NOVO RES CORP - NSRPF STOCK NEWS

Novo Resources Corp. has completed its acquisition of the remaining 50% interests in the Queens and Malmsbury gold joint ventures, part of the Belltopper gold project in Australia's Bendigo Tectonic Zone.

A total of A$0.75 million in cash and 2,088,554 shares were issued to Kalamazoo Resources for the Queens project, while A$1 million in cash, 4,037,872 shares, and 2,018,936 warrants were issued to GBM Resources for the Malmsbury project, totaling approximately A$1.6 million. The shares come with a 12-month hold period. The transaction has been conditionally approved by the Toronto Stock Exchange, although final consents from the Victorian Department of Jobs, Precincts and Regions are pending.

Additionally, CFO Ronan Sabo-Walsh will resign by July 2023.

Novo Resources Corp. has initiated a 3,000 m reverse circulation drilling program at the Catia Prospect, part of its Bellary Dome Project in Western Australia. The project covers a significant 10,500 sq km area, with high-grade gold mineralization indicated by previous rock chip samples showing peak results of 556 ppm and 117 ppm gold. The drilling aims to explore the strike potential of the Catia Trend for 700 m east of the main target. Novo plans to release drilling results as they come in, with this program being the first of several planned for the exploration season.

Novo Resources Corp. has announced the acquisition of the remaining 50% interests in the Queens and Malmsbury gold joint ventures located in Victoria, Australia. This acquisition grants Novo sole ownership of the Belltopper gold project within the Bendigo Tectonic Zone, a historically significant gold-producing area. The strategic consolidation of Belltopper positions Novo for enhanced exploration and development opportunities, with multiple high-grade gold targets identified. The acquisition involves cash payments of A$0.75 million to Kalamazoo Resources and A$1 million to GBM Resources, along with share issuances. The transaction is pending approval from regulatory authorities.

Novo Resources Corp. has released an update on its Becher Project, located in the Pilbara region, highlighting significant progress from its 2022 drilling program. The analysis of aircore drilling results shows high-priority targets that exhibit similarities to De Grey Mining’s Mallina Gold Project, which hosts substantial gold resources. Key findings include notable multi-element assays and promising gold intercepts at various prospects, including Bonatti, Irvine, and Heckmair. The company plans to initiate an aggressive drilling campaign to further explore these targets in 2023, aiming for a standalone gold project discovery.

Highlights

• Liatam Mining has announced a 2023 exploration program at the Quartz Hill project in Western Australia.
• An aggressive A$4 million budget has been approved to focus on systematic exploration, demonstrating commitment to the project.

Mike Spreadborough, Novo's Executive Co-Chairman, stated that this budget supports their strategy of collaborating with reliable partners. Novo retains a 20% interest in the project, complementing its gold and silver portfolios. The Quartz Hill area spans approximately 615 sq km and is promising for lithium–caesium–tantalum mineralization. Exploration activities include soil sampling and geological mapping, with drilling expected to commence in Q4 2023.

Novo Resources Corp. has announced an update on its 2022 drilling program at the Egina Gold Camp, specifically the Becher Area, anticipating further drilling in Q2 2023. Significant findings include three key targets: Irvine, Whillans, and Heckmair, with peak aircore drilling results showing up to 8 m at 2.15 g/t Au at Irvine. The program covered 1,413 holes totaling 31,824 m, revealing gold and associated pathfinder elements. The follow-up drilling will focus on these areas while additional results are pending. Executive Mike Spreadborough expressed optimism about the findings and potential of the Egina Gold Camp.