edge

Novo's success hinges on its ability to exploit the strong geological link between gold and antimony (Sb), a relationship increasingly recognized in the Pilbara's Paleoproterozoic terranes. Soil and rock sampling at the Sherlock Crossing Au-Sb Prospect have revealed a 1.5-km-long antimony anomaly with grades up to 48.3 ppm Sb and gold values of 85 ppb Au. Historical rock samples from the area have even returned eye-popping results, including 4.7% Sb and 146.7 g/t Au—hinting at high-grade shoots beneath surface mineralization. This correlation is no accident: antimony often forms in hydrothermal systems that also host gold, creating a “tracer” for deeper, high-value deposits.

The significance of this is two-fold: antimony's rising price (up +120% since 2020) reflects its critical role in lead-acid batteries, solar panels, and semiconductors, while gold remains a refuge in volatile markets. Novo's projects effectively straddle both metals, creating a defensive yet growth-oriented portfolio.

Northern Star's Strategic Partnership: Validation and Momentum

The partnership with Northern Star Resources (ASX:NST), Australia's second-largest gold producer, is a game-changer for Novo. Northern Star acquired De Grey Mining earlier this year, which held a 25% interest in the Egina Gold Camp. Under the updated terms, Northern Star can earn a 50% stake in the Becher Project by spending A$25 million over four years—a commitment that underscores confidence in the region's potential.

At the Teichman Prospect within the Yandeyarra Reserve, Northern Star is reviewing historical data for high-grade targets like the 25.5 g/t Au and 32.3 g/t Au samples. Crucially, access approvals for low-impact exploration have been secured, opening a door to a region near the 13.6 Moz Hemi deposit (owned by Northern Star). This proximity to a world-class asset suggests the area's mineralization system could be underappreciated.

Undervalued Assets in Underexplored Territories

While much of the Pilbara's attention has focused on iron ore, Novo is targeting overlooked zones with modern techniques. At the Southeast Wyloo Project, 2 km of antimony-gold anomalies have been mapped, with rock chip samples showing 387 g/t Ag, 2.4% Cu, and 0.38% Sb—indicating a broader polymetallic system. Meanwhile, the Balla Balla Gold Project's maiden aircore drilling program identified multi-element anomalies (including 182 ppm Sb and 277 ppm Cu) that warrant deeper drilling in H2 2025.

The Egina Gold Camp's strategic location in the Mallina Basin—a geological analog to the Hemi deposit—adds further allure. With only 5,996 meters of aircore drilling completed at Balla Balla, and Sherlock Crossing's first drill program still pending, there's clear upside as Novo de-risks its land package.

Investment Thesis: A High-Conviction Dual-Metal Play

Novo's portfolio offers investors exposure to two metals with divergent but complementary drivers:

1. Gold: With global monetary policy tightening and geopolitical risks persisting, gold's safe-haven status remains intact. Novo's high-grade targets could deliver ounces at costs competitive with majors.
2. Antimony: Demand from EV batteries and renewable infrastructure is structural, and Novo's Pilbara projects could become a key supply source as China (which dominates global production) faces resource constraints.

The company's low exploration costs (A$14 million spent in 2024) and landholdings covering 1,200 km² provide scale, while partnerships like Northern Star's reduce risk. Key catalysts in H2 2025 include:- Sherlock Crossing RC drilling results (targeting the 4.7% Sb rock chip anomaly)- Egina JV progress (Northern Star's exploration plans post-data review)- Balla Balla follow-up drilling (testing the 114 ppb Au and multi-element anomalies)

Risks and Considerations

• Regulatory hurdles: Indigenous heritage approvals and environmental permitting could delay exploration timelines.
• Commodity price volatility: Gold's sensitivity to interest rates and antimony's dependence on battery demand pose risks.
• Execution risk: Novo's small-cap status means it relies on partnerships and external financing for large-scale drilling.

Conclusion: A Pilbara Pioneer in a Dual-Metal World

Novo Resources is uniquely positioned to capitalize on the Pilbara's untapped potential for high-grade gold and antimony. With strategic partnerships, a robust technical team, and projects aligned with rising commodity demand, the company offers asymmetric upside for investors willing to look beyond traditional mining hotspots. As exploration at Sherlock Crossing and Egina progresses, Novo could emerge as a leading dual-metal play—a must-watch stock in the resource sector's next chapter.

For conservative investors, Novo's exploration-heavy profile requires patience, but the risk-reward ratio is compelling in a market hungry for discovery stories. For those bullish on the energy transition and gold's enduring role, this is a high-conviction opportunity to own a piece of the Pilbara's next big finds.