CEO.CA Chairman's Briefing

• Comprehensive exploration update regarding large-scale exploration programs underway across Novo’s highly prospective 11,000 sq km portfolio of Pilbara tenements (Figure 1).
• Purdy’s North reverse circulation (“RC”) drilling is ongoing at the Morto Lago gold-copper target with drilling intersecting several zones of quartz-veining and alteration, with assays pending. Morto Lago is adjacent to Azure Minerals Limited’s (“Azure”) Andover nickel-copper-cobalt discovery (“Andover”) and Artemis Resources Limited’s (“Artemis”) Carlow Castle gold-copper-cobalt discovery (“Carlow Castle”).
• Purdy’s North RC drilling underway at the Milburn target, also adjacent to Andover and Carlow Castle, where the first three holes have highlighted a moderate dipping interpreted thrust fault with zones of pyrrhotite, chalcopyrite and pentlandite (visual identification confirmed by pXRF), with assays pending.
• Several high priority West Pilbara targets including Southcourt, NRV06, and Bushmill nickel-copper targets are drill ready.
• > 30,000 m aircore drilling program to commence this month in the Becher area within the Egina District testing multiple targets delineated along a significant mineralized corridor potentially extending to De Grey Mining Limited’s (“De Grey”) Hemi gold discovery (“Hemi”).
• High-order gold soil anomaly at Nunyerry North now extends over 1.4 km strike, with a second 1.2 km long soil anomaly at > 30 ppb gold defined south of the main target. Rock chip sampling returned peak high-grade results from quartz veins including 8.81 g/t gold, 7.39 g/t gold and 1.23 g/t gold. Further detailed mapping has defined additional swarms of quartz veins and specimen gold has been detected.
• Over 20,000 m of RC drilling completed in near-mine exploration programs at the Nullagine Gold Project (“NGP”) in H1 2022, advancing several satellite prospects.
• Reconnaissance programs commenced on regional districts in the East Pilbara with rock samples up to 94.7 g/t gold collected at Little Elsie.
• Expansive high resolution aeromagnetic and radiometric geophysical survey programs completed across Purdy’s North and Egina (Becher area) have advanced structural interpretation and geological understanding, and detailed ground gravity geophysical surveys at Egina and the Mosquito Creek Belt (“MCB”) have commenced.
• Significant diamond drilling program totalling 3,162 m for 11 holes completed at the 50%-owned Malmsbury gold project (“Malmsbury Project”) joint venture with ASX-listed GBM Resources Ltd. (“GBM”) (ASX:GBZ), located 50 km SSW of the high-grade Fosterville gold mine in Victoria, Australia.

• Additional significant results received to date from the Malmsbury Project program include 7.75 m @ 2.8 g/t gold from 87 m (MD15); 0.95 m @ 10 g/t gold from 102.65 m (MD17). Step-out hole MD22 successfully intercepted the Missing Link Monzogranite 80 m north of the gold-mineralized intrusive in MD17¹. Gold and multi-element assays for MD20, MD21 and MD22 (final hole) are pending.
• At the Malmsbury Project, close-spaced ground magnetic and ground gravity surveys are being designed to sharpen previously identified geophysical targets. An induced polarization (“IP”) survey is also planned to define sulphide rich granite-related targets and disseminated sulphide haloes around the high-grade gold reef targets.

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Figure 1: Location map showing Novo Pilbara tenement holding with prospect type, location, and priority target areas labelled.

VANCOUVER, British Columbia, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an exploration update on the Company’s highly-prospective, multi-commodity portfolio of projects based in Western Australia and Victoria.

Exploration programs are currently underway or have been recently completed at gold and nickel-copper targets at Purdy’s North (Figure 2) in the Karratha District, structural and intrusive-related gold targets at Egina, orogenic and conglomerate gold targets across the NGP, and structural and intrusive related gold targets at the Malmsbury Project in Victoria.

“We are excited to get on the ground at these high-quality drill targets,” commented Mr. Mike Spreadborough, Novo’s Executive Co-Chairman, Acting CEO, and a director. “This is a highly prospective region and there has been well-documented recent exploration success from our neighbours, including Azure and Artemis, who own projects in close proximity to Novo’s Purdy’s North project. Drilling across these high-quality targets is an important part of our broader exploration strategy to expand the size, scale and diversification of Novo’s projects and we look forward to assessing the results each program generates.”

“We have prioritized exploration as a key growth area in the next 12 months and have allocated and approved the necessary funds to deliver on this objective. With a number of drill rigs spinning at various targets over the coming months it is shaping up be a very busy end to 2022 and start to 2023.”

“Our exploration team has built up a plethora of high value drill targets,” commented Dr. Quinton Hennigh, Novo’s Non-Executive Co-Chairman and a director. “With cash in the bank, we are in an excellent position to aggressively tackle each of these targets with systematic first pass drilling. Drilling, which is just getting started, is already turning up very promising intercepts of significant quartz-sulphide veining from Morto Lago, possible magmatic nickel-copper sulphide mineralization at Milburn, and new strong gold intercepts from the Malmsbury Project. We have lots to look forward to, including maiden drilling for Hemi-style mineralization at Egina, further follow up work at the very robust Nunyerry North gold in soil anomaly, and drilling additional strong nickel-copper targets at Karratha. At the same time, we are diligently exploring the NGP to build up inventories of gold mineralization. We are very excited to ramp up our exploration efforts across the Pilbara and look forward to lots of good news to come.”

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Figure 2: RC drill rig at Morto Lago.

WEST PILBARA REGION

Purdy’s North (E47/1745)

Novo’s gold and battery metals exploration strategy² includes advancing targets in the Karratha District, adjacent to Azure’s Andover discovery and Artemis’ Carlow Castle discovery. 44 RC drill holes for 4,713 m have been completed to date, focussing initially on the Milburn area to the north of Purdy’s North and 1.5 km due east of Carlow Castle (Figure 3). Results referred to in this news release are not necessarily representative of mineralization throughout Purdy’s North.

Drilling to date has focused on the Morto Lago and Milburn electromagnetic (“EM”) anomalies with preparations underway for drilling at Southcourt and NRV06, and the Bushmill EM Ni-Cu targets in the Yanyarre Well Project area. Planning for drilling at 47K, 48K, Sullam and Bobs Well prospects is also progressing.

The Morto Lago and Morto Lago North gold-copper target (Figure 4) is where a gold mineralized-quartz vein system manifests at surface as a wide subcrop over 350 m strike in an outwash claypan, mostly obscured by regolith, but with already reported³ significant rock chip gold assay results (up to 6.63 g/t gold), and a series of malachite bearing sulphidic veins which sub-crop in outwash plains over several hundred metres strike and 100 m width. Wide spaced reconnaissance drill traverses are testing the mapped sulphidic quartz-vein swarms along strike from the Carlow Castle gold-copper-cobalt mineralization. To date, several zones of quartz veins with chalcopyrite, arsenopyrite and pyrite have been intersected in multiple holes with intercepts up to 24 m down hole thickness. New rock chip gold assay results for quartz vein sub-crop at Morto Lago North include 5.29 g/t gold, 1.27 g/t gold, and 0.97 g/t gold.

The Milburn EM anomaly target is a discrete EM geophysical anomaly up to 300 m long and 200 m wide overlaying a gabbro and meta-basalt contact, with associated historical copper-nickel-gold occurrences identified at surface. Already three holes to the north of the main target conductor have highlighted a moderate SW dipping interpreted thrust fault with zones of disseminated pyrrhotite, chalcopyrite and pentlandite (visually confirmed by pXRF).

Refer to Table 1 in Appendix 2 below for a listing of rock chip and soil sample results. Results referred to in this news release are not necessarily representative of mineralization throughout Purdy’s North project.

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Figure 3: Prospect location at the Purdy's North and Maitland/Dingo intrusive areas.

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Figure 4: Drill program and interpreted geology – Morto Lago/Milburn.

Nunyerry North (E47/2973)

The Nunyerry North Prospect is a quartz vein-related structurally controlled gold target where a high order soil anomaly has been defined over 640 m coupled with high grade rock chip samples and favourable structures⁴. Work in 2022 has included extensional grid soil sampling, rock chip sampling and detailed mapping.

Phase 2 grid soil sampling has extended the Nunyerry North anomaly to over 1.4 km strike (Figure 5) and defined a second 1.2 km long soil anomaly at > 30 ppb gold south of the main target. Eight soil samples collected in mid-2022 have returned > 1 g/t gold including 2.1 g/t gold and 1.5 g/t gold in soil, making the total to date, 18 soils > 1 g/t gold over a kilometre strike within the anomalous area.

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Figure 5: Gold in soil anomaly at the Nunyerry North prospect.

Rock chip sampling in the eastern half of the main anomaly returned peak high-grade results from quartz veins including 8.81 g/t gold, 7.39 g/t gold and 1.23 g/t gold. Further detailed mapping has defined additional swarms of quartz veins within the main target and specimen gold has been detected in the main target area (Figure 6).

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Figure 6: Specimen gold from the main soil anomaly at the Nunyerry North prospect.

The geology of the Nunyerry North target area includes quartz vein-related gold mineralization within a sequence of ultramafic komatiites and mafic rocks, juxtaposed by regional shears and offset faults. Follow-up work planned includes heritage surveys and logistics for road access in preparation for drilling. Novo’s exploration licence 47/2973 is 70%-owned, with the remaining 30% held by Mark Gareth Creasy and entities controlled by him (the “Creasy Group”)⁵.

Refer to Table 1 in Appendix 2 below for a listing of rock chip and soil sample results. Results referred to in this news release are not necessarily representative of mineralization throughout Nunyerry North or the Croydon Project.

Egina District

The Becher Area (E47/3673) contains multiple targets along the highly prospective, yet under-explored Mallina Basin geology across a significant NE trending mineralized corridor potentially extending to De Grey’s Hemi gold discovery⁶ (Figure 7). Previous explorers have defined two large (> 1 km strike) coincident high-order Au-As-Sb soil anomalies along the structural corridor, with limited reconnaissance aircore drilling within the Au-As-Sb anomalous zones intersecting up to 4.38 g/t gold⁶.

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Figure 7: Becher area interpreted intrusive targets showing the position of the De Grey Hemi orogenic gold discovery hosted to the northeast of Becher along the interpreted fertile corridor.

Exploration in 2022 has advanced the understanding of the system, with preparations for a significant aircore drilling program to commence in the very near future. Exploration to date has included:

• Regolith and geological mapping, identifying intensely altered and sulphidized ultramafic rocks within the Irvine prospect;
• Detailed structural and geological interpretation and the definition of several shear corridors, including the ENE trending Irvine and Bonatti Shears and the E-W trending Whillans and Heckmair Shears. Interpretation of the underlying geology has relied heavily on existing aeromagnetic imagery, defining magnetic stratigraphy including ultramafic and mafic intrusions along with magnetic lows possibly representing “Hemi-type” intrusions with a predominantly sedimentary sequence in the Malina Formation;
• A high-resolution low-altitude aeromagnetic survey over the tenement was recently completed, with results expected in the near term. Re-interpretation of the geology and target definition will be conducted to prioritise aircore drilling;
• A detailed ground gravity survey is currently in progress, with 4,800 stations planned, to aid in the definition of structural architecture, and finesse potential granitic “sanukitoid” intrusions and mafic-ultramafic stratigraphy;
• A heritage survey over approximately 70-line km for drill traverses; and
• Planning for a minimum of 30,000 m of regional 640 m to 320 m spaced lines of aircore drilling (Figure 8) to commence by mid-September, testing four shear corridors and numerous sanukitoid targets, as well as antimony-arsenic-gold soil anomalies defined by previous explorers⁶.

To fast-track anomaly definition and rapid, effective follow up to RC targeting, samples from the aircore drilling will be analysed for gold using detectORE^TM proprietary technology already in use on site at the NGP, facilitating more efficient sample selection during grade control drilling. Novo has been a Platinum Sponsor of the detectORE^TM technology since September 2021.

Results referred to in this news release are not necessarily representative of mineralization throughout the Egina district. Refer to the Appendices for a full listing of results.

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Figure 8: Planned air core traverses (red lines), regional shear corridors and previous drilling (black dots) over airborne magnetics.

EAST PILBARA REGION

NGP Near-Mine/District Exploration

Highest priority historical satellite oxide resources in the MCB have now been fully appraised, with only a handful of low tenor prospects delineated. Novo is progressing a step change exploration approach to rapidly provide additional oxide targets for potential future mill feed as part of the NGP.

To that effect, a new strategy for district evaluation at the NGP is underway with additional geophysics and surface geochemistry employed to extend gold mineralization trends and understand structural setting, targeting new mineralization styles and mineralization under cover. A detailed gravity survey is underway and soil sampling has been completed around the Finucane prospect and along the Sayshell trend (Figure 9), with assays pending.

Aircore drilling programs are also being prepared to test new concepts, and new tenure is being covered by reconnaissance mapping and metal detecting (Figure 10), with 177 grams of gold from 53 sites located in August.

Results referred to in this news release, including the 177 grams of gold located via metal detecting, are not necessarily representative of mineralization throughout the NGP.

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Figure 9: Requisite geochemical and geophysical programs planned for the MCB during H2 2022 to support a more holistic approach to targeting new styles of gold mineralisation and mineralisation under cover.

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Figure 10: Specimen gold found on the Sayshell structural trend. This nugget is not necessarily representative of mineralization across the NPG.

MCB Satellite Prospects

RC drill programs continued at NGP in the first half of 2022, with drilling completed at the Genie and the Parnell – Vulture⁷ trend, and a first systematic program at Daisy Central (Figure 11).

Importantly, initial results from Daisy Central are highly encouraging, with several holes intercepting high-grade mineralization on an initial broadly spaced drilling program. Results from Genie extended mineralization further to the west, and additional results at Parnell have delineated a more coherent mineralized trend, with drill follow up remaining to be completed in H2 2022 utilizing a drill rig suited to the topography.

Daisy Central

Daisy Central is a near-mine oxide lode gold prospect located approximately 24 km to the northeast of the Company’s Golden Eagle processing facility (the “Golden Eagle Plant”). The prospectivity of the area is evident from historical workings, anomalous soil samples, and sparse historical drill lines. The prospect is located in between two open pits mined by Millennium Minerals Limited (prior to it being acquired by Novo in 2020⁸) (“Millennium”) along the Middle Creek Fault in a similar structural setting.

Most of the prospect is under thin cover. Mapping by Novo has defined three parallel east-northeast trending steeply dipping mineralized structural corridors. Historical shaft locations and best historical drill results are in areas of structural complexity, increased sericite and carbonate alteration, and quartz veining, providing a number of high-grade near surface targets.

Drilling was completed on a first pass 80 m line spacing, with 20 m spaced holes (Figure 12).

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Figure 11: Location map for NGP showing Novo tenure and priority prospects.

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Figure 12: Map showing significant gram*metre gold results at the Daisy Central Prospect from Novo drilling.

Significant results over 10 gram * metre are outlined below:

• 3 m at 19.58 g/t gold from 25 m in 22DC0007
• 9 m at 5.34 g/t gold from 14 m in 22DC0018
• 4 m at 8.07 g/t gold from 38 m in 22DC0078
• 7 m at 3.44 g/t gold from 17 m in 22DC0079
• 8 m at 2.82 g/t gold from 4 m in 22DC0015
• 6 m at 3.57 g/t gold from 43 m in 22DC0041
• 7 m at 2.46 g/t gold from 31 m in 22DC0040
• 3 m at 4.16 g/t gold from 27 m in 22DC0078
• 5 m at 2.42 g/t gold from 2 m in 22DC0042
• 2 m at 5.45 g/t gold from 33 m in 22DC0024

Refer to the Appendices for a full listing of results.

3D geological modelling of the preliminary mineralized trends has been completed, and Daisy Central is now ready for infill and extensional RC drilling, with relevant approvals in place. Drilling will take place in H1 2023 when additional targets can be determined from the additional geophysical and structural mapping programs currently underway.

Results referred to in this news release are not necessarily representative of mineralization throughout Daisy Central.

Genie

Genie is a near-mine oxide lode gold prospect that forms part of a broader > 1.25 km long previously untested target located (Figure 13) within 3 km of the Company’s Golden Eagle Plant as part of the NGP⁷.

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Figure 13: Map showing significant gram*m gold results at Genie Prospect, with summarised geological mapping.

Mineralization comprises multiple lodes of quartz veined intrusive dolerite dykes, possibly controlled by two east-northeast trending structures. Extensional drilling on the western extent of known mineralization (34 RC holes for 2,769 m) were drilled in H1 2022 and returned results including:

• 5 m at 7.33 g/t gold from 45 m in 22GN0016
• 19 m at 1.31 g/t gold from 13 m in 22GN0023
• 8 m at 2.3 g/t gold from 21 m in 22GN0005
  

Geological 3D modelling is now underway to better determine economic potential and further work includes metallurgical testing to be completed in September 2022.

Results referred to in this news release are not necessarily representative of mineralization throughout Genie. Refer to the Appendices for a full listing of results.

Parnell-Vulture

The Parnell – Vulture Trend is located some 45 km from the Company’s Golden Eagle Plant and is accessible by an established access road and associated infrastructure.

Historical drilling⁹ and previously released results⁷ have intersected a series of vein-hosted targets over a strike length of approximately 2 km. Significant results include:

• 2 m at 44.86 g/t gold from 50 m in 22PS0006
• 11 m at 4.48 g/t gold from 11 m in 22PA0014
• 6 m at 7.45 g/t gold from 48 m in 22PA0027
• 4 m at 8.36 g/t gold from 25 m in 22PA0046
• 2 m at 10.74 g/t gold from 57 m in 22PA0048
• 8 m at 1.9 g/t gold from 66 m in 22PA0042
• 9 m at 1.5 g/t gold from 45 m in 22PA0006
• 2 m at 6.23 g/t gold from 9 m in 22PA0018

Drilling has defined a series of high-grade shoots up to 200 m strike length. The Parnell main target has high grade intercepts over reasonable withs (i.e. 6 m @ 7.45 g/t gold) associated with the hanging wall of a felsic intrusive in a major north dipping fault zone (Figure 14).

Multiple structural targets within the broader Parnell still require drill testing using a track mounted drill rig (Figure 15), including a 2 m at 44.86 g/t gold intercept from 50 m in 22PS0006, which is open along strike to the east and west. Additionally, complex vein sets to the northeast and northwest of the Parnell Main Zone will be drill tested later this year.

Results referred to in this news release are not necessarily representative of mineralization throughout the Parnell-Vulture trend.

Refer to Table 2 and Table 3 in Appendix 2 below for full results of RC drilling from NGP, including Daisy Central, Genie, and the Parnell-Vulture trend.

NGP Brownfields Future Program

Geological models have been generated for the key prospects recently drilled, and detailed target ranking of all existing prospects in the district has been conducted to prioritize ongoing exploration drilling programs with the aim to delineate additional oxide ounces for the Golden Eagle Plant.

The more expansive step-change exploration campaign in the Nullagine district commenced in H1 2022, with programs initially focussed on the eastern extension of the Middle Creek Fault, where soil sampling and the detailed ground gravity survey nears completion. Further programs will focus on the Blue Spec Shear and Sayshell trend (Figure 11).

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Figure 14: Cross section of Parnell main target showing Novo drilling and new results in 22PA0027.

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Figure 15: Map of historical and Novo significant intercepts at Parnell and Vulture prospect to date.

Results of soil sampling and high-resolution gravity data, in conjunction with existing datasets such as high-resolution aerial aeromagnetics and radiometrics, and hyperspectral HyMapper^TM data will be used to identify additional drill targets. This study is expected to not only define new prior undefined targets but extend and upgrade new mineralized structural trends such as the Genie corridor and the Sayshell structural trend. This drilling is expected to take place subsequently to infill and extensional drilling at targets such as Daisy Central.

East Pilbara Regional

Approximately 2,800 sq km of prospective and under explored tenure around Marble Bar (Figure 16) is currently being advanced by reconnaissance and detailed mapping, soil sample grids and geophysical surveys. The larger landholding comprises existing conglomerate gold and orogenic gold targets, although porphyry / VMS-style targets are also recognised at Gully Washer⁷. A new target style now includes a series of sanukitoid-like intrusions along a major structural corridor trending along the NGP and Bamboo / Stratton projects.

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Figure 16: East Pilbara regional tenure and key prospects.

Elsie District

Detailed mapping, rock chip sampling and soil grids have been completed at the Elsie District.

Rock sampling at Little Elsie (Figure 17) focused on historical workings covering approximately 100 m of sheared and chloritized komatiite hosting mineralized quartz veins. The first batch of 80 rock samples included a maximum assay of 94.7 g/t gold, and 19 rock samples returned grades higher than 1 g/t gold. The samples obtained from the 100 m of strike extent averaged 24.5 g/t gold, with further anomalous results extending the trend by 200 metres averaging 1.1 g/t gold. The structural corridor is mapped, and rock sampled further to the north, where structural complexity appears to terminate mineralization. The trend is open to the south for approximately 5 km, which has been covered by a soil sample grid for which assays are pending.

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Figure 17: Map showing geological context and significant rock chip results at the Little Elsie Prospect.

At Elsie, historical drilling has tested short strike extents of a structural trend similar to Little Elsie, over several kilometres. Detailed mapping and rock chip sampling by Novo has focused on two prospect areas to determine controls on mineralization and to optimize drill testing. Assays returned for 57 rock samples have a peak value of 27.4 g/t gold with five samples over 1 g/t gold.

RC drilling will be conducted at both Little Elsie and Elsie to test high-grade shoot style targets within these significant structural mineralized corridors, with extensional mapping and sampling along the structural corridor aimed at providing further drill targets in the near term.

Refer to Table 4 in Appendix 2 below for full results of rock chip samples from Elsie. Results are not necessarily representative of mineralization throughout the district.

Soil sample grids and rock chip sampling have been completed over the Yilgalong, and Golden Granite prospects, with assays pending. These targets are zones of high-density quartz veining at the margins of the Elsie Creek tonalite, with broad spaced historic rock chip sampling over a 4 km by 4 km area by Plenty River Gold Mines NL (“Plenty River”) in 1995 and Mount Stewart Pty Ltd (“Mt Stewart”) in 2018-2019. Sampling yielded peak values of 92 g/t gold and 161 g/t gold with multiple results > 1 g/t gold.

These results are not necessarily representative of mineralization throughout the district. This historical data was disclosed in an annual exploration report (“Report”) filed by Plenty River with the Western Australian Department of Mines, Industry Regulation and Safety (“DMIRS”). The technical information contained herein has been extracted from this Report. Reference should be made to the Report which is available on DMIRS’ website https://geodocs.dmirs.wa.gov.au/Web/documentlist/10/Report_Ref/A114758.

Samples collected by Mt Stewart were reported to DMIRS by Novo following transfer of the underlying tenure and have not yet been released to the public via DMIRS. The 76 rock samples were collected as 3 – 5 kg calico bags from outcropping quartz veins and submitted to MinAnalytical Laboratory Services Pty Ltd and analysed for gold by 25 g aqua regia with ICP-MS finish (AR25/MS). From these samples, 11 rock chip samples were sent Intertek Genalysis Perth Ltd and analysed for gold by 50 g lead collection fire assay with Inductively Coupled Plasma Optical (Atomic) Emission Spectrometry finish (FA50/OE).

Other East Pilbara Districts

The exploration team have commenced reconnaissance programs including mapping and rock chip sampling, soils and stream sediment sampling and detailed mapping of targets at the Bamboo and Stratton districts during Q3 2022. Target styles include orogenic gold, conglomerate gold, and potential “sanukitoid” intrusion. The exploration scope will then shift towards the Marble Bar districts.

Conglomerate targets Skyfall¹⁰ and Golden Eye⁷ are now drill ready for programs in H2 2022.

High grade gold intercepts at the Talga gold project¹¹ have been reviewed and follow-up drilling in H1 2023 will target shoots developed on cross-cutting structures (Figure 18).

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Figure 18: Type section of the high-grade shoots drilled in 2021

Results referred to in this news release are not necessarily representative of mineralization throughout the East Pilbara district.

VICTORIAN PROJECTS

Malmsbury Project (joint venture with GBM)

Novo exercised its option over the Malmsbury Project, located approximately 50 km SSW of the high-grade Fosterville mine in Victoria, Australia to earn a 50% interest, and the right to earn an additional 10% interest by incurring A$5 million in exploration expenditure over a four-year period¹². Management of the Joint Venture will be handed over to Novo from 1 October 2022.

A total of 11 diamond drill holes (Figures 19 and 20) for 3,162 m were completed during Q4 2021 through Q3 2022, with the final hole of the program completed in July 2022. Gold and multi-element assays from 8 of 11 holes have been returned. Significant results from the first three holes sampled (MD13, MD14 & MD16) and partial results from MD17 have been reported previously^13,1.

Significant new results over 5 gram * metres are:

• 7.75 m at 2.8 g/t gold from 87 m in MD15
• 9 m at 1.1 g/t gold from 257 m in MD19
• 0.95 m @ 10.01 g/t gold from 102.65 m in MD17
  

Refer to Table 5 in Appendix 2 below for full results.

Further drilling along the Leven Star Reef continues to deliver robust results. Drill hole MD15 tested a failed historic drill section along the main mineralization trend and returned 7.75 m @ 2.8 g/t gold from 87 m. All drill holes that targeted the Leven Star Reef as part of the current campaign have been highly successful, with MD16 the standout, returning > 220 gram * meters of gold down-hole¹³. Drill hole MD21 is the final drill hole in the current campaign that tests a potential high-grade shoot zone on the Leven Star, with assays pending.

Additional significant results returned from MD17 include a high-grade intersection of 0.95 m @ 10.01 g/t gold from 102.65 m incorporating a 30 mm vuggy quartz vein that may represent extension of the historically mined N-S trending Hanover West Reef. This intersection occurs in the hanging-wall to the gold-mineralized Missing Link Monzogranite interval that was intersected further down-hole and previously reported¹.

Drill holes MD19 and MD20 were collared on farmland on the Drummond Historic Goldfield and were designed to investigate down-dip continuity and tenor of the Queens Birthday and O’Connors Historic reefs, in addition to testing potential parallel reef systems. Both holes successfully intersected the target reefs, with MD19 returning 9 m @ 1.1 g/t gold from 257 m across a wide zone of alteration interpreted to represent the main O’Connors reef. Drill hole MD20, with assays pending, intersected a narrow shear zone with abundant acicular arsenopyrite and pyrite at approximately 402m; and an approximately 8m wide interval of sulphide (asp-py-sb) bearing quartz and chlorite-sericite altered sediments between 421 – 429 m. Either zone potentially representing down-dip continuity of the main high-grade Queens Birthday Reef. Both the O’Connors and Queens Birthday Reefs remain sparsely drilled and remain open at depth.

Step-out hole MD22 successfully intersected a strongly altered, quartz veined and sulphide bearing porphyritic intrusive (Missing Link Monzogranite) between 137.2 – 179.3 m depth and some 80 m north of the previous reported gold-mineralized intrusive in MD17¹. The intrusive remains open and untested at depth and gives further validation for an intrusion hosted and/or intrusion related (“IRG”) system at the Malmsbury Project. Gold and multi-element assays for MD22 are pending.

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Figure 19: Location of drill holes MD13 – MD22 (green traces) from current diamond program on RL006587 with key target gold reefs (red lines) and interpreted geology. Monzogranite is pink stippled polygon. Assays pending for MD21 and MD22. Refer to Appendix 1 for full geology legend.

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Figure 20: Drill holes MD19 and MD20 on the Drummond North goldfield testing the Queens Birthday and O’Connors reef trends.

Geophysical Data Update

A series of high order gravity and magnetic targets (Figure 21) have been generated at the Malmsbury Project following a comprehensive review of existing regional and local geophysical datasets. A key component of the review involved reprocessing historic ground gravity data collected in 2008 across the highly prospective Belltopper Hill Area. High-resolution elevation data (DEM) acquired during a recent LiDAR survey (2020) and utilized during reprocessing has been fundamental in improving the quality of the historic regional and local ground gravity surveys in terms of reducing known legacy issues with terrain effects.

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Figure 21: Developing ground gravity and airborne magnetic geophysical targets at the Malmsbury Project. Additional ground gravity and ground magnetic surveys are planned to refine targets.

Current geophysical interpretation is underpinned by new petrophysical data collected from a range of mineralized and unmineralized type-lithologies sampled from diamond core across the Malmsbury Project area. These new data provide crucial insight into anticipated ranges for physical properties of the local units at Malmsbury and help inform characterisation of the interpreted sub-surface geology and potential “target” zones of mineralization within the project area.

Further characterisation of the developing geophysical targets at the Malmsbury Project will involve an induced polarisation survey that is currently scheduled for Q4 2022 that aims to identify potential “sulphide-rich target,” zones within the granite (IRGS) target corridor, in addition to delineating disseminated sulphide haloes around high-priority gold reef targets. Additional ground magnetics and ground gravity data is planned commensurate with the upcoming IP survey to expand on these datasets and further refine the evolving geophysical targets.

Malmsbury Project Forward Work Program 2022

Future exploration will involve a second phase of drilling at the Malmsbury Project that aims to build on current success and test the remaining and developing high-priority targets not tested in the recently completed campaign. This is currently scheduled for early 2023 pending rig availability.

Geophysics involves a significant upcoming IP survey accompanied by ground gravity and an extensive ground magnetic survey which is currently scheduled for Q4 2022.

Further expansion of systematic soil geochemistry, mapping and rock chip sampling is also scheduled to recommence in Q4 2022.

ANALYTIC METHODOLOGY

West Pilbara rock chip samples were assayed by Intertek in Perth, Western Australia and were crushed and pulverized and assayed for gold by four acid digest and 50 g charge fire assay FA50/OE and for 48 multielement using four acid digest – MS finish (4A/MS). All relevant data was verified by a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) by reviewing analytical procedures undertaken by Intertek Genalysis.

Nunyerry North soil samples were sieved to -80# (250 μm) in the field and assayed by Intertek in Perth, Western Australia for gold and 32 multielements by 25g aqua regia digest - MS finish (lab method AR25/MS) with overlimit gold assay results analysed by 25g charge Fire Assay-OE finish (lab method FA25/OE). Rock chip samples were crushed and pulverized and assayed for gold by four acid digest and 50 g charge fire assay FA50/OE and for 48 multielement using four acid digest – MS finish (4A/MS). QAQC protocols for soil samples included insertion of 2 blanks, 2 standards and 4 field duplicates per 100 soil samples and 3 CRM standards were inserted with the rock chip sample batches. No QAQC issues were detected.

RC drilling at Genie, Parnell-Vulture, and Daisy Central was based on detailed mapping and targeted to be perpendicular to mineralization as much as practical. In some areas, the geology is complex and due to the explorative nature of the work, the true width of mineralization cannot yet be precisely determined.

All RC samples were submitted to Intertek in Perth, Western Australia. A cone splitter was used to split off one metre intervals into 3 – 5 kg calico bags. Samples are then crushed to -2 mm and RSD split into a single 500-gram jar for PhotonAssay. To test for gold variability and potential coarse gold effect, field duplicates and crushed duplicates were analysed. Standards and blanks are inserted in the sample sequence to test for lab performance.

Spot rock chip samples from the Elsie District were submitted to Intertek in Perth, Western Australia. Samples were crushed to -2 mm in full and RSD split into two 500-gram jars for PhotonAssay. The crush duplicates and regular field duplicates test for gold variability and potential coarse gold effect. Samples are further analysed for 48 elements using four acid digest ICP-MS (4A/MS48). Blanks and standards were inserted in the sample sequence to ensure data quality and control.

The pXRF assay technique utilized a Niton XL5 handheld XRF machine. The Niton is calibrated daily, with 3 to 4 QAQC standards (fit for purpose including certified Ni, Cu and Co values) run concurrently, with an additional 2 standards checked per minimum 100 readings and 4 QAQC standard assayed before the machine is shut down. pXRF is utilized as a preliminary exploration technique for base metals. Rock chip samples are point analysed for 90 seconds using 4 machine filters. The pXRF is a spot reading device and has diminished precision due to grainsize effect, especially on rock samples where peak results represent a window of < 10mm field of view.

There were no limitations to the verification process and all relevant data was verified by a qualified person as defined in NI 43-101 by reviewing analytical procedures undertaken by Intertek.

Malmsbury Diamond Core Program

The diamond drill core was sampled by cutting the core in half longitudinally. Samples were cut to geological boundaries or to a preferred length of 1.0 m. The core was halved along the plane of orientation using a diamond saw and the upper half of the core dispatched for analysis and the lower half returned to the core tray in its original orientation. Sampling interval lengths range from 0.3 m up to 1.3 m. Core loss zones greater than or equal to 0.2 m are recorded. Sampling does not cross core loss zones of greater than or equal to 0.3 m. Depending on their relationship to potential mineralization, zones with core loss less than 0.3 m and greater than 0.1 m can terminate a sampling sequence or be included within a sample interval with the percentage of sample recovery recorded. Where core loss cannot be specifically attributed, the percentage of sample recovery is recorded.

All core samples were crushed and pulverised (ALS CRU-21/PUL-23) and sub-sampled for fire assay and multi-element analysis (ALS Au-AA26, ME-MS61).

Drill core duplicates are inserted at a rate of one sample every 25. To produce a duplicate sample, the whole core sample is first cut in half, with half of the core returned to the tray. The other half is then quartered with one quarter used as a primary sample and the other as the duplicate.

Blanks and standards are inserted at a rate of eight samples in 100, with three OREAS CRM standards (OREAS 232, OREAS 239, OREAS 264) and one blank (OREAS C26d) systematically repeated.

No QAQC issues were detected. All relevant data was verified by a qualified person as defined in NI 43-101 by reviewing analytical procedures undertaken by ALS.

QP STATEMENT

Dr. Christopher Doyle (MAIG), Mr. Iain Groves (MAIG), Mr. Alwin Van Roij (MAIG, MAusIMM), and Dr. Quinton Hennigh (P.Geo.) are the qualified persons, as defined under NI 43-101, responsible for, and having reviewed and approved, the technical information contained in this news release, other than information extracted from the Report. Dr. Doyle is Novo’s Exploration Manager – Victoria & Project Generation, Mr. Groves is Novo’s Exploration Manger – West Pilbara, Mr. Van Roij is Novo’s Exploration Manager – East Pilbara, and Dr. Hennigh is Novo’s Non-Executive Co-Chairman and a director.

ABOUT NOVO

Novo explores and develops its prospective land package covering approximately 11,000 square kilometres in the Pilbara region of Western Australia, including the Beatons Creek gold project, along with two joint ventures in the Bendigo region of Victoria, Australia. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its stakeholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.

On Behalf of the Board of Directors,
Novo Resources Corp.
“Michael Spreadborough”
Michael Spreadborough
Executive Co-Chairman and Acting CEO

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, planned exploration activities across the Company’s exploration project in Western Australia and Victoria. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo’s management’s discussion and analysis for the six-month period ended June 30, 2022, which is available under Novo’s profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.

APPENDIX 1:
Malmsbury Geology and Drill Hole Geology Legend
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APPENDIX 2:
Table 1: West Pilbara Project - Surface sampling (rock chip and soils sample) locations and results.

Table 2: NGP - Significant intercepts at Genie, Parnell-Vulture, Daisy Central.

Table 3: NGP - Collar table of all drill holes drilled at Genie, Parnell-Vulture, Daisy Central.