Okay. Next up we have Michael Spreadborough, Executive Chairman and acting CEO of Novo Resources Corp. Over to you.
Thanks very much, Rob. This is a little bit different because our story's a bit unique amongst explorers. We are both dual-listed, TSX and ASX. About a third of our stock trades on the ASX and 2/3 on the TSX. Normal disclaimer. We are really an exploration greenfields focused. Our targets are really gold and copper and antimony. We are focused across Western Australia, North New South Wales and Victoria, and I will go through some of those projects as we go through. We have got a two-pronged strategy, not only exploring, but we are using our balance sheet to look for exploration projects. We will talk about that as well. Victoria is kind of our flagship project. We released, this year, an exploration target of 460,000- 880,000 ounces.
You can see the grades there, 6.7- 8.9. It is a high-grade reef system, and it is 60 km from Fosterville.
Pilbara is our discovery place. These are early-stage projects, which we will quickly cover as we go through the presentation. Wyloo, Teichman and Egina, they are early stages and really focused on discovery. Then we have got a couple district scale projects, which are at Toolunga, which is a copper gold system, and Tibooburra. We really are well-funded. We have got a market capitalization of about CAD 35 million, CAD 8 million cash, liquids of CAD 37 million. If you can do the maths, we are very much undervalued. Either our exploration portfolio is not valued or our investment portfolio is not valued. Obviously, any discovery that we have will lead to increasing share price going forwards. As I said, we have got a two-pronged strategy. We are definitely chasing that discovery point of exploration.
But at the same time, because of the balance sheet, we have been out there looking for copper and gold projects, and we will continue to do so. Today's presentation is all about, obviously, the exploration portfolio. As you can see here, we are spread across Australia. There is a lot of projects here. Today's only a snapshot, so please go to the corporate presentation and get more detail. But we are just going to quickly cover those red projects. As I said, a bit unique because this is our portfolio. We have got three really early-stage greenfields projects. These projects on the left-hand side have really had no drilling at all. We have done soils, geophysics, ready for drilling discovery.
We've got some advanced projects where we might have done the first phase of drilling, ready to kind of follow up with more soil work, more drilling programs, see whether they actually deliver or whether we drop and move them on. Tibooburra is a little bit different. It's 22 km of mineralization. There's been multiple drilling programs. We're not at resource stage, but we're kind of pushing that barrier. Then Belltopper that I talked about, large exploration target. Then finally, we're out there looking for advanced projects given our balance sheet. Let's talk about Belltopper first. Belltopper is in Victoria in Australia. As you see, it's south of Fosterville. Other names you would know is Costerfield, which is part of the old Mandalay group, now Alkane, and also Sunday Creek, which is the Southern Cross Gold project. So we're in well territory.
It's a really good site, historical operations. It's defined by high-grade, narrow vein reef systems. Our focus has really been on the northern part of these reef systems, where you can see that there's seven to eight of those reef systems. We've done a lot of surface drilling over two to three years, built up that exploration target, and on the right-hand side, you'll see one of the reefs there, the Leven Star. We've done enough drilling from surface that we put out a little exploration, or a resource, just to prove the concept that we can turn the exploration target into a resource. Here's a picture. You can see the historical workings, our drilling program. All diamond. We've drilled over 12,000 m of diamond in the last three years trying to get a hold of the reef systems, and we're in a really good position now.
As I said, the Leven Star, narrow grain reef systems. This year, we just tidied up a resource. It doesn't sound like much, 87,000 ounces, but it's a subset of that big exploration target, and it really was proof of concept that we can continually drill these reef systems and build the platform. Importantly, we did the full 43-101 and JORC, so it's an RPEEE. When you look at the resource grade, it has dilution and all the mining factors factored in. That gives you a good understanding of what's going to come out of the ground on these systems. One of the things to appreciate is, given location, this project will never need a processing plant because there's four of them within 60 kilometers of the place. There's a good economic potential down the pathway.
We'll go back drilling in quarter one 2027, in the Belltopper project. Just to close that out, there's the exploration target. At the upper end, as I said, 880,000 ounces, 8.9 g, 3 million tons. That's really a subset of those reef systems. Just haven't done enough drilling. There's more than a million ounces floating around in this system if you continued with exploration. Let's jump back to our kind of home, which is really the Pilbara. Multiple projects, exploration projects that we're focusing on, and we're just going to cover a few of those today. Let's go to Wyloo first. Really like Wyloo. Early stage, so we've done a lot of soils and we've done one drilling program. We're back there doing soils now. We probably will go drilling again later this year. It's a hydrothermal system.
As you can see there, some of the rock chip samples had very high silver, copper, antimony, gold and zinc. It is a really interesting system that we are seeing on the surface. The drilling that we did really defined a little bit more on some of this area, and we have been able to expand it. Again, very early stage. Other interesting places next to us, Paulsens is a high-grade gold system. Mount Clement is an antimony system that is slowly being developed by Black Cat . We are in the right territory. No one has done any real work in this area. Some drill holes way back in the 1980s that were focusing on zinc. Again, early stage, but we really like the potential that we are seeing here. We will see how the next drilling program goes, and that really defines where we do next.
I think this picture really contours the soils, and you can see a lot of high grade there. As I said, drilling program, we did 16 holes, 2,600 m, and really proved the polymetallic nature of the mineralization and really supported the soils. Now you will see, as I said, do more soils and we continue on. One of those high-priority projects for us to push this along and really see if there is that word of a discovery feature going forwards. Egina is an interesting thing. Some people might know Hemi there in the right-hand side. Hemi is 11 million ounces, now owned by Northern Star . We have had the tenements south of Hemi for a long time.
We originally did a joint venture with De Grey, where they had to spend CAD 25 million to get 50% of the joint venture. Northern Star obviously took that over.
Not really in their DNA to do exploration, so Northern Star have handed it back to us. That might sound like a negative, but it comes back with CAD 8 million of work, drilling and soils. We are back here now, gearing up and we are going to do some more fieldwork. It is still the same geology. You can see that here. The intrusion surface features continue into our ground that we really like. Our team is back there reviewing the new data in terms of the end, matching that with our old data. Importantly to us, we have engaged Allan Kneeshaw, and he was one of the geologists in De Grey that discovered Hemi. We have got a great feature going forwards. Again, district scale, Toolunga. No one has been here for 25, 35 years. They only did a few drill holes in the past.
We have got a big position, over 2,000 sq km of ground. Clearly from the work that we have done that is out in the public space, there are three magic targets, and that is defined by the geophysics. You can see here, you have got Lobster, you have got Minnie, and you have got Einstein. They are really super. This position of 2,000 square kilometers would make up a normal junior exploration, but it is just one of our portfolios that we have. Here you can see Lobster. Beautiful geophysics picture, magnetic complex, beautiful gravity. Western Mining Corporation did some drilling back in the 1990s. They drilled 42 holes. They were not very deep, 65 m. Got 2 m at 0.3%, and then they moved off to Olympic Dam. It has never had any follow-up since then.
We will be back here later this year once we get all the traditional owner approvals, and then we will go drilling in the first part of next year. Here is Einstein Bore. Same, really good geophysics here. Magnetic highs, three priority locations there. It is 2 km from a historical copper mine that was mined back in the late 1980s. Again, good location. No historical drilling. Really wonderful target to work up and then go drilling, as I said, early next year. Then finally, Minnie, as you can see here, it is a 3D magnetic inversion, so you can see that here. Great magnetics, great geophysics for us to follow up. It covers a 1.5 km zone. Shallowest portion is 120 m from the surface, so it is really a high-priority drilling target. Toolunga, copper-gold system, IOCG focus, really matches in with Wyloo, which is a great hydrothermal system.
Egina, which is sitting next to Hemi. Hemi is a very large gold refractory system. Those projects on their own are our three priority greenfields projects that will push us forwards. If we then go to Tibooburra. As I said, Tibooburra is a little bit more advanced. Other people have been there. We have farmed in over the position. It has got a lot of previous drilling by previous owners. It covers 22 sq km of mineralization. It has never been put together, so we have had the opportunity to come back here and start again. We have done one drilling program. We are doing regional soils at the moment, and we are going to be back there drilling in probably about six weeks at the northern end of this lode up at Pioneer and Phoenix, where people have not done drilling.
The historical drilling in the past has been down at New Bendigo.
A lot of work around Klein, and we did some follow-up drilling at Klein, which had some really good results. You can see that here. Here is Klein. We drilled about 2,000 m of RC, 12 m at 5.9, 5 m at 13.74, seven at 2.4, nine at four. There is a making of something here. Still early days, but we will slowly build the system up, and hopefully we are in a good position. Again, it is a big picture, 22 sq km of mineralization that we are trying to put together. This is Pioneer up north. No one has done any work. The surface is great. The rock chips are fantastic. It is over a 2 km zone. It has got all the makings of something. The next step is really you got to go and drill it and really test what is going on below the surface.
Some really old historical shafts that were done by the old-timers. Exciting. See what happens as we move forwards. Just to wrap up. Belltopper, really large reef systems, got a large exploration target. Leven Star proved that you can drill this in and get it into resource status. We have got some great district-scale discoveries. You will see us go drilling in Toolunga early next year, but we will be back at Tibooburra later this year, around about November. Then you will get a lot of catalysts that will come through this year. As you have seen, we are going to be drilling across the board along four or five projects. We are aggressive drillers. We like to do that. We have got a great team. They have got global experience in exploration across the world, really focused on copper and gold. So we have got a really good team that helps progress our exploration.
Great portfolio and financial backing, which allows us to go looking for new projects to build more into that portfolio. Finally, where I started, we are very well-funded, we are undervalued, and I always argue that everyone should have a great exploration stock in their portfolio, and we are one of the best. Thank you very much.