Novo Secures Strategic Land Position in the Onslow District Western Australia

Rhea-AI Summary

Novo Resources Corp has secured a strategic land position of approximately 1,520 sq km in the Onslow District of Western Australia through the Toolunga Project. The acquisition includes a binding term sheet for a 70% interest option in OD4 Rocklea's Cane River Project and direct pegging of 6 new exploration licenses.

The project area is underexplored and shows potential for precious and base metal discovery, with geochemical signatures suggesting Intrusion Related Gold, porphyry, and Iron Oxide Copper Gold deposit styles. Historical mining centers have reported significant findings, including assay results up to 3.1% Cu, 33% Pb, and 125ppm Ag at the Range No. 2 Prospect.

Located ~80 km northwest of Black Cat Syndicate's Paulsens Gold Mine, the project aligns with Novo's exploration strategy targeting >1 Moz Au potential. The company plans to conduct regional exploration campaigns upon tenure grant.

Positive

• Strategic acquisition of 1,520 sq km of prospective land
• Historical mining centers show promising mineral content (3.1% Cu, 33% Pb, 125ppm Ag)
• Excellent infrastructure access via sealed roads
• Multiple high-potential exploration targets identified

Negative

• Initial cash outlay required ($100,000 AUD)
• Exploration licenses still pending approval
• Part of project located in Conservation Park requiring special management
• Minimal previous drilling data available

HIGHLIGHTS

Novo strengthens its high-quality, Australian based exploration portfolio by securing a significant new ground position of approximately 1,520 sq km at the Toolunga Project in the Onslow District of Western Australia via: A binding term sheet granting Novo an option to acquire a 70% interest in OD4 Rocklea Pty Ltd’s Cane River Project. Direct pegging by Novo of 6 new exploration licenses (100% Novo). The Toolunga Project is underexplored with prospectivity for precious and base metal discovery and aligns with Novo’s exploration strategy of exploring for targets with > 1 Moz Au potential. The district has geochemical signatures of Intrusion Related Gold (IRG), porphyry, Iron Oxide Copper Gold (IOCG) and related deposit styles (epithermal), with some affinities to the same aged Tennant Creek District. The consolidated tenement package contains several historical mining centres and numerous targets defined by gravity and magnetic anomalies and anomalous surface geochemistry. The Toolunga Project encompasses the junction of major tectonic boundaries including the Paleoproterozoic Capricorn Orogen near the intersection of the Pilbara Craton and Ashburton Basin. The combined OD4 Rocklea Pty Ltd and pegged Novo ground is located ~80 km northwest of Black Cat Syndicate’s (ASX: BC8) Paulsens Gold Mine and 70 km southeast of the Onslow townsite, with excellent access to the area via sealed roads. Regional and follow-up exploration campaigns are planned on tenure grant, including geophysical surveys, mapping and geochemical sampling programs over known targets to rapidly advance drill targets. Novo continues to review opportunities that will compliment the current Western Australian and Victoria precious and base metals portfolio.

Commenting on the acquisition, Mike Spreadborough, Executive Co-Chairman and Acting Chief Executive Officer, said: “We are delighted to announce that as part of Novo’s concerted project generation program and after extensive due diligence, we have pegged new ground and taken steps to acquire further strategic interests in landholdings in the Onslow District that we believe have strong exploration potential.

“The Toolunga Project is in a highly prospective and under-explored district with substantial areas of untested shallow cover where prospectivity for intrusion-related systems is deemed high. This land package provides Novo with a platform to build a strategic position in the district, where we can deploy the expertise of our highly experienced exploration team and deliver on our targeted growth objectives.

VANCOUVER, British Columbia, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQX: NSRPF) is pleased to announce the acquisition of a strategic landholding in the Onslow District of Western Australia, to compliment the Company’s exciting portfolio of Australian-based, high-grade gold exploration projects.

Novo has combined 634 sq km of 100% owned tenure pegged as six Exploration License Applications with a further 890 sq km in four Exploration License Applications via an option arrangement with OD4 Rocklea Pty Ltd (OD4R) on the Cane River Project (under which Novo would acquire a 70% interest if the option is exercised) to cover a significant landholding of 1,524 sq km termed the Toolunga Project (Figure 1).

Figure 1: Location of Novo Pilbara tenure, noting the Onslow District and the Toolunga Project including the Odette 4 Rocklea and Novo 100% Applications

This sizeable landholding acquired by Novo in the Onslow District is underexplored yet displays prospectivity for precious and base metal discovery and aligns with Novo’s corporate strategy of exploring for targets with > 1 Moz Au potential (Figure 2).

Tenure Summary

OD4R’s Cane River Project covers 890 km sq across four Exploration Licence applications (E08/3597, E08/3598, E08/3599, and E08/3600) (Table 1).

Novo’s newly pegged tenure covers 634 km sq across six Exploration License applications (E08/3760, E08/3761, E08/3762, E08/3763, E08/3764 & E08/3765) (Table 1).

Figure 2: Location of the combined Toolunga Project in northern WA

OD4 Rocklea Pty Ltd (OD4R) is a wholly owned subsidiary of Odette Geoscience Pty Ltd (Odette). Odette is a private company that applies strong regional science and data integration to exploration project generation focused on Western Australia. Project generation by Odette has been responsible for the development of numerous projects that various companies are in the process of advancing.

Table 1: Onslow Project tenement application details

Tenement Number	Application Date	Number of Blocks	Applicant’s Name
E08/3597*	25/01/2023	70	OD4 Rocklea Pty Ltd
E08/3598*	25/01/2023	70	OD4 Rocklea Pty Ltd
E08/3599*	25/01/2023	70	OD4 Rocklea Pty Ltd
E08/3660*	25/01/2023	70	OD4 Rocklea Pty Ltd
E08/3760**	27/11/2024	37	Karratha Gold Pty Ltd
E08/3761**	27/11/2024	40	Karratha Gold Pty Ltd
E08/3762**	27/11/2024	22	Karratha Gold Pty Ltd
E08/3763**	27/11/2024	32	Karratha Gold Pty Ltd
E08/3764**	27/11/2024	19	Karratha Gold Pty Ltd
E08/3765**	27/11/2024	50	Karratha Gold Pty Ltd
*Novo has the option to acquire a 70% interest in these tenements once granted to OD4 and following a two-stage farm-in period (see further below). **Karratha Gold Pty Ltd is a wholly owned subsidiary of Novo.

Figure 3: Toolunga Project tenement details (including both OD4R and Novo Exploration License Applications) and regional mineral occurrence information from WAMEX

Location and Prospectivity

The combined OD4R and pegged Novo ground is located ~80 km northwest of Black Cat Syndicate’s (ASX: BC8) Paulsens Gold Mine and 70 km southeast of the Onslow townsite, with excellent access to the area via sealed roads (Figure 2). The tenure targets a range of minerals of particular interest to Novo, including precious and base metals with particular focus on gold, and will be referred to as the Toolunga Project.

The Toolunga Project is located at the junction of major tectonic boundaries in the north of Western Australia and incorporates the Paleoproterozoic Capricorn Orogen near the intersection of the Pilbara Craton, the Ashburton and Edmund Basins and the Gascoyne Province (Figure 2). The basins lie unconformably on basement metasediments and granitoids of the Gascoyne Province and the project area is transected by major NE-SW and N-S striking structures.

The district displays geochemical signatures suggesting potential intrusion related systems, including Intrusion Related Gold (IRG), porphyry, Iron Oxide Copper Gold (IOCG) and related deposit styles (epithermal), with some affinities to the same aged Tennant Creek District (1850 to 1660 Ma mineralisation event) where high grade Au, Cu and Bi deposits are present (Figure 3).

The Onslow District is under-explored using systematic, modern exploration technologies.

In the late 1990s to early 2000s, the project area was targeted by WMC Resources Ltd and ranked highly for iron-oxide copper-gold potential¹. The Toolunga Project includes numerous mineral occurrences with the regulatory database recording assay results up to 3.1% Cu, 33% Pb, and 125ppm Ag at the Range No. 2 Prospect². Multiple occurrences in the district include Cu, Cu-base metals, U (paleochannel), REE, and Bi-Mo-W. Historic prospects were not routinely assayed for Au, Ag, Bi, W and Sn (refer Appendix 1).

Recent work including regional tectonic studies³ and publicly available geophysical data has also highlighted several significant targets including the Mt Minnie Prospect, Range Gravity anomaly and the Ironstone Bore prospect, which are associated with regional base-metal trends and present as buried magnetic and/or gravity anomalies pending follow up work. The entire project area has received minimal previous attention with drilling. Due diligence work by Novo has affirmed the regional potential of this under explored part of Western Australia.

A series of targets have been generated by Novo and OD4R based on current geological understanding and initial assessment of regional geophysics and open file GSWA geochemical sampling (Appendix 1):

• Large geophysical targets (gravity – magnetic) with surface geochemical support.
• Range No. 2 – Historic shaft sunk into a shear zone with peak rock chip samples of 3.1% Cu, 33% Pb and 125 ppm Ag – not drilled.
• Bullajacka Well - Historic Cu-Au occurrence with rock chip results of 6.2% Cu, 0.19 ppm Au, 94 ppm Ag, 310 ppm Bi and 41 ppm Sb⁴.
• Mt Minnie – kilometre scale coincident magnetic and gravity anomaly in a triple junction between the Bandee Fault Lithospheric Boundary and the Mindle Shear Zone, with anomalous As-Cu-Pb-Zn stream samples.
• Range North – Strongest Cu soil anomaly in WAMEX dataset for the area, including a peak of 147 ppm Cu⁵ parallel to a N-S structure.
  

Historical data and sample results may not be representative of mineralisation in the district. Novo has not independently validated the public results listed in historic WAMEX reports or the information included in the DEMIRS database and is therefore not to be regarded as reporting, adopting or endorsing the results. No assurance can be given that Novo will achieve similar results as part of its exploration activities at the Toolunga Project.

ESG Criteria

Part of the Cane River Project is situated in the Cane River Conservation Park (Figure 1). The park was created in 2001 (Reserve Number 46122). The reserve is vested with the Conservation and Parks Commission and is currently managed by the Department of Biodiversity, Conservation and Attractions (DBCA) pursuant to the Conservation and Land Management Act 1984 (WA) for the protection of flora, fauna, landscape and aboriginal cultural heritage. OD4R has developed a detailed Conservation Management Plan (CMP), in consultation with the DBCA, for activities within the Cane River Conservation Park, which is pending final acceptance.

Heritage and Native Title

The southern tenements in the Toolunga Project are covered by the Thalanyji People’s Native Title Determinations (WAD6113/1998 and WCD2008/003) and managed by the Buurabalayji Thalanyji Aboriginal Corporations RNTBC. Novo is committed to developing strong relationships with the Traditional Owners of the lands on which it operates through open and honest dealings. It is anticipated that Novo will meet with the traditional owners in the first quarter of 2025.

The northern section of the combined project area is without a native title claim. This area will be monitored for the lodgement of a new claim. If a claim is lodged, the same level of consultation as above will occur with the new representative body/traditional owners to ensure informed consent for exploration in the area is gained.

Figure 4: Toolunga Project tenure showing regional targets over 1VD aeromagnetic image in a complex structural setting

Forward Programs

Regional and follow-up exploration campaigns are planned on tenement grant, including geophysical surveys, mapping and geochemical sampling programs over known targets to validate historic results and to rapidly advance drill targets.

Material Cane River Project Option Terms

The key terms of the binding term sheet with Odette Geoscience Pty Ltd and OD4 Rocklea Gold Pty Ltd (OD4R) regarding the Cane River project are set out below:

• On signing of the agreement, Novo will reimburse OD4R $55,000 (approximately C$50,000) cash for expenditure incurred to date.
• At grant date of the tenement applications, Novo will pay OD4R, an additional $45,000 (approximately C$41,000) in cash and have an initial farm in period of 12 months.
• Following that initial period, if Novo chooses to continue, it will pay OD4R Novo shares to the value of A$100,000 (currently, approximately C$91,000) for a second farm in period of 12 months.
• At completion of the second farm-in period, Novo has the option to terminate the agreement or exercise the option and form a 70/30 unincorporated joint venture with OD4R, in which OD4R is free carried until a decision is made to commence commercial mining operations within the tenements. If the option is exercised, Novo will acquire a 70% interest in the tenements.

Authorised for release by the Board of Directors.

CONTACT

Investors: Mike Spreadborough +61 8 6400 6100 info@novoresources.com

North American Queries: Leo Karabelas +1 416 543 3120 leo@novoresources.com

Media: Cameron Gilenko +61 466 984 953 cameron.gilenko@sodali.com

QP STATEMENT

Mrs. Karen (Kas) De Luca (MAIG), is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this news release. Mrs De Luca is Novo’s General Manager Exploration.

JORC COMPLIANCE STATEMENT

The information in this news release that relates to the Onslow District Consolidation by Novo into the Toolunga Project is based on information compiled by Mrs De Luca, who is a full-time employee of Novo Resources Corp. Mrs De Luca is a Competent Person who is a member of the Australian Institute of Geoscientists. Mrs De Luca has sufficient experience that is relevant to the style of mineralisation and the type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mrs De Luca consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

FORWARD-LOOKING STATEMENTS

Some statements in this news release may contain “forward-looking statements” within the meaning of Canadian and Australian securities law and regulations. In this news release, such statements include but are not limited to planned exploration activities and the timing of such. 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, 2023 (which is available under Novo’s profile on SEDAR+ at www.sedarplus.ca and at www.asx.com.au) in the Company’s prospectus dated 2 August 2023 which is available at www.asx.com.au. 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.

_________________________
<sup>1 Refer WAMEX archive Annual Reports A48727 and A51684.
2 MINEDEX Western Australian government (DEMIRS) mineral occurrence archive. Site ID S0030858. Also refer to WAMEX archive Annual Report A32269 for sample methodologies.
3 Refer Aitken, A.R.A et al. (2018) The tectonics and mineral systems of Proterozoic Western Australia: Relationships with supercontinents and global secular change, Geoscience Frontiers, 9(2); & Occhipinti, S., et al, (2020). The evolution from plate margin to intraplate mineral systems in the Capricorn Orogen, links to prospectivity. Ore Geology Reviews, 127.
4 MINEDEX Western Australian government (DEMIRS) mineral occurrence archive. Site ID S0031595. Also refer to WAMEX archive Annual Report A47059 for sample methodologies.
5 Refer WAMEX archive Annual Report A76797.
6 Refer to De Grey ASX Announcement, Hemi Gold Project Resource Update, dated 21 November 2023 No assurance can be given that a similar (or any) commercially viable mineral deposit will be determined at Novo’s Becher Project
7. Refer to Novo ASX announcement, 10 October 2024, De Grey reaches A$7m minimum spend at Egina Gold project and continues to invest</sup>

ABOUT NOVO

Novo is an Australian based gold explorer listed on the ASX and the TSX focused on discovering standalone gold projects with > 1 Moz development potential. Novo is an innovative gold explorer with a significant land package covering approximately 5,500 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.

Novo’s key project area is the Egina Gold Camp, where De Grey Mining (ASX: DEG) is farming-in to form a JV at the Becher Project and surrounding tenements through exploration expenditure of A$25 million within 4 years for a 50% interest. The Becher Project has similar geological characteristics as De Grey’s 12.7 Moz Hemi Project⁶. Novo is also advancing gold exploration south of Becher in the Croydon JV (Novo 70%: Creasy Group 30%), after Novo identified gold mineralisation in 2023 exploration drilling at Nunyerry North. Novo continues to undertake early-stage exploration across its Pilbara tenement portfolio.

Novo has also formed a lithium joint venture with SQM in the Pilbara which provides shareholder exposure to battery metals.

Novo has a significant investment portfolio and a disciplined program in place to identify value accretive opportunities that will build further value for shareholders.

Please refer to Novo’s website for further information including the latest corporate presentation.

_{An Exploration Target as defined in the JORC Code (2012) is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. Accordingly, these figures are not Mineral Resource or Ore Reserve estimates as defined in the JORC Code (2012). The potential quantities and grades referred to above are conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. These figures are based on the interpreted continuity of mineralisation and projection into unexplored ground often around historical workings. The Exploration Target has been prepared in accordance with the JORC Code (2012). as detailed in the Company’s ASX announcement released on 25 September 2024 (available to view at www.asx.com.au). The Tonnage range for the exploration target is 1.5Mt to 2.1Mt, the Grade range is 6.6g/t Au to 8.4g/t Au and the Ounces range from 320koz Au to 570 koz Au. The Company confirms that it is not aware of any new information that material affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the original market announcement continue to apply and have not materially changed. Dr Christopher Doyle (MAIG) and Dr Simon Dominy (FAusIMM CPGeo; FAIG RPGeo), are the qualified persons, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information relating to the exploration target. Dr Doyle is Novo’s Exploration Manager - Victoria and Dr Dominy is a Technical Advisor to Novo.}

Appendix 1 - JORC Code, 2012 Edition – Table 1

Section 1: Sampling Techniques and Data

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g., ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g., submarine nodules) may warrant disclosure of detailed information.	Rock samples at Range No. 2 (A32269) were taken as part of a detailed mapping program and were selective in nature. The sample methodology and analysis method are not recorded. Rock samples at Bullajacka (A47059) we part of a larger 77 sample program targeting historic small workings in the area. The sample methodology is not recorded. Samples were submitted to Genalysis Laboratory in Maddington, Western Australia, and digested via aqua regia or multi-acid, and analysed via AAS or ICPMS. Soil sampling at Range North (A76797) was part of a large 2366 soil sample program in areas within the project not yet covered by surface geochemistry. An orientation study was conducted for all samples, comprising a 2 kg sample collection taken at a depth of 10 – 20 cm below the surface. The sample was split into 1 kg and digested via 24 hour BLEG (0.1% cyanide). The other 1 kg split was sieved to > 0.8 mm, 0.8 mm – 0.18 mm and < 0.18 mm fractions, with the latter two crushed, pulverised, and analysed via Aqua Regia.
Drilling techniques	Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core diameter, triple or standard tube, depth of diamond tails, face-sampling bit, or other type, whether core is oriented and if so, by what method, etc).	No drilling results are reported in this release
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No drilling results are reported in this release
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged.	No drilling results are reported in this release
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality, and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	Historic rock samples were selective and taken to complement mapping, or validate grades around historic workings. It is unclear whether samples are representative. Quality control procedures are not mentioned and were not common in historic work. Soil samples are taken on a 500 m by 100 m grid and collected at a depth of 10 – 20 cm below surface. Sample quality or quality control processes were not documented in the available report.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g., standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (if lack of bias) and precision have been established.	The laboratory and assay methodology for Range No. 2 is unknown The Bullajacka rock samples were digested by aqua regia and analysed by flame atomic absorption spectrometry for Au, Mn, Fe, Co, Ni, Cu, Zn, Ag, Pb. Samples were digested by multi-acid (including hydrofluoric acid) and analysed via inductively coupled plasma mass spectrometry (ICPMS) for As, Mo, Sb, W, Bi. For indicative geochemistry of historic workings, this method is reasonable. No quality control procedures were in place. Soil sample methodology comprises a 1 kg split, digested via BLEG (0.1% cyanide for 24 hour digest), analysed via ICP-MS for Au, Ag, As, Cu, Mo, Ni, Pb, Se, Te, U, Zn. The other 1 kg split was sieved to > 0.8 mm, 0.8 mm – 0.18 mm and < 0.18 mm fractions. The coarse fraction was discarded and the other two crushed, pulverised, and digested & analysed via Aqua Regia with an ICP-OES finish for Au, Ag, As, Ba, Bi, Cu, Co, Ir, Mo, Ni, Pb, Pt, Pd, Sn, Sb, Se, Te, U, W, Zn (AR102) and Cr, Fe, Mn, Mg (AR101) Quality control procedures would likely have been in place, but are not documented in the relevant report.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	Primary data, including sample locations and sample methodologies, cannot be verified until tenement grant and by repeating sampling programs by modern exploration methods.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	Sample locations for Range No. 2 are provided on a digitised plan and are likely estimated from the 50 m by 50 m local grid that was established to aid mapping. Sample locations are not accurate. Sample locations for Bullajacka are provided in a table in grid AGD84, zone 50 and are likely collected by handheld GPS. Soil samples at Range North were located via handheld GPS using GDA94, zone 50, and are accurate within +/- 5 m which is sufficient for the regional grid spacing.
Data spacing and distribution	Data spacing for reporting of Exploration Results. Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	Limited rock samples may be indicative of potential grade tenor and do not represent or imply any continuity or scale potential. Regional soil grids at 500 m by 100 m spacing are sufficient for indicative anomalism only.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Rock sampling is targeted and considered biased. The soil grids are orientated in north-south trending lines. It is unclear whether this is orientation was chosen to be mostly perpendicular to stratigraphy or geophysical features. Samples are too broadly spaced to deduct mineralised orientations.
Sample security	The measures taken to ensure sample security.	Sample transport and lab protocols are not documented.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No audits have been undertaken.

Section 2: Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.	Tenement applications E08/3760, E08/3761, E08/3762, E08/3763, E08/3764 & E08/3765 are 100% held by Karratha Gold Pty Ltd, a wholly owned subsidiary of Novo. Tenement applications E08/3597, E08/3598, E08/3599, and E08/3600 are held by OD4 Rocklea Pty Ltd (OD4R), with Novo earning into 70% The OD4R are covered by the Thalanyji People’s Native Title Determinations (WAD6113/1998 and WCD2008/003) and managed by the Buurabalayji Thalanyji Aboriginal Corporations RNTBC. It is anticipated that Novo will meet with the traditional owners in the first quarter 2025. The Novo tenement applications cover an area without a native title claim. This area will be monitored for the lodgement of a new claim. If a claim is lodged, the same level of consultation as above will occur with the new representative body/traditional owners to ensure informed consent for exploration in the area is gained. Part of the Cane River Project is situated in the Cane River Conservation Park (Reserve Number 46122), vested with the Conservation and Parks Commission and managed by the Department of Biodiversity, Conservation and Attractions (DBCA) A detailed Conservation Management Plan for activities within the Cane River Conservation Park is pending final acceptance.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Significant due diligence is still underway and not all exploration efforts by other parties are yet fully appraised WMC in the mid-1990s compiled a significant regional dataset of geophysical and surface geochemistry datasets which forms the basis of current exploration targeting The Turtle historic mine outside the Novo project tenure comprises some of the better-known historic mineralisation, with West Australian Metals NL and others conducting significant work including drilling and detailed mapping at this prospect and others in the district, providing early insight in mineralisation style and tenor. Normandy Exploration Limited conducted regional RAB drilling and acquired additional magnetic data over the district. Some of the targets generated from this work are yet to be tested. Atlas Iron in 2006 conducted comprehensive review and write up of previous work and conducted significant regional geochemical sampling in areas not previously covered. They compiled a prospectivity map for hydrothermal activity and developed additional surface anomalies for follow up work.
Geology	Deposit type, geological setting, and style of mineralisation.	The Toolunga landholding is located at the junction of major tectonic boundaries of Capricorn Orogen, the Pilbara Craton, and the Ashburton and Edmund Basins. The basins lie unconformably on basement metasediments and granitoids of the Gascoyne Province. The project area is transected by major NE-SW and N-S striking structures. Mineralisation style is not yet known, but is considered prospective for IRG, porphyry, IOCG and epithermal mineralisation
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes, including Easting and northing of the drill hole collar, Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar, dip and azimuth of the hole, down hole length and interception depth plus hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	No drilling results are reported in this release
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	No drilling results are reported in this release
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g., ‘down hole length, true width not known’).	No drilling results are reported in this release
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	No drilling results are reported in this release
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Significant results listed in the body of the release are listed with their respective references. Only selected significant results are reported due to the large volume of historic reports.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	No additional data.
Further work	The nature and scale of planned further work (e.g., tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Refer to the body of the release.

No Section 3 or 4 report as no Mineral Resources or Ore Reserves are reported in this Appendix

Figures accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/d1883c52-688d-47c4-a4a8-205172ff512e
https://www.globenewswire.com/NewsRoom/AttachmentNg/300e3982-74b0-4dc2-817b-dc959f7a33f2
https://www.globenewswire.com/NewsRoom/AttachmentNg/e4d8c055-a85e-45b0-8862-c9713cdc8755
https://www.globenewswire.com/NewsRoom/AttachmentNg/fa5ba0c4-f00b-4140-bf15-6cb64aa16c97
https://www.globenewswire.com/NewsRoom/AttachmentNg/5384bb8e-fcef-4ccd-9766-8f17d59e8659

FAQ

What is the size of Novo Resources' (NSRPF) new Toolunga Project acquisition?

Novo Resources has acquired approximately 1,520 sq km of land in the Onslow District of Western Australia through the Toolunga Project.

What percentage stake can Novo Resources (NSRPF) acquire in the Cane River Project?

Novo Resources has an option to acquire a 70% interest in OD4 Rocklea's Cane River Project.

What are the historical mineral findings at Novo Resources' (NSRPF) Range No. 2 Prospect?

Historical assay results at the Range No. 2 Prospect showed up to 3.1% Cu, 33% Pb, and 125ppm Ag.

How much will Novo Resources (NSRPF) pay initially for the Cane River Project option?

Novo will pay AUD 55,000 upon signing and an additional AUD 45,000 at grant date of the tenement applications.