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Exploration Update Focused On Discovery Success In 2023

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Novo Resources Corp. plans an 8,000 m drilling program for H2 2023 across key Pilbara prospects and Belltopper in Victoria. Recent investments and joint ventures highlight the exciting future of Novo's Becher project. Positive intercepts continue to be found at Becher, including high-grade gold assays. Novo is also progressing exploration programs at other prospective areas. The company is on track for an ASX dual listing in Q3 2023, which is expected to provide significant benefits.
Positive
  • Novo plans an 8,000 m drilling program for H2 2023 across key Pilbara prospects and Belltopper in Victoria
  • Recent investments and joint ventures highlight the exciting future of Novo's Becher project
  • Positive intercepts continue to be found at Becher, including high-grade gold assays
  • Novo is on track for an ASX dual listing in Q3 2023, which is expected to provide significant benefits
Negative
  • None.

HIGHLIGHTS

  • 8,000 m of drilling planned for H2 2023 across key Pilbara prospects and Belltopper gold project (“Belltopper”) in Victoria1. Drill programs are expected to support future shareholder value and planned ASX dual listing process, which remains proposed for Q3 2023.
  • Recent A$10 million cornerstone investment and earn-in and joint venture (“Egina JV”)2 with De Grey Mining Limited (ASX:DEG) (“De Grey”) highlights exciting future of Novo’s Becher project. The Egina JV introduces De Grey’s proven exploration success and accelerates exploration at Becher. It also allows Novo to advance other prospective areas within its sizeable exploration portfolio.
  • Novo’s flagship Becher project is located in the northern section of the Egina Gold Camp, 28 km along trend from De Grey’s 11.7 Moz Au (JORC 2012)3 Pilbara Gold Project.
  • Novo completed 2,540 aircore (“AC”) holes for over 61,400 m at Becher to the end of June 2023. Results have delivered promising gold and multi-element assays and defined a large area of gold mineralisation across 5 sq km, with a total of 109 intercepts > 1 g*m Au reported from drilling to date.
  • New results from Becher continue to deliver positive intercepts including (89 holes pending assay results):
    • 3 m @ 2.9 g/t Au from 66 m in F2140
    • 6 m @ 0.45 g/t Au from 30m and 6 m @ 0.51 g/t Au from 60 m in F2137
    • 3 m @ 0.94 g/t Au from 12 m and 12 m @ 0.25 g/t Au from 30 m including 3 m @ 0.36 g/t Au from 36 m in F2253
    • 3 m @ 0.88 g/t Au from 21 m in F2136
    • 6 m @ 0.37 g/t Au from 33 m in F2247
    • 3 m @ 0.64 g/t Au from 12 m in F2299
    • 3 m @ 0.61 g/t Au from 9 m in F2150
  • Nunyerry North, located in the southern section of the Egina Gold Camp, is the next target being progressed as part of Novo’s aggressive Pilbara exploration focus. Novo’s maiden drill program, testing the extensive coherent high-tenor soil anomaly, is planned for H2 20231.
  • Balla Balla, an emerging project in the northern Pilbara, covers an area over 1,200 km sq focussed on the major Sholl Shear structural corridor. Reconnaissance drilling is planned in H2 20231.
  • Novo is developing targets around recently identified gold-anomalous intrusions at Bamboo-Strattons projects in the East Pilbara near Marble Bar where reverse circulation (“RC”) drilling is planned for H2 20231.
  • Priority targets emerging at the Belltopper project in Victoria, following a detailed review and synthesis of recent and historic exploration data. Diamond drilling is scheduled for H2 20231.
  • Novo continues to liaise with Pilbara Traditional Owners across whose land we explore and operate to implement the requirements of the new Western Australian Aboriginal Cultural Heritage Act 2021 (the "Act"), with minimal delays to Tier One activities as defined in the Act (field work such as surveying, mapping, soil and stream sampling and other low impact activities).
  • Strategic review of Nullagine Gold Project to assess value maximising options for shareholders (which may include divestment or joint ventures) ongoing, with appointment of advisor progressing.

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1 All planned exploration programs are subject to exploration results and funding.
2 Refer to the Company’s news releases dated June 21, 2023 and June 28, 2023.
3 De Grey has reported that its Hemi deposit at the Pilbara Gold Project is comprised of Measured Mineral Resources of 4.7 Mt @ 1.7 g/t Au for 265 koz Au, Indicated Mineral Resources of 184.1 Mt @ 1.3 g/t Au for 7,798 koz Au, and Inferred Mineral Resources of 89.2 Mt @ 1.3 g/t Au for 3,684 koz Au, as those categories are defined in the JORC Code (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). Refer to De Grey’s public disclosure record for further details. No assurance can be given that a similar or any mineral resource estimate will be determined at Novo’s Becher Project.

VANCOUVER, British Columbia, July 18, 2023 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on exploration efforts across its prospective project portfolio, with an 8,000 m drilling program planned for H2 2023 across key Pilbara prospects and Belltopper in Victoria1.

Commenting on the H2 2023 drill program, Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said, “The first half of 2023 has been a transformative period for Novo, highlighted by our earn-in and joint venture agreement at our flagship Becher project with leading Western Australian gold developer De Grey, who we also welcomed as our largest shareholder through a cornerstone investment of A$10 million.

“We are set for an exciting and busy second half. Importantly, our highly prospective 10,500 sq km exploration portfolio in the Pilbara and Belltopper in Victoria provides Novo with a strong platform for growth and we have several exploration programs planned to commence across key targets.

“We are also progressing our ASX listing plans and remain on track to hit the boards in Q3 2023. The move to dual list on the ASX is the logical next step in our growth plans, considering local investor appetite for mining and exploration companies with projects located in Australia. We believe the listing would provide significant benefits to Novo including increased liquidity, access to potential new sources of equity and attracting institutional investment and equity research coverage as we seek to deliver on our growth strategy.”

Successful exploration work in the first half of 2023 at the Company’s flagship Becher project led to the completion of an earn-in and joint venture arrangement with De Grey (Egina JV), which includes newly defined targets at Irvine, Heckmair and Whillans.

Pursuant to the agreement, De Grey can spend A$25 million over 4 years to earn a 50% interest in the Egina JV. Becher is located just south of De Grey’s 11.7 Moz (JORC 2012)3 Pilbara Gold Project. In addition to the Egina JV, De Grey separately completed a cornerstone investment of A$10 million in Novo for an approximate 11.6% post-financing undiluted interest and became the Company’s largest single shareholder2.

Novo’s Pilbara exploration focus has moved to the Nunyerry North project, located in the south of the Egina Gold Camp. The Company has finalised drill program design and planning for a maiden drill program, which is set to commence in H2 20231.

In addition to drilling at Nunyerry North, Novo plans to complete reconnaissance drill programs to test structurally controlled and intrusion-hosted gold mineralisation at the Balla Balla Project in the West Pilbara and at Bamboo-Strattons near Marble Bar1.

Priority targets are emerging at Belltopper, located in the Bendigo Tectonic Zone, Victoria, following detailed review and synthesis of recent and historic exploration data. Diamond drilling is scheduled for H2 20231.

Novo Resources Corp.

Figure 1: Novo’s extensive Pilbara tenement holding, showing key targets and joint venture locations.

THE BECHER PROJECT

Major Western Australian gold developer De Grey can spend up to A$25 million on exploration at Becher and adjacent tenements (Figure 2), encompassing approximately 1,000 sq km, pursuant to the Egina JV.

Subject to a minimum commitment of A$7 million within 18 months, De Grey will earn a 50% direct stake in the relevant tenements by spending A$25 million on exploration within four years. Once De Grey spends A$25 million, the 50/50 Egina JV will be established. De Grey will manage all exploration under the earn-in and become the manager of the Egina JV once established.

Becher tenements are positioned adjacent to De Grey’s 11.7 Moz Au (JORC 2012)3 Pilbara Gold Project on which De Grey has reported that it expects to release a Definitive Feasibility Study in Q3 2023. Novo’s exploration program to date at Becher has displayed geological indicators required for potential discovery success.

Novo Resources Corp.

Figure 2: Egina Gold Camp tenure showing the Becher and Nunyerry North Projects and the priority Becher prospects4.

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4 De Grey has reported that, at the Pilbara Gold Project, its (i) Mount Berghaus deposit is comprised of Indicated Mineral Resources of 1 Mt @ 1.7 g/t Au for 53 koz Au and Inferred Mineral Resources of 3.4 Mt @ 1.2 g/t Au for 128 koz Au, (ii) Wingina Well deposit is comprised of Measured Mineral Resources of 3.1 Mt @ 1.7 g/t Au for 173 koz Au, Indicated Mineral Resources of 1 Mt @ 1.4 g/t Au for 43 koz Au, and Inferred MineralResources of 1.4 Mt @ 1.6 g/t Au for 72 koz Au, (iii) Toweranna open pit deposit is comprised of Indicated Mineral Resources of 8.3 Mt @ 1.6 g/t Au for 418 koz Au and Inferred Mineral Resources of 2.5 Mt @ 1.5 g/t Au for 120 koz Au, (iv) Toweranna underground deposit is comprised of Indicated Mineral Resources of 0.1 Mt @ 3.0 g/t Au for 11 koz Au and Inferred Mineral Resources of 0.5 Mt @ 2.9 g/t Au for 49 koz Au, (v) Mallina deposit is comprised of Indicated Mineral Resources of 1.6 Mt @ 1.2 g/t Au for 64 koz Au and Inferred Mineral Resources of 5.1 Mt @ 1.5 g/t Au for 243 koz Au, (vi) Withnell open pit deposit is comprised of Measured Mineral Resources of 1.3 Mt @ 1.5 g/t Au for 62 koz Au, Indicated Mineral Resources of 3 Mt @ 1.8 g/t Au for 178 koz Au, and Inferred Mineral Resources of 0.7 Mt @ 2.0 g/t Au for 43 koz Au, (vii) Withnell underground deposit is comprised of Indicated Mineral Resources of 0.1 Mt @ 4.3 g/t Au for 16 koz Au and Inferred Mineral Resources of 2.4 Mt @ 3.9 g/t Au for 301 koz Au, and (viii) Hemi deposit is comprised of Indicated Mineral Resources of 165.7 Mt @ 1.3 g/t Au for 6,876 koz Au and Inferred Mineral Resources of 70.2 Mt @ 1.2 g/t Au for 2,632 koz Au, as those categories are defined in the JORC Code (as defined in NI 43-101). Refer to De Grey’s public disclosure record for further details. No assurance can be given that a similar or any mineral resource estimate will be determined at Novo’s Becher Project.

Becher Drilling Update

The Becher Project covers an area approximately 20 sq km in the north of the 100% Novo owned E47/3673 exploration tenement. The area is characterised by shallow cover overlying the prospective Mallina Basin.

Novo commenced AC drilling in September 2022 testing a series of interpreted structural corridors and intrusion related targets. In ten months, which included a 3 month break due to the Pilbara cyclone season, the Company completed 2,540 holes for ~61,400 m, with 89 holes pending assay results. The drill program identified 207 intercepts > 0.5 g*m Au, including 109 intercepts > 1 g*m Au, reported from the results received to date, a standout result for reconnaissance AC drilling.

Novo’s 2022 drill program proved to be extremely promising across several fronts:

  • The location and tenor of gold assay results from drill sampling provided confidence in the fertility of the interpreted regional structural corridors.
  • Multi-element analysis of bottom-of-hole AC drill samples revealed intrusion-related “sanukitoid” signatures, which are known hosts to gold mineralisation elsewhere in the district.
  • The distribution of pathfinder elements such as arsenic, antimony and tungsten (amongst others) defined vectors which have helped finesse understanding of the controls on gold mineralisation.
  • The cover is shallow (generally less than 10 m) and is less consequential than expected.

These findings had considerable influence in targeting and prioritising the 2023 drill programs. The significant gold and multielement assay results identified multiple targets including a large, priority area of anomalism across some 5 sq km at Becher across the Heckmair, Irvine and Whillans prospects. Both geological setting and pathfinder multielement assays appear favourable and gold has been identified in varied host rocks, including hornblende-diorite and quartz-diorite intrusions, sedimentary rocks and quartz veins.

Drilling at Becher was completed by Novo in June 2023. New results from this program include (Figure 3):

  • 3 m @ 2.9 g/t Au from 66 m in F2140
  • 6 m @ 0.45 g/t Au from 30 m and 6 m@ 0.51 g/t Au from 60 m in F2137
  • 3 m @ 0.94 g/t Au from 12 m and 12 m @ 0.25 g/t Au from 30 m, including 3 m @ 0.36 g/t Au from 36 m in F2253
  • 3 m @ 0.88 g/t Au from 21 m in F2136
  • 6 m @ 0.37 g/t Au from 33 m in F2247
  • 6 m @ 0.2 g/t Au from 21 m and 3 m @ 0.64 g/t Au from 63 m in F2138
  • 3 m @ 0.64 g/t Au from 12 m in F2299
  • 3 m @ 0.61 g/t Au from 9 m in F2150
  • 6 m @ 0.26 g/t Au from 15 m in F2143

Refer to Table 1 and Table 2 in the Appendix below for a complete list of assay results. True widths from AC drilling cannot be estimated at this time.

Recently returned results confirm gold mineralisation along mineralised structures that trend NE-SW between the Heckmair and Whillans prospects, with several intercepts displaying strong kaolinite-sericite alteration of the basement sedimentary rocks and distinctive dark grey coarsely crystalline quartz veining.

Gold mineralisation has also been confirmed at the intersection of the NE-SW trending northern Irvine Shear and southeast contact of the Heckmair hornblende diorite “sanukitoid” intrusion and surrounding mudstone and sandstone lithologies. This provides further vectoring to a triangle wedge of increased gold anomalism on the margins of these two prospects.

Drilling at Becher was completed by Novo on 29 July 2023. All samples have been dispatched to Perth and are now with Intertek Genalysis for analysis. A total of 29,723 meters in 1,127 holes have been completed in the two and a half month 2023 AC drilling campaign.

Novo Resources Corp.

Figure 3: New significant gold assay results from AC drilling (green callouts) at Becher, showing developing target areas and geological interpretation.

Next Steps

Exploration programs and overall management of the Egina JV area were transitioned across to De Grey on 1 July 2023. An update on the planned exploration program at Becher to be executed by De Grey is expected to be released before the end Q3 2023.

NUNYERRY NORTH DRILL UPDATE (E47/2973 - NOVO 70% / CREASY GROUP 30%)

The Nunyerry North prospect is located within the Egina Gold Camp, approximately 80 km southwest of Becher (Figure 2) and is the next drill target being advanced as part of Novo’s aggressive Pilbara exploration program.

The geology of the Nunyerry North target area includes sheeted quartz vein-related gold mineralization within a sequence of ultramafic komatiites and mafic rocks, juxtaposed by regional shears and offset faults. Exploration programs completed to date include 40 x 20 m spaced -80 mesh grid soil sampling, rock chip sampling and detailed mapping.

The high-order gold soil anomaly at Nunyerry North extends over 1.4 km strike with a central coherent >100 ppb Au anomaly extending over 640 m strike, with a second 1.3 km long soil anomaly at > 30 ppb gold defined south of the main target. Twenty soil samples returned > 1 g/t Au including 2.3 g/t Au and 2.13 g/t Au5. Rock chip sampling by Novo has yielded peak values of 30.3 g/t Au, 21.1 g/t Au and 19 g/t Au in 20215.

Nunyerry North was identified by the Creasy Group in 2016 with fine gold panned in several streams. In 2017, the area was covered with 160 x 80 m spaced soil sampling defining a >300 ppb Au anomaly over 320 m over the main target5.

Novo Resources Corp.

Figure 4: Specimen gold from the main soil anomaly at the Nunyerry North prospect.

Heritage clearances have recently been completed for Nunyerry North, allowing final drill program design and planning for Novo’s maiden drill program, which is set to commence in H2 2023.

Novo Resources Corp.

Figure 5: Nunyerry North soil anomaly and geological structure, over aerial photography with peak rock chip results

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5 Refer to the Company’s news release dated February 17, 2022.

BALLA BALLA PROJECT (NOVO 100%)

Balla Balla is an emerging exploration target area covering an area over 1,200 sq km located in the northwestern Pilbara. The interpreted gold targets lie along potentially fertile structural corridors under cover, centered on the Sholl Shear corridor and associated structures. Though very little systematic prior exploration for gold has been completed, several small gold historic workings are present. The project area is prospective for intrusion-related gold mineralisation in addition to structurally hosted gold. Interpretation and targeting reviews are underway utilising high-resolution geophysical and satellite data sets and applying learnings from Becher, with several priority target areas defined including Walter Well, Jam Well and Ramquarry.

Planning for heritage surveys and reconnaissance AC drilling under cover, testing current structural and intrusion-related targets, is ongoing. Several pegged exploration licenses within the Balla Balla Project are in the final stages of the approval process and are expected to be granted in H2 2023.

Extensive historical data amalgamation and evaluation continues and will be followed by early groundwork focusing on first pass regional exploration around the existing Destivelle prospect and the newly defined Johnson Well East, Christmas Well and Woolshed Well prospects (Figure 6).

Novo Resources Corp.

Figure 6: Location and tenure of the Balla Balla Project, with preliminary structural interpretation and newly defined prospects. Location of the Egina JV tenure with De Grey in light green.

SOUTH PILBARA PROJECT

Initial reconnaissance mapping and surface sampling programs at the Rocklea Dome and Wyloo Dome Projects in the southern Pilbara continued during 2022/2023. Numerous stream sediment gold and multielement anomalies require follow-up work.

Follow-up exploration on a broad gold-antimony stream sediment anomaly defined in 2021 in the south-eastern part of the Wyloo tenement has identified a zone of quartz sulphide veining rich in base metals and highly anomalous silver. A sulphide-rich ENE trending quartz vein, outcropping over 150m strike and in a zone up to 5 m thick trends under cover in both directions. Strong kaolinite sericite alteration occurs proximal to the vein (10 m). Samples reported peak results of up to 0.52 g/t Au, 387 g/t Ag, 5% Pb, 1.6% Zn and 2.4% Cu (Table 3). Follow-up mapping and rock chip sampling will be conducted.

Novo Resources Corp.
 Novo Resources Corp.

Figure 7: R06922 (left) intensely altered vein selvedge with assay results to 0.142 g/t Au, 387 g/t Ag, 0.39% Cu, 1.6 % Zn and 1.2% Pb and R06923 assaying 0.19 g/t Au, 361 g/t Ag and 0.58% Pb.

First pass RC drilling at the Bellary Dome Project (“Bellary”), South Pilbara was recently completed, testing three distinct targets at Catia, Catia East and Edney’s Find. Sporadic intervals of gold mineralisation were defined at Catia, with a peak interval of 2 m @ 2.72 g/t Au from 8 m. Six holes for 312 m were drilled at the Edney’s Find Conglomerate where peak gold values from trench rock chip samples in 2020 returned 36.4 ppm Au and numerous nuggets were located at surface. Drilling intersected channelised ‘buckshot’ (pyritic) conglomerate on a major unconformity with a peak result of 1 m @ 2.3 g/t Au. The Edney’s Find target is open to the W and SW. The project is under review, with no further drilling planned at this time6.

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6 Refer to the Company’s news release dated June 12, 2023.

EAST PILBARA – BAMBOO-STRATTONS INTRUSION RELATED GOLD

The Bamboo and Stratton Projects are located approximately 60 km east of Marble Bar in the East Pilbara district of Western Australia. Regional reconnaissance exploration programs have been completed in 2022/2023 and identified a potentially new and unusual style of intrusion-related gold mineralisation.

A series of 1.73 Ga Bridget Suite intrusive rocks are recognised along a > 150 km north-northwest trend within these combined projects, with several intrusions observed to outcrop or subcrop on Novo tenure (Figure 8). Whole rock geochemical analysis conducted by Novo indicates prospectivity for intrusion related gold mineralisation.

The Bridget Suite intrusions range in composition from hornblende monzogranite to quartz monzonite and associated hornblende porphyry dykes and as such, they postdate the mineralisation events responsible for gold deposits in the Mosquito Creek and Mallina Basins.

Novo sampling has returned anomalous gold results in soil sampling, in proximity to one or more of these intrusions that have intruded the otherwise unmineralized upper Fortescue sequences, suggesting surface mineralisation is related to their emplacement.

Novo Resources Corp.

Figure 8 Tenements of the Bamboo-Strattons Project area, East Pilbara, showing interpreted Bridget Suite intrusions.

Additional sampling and mapping programs are currently underway and is expected to culminate in a RC drilling program targeting the most prospective areas.

QUARTZ HILL JV (Lithium) UPDATE

Liatam Mining Pty Ltd ("Liatam") has the right to earn an 80% interest in battery mineral rights in the Quartz Hill project by December 20247.

Liatam is the Australian-based manager of the Bald Hill lithium and tantalum mine in Western Australia and Novo’s battery minerals joint venture partner at the Quartz Hill Project in the Mosquito Creek Basin, Western Australia. Liatam also made a strategic investment of C$5 million in Novo.

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7 Refer to the Company’s news release dated December 15, 2022.

Novo Resources Corp.

Figure 9: Location of the Quartz Hill JV at Nullagine, Western Australia

In February of 2023, Liatam announced their exploration plan for 20238 and have since completed orientation soil sampling surveys and regional sampling of the Quartz Hill pegmatite fields. A series of field-based mapping evaluations have been conducted to assess the effectiveness of, and gather learnings from, previous explorers mapping, mineral identification, and rock chip sampling programs. Detailed geological mapping and rock chip sampling is scheduled to continue concurrent with soil sampling to map pegmatite outcrop distribution, geometry, mineralogy, and zonation patterns.

Liatam advises that its exploration plan is on track to meet the A$1.5 million earn-in requirement, with possible drill testing following heritage and environmental approvals.

BELLTOPPER PROJECT – VICTORIA (NOVO 100%)

A focused approach at synthesizing multi-disciplinary exploration data at the Belltopper Gold Project, Victoria (Figure 10) has highlighted several high-priority target areas. Drilling, mapping and surface sampling, ground and airborne geophysics (IP, magnetics and gravity), structural framework, geochemical studies, and extensive historic mining data capture are now incorporated into the evolving 3D prospectivity model at Belltopper which provides a solid framework for effective drill targeting.

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8 Refer to the Company’s news release dated February 23, 2023.

Figure 10 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/781b0e13-3a7c-466f-a0c4-d3c6ae16dae7

Figure 10: The Belltopper Gold Project, Bendigo Tectonic Zone, Victoria.

Priority one targets at Belltopper typically comprise one or multiple fault-controlled epizonal high-grade Au and/or Au + Sb reefs accompanied by intense and widespread sericite-silica-clay alteration, commonly within zones of high structural complexity. Multi-element geochemistry around several target reefs show elevated As–Bi–W (–Sn–Te); and coupled with occurrence of a gold-bearing late Devonian felsic intrusion, are likely indicative of input from Intrusion Related Gold (IRG) mineralisation, further demonstrating the varied nature of potential mineralization-styles evident at Belltopper that also includes: shear/fault related (e.g. Stawell, Costerfield); anticline related (e.g. Fosterville); and potentially intrusion hosted styles (e.g. Woods Point, Walhalla).

Figure 11 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09d9ad33-2a86-4edc-a43d-fad818be6623

Figure 11: Soil geochemistry across the high priority NW corner of the Belltopper Project area. Left image shows Au-in-Soil (ppb); whilst right image shows As-in-Soil (ppm). Red lines are significant gold-reefs on the project. Mustard polygon in south of images represents basalt volcanic cover. Significant anticlinal corridors depicted. A strong correlation between Au and As is evident within the data and highlight zones of intense alteration.

To date, Novo has identified several exciting, high-priority new and existing targets that warrant additional or new drilling, including targets from the successful 2021 - 2022 diamond campaign that tested the Missing Link Granite (e.g. MD17 returning 79.9 m @ 0.26 g/t Au from 197 m); the Leven Star Reef (e.g. MD16 returning 14 m @ 6.1 g/t Au from 120 m, and 10 m @ 4.9 g/t Au from 173 m); the Queens Birthday Reef (MD20 returning 3.1 m at 9.27 g/t Au from 400.9 m) and the O’Connors Reef (MD19 returning 9 m at 1.1 g/t Au from 257 m)9.

All targets at Belltopper are currently in the process of being ranked and prioritised against criteria that include, but are not limited to, structural complexity (e.g. anticlines, reef intersections), alteration intensity, ME pathfinder zones, geophysical features (e.g. chargeability-resistivity anomalies, gravity gradients, magnetic anomalies), demonstrated high-grade gold (e.g. known reefs; shoot zones; historic production zones), and evidence for multiple styles that may indicate overprinting mineralization events.

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9 Refer to the Company’s news releases dated May 10, 2022, June 21, 2022, September 6, 2022, and November 18, 2022.

Diamond drilling at Belltopper is scheduled for H2 2023 and will focus on the top ranked targets delivered from current targeting efforts and any statutory drilling on the highly prospective Leven Star Reef.

HERITAGE UPDATE

The Act, which came into effect on 1 July 2023, is designed to achieve equity in the relationship between Aboriginal people, industry, and government. The Western Australian exploration and mining industry has commenced implementation of the requirements of the Act. Novo has long-standing good relations with the Traditional Owners across whose land it explores and operates and to date Novo has experienced minimum delays with the progression of its exploration activities. At present, the majority of Novo’s work is related to Tier 1 activities as defined in the Act10, including low impact activities involving field work such as surveying, mapping, soil and stream sampling. At Nunyerry North, where drilling activities are planned, all heritage surveys and approvals have been granted with the next step being to establish access for drilling equipment. Novo will continue to engage with Traditional Owners with regards to its activities in a manner that respects all aspects cultural heritage.

ASX DUAL LISTING

Novo has commenced a process to seek a dual listing on the Australian Securities Exchange (“ASX”) through an initial public offering (the “IPO”), with further updates to follow. Argonaut has been appointed lead manager to the IPO11.

A listing on the ASX would complement Novo’s current TSX and OTCQX listings and is considered a logical next step given the location of Novo’s assets.

NULLAGINE GOLD PROJECT STRATEGIC REVIEW

The Nullagine Gold Project (“NGP”) consists of the Mosquito Creek Basin (“MCB”), the Beatons Creek Project and the Golden Eagle Processing Facility. The NGP remains in care and maintenance following suspension of operations in September 2022.

Novo has now commenced a strategic review of the Nullagine Gold Project to assess value maximising options for shareholders which may include divestment or joint ventures. Appointment of an advisor is being progressed.

ANALYTICAL METHODOLOGY

Becher AC Drilling

AC drilling is utilised as a first pass technique testing for gold mineralisation and anomalous pathfinder geochemistry in basement rocks under cover. The drilling methodology is rapid and low cost, with a low impact footprint, enabling large systematic programs to be completed in a cost effective and timely manner.

One metre AC drill samples are collected from the drill rig through a cyclone and placed on the ground in piles for geological quantitative and qualitative logging. These piles are then speared as three-meter composites into a 500-gram ChrysosTM PhotonAssay jar. Some of the end of hole intervals are shorter than three meters depending on final hole depths. Jars are dispatched weekly to Intertek Genalysis (“Intertek”) in Perth, Western Australia and analysed for gold using ChrysosTM PhotonAssay (PHXR/AU01).

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10 Refer to the Activity Tiers and Table publication prepared in accordance with the Act by the Government of Western Australia.
11 Refer to the Company’s news release dated June 21, 2023.

QAQC procedures for the program include insertion of a certified blank approximately every 25 samples (4 per hundred), a ChrysosTM PhotonAssay certified standard approximately every 50 samples (2 per 100) and duplicate sampling (split of 3 m composite) at the rate of 4 per hundred. In addition, Intertek inserts ChrysosTM PhotonAssay certified standards at the rate of 2 per hundred.

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.

Wyloo Rock Chip Sampling

Rock chip samples were crushed and pulverized, then assayed for Au by four acid digest and 50 g charge fire assay FA50/OE and for 48 multielement using four acid digest – MS finish (4A/MS). Two (2) CRM standards were submitted with the batch.

QP STATEMENT

Mrs. Karen (Kas) De Luca (MAIG), is the qualified person, as defined under NI 43-101, responsible for, and having reviewed and approved the technical information contained in this news release other than information concerning De Grey’s Pilbara Gold Project. Mrs De Luca is Novo’s General Manger Exploration.

ABOUT NOVO

Novo explores and develops its prospective land package covering approximately 10,500 square kilometres in the Pilbara region of Western Australia, along with the 22 square kilometre Belltopper Project in the Bendigo Tectonic Zone 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 Michael Spreadborough at +61-419-329-687 or mike.spreadborough@novoresources.com, or Leo Karabelas at +1-416-543-3120 or 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, drilling plans for H2 2023 across key Pilbara prospects which are expected to support future shareholder value and the planned ASX dual listing process, that Nunyerry North is the next target being progressed as part of Novo’s aggressive Pilbara exploration focus and that a maiden RC drill program at Nunyerry North, testing the extensive coherent high-tenor soil anomaly, is planned for H2 2023, that drilling is planned in H2 2023 at Balla Balla, Bamboo-Strattons, and Belltopper, that Novo’s exploration program to date at Becher has displayed geological indicators required for potential discovery success, that the strategic review of the Nullagine Gold Project to assess value maximising options for shareholders (which may include divestment or joint ventures) ongoing, with appointment of advisor progressing, that Novo’s highly prospective 10,500 sq km exploration portfolio in the Pilbara and Belltopper Project in Victoria provides Novo with a strong platform for growth and we have several exploration programs planned to commence across key targets, that Novo remains on track to list on ASX in Q3 2023, that the ASX dual listing provides a natural fit for Novo to list and grow due to historical investor appetite for mining and exploration companies with projects located in Australia, that Novo believes the listing would provide significant benefits including increased liquidity, access to potential new sources of equity and attracting institutional investment and equity research coverage as we seek to deliver on our growth strategy, that an update on the planned exploration program at Becher to be executed by De Grey is expected to be released before the end Q3 2023, that several pegged exploration licenses within the Balla Balla Project are in the final stages of the approval process and are expected to reach grant in H2 2023, that the Bellary Dome project is under review, with no further drilling planned at this time, and that Novo will continue to engage with Traditional Owners with regards to its activities in a manner that respects all aspects cultural heritage. 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 annual information form for the year ended December 31, 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

Table 1 Becher Project - Aircore drill hole locations in MGA_94 zone 50

SITE_IDCOORDSYSEASTINGNORTHINGRLAZIMUTHDIPTYPEDEPTHLEASE
F2060MGA94_50622225768492559.00327.000-60.000AC67E47/3673
F2061MGA94_50622240768490059.56327.000-60.000AC73E47/3673
F2062MGA94_50622405768523858.34327.000-60.000AC55E47/3673
F2063MGA94_50622420768522058.39327.000-60.000AC49E47/3673
F2064MGA94_50622434768519758.53327.000-60.000AC49E47/3673
F2065MGA94_50622445768517658.48327.000-60.000AC49E47/3673
F2066MGA94_50622458768515558.38327.000-60.000AC49E47/3673
F2067MGA94_50622471768513458.49327.000-60.000AC36E47/3673
F2068MGA94_50622485768511258.62327.000-60.000AC49E47/3673
F2069MGA94_50622499768509358.64327.000-60.000AC49E47/3673
F2070MGA94_50622513768507158.83327.000-60.000AC49E47/3673
F2071MGA94_50622527768505058.87327.000-60.000AC49E47/3673
F2072MGA94_50622541768502958.73327.000-60.000AC55E47/3673
F2073MGA94_50622553768500958.75327.000-60.000AC61E47/3673
F2074MGA94_50622325768536658.83147.000-60.000AC25E47/3673
F2075MGA94_50622312768538658.93147.000-60.000AC43E47/3673
F2076MGA94_50622298768540859.79147.000-60.000AC25E47/3673
F2077MGA94_50622285768542860.39147.000-60.000AC31E47/3673
F2078MGA94_50622271768544859.91147.000-60.000AC25E47/3673
F2079MGA94_50622258768547259.50147.000-60.000AC31E47/3673
F2080MGA94_50622243768549258.39147.000-60.000AC43E47/3673
F2081MGA94_50622233768551058.18147.000-60.000AC25E47/3673
F2082MGA94_50622218768553258.41147.000-60.000AC31E47/3673
F2083MGA94_50622202768555358.17147.000-60.000AC25E47/3673
F2084MGA94_50622188768557458.52147.000-60.000AC25E47/3673
F2085MGA94_50622175768559558.78147.000-60.000AC25E47/3673
F2086MGA94_50622162768561558.70147.000-60.000AC25E47/3673
F2087MGA94_50622148768563658.99147.000-60.000AC25E47/3673
F2088MGA94_50622135768565759.08147.000-60.000AC31E47/3673
F2089MGA94_50622120768567959.33147.000-60.000AC25E47/3673
F2090MGA94_50622106768570059.54147.000-60.000AC25E47/3673
F2091MGA94_50622093768572159.00147.000-60.000AC24E47/3673
F2092MGA94_50622080768574159.10147.000-60.000AC24E47/3673
F2093MGA94_50622065768576359.66147.000-60.000AC30E47/3673
F2094MGA94_50624082768502159.77147.000-60.000AC13E47/3673
F2095MGA94_50624067768504259.75147.000-60.000AC16E47/3673
F2096MGA94_50624054768506259.75147.000-60.000AC21E47/3673
F2097MGA94_50624040768508359.81147.000-60.000AC24E47/3673
F2098MGA94_50624026768510559.96147.000-60.000AC8E47/3673
F2099MGA94_50624013768512560.14147.000-60.000AC10E47/3673
F2100MGA94_50624001768514460.24147.000-60.000AC36E47/3673
F2101MGA94_50623985768516760.55147.000-60.000AC30E47/3673
F2102MGA94_50623974768518559.86147.000-60.000AC24E47/3673
F2103MGA94_50623959768520859.53147.000-60.000AC19E47/3673
F2104MGA94_50623945768523059.52147.000-60.000AC19E47/3673
F2105MGA94_50623931768525160.06147.000-60.000AC25E47/3673
F2106MGA94_50623917768527260.01147.000-60.000AC25E47/3673
F2107MGA94_50623903768529259.53147.000-60.000AC25E47/3673
F2108MGA94_50623889768531559.51147.000-60.000AC19E47/3673
F2109MGA94_50623876768533459.56147.000-60.000AC31E47/3673
F2110MGA94_50623862768535559.80147.000-60.000AC31E47/3673
F2111MGA94_50623849768537560.05147.000-60.000AC25E47/3673
F2112MGA94_50623835768539659.46147.000-60.000AC25E47/3673
F2113MGA94_50623821768541859.48147.000-60.000AC19E47/3673
F2114MGA94_50623808768543859.23147.000-60.000AC19E47/3673
F2115MGA94_50623794768545959.09147.000-60.000AC25E47/3673
F2116MGA94_50623779768548159.02147.000-60.000AC19E47/3673
F2117MGA94_50623767768550259.02147.000-60.000AC19E47/3673
F2118MGA94_50623756768552659.14147.000-60.000AC19E47/3673
F2119MGA94_50623739768554359.04147.000-60.000AC25E47/3673
F2120MGA94_50623726768556459.58147.000-60.000AC19E47/3673
F2121MGA94_50623712768558559.46147.000-60.000AC25E47/3673
F2122MGA94_50623698768560659.51147.000-60.000AC25E47/3673
F2123MGA94_50623684768562859.52147.000-60.000AC25E47/3673
F2124MGA94_50623671768564759.30147.000-60.000AC24E47/3673
F2125MGA94_50623657768566959.88147.000-60.000AC25E47/3673
F2126MGA94_50623643768569058.92147.000-60.000AC30E47/3673
F2127MGA94_50623629768571559.07147.000-60.000AC48E47/3673
F2128MGA94_50623615768573259.17147.000-60.000AC42E47/3673
F2129MGA94_50625214768621259.87147.000-60.000AC37E47/3673
F2130MGA94_50625200768623359.82147.000-60.000AC24E47/3673
F2131MGA94_50625187768625459.94147.000-60.000AC24E47/3673
F2132MGA94_50625173768627559.97147.000-60.000AC30E47/3673
F2133MGA94_50625160768629659.98147.000-60.000AC32E47/3673
F2134MGA94_50625146768631760.13147.000-60.000AC48E47/3673
F2135MGA94_50625131768633860.20147.000-60.000AC60E47/3673
F2136MGA94_50620186768424958.82147.000-60.000AC73E47/3673
F2137MGA94_50620176768426758.72147.000-60.000AC70E47/3673
F2138MGA94_50620148768430858.51147.000-60.000AC100E47/3673
F2139MGA94_50620412768478459.24147.000-60.000AC73E47/3673
F2140MGA94_50620398768480459.25147.000-60.000AC100E47/3673
F2141MGA94_50621040768619757.28180.000-60.000AC50E47/3673
F2142MGA94_50621039768622057.40180.000-60.000AC70E47/3673
F2143MGA94_50621039768624457.49180.000-60.000AC70E47/3673
F2144MGA94_50621040768627157.01180.000-60.000AC70E47/3673
F2145MGA94_50620722768598759.20180.000-60.000AC30E47/3673
F2146MGA94_50620723768601059.47180.000-60.000AC19E47/3673
F2147MGA94_50620722768603458.96180.000-60.000AC18E47/3673
F2148MGA94_50620723768606058.21180.000-60.000AC18E47/3673
F2149MGA94_50620723768608657.99180.000-60.000AC10E47/3673
F2150MGA94_50620723768611057.71180.000-60.000AC12E47/3673
F2151MGA94_50620723768613557.49180.000-60.000AC12E47/3673
F2152MGA94_50620723768616057.25180.000-60.000AC12E47/3673
F2153MGA94_50620723768618456.90180.000-60.000AC9E47/3673
F2154MGA94_50620723768620957.07180.000-60.000AC10E47/3673
F2155MGA94_50620723768623457.14180.000-60.000AC13E47/3673
F2156MGA94_50620723768626157.67180.000-60.000AC23E47/3673
F2157MGA94_50620723768628657.76180.000-60.000AC25E47/3673
F2158MGA94_50620723768631057.54180.000-60.000AC18E47/3673
F2159MGA94_50620723768633557.09180.000-60.000AC15E47/3673
F2160MGA94_50620723768636056.62180.000-60.000AC13E47/3673
F2161MGA94_50620723768638656.60180.000-60.000AC16E47/3673
F2162MGA94_50620723768641056.24180.000-60.000AC18E47/3673
F2163MGA94_50620723768643556.16180.000-60.000AC13E47/3673
F2164MGA94_50620723768646055.96180.000-60.000AC21E47/3673
F2165MGA94_50620723768648556.06180.000-60.000AC30E47/3673
F2166MGA94_50620723768651056.16180.000-60.000AC24E47/3673
F2167MGA94_50620082768633758.47180.000-60.000AC19E47/3673
F2168MGA94_50620083768636058.46180.000-60.000AC24E47/3673
F2169MGA94_50620082768638658.36180.000-60.000AC24E47/3673
F2170MGA94_50620083768641058.10180.000-60.000AC24E47/3673
F2171MGA94_50620083768643657.92180.000-60.000AC19E47/3673
F2172MGA94_50620082768646257.65180.000-60.000AC25E47/3673
F2173MGA94_50620083768648557.60180.000-60.000AC19E47/3673
F2174MGA94_50620083768651157.51180.000-60.000AC25E47/3673
F2175MGA94_50620083768653657.13180.000-60.000AC19E47/3673
F2176MGA94_50620083768656157.02180.000-60.000AC19E47/3673
F2177MGA94_50621362768573561.90180.000-60.000AC19E47/3673
F2178MGA94_50621362768576061.39180.000-60.000AC19E47/3673
F2179MGA94_50621362768578560.62180.000-60.000AC25E47/3673
F2180MGA94_50621362768581060.18180.000-60.000AC24E47/3673
F2181MGA94_50621362768583659.77180.000-60.000AC24E47/3673
F2182MGA94_50621362768586059.33180.000-60.000AC36E47/3673
F2183MGA94_50621362768588559.74180.000-60.000AC19E47/3673
F2184MGA94_50621362768591160.28180.000-60.000AC19E47/3673
F2185MGA94_50621362768593559.25180.000-60.000AC13E47/3673
F2186MGA94_50621362768596058.21180.000-60.000AC13E47/3673
F2187MGA94_50621362768598557.40180.000-60.000AC13E47/3673
F2188MGA94_50621363768601057.13180.000-60.000AC10E47/3673
F2189MGA94_50621365768603757.10180.000-60.000AC10E47/3673
F2190MGA94_50621363768606057.01180.000-60.000AC13E47/3673
F2191MGA94_50621362768608557.00180.000-60.000AC13E47/3673
F2192MGA94_50621362768611056.95180.000-60.000AC13E47/3673
F2193MGA94_50621361768613557.10180.000-60.000AC22E47/3673
F2194MGA94_50621362768616257.09180.000-60.000AC28E47/3673
F2195MGA94_50621362768618557.04180.000-60.000AC19E47/3673
F2196MGA94_50621362768621057.71180.000-60.000AC25E47/3673
F2197MGA94_50621362768623557.36180.000-60.000AC24E47/3673
F2198MGA94_50621362768626057.68180.000-60.000AC26E47/3673
F2199MGA94_50621362768628558.42180.000-60.000AC24E47/3673
F2200MGA94_50621363768630958.50180.000-60.000AC24E47/3673
F2201MGA94_50621364768633557.37180.000-60.000AC19E47/3673
F2202MGA94_50621363768636057.12180.000-60.000AC24E47/3673
F2203MGA94_50621362768638656.93180.000-60.000AC24E47/3673
F2204MGA94_50621363768641156.90180.000-60.000AC25E47/3673
F2205MGA94_50621365768643557.02180.000-60.000AC25E47/3673
F2206MGA94_50621363768646057.48180.000-60.000AC30E47/3673
F2207MGA94_50621364768648457.87180.000-60.000AC24E47/3673
F2208MGA94_50621364768651057.84180.000-60.000AC25E47/3673
F2209MGA94_50621364768653857.16180.000-60.000AC25E47/3673
F2210MGA94_50621363768656056.95180.000-60.000AC25E47/3673
F2211MGA94_50621363768658456.75180.000-60.000AC24E47/3673
F2212MGA94_50618483768605955.59180.000-60.000AC24E47/3673
F2213MGA94_50618482768608455.67180.000-60.000AC24E47/3673
F2214MGA94_50618482768611055.55180.000-60.000AC30E47/3673
F2215MGA94_50618485768613355.48180.000-60.000AC36E47/3673
F2216MGA94_50618483768616055.55180.000-60.000AC30E47/3673
F2217MGA94_50618483768618555.50180.000-60.000AC27E47/3673
F2218MGA94_50618485768621055.62180.000-60.000AC54E47/3673
F2219MGA94_50618483768623455.48180.000-60.000AC30E47/3673
F2220MGA94_50618483768625955.43180.000-60.000AC24E47/3673
F2221MGA94_50618486768628555.46180.000-60.000AC24E47/3673
F2222MGA94_50618483768630955.39180.000-60.000AC24E47/3673
F2223MGA94_50618483768633555.44180.000-60.000AC25E47/3673
F2224MGA94_50618483768635955.47180.000-60.000AC43E47/3673
F2225MGA94_50618482768638455.48180.000-60.000AC25E47/3673
F2226MGA94_50618482768641055.84180.000-60.000AC25E47/3673
F2227MGA94_50618483768643555.70180.000-60.000AC24E47/3673
F2228MGA94_50618483768646055.63180.000-60.000AC24E47/3673
F2229MGA94_50618483768648555.24180.000-60.000AC24E47/3673
F2230MGA94_50618485768651255.19180.000-60.000AC30E47/3673
F2231MGA94_50618483768653555.19180.000-60.000AC24E47/3673
F2232MGA94_50618802768533456.54180.000-60.000AC24E47/3673
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F2235MGA94_50618802768541056.55180.000-60.000AC24E47/3673
F2236MGA94_50618802768543956.48180.000-60.000AC24E47/3673
F2237MGA94_50618803768545856.47180.000-60.000AC24E47/3673
F2238MGA94_50618806768548556.58180.000-60.000AC24E47/3673
F2239MGA94_50618804768550956.60180.000-60.000AC24E47/3673
F2240MGA94_50618802768553456.50180.000-60.000AC24E47/3673
F2241MGA94_50618806768555956.65180.000-60.000AC30E47/3673
F2242MGA94_50618802768558557.11180.000-60.000AC24E47/3673
F2243MGA94_50618802768561056.92180.000-60.000AC31E47/3673
F2244MGA94_50618802768563556.97180.000-60.000AC24E47/3673
F2245MGA94_50618802768566056.76180.000-60.000AC31E47/3673
F2246MGA94_50618802768568556.68180.000-60.000AC24E47/3673
F2247MGA94_50618802768571056.70180.000-60.000AC45E47/3673
F2248MGA94_50618802768573456.62180.000-60.000AC24E47/3673
F2249MGA94_50618802768576056.61180.000-60.000AC24E47/3673
F2250MGA94_50618802768578556.62180.000-60.000AC24E47/3673
F2251MGA94_50618802768580956.60180.000-60.000AC24E47/3673
F2252MGA94_50618802768583656.55180.000-60.000AC30E47/3673
F2253MGA94_50618802768586056.65180.000-60.000AC43E47/3673
F2254MGA94_50618802768588456.46180.000-60.000AC24E47/3673
F2255MGA94_50618802768591056.38180.000-60.000AC24E47/3673
F2256MGA94_50618803768593556.32180.000-60.000AC30E47/3673
F2257MGA94_50618803768595956.36180.000-60.000AC24E47/3673
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F2259MGA94_50618802768600956.25180.000-60.000AC24E47/3673
F2260MGA94_50618802768603656.40180.000-60.000AC25E47/3673
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F2264MGA94_50619123768571057.34180.000-60.000AC25E47/3673
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F2277MGA94_50619121768603557.19180.000-60.000AC25E47/3673
F2278MGA94_50619124768606257.21180.000-60.000AC25E47/3673
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F2284MGA94_50619122768621156.86180.000-60.000AC25E47/3673
F2285MGA94_50619123768623656.56180.000-60.000AC25E47/3673
F2286MGA94_50619122768626056.44180.000-60.000AC25E47/3673
F2287MGA94_50619123768628556.49180.000-60.000AC31E47/3673
F2288MGA94_50619126768631156.26180.000-60.000AC37E47/3673
F2289MGA94_50619123768633656.12180.000-60.000AC25E47/3673
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F2291MGA94_50619123768638556.09180.000-60.000AC25E47/3673
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F2328MGA94_50621983768588757.86147.000-60.000AC13E47/3673
F2329MGA94_50621969768590957.66147.000-60.000AC13E47/3673
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F2352MGA94_50622819768344663.30147.000-60.000AC25E47/3673
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F2355MGA94_50622777768350863.66147.000-60.000AC25E47/3673
F2356MGA94_50622763768353063.79147.000-60.000AC25E47/3673
F2357MGA94_50622750768355063.88147.000-60.000AC19E47/3673
F2358MGA94_50622737768357164.92147.000-60.000AC13E47/3673
F2359MGA94_50622723768359266.35147.000-60.000AC19E47/3673
F2360MGA94_50622710768361265.98147.000-60.000AC31E47/3673
F2361MGA94_50622700768362966.03147.000-60.000AC19E47/3673
F2362MGA94_50622681768365666.09147.000-60.000AC19E47/3673
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F2365MGA94_50622639768371863.26147.000-60.000AC25E47/3673
F2366MGA94_50622625768374062.69147.000-60.000AC25E47/3673
F2367MGA94_50622613768375961.79147.000-60.000AC25E47/3673
F2368MGA94_50622599768378161.44147.000-60.000AC19E47/3673
F2369MGA94_50622585768380261.40147.000-60.000AC13E47/3673
F2370MGA94_50622570768382261.28147.000-60.000AC13E47/3673
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F2372MGA94_50622543768386461.08147.000-60.000AC19E47/3673
F2373MGA94_50622530768388561.07147.000-60.000AC19E47/3673
F2374MGA94_50622517768390660.98147.000-60.000AC19E47/3673
F2375MGA94_50622502768392860.89147.000-60.000AC19E47/3673
F2376MGA94_50622488768394860.85147.000-60.000AC13E47/3673
F2377MGA94_50622475768396960.75147.000-60.000AC13E47/3673
F2378MGA94_50622462768399060.78147.000-60.000AC19E47/3673
F2379MGA94_50622452768401160.64147.000-60.000AC25E47/3673
F2380MGA94_50622434768403260.77147.000-60.000AC19E47/3673
F2381MGA94_50622421768405260.84147.000-60.000AC19E47/3673
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F2389MGA94_50622312768422059.61147.000-60.000AC19E47/3673
F2390MGA94_50622297768424159.56147.000-60.000AC19E47/3673
F2391MGA94_50622284768426359.51147.000-60.000AC25E47/3673
F2392MGA94_50622270768428259.38147.000-60.000AC19E47/3673
F2393MGA94_50622252768430259.35147.000-60.000AC17E47/3673
F2394MGA94_50624443768271962.16147.000-60.000AC18E47/3673
F2395MGA94_50624430768273862.08147.000-60.000AC31E47/3673
F2396MGA94_50624415768276062.10147.000-60.000AC25E47/3673
F2397MGA94_50624402768278062.26147.000-60.000AC13E47/3673
F2398MGA94_50624389768280162.45147.000-60.000AC19E47/3673
F2399MGA94_50624375768282362.54147.000-60.000AC19E47/3673
F2400MGA94_50624361768284362.90147.000-60.000AC19E47/3673
F2401MGA94_50624348768286463.03147.000-60.000AC25E47/3673
F2402MGA94_50624334768288563.11147.000-60.000AC25E47/3673
F2403MGA94_50624320768290663.24147.000-60.000AC25E47/3673
F2404MGA94_50624306768292762.91147.000-60.000AC25E47/3673
F2405MGA94_50624293768294862.71147.000-60.000AC25E47/3673
F2406MGA94_50624279768296962.59147.000-60.000AC25E47/3673
F2407MGA94_50624267768298662.26147.000-60.000AC25E47/3673
F2408MGA94_50624251768301162.20147.000-60.000AC25E47/3673
F2409MGA94_50624239768303161.79147.000-60.000AC25E47/3673
F2410MGA94_50624225768305261.76147.000-60.000AC31E47/3673
F2411MGA94_50624210768307361.77147.000-60.000AC31E47/3673
F2412MGA94_50624198768309561.66147.000-60.000AC31E47/3673
F2413MGA94_50624184768311661.68147.000-60.000AC55E47/3673
F2414MGA94_50624169768313761.59147.000-60.000AC37E47/3673
F2415MGA94_50624155768315861.64147.000-60.000AC37E47/3673
F2416MGA94_50624142768317761.75147.000-60.000AC25E47/3673
F2417MGA94_50624128768319961.71147.000-60.000AC25E47/3673
F2418MGA94_50624114768321961.69147.000-60.000AC31E47/3673
F2419MGA94_50624101768324161.76147.000-60.000AC25E47/3673
F2420MGA94_50624087768326261.92147.000-60.000AC25E47/3673
F2421MGA94_50624074768328362.19147.000-60.000AC37E47/3673
F2422MGA94_50624060768330362.39147.000-60.000AC25E47/3673
F2423MGA94_50624045768332562.20147.000-60.000AC25E47/3673
F2424MGA94_50624032768334562.21147.000-60.000AC25E47/3673
F2425MGA94_50624019768336662.28147.000-60.000AC25E47/3673
F2426MGA94_50624005768338762.04147.000-60.000AC31E47/3673
F2427MGA94_50623991768340861.89147.000-60.000AC25E47/3673
F2428MGA94_50623978768342962.18147.000-60.000AC31E47/3673
F2429MGA94_50623964768344962.17147.000-60.000AC25E47/3673
F2430MGA94_50623950768347062.10147.000-60.000AC25E47/3673
F2431MGA94_50623936768349261.83147.000-60.000AC25E47/3673
F2432MGA94_50623924768351361.42147.000-60.000AC25E47/3673
F2433MGA94_50623909768353461.34147.000-60.000AC25E47/3673
F2434MGA94_50623894768355561.05147.000-60.000AC25E47/3673
F2435MGA94_50623881768357660.97147.000-60.000AC19E47/3673
F2436MGA94_50623867768359661.08147.000-60.000AC19E47/3673
F2437MGA94_50623854768361761.09147.000-60.000AC25E47/3673
F2438MGA94_50623840768363960.79147.000-60.000AC25E47/3673
F2439MGA94_50623827768365960.47147.000-60.000AC19E47/3673
F2440MGA94_50623811768368860.52147.000-60.000AC19E47/3673
F2441MGA94_50623799768370160.50147.000-60.000AC19E47/3673
F2442MGA94_50623786768372260.54147.000-60.000AC31E47/3673
F2443MGA94_50623772768374360.47147.000-60.000AC19E47/3673
F2444MGA94_50623757768376260.56147.000-60.000AC19E47/3673
F2445MGA94_50624462768326962.39147.000-60.000AC31E47/3673
F2446MGA94_50624449768329162.67147.000-60.000AC25E47/3673
F2447MGA94_50624438768331062.76147.000-60.000AC25E47/3673
F2448MGA94_50624424768333362.63147.000-60.000AC25E47/3673
F2449MGA94_50624409768335462.03147.000-60.000AC25E47/3673
F2450MGA94_50624396768337261.67147.000-60.000AC25E47/3673
F2451MGA94_50624382768339561.57147.000-60.000AC25E47/3673
F2452MGA94_50624368768341761.52147.000-60.000AC19E47/3673
F2453MGA94_50624354768343761.57147.000-60.000AC19E47/3673
F2454MGA94_50624341768345861.80147.000-60.000AC19E47/3673
F2455MGA94_50624327768347962.15147.000-60.000AC19E47/3673
F2456MGA94_50624313768350062.49147.000-60.000AC19E47/3673
F2457MGA94_50624300768352062.65147.000-60.000AC13E47/3673
F2458MGA94_50624286768354162.53147.000-60.000AC25E47/3673
F2459MGA94_50624272768356362.56147.000-60.000AC31E47/3673
F2460MGA94_50624259768358362.80147.000-60.000AC43E47/3673
F2461MGA94_50624245768360462.60147.000-60.000AC31E47/3673
F2462MGA94_50624231768362662.35147.000-60.000AC25E47/3673
F2463MGA94_50624217768364662.03147.000-60.000AC25E47/3673
F2464MGA94_50624204768366861.51147.000-60.000AC25E47/3673
F2465MGA94_50624188768369061.21147.000-60.000AC25E47/3673
F2466MGA94_50624177768370860.91147.000-60.000AC25E47/3673
F2467MGA94_50624163768373060.87147.000-60.000AC25E47/3673
F2468MGA94_50624148768375160.78147.000-60.000AC25E47/3673
F2469MGA94_50624135768377260.74147.000-60.000AC25E47/3673
F2470MGA94_50624123768379160.81147.000-60.000AC31E47/3673
F2471MGA94_50624108768381260.69147.000-60.000AC31E47/3673
F2472MGA94_50624096768383560.67147.000-60.000AC25E47/3673
F2473MGA94_50624080768385860.64147.000-60.000AC25E47/3673
F2474MGA94_50624068768387760.62147.000-60.000AC31E47/3673
F2475MGA94_50624053768389760.63147.000-60.000AC25E47/3673
F2476MGA94_50624039768391860.66147.000-60.000AC31E47/3673
F2477MGA94_50624025768394260.62147.000-60.000AC25E47/3673
F2478MGA94_50624011768396260.64147.000-60.000AC25E47/3673
F2479MGA94_50623998768398160.67147.000-60.000AC25E47/3673
F2480MGA94_50623984768400160.76147.000-60.000AC25E47/3673
F2481MGA94_50623971768402260.84147.000-60.000AC25E47/3673
F2482MGA94_50623956768404461.03147.000-60.000AC25E47/3673
F2483MGA94_50623942768406661.10147.000-60.000AC25E47/3673
F2484MGA94_50623929768408661.12147.000-60.000AC25E47/3673
F2485MGA94_50623917768410661.40147.000-60.000AC31E47/3673
F2486MGA94_50623903768412661.24147.000-60.000AC25E47/3673
F2487MGA94_50623888768414860.78147.000-60.000AC31E47/3673
F2488MGA94_50623876768416760.45147.000-60.000AC25E47/3673
F2489MGA94_50623861768419060.48147.000-60.000AC25E47/3673
F2490MGA94_50623848768421060.48147.000-60.000AC25E47/3673
F2491MGA94_50623834768423260.53147.000-60.000AC19E47/3673
F2492MGA94_50623820768425260.59147.000-60.000AC25E47/3673
F2493MGA94_50623806768427360.56147.000-60.000AC43E47/3673
F2494MGA94_50623792768429560.49147.000-60.000AC25E47/3673
F2495MGA94_50623779768431460.51147.000-60.000AC25E47/3673
F2496MGA94_50623765768433660.58147.000-60.000AC25E47/3673
F2497MGA94_50623751768435860.49147.000-60.000AC31E47/3673
F2498MGA94_50623741768437860.52147.000-60.000AC25E47/3673
F2499MGA94_50623726768440060.49147.000-60.000AC25E47/3673
F2500MGA94_50623711768442060.46147.000-60.000AC25E47/3673
F2501MGA94_50623694768444660.48147.000-60.000AC25E47/3673
F2502MGA94_50623683768446260.52147.000-60.000AC25E47/3673
F2503MGA94_50625211768271562.30147.000-60.000AC25E47/3673
F2504MGA94_50625198768273462.70147.000-60.000AC25E47/3673
F2505MGA94_50625184768275563.12147.000-60.000AC31E47/3673
F2506MGA94_50625170768277662.67147.000-60.000AC25E47/3673
F2507MGA94_50625156768279761.99147.000-60.000AC25E47/3673
F2508MGA94_50625143768281761.75147.000-60.000AC25E47/3673
F2509MGA94_50625129768283961.41147.000-60.000AC31E47/3673
F2510MGA94_50625116768285860.88147.000-60.000AC37E47/3673
F2511MGA94_50625102768287960.84147.000-60.000AC25E47/3673
F2512MGA94_50625087768290060.84147.000-60.000AC37E47/3673
F2513MGA94_50625076768292260.83147.000-60.000AC25E47/3673
F2514MGA94_50625061768294360.77147.000-60.000AC25E47/3673
F2515MGA94_50625047768296560.88147.000-60.000AC25E47/3673
F2516MGA94_50625034768298560.68147.000-60.000AC25E47/3673
F2517MGA94_50625019768300660.87147.000-60.000AC25E47/3673
F2518MGA94_50625005768302661.01147.000-60.000AC25E47/3673
F2519MGA94_50624995768304961.07147.000-60.000AC25E47/3673
F2520MGA94_50624981768307060.84147.000-60.000AC31E47/3673
F2521MGA94_50624965768309060.92147.000-60.000AC19E47/3673
F2522MGA94_50624951768311160.89147.000-60.000AC25E47/3673
F2523MGA94_50624938768313061.15147.000-60.000AC25E47/3673
F2524MGA94_50624924768315261.32147.000-60.000AC25E47/3673
F2525MGA94_50624910768317361.31147.000-60.000AC25E47/3673
F2526MGA94_50624896768319461.50147.000-60.000AC25E47/3673
F2527MGA94_50624882768321661.79147.000-60.000AC25E47/3673
F2528MGA94_50624869768323661.98147.000-60.000AC19E47/3673
F2529MGA94_50624855768325762.04147.000-60.000AC25E47/3673
F2530MGA94_50624842768327861.93147.000-60.000AC25E47/3673
F2531MGA94_50624829768329861.83147.000-60.000AC37E47/3673
F2532MGA94_50624814768331961.58147.000-60.000AC19E47/3673
F2533MGA94_50624800768334061.26147.000-60.000AC19E47/3673
F2534MGA94_50624786768336161.38147.000-60.000AC19E47/3673
F2535MGA94_50624773768338260.77147.000-60.000AC19E47/3673
F2536MGA94_50624762768340160.80147.000-60.000AC25E47/3673
F2537MGA94_50624747768342260.86147.000-60.000AC25E47/3673
F2538MGA94_50624726768345460.82147.000-60.000AC37E47/3673
F2539MGA94_50624714768346760.83147.000-60.000AC31E47/3673
F2540MGA94_50624704768348760.79147.000-60.000AC43E47/3673

Table 2 Becher Project – Aircore drilling intercepts >0.1 g/t Au with up to 2 m internal dilution

SITE_IDDEPTH FROM (m)DEPTH TO (m)WIDTH (m)Au (g/t)
F20612124.0003.000.10
F20613033.0003.000.10
F20613942.0003.000.12
F20684849.0001.000.12
F20792731.0004.000.14
F208003.0003.000.13
F20902425.0001.000.15
F21362124.0003.000.88
F21363942.0003.000.24
F21371821.0003.000.16
F21373036.0006.000.45
F21376066.0006.000.51
F21382127.0006.000.20
F21386366.0003.000.64
F21393639.0003.000.12
F21403642.0006.000.17
F21405154.0003.000.26
F21406669.0003.002.90
F21431521.0006.000.26
F2150912.0003.000.61
F2167912.0003.000.30
F221736.0003.000.14
F221836.0003.000.15
F22201215.0003.000.15
F22452124.0003.000.23
F22473339.0006.000.37
F22531215.0003.000.94
F22532427.0003.000.22
F22533042.00012.000.25
F22541821.0003.000.11
F22683033.0003.000.10
F22991215.0003.000.64
F23213336.0003.000.22
F23419.00012.0003.000.28

Table 3 Rock chip results from SE Wyloo.

SAMPLE_IDEASTINGNORTHINGsample width mAu FA25/MS ppbAg 4A/MS ppmCe 4A/MS ppmCu 4A/MS ppmLa 4A/MS ppmPb 4A/MS ppmZn 4A/MS ppm
R069124581807482557spot0.0020.1281919
R069134581627482756spot0.0021.691295604419
R069144580517482860spot0.0050.546152132327
R069154580607482860spot-990.144922522
R069164580097482882spot0.0010.5242131021732
R069174579747482902spot0.011.958613682756798470
R069194579877482752spot-990.11002049391217
R069204579547482688spot0.0021.73010815121822525
R069214579537482690spot0.0057.22523590111881178
R06922457962748268110.142386.91243854901171416042
R0692345796074826780.60.188361.01154165814348
R06924457958748267610.51887.84449728500271654
R0692545799874826970.50.00566.891361411995312
R06926457922748266330.006171.8742404316859967
R0692745855474827858-990.611015681


Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/1b08fe67-812f-4a67-93b1-db24b3957214

https://www.globenewswire.com/NewsRoom/AttachmentNg/494d7c00-65ec-49e4-bbde-7cf46677ade0

https://www.globenewswire.com/NewsRoom/AttachmentNg/3e67a479-4b9e-4178-b37d-1c1f728997d9

https://www.globenewswire.com/NewsRoom/AttachmentNg/a944b826-4b7f-488d-a166-d0392354e098

https://www.globenewswire.com/NewsRoom/AttachmentNg/2bb2e9a8-78ae-4273-9689-771611e2ba6a

https://www.globenewswire.com/NewsRoom/AttachmentNg/22837e21-2436-4a08-9bb5-217b0e43c34a

https://www.globenewswire.com/NewsRoom/AttachmentNg/22c7d7f5-35ce-4c07-8825-2fcc002e71e8

https://www.globenewswire.com/NewsRoom/AttachmentNg/0bb10e4a-c503-41f6-85ab-3e21d88b61ae

https://www.globenewswire.com/NewsRoom/AttachmentNg/32d98f54-790e-4a6f-aa45-ffb7a25f66c9

https://www.globenewswire.com/NewsRoom/AttachmentNg/30185819-2a34-47e6-a8f8-5412f606e993

https://www.globenewswire.com/NewsRoom/AttachmentNg/781b0e13-3a7c-466f-a0c4-d3c6ae16dae7

https://www.globenewswire.com/NewsRoom/AttachmentNg/09d9ad33-2a86-4edc-a43d-fad818be6623


FAQ

What is Novo Resources planning for H2 2023?

Novo Resources plans an 8,000 m drilling program for H2 2023 across key Pilbara prospects and Belltopper in Victoria.

What highlights the exciting future of Novo's Becher project?

Recent investments and joint ventures highlight the exciting future of Novo's Becher project.

What positive results have been found at Becher?

Positive intercepts continue to be found at Becher, including high-grade gold assays.

What is Novo's timeline for an ASX dual listing?

Novo is on track for an ASX dual listing in Q3 2023, which is expected to provide significant benefits.

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