Manhattan Gold update · Novo release dated 28 October 2026 in Perth / 27 October in Vancouver
A partner-funded Australian exploration catalyst for Manhattan Gold. Novo Resources has elected to form a 70/30 unincorporated joint venture at Tibooburra in New South Wales with Awati Resources, the wholly owned subsidiary of Manhattan Gold Corporation (ASX: MHC).
Novo says it has met the A$1.5 million minimum exploration expenditure requirement under the agreement. Novo will hold 70% and manage the joint venture; Awati will retain 30%. Crucially for MHC shareholders, Novo will solely fund and free-carry Awati's participating interest in exploration costs until completion of a bankable feasibility study.
Why this is an MHC story
The joint venture covers six exploration licences in the Albert Goldfields. It gives MHC, through Awati, ongoing exposure to exploration at Tibooburra while Novo carries the specified exploration costs to the stated feasibility milestone. The A$1.5 million is expenditure already incurred to satisfy the earn-in condition, not a new cash payment to MHC.
The free carry is not a promise to finance mine construction or all future project costs. Nor does formation of the venture imply that a feasibility study, Mineral Resource or mine will necessarily result. Two newly granted licences shown in Novo's project map, EL9867 and EL9900, are 100%-owned by Novo and are not part of Awati's 30% joint-venture interest.
Clone drilling is the immediate catalyst
Novo says the regulatory and landholder approvals needed for the approximately 2,700m reverse-circulation program have been received. Eighteen holes are planned, primarily to test the northern, down-plunge extension of the Clone prospect, with selected infill and down-dip holes also proposed.
Drilling was expected during November 2026 at the time of the announcement. The highlights refer to early November and the body to mid-November; neither wording confirms that drilling has commenced. The planned program includes an approximately 100m northern step-out traverse.
Existing drilling has outlined a shallow north-plunging high-grade shoot over approximately 300m of strike and to around 90m vertical depth, with the down-plunge extension still open. Previously reported results include 12m at 5.90 g/t gold from 16m in TBR0001, including 5m at 13.74 g/t from 23m, and 17m at 2.40 g/t from 59m in TBR0014.
These are earlier results, not new assays. The announcement is a joint-venture and drilling-readiness update. It does not report results from the planned November campaign, and quoted drilling intervals should not be assumed to represent true widths or mineralisation throughout the project.
A second exploration front alongside Hook Lake
Regional stream sediment sampling, targeted soils, mapping and rock-chip sampling were also under way or planned across the Albert Goldfield, with results pending at the release date. The objective is to develop a target pipeline for possible further drilling in 2027.
For MHC, the significance is an additional exploration program alongside its Canadian Hook Lake work, with a different funding structure. The next milestones are confirmation of mobilisation, completion of the Clone holes and release of assays. Those will determine whether the interpreted northern extension is supported; the joint-venture terms alone do not resolve the exploration risk.
Source and related coverage
- Original Novo Resources Tibooburra joint-venture and drilling update, Perth 28 October / Vancouver 27 October 2026 (PDF). This is Novo's announcement, covered here for its relevance to MHC.
- MHC's 21 October Hook Lake campaign update.
- Manhattan Gold company page and related research.
Joint-venture terms, prior exploration results and planned activities are attributed to Novo's release. Cover photograph: drilling at Clone in 2025, reproduced from the announcement, not a photograph of the planned November 2026 campaign. General information only, not personal financial advice. Timing and results remain uncertain; exploration may not identify an economic deposit. No valuation or price-target change is made in this article.