NOVO RES CORP - NSRPF STOCK NEWS

Novo Resources Corp. (OTCQX: NSRPF) has completed the first phase of a 15,000 metre reverse circulation drilling program at the Parnell-Vulture Trend, focused on shallow oxide mineralization. A total of 83 holes were drilled, totaling 5,200 metres, with significant gold assays reported, including 7 m at 7.75 g/t and 4 m at 10.19 g/t from Parnell. The next phase of drilling is set to resume on January 24, 2022. Results indicate good continuity and the potential for high-grade gold mineralization along the trend, enhancing confidence in previous historical data.

Novo Resources Corp. released its Q4 2021 operational update, reporting gold production of 12,833 oz and 49,364 oz for the year. Revenue for Q4 was C$30 million from the sale of 13,023 oz of gold. The company maintained a strong cash position with C$32.4 million on hand and an investment portfolio worth approximately C$146 million. Production delays were attributed to technical issues with the processing plant and a change in mining schedules. Despite challenges, the company has an optimistic production forecast for the first half of 2022 of 27 to 33 koz of gold, contingent on operational stability.

Novo Resources reported a transformative year in 2021, transitioning from exploration to production with the Beatons Creek conglomerate gold project. The company acquired the Golden Eagle processing facility and began operations, with production expected to increase in 2022. A new board was appointed, focused on enhancing corporate capabilities. Notably, Novo entered 2022 with a strong cash position of C$32 million and an investment portfolio worth approximately C$146 million. The company aims to innovate in mining and ESG practices while expanding exploration for gold and battery minerals throughout its 13,000 sq. km landholdings.

Novo Resources Corp. has begun Phase 2 mechanical sorter trials at the Nullagine Gold Project in Western Australia. The newly constructed Sorter will process 50 samples from various projects, including Comet Well and Purdy's Reward, with results pending. Key objectives include tuning the Sorter to geological regimes and establishing assay protocols. Phase 3 is set to commence in May 2022, pending regulatory approval, to relocate the Sorter for bulk testing. This initiative is expected to enhance operational efficiency and potentially advance commercial prospects in gold extraction.

Novo Resources Corp. has commenced a diamond drilling program exceeding 2,000 meters at the Malmsbury Gold Project in Victoria, targeting high-order gold mineralization near the Fosterville mine. In 2021, exploration identified multiple gold targets using advanced techniques such as mapping, soil sampling, and historic data compilation. Notable historic drill results include intersections of up to 13.1 g/t Au. The ongoing exploration supports a second phase of drilling and aims to further define potential gold resources. The project, under-explored and complex, has over 1,500 historic workings.

Novo Resources Corp. has completed a mining review of the Beatons Creek Gold Project, resulting in an optimized five-year plan through 2026. The revised approach has led to higher processing grades of 1.58 g/t Au from 117 kt processed in November 2021, yielding 5,498 ounces of gold. The plan involves a phased mining strategy, including continued mining of existing resources and transitioning to the higher-grade Beatons Creek Fresh resource. The company maintains a strong financial position with C$39.1 million in cash and a C$119 million investment portfolio, positioning it for effective execution of the new plan.

Novo Resources Corp. (OTCQX: NSRPF) is advancing its greenfields exploration program, focusing on Ni-Cu-Co targets near Azure Minerals and Artemis Resources in the Pilbara region. The 100%-owned exploration license EL47/1745 has identified several high-order soil geochemical anomalies related to previously defined VTEM conductors. Ground EM surveys are planned to further investigate these targets, aligning with Novo’s strategy to enhance its portfolio of gold and battery metals prospects.

Novo Resources Corp. (OTCQX: NSRPF) announced the launch of a 15,000 m reverse circulation drilling program at the Parnell-Vulture trend, part of its Nullagine gold project. The drilling began in early November 2021, aiming to explore oxide opportunities in a region with a rich history of gold mineralization. Historical drill results showed significant gold intercepts, including 12 m at 14.6 g/t. First assay results are expected by early December 2021, promising advancement in the company's exploration strategies.

Novo Resources Corp. (NSRPF) announced the commissioning of its Steinert KSS 100F LIXT fine mechanical sorting unit, which will be installed in Nullagine, Australia. Phase 2 mechanical sorting trials are set to begin in early December 2021 and will extend through Q2 2022. The trials aim to process bulk samples from Novo's Pilbara gold deposits, focusing on the Comet Well and Purdy’s Reward sites for potential commercialization. This project highlights Novo's innovative technology and commitment to advancing its mining operations.