Becher Drilling Continues to Intercept Significant Gold Mineralisation

• Ongoing aircore drilling (“AC”) at Becher continues to deliver significant intercepts (> 2 g*m in tenor), with key recent results including:
  • 39 m @ 0.25 g/t Au from 81 m including 3 m @ 0.41 g/t Au from 108 m in F1843
  • 18 m @ 0.38 g/t Au from 21 m including 9 m @ 0.56 g/t Au from 30 m also in F1843
  • 12 m @ 0.43 g/t Au from 57 m including 6 m @ 0.66 g/t Au from 60 m also in F1843
  • 30 m @ 0.2 g/t Au from 3 m including 3 m @ 0.38 g/t Au from 12 m in F1924
  • 13 m @ 0.35 g/t Au from 36 m including 10 m @ 0.42 g/t Au from 39 m also in F1924
  • 9m @ 0.39 g/t Au from 54m including 6 m @ 0.45 g/t Au from 54 m in F1838
  • 6m @ 0.36 g/t Au from 48m including 3 m @ 0.6 g/t Au from 51 m in F1881
• Becher is Novo’s flagship project located in the northern sector of the Egina Gold Camp and 28 km along trend from De Grey Mining Limited’s 10.6 Moz Au (JORC 2012)¹ Mallina Gold Project.
• Novo has completed over 50,000 m of AC drilling to date at Becher with significant gold and multi-element assay results generated, defining a large priority area of mineralisation across some 5 sq km. The exciting results from this program have confirmed Novo’s plans to extend the drilling program.
• Both geological setting and pathfinder multielement assays compare favourably to the adjacent Mallina Gold Project mineralisation, with planning for deeper drilling underway.
• 720 AC holes for over 20,000 m have been completed in 2023, with majority on 320 m spaced infill drill lines at Heckmair and some on closer spaced lines at Irvine. Assays are pending for 80 holes.
• Recent drilling, focused on gold anomalies previously identified in the Irvine Shear corridor in proximity to the Heckmair intrusion, continues to identify intercepts across a significant strike length.
• The Nunyerry North Prospect, located in the southern section of the Egina Gold Camp, is the next target that Novo is progressing as part of its aggressive Pilbara exploration program.
• A high-grade soil anomaly has previously been identified at Nunyerry North and ethnographic and archaeological heritage clearances have been completed, allowing final drill program design and planning for the Company’s maiden RC drill program to commence in H2 2023.

Commenting on the drill program, Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said, “We are very excited by the results generated from our large ongoing aircore drill program at Becher. When completing this type of program, this is the tenor and scale of results which validate our exploration team’s hypothesis of the prospectivity of Becher and support our program ahead of commencing deeper drilling. Importantly, Becher is displaying all the right geological characteristics to compare favourably to the mineralisation at the adjacent Mallina Gold Project and we are excited to be advancing our drilling program.

“We are in the right area for major gold deposits and have a standout exploration team focused on discovering the next major gold deposit in the Pilbara. The Becher project has the potential to realise significant shareholder value within the months ahead, shaping up to be a very exciting period for the Company and our shareholders.”

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¹ De Grey has reported that its Hemi deposit at the Mallina 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 153.4 Mt @ 1.3 g/t Au for 6,590 koz Au, and Inferred Mineral Resources of 92.6 Mt @ 1.3 g/t Au for 3,779 koz Au, as those categories are defined in the JORC Code (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects). 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, June 12, 2023 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to report new and significant results and that it will continue the aircore (“AC”) drilling program at Becher. Results referred to in this news release are not necessarily representative of mineralisation throughout the Egina Gold Camp.

The continued significant gold and multielement assay results from over 50,000 m drilling to date has identified multiple targets including a large priority area of anomalism across some 5 sq km at Becher and provided the Company with a high-level of confidence to continue the drilling program. Both geological setting and pathfinder multielement assays compare favourably to the adjacent Mallina Gold Project mineralisation with planning for deeper drilling underway.

In addition, at the Nunyerry North Prospect, located in the south of the Egina Gold Camp, where a high-grade soil anomaly has previously been identified, ethnographic and archaeological heritage clearances have been completed, allowing the Company to commence final drill program design and planning for a maiden RC drill program to commence in H2 2023.

First pass RC drilling at Bellary Dome was recently completed, testing three distinct targets at Catia, Catia East and Edney’s Find. Sporadic intervals of gold mineralisation with a peak interval of 2 m @ 2.72 g/t Au from 8 m at Catia have been returned. The project as a whole is now under review, with no further drilling planned at this time.

BECHER PROJECT

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 highly prospective and under-explored Mallina Basin. Becher is situated adjacent to De Grey’s 10.6 Moz Au (JORC 2012)¹ Mallina Gold Project and 2.5 km south of their Withnell South discovery (Figure 1).

Novo commenced it’s 2023 aircore AC program at Becher in mid-April 2023 and to date has completed 720 holes for over 20,000 m, with over 80 holes pending assay results.

Figure 1 – Egina Gold Camp tenure showing the Becher and Nunyerry North Projects and the priority Becher prospects is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0fc8c4ed-bdc4-47b3-96d1-784030d5c62d

Becher Drilling Update

The 2023 20,000 m AC program testing multiple, high-priority structural and intrusion-hosted gold targets, has been focussed at the Heckmair and Irvine Prospects following return of significant gold and pathfinder results.

Recent drilling has returned significant intercepts (> 2 g*m in tenor) including:

• 39 m @ 0.25 g/t Au from 81 m in F1843, including (likely drilled down dip):
  • 3 m @ 0.32 g/t Au from 81 m
  • 3 m @ 0.41 g/t Au from 108 m
• 18 m @ 0.38 g/t Au from 21 m including 9 m @ 0.56 g/t Au from 30 m also in F1843
• 12 m @ 0.43 g/t Au from 57 m including 6 m @ 0.66 g/t Au from 60 m also in F1843
• 30 m @ 0.2 g/t Au from 3 m including 3 m @ 0.31 g/t Au from 6 m and 3 m @ 0.38 g/t Au from 12 m in F1924
• 13 m @ 0.35 g/t Au from 36 m including 10 m @ 0.42 g/t Au from 39 m also in F1924
• 9 m @ 0.39 g/t Au from 54 m including 6 m @ 0.45 g/t Au from 54 m in F1838
• 6 m @ 0.36 g/t Au from 48 m including 3 m @ 0.6 g/t Au from 51 m in F1881

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

Recent AC drilling has been concentrated around gold anomalies previously identified at the Irvine Prospect and impressively, continues to identify intercepts across a significant strike length. Drilling at Irvine targeted closer-spaced infill lines, as well as direct infill drilling along previously drilled lines, in order to better understand controls on structures and associated mineralisation.

Drilling to date in 2023 has been completed predominantly at the eastern Heckmair and Irvine Prospects (Figure 2) and has now moved to the Whillans Shear.

Results recently received confirm grade continuity at the Irvine Prospect, with continuous downhole anomalism associated with quartz veins and shearing within the sediments of the Constantine Sandstone Unit. This drilling, combined with the RC program completed in Q4 2022, indicate variations in dip direction for mineralised structures across the Irvine prospect, with holes intersecting mineralisation dipping both to the northwest and to the southeast.

Drilling to the immediate south of the main Irvine zone also identified anomalous gold mineralisation associated with quartz veining dipping steeply and sub-vertically towards the southeast approximately 500 m southeast from the main Irvine trend (Figure 3).

Next Steps

Given the success of the current 20,000 m program at Becher, AC drilling will continue. The AC program will infill anomalous zones based on both gold and pathfinder geochemistry with current drilling focused on the east Whillans prospect. Following this round of drilling, the rig will then move on to complete regional reconnaissance lines across other structural corridors such as Bonatti. Several areas are under consideration for deeper RC drilling follow up in H2 2023.

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

The Nunyerry North prospect is located within the Egina Gold Camp and approximately 80 km south of Becher (Figure 1) and is the next target that Novo is progressing as part of its Pilbara exploration program.

Figure 2 – Becher Project with main prospects, AC drilling progress to date and planned AC drilling over interpreted geology is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7a348023-36dd-4ea7-81a8-a237142af916

Figure 3 – Close up of the Heckmair-Irvine priority area with significant gold intercepts from 2022/2023 AC drilling programs, green callouts from recent results is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/137fc5ab-7fcd-4ca2-98c3-2e31dfbbff6f

Ethnographic and archeological heritage clearances have recently been completed for the Nunyerry North prospect allowing final drill program design and planning for Novo’s maiden drill program to commence in H2 2023.

Figure 4 – Nunyerry North high-grade shallow-dipping quartz vein-related gold mineralisation is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d85edca6-7c98-4db9-99a8-aa88323d0ec3

BELLARY DOME DRILLING PROGRAM RESULTS

Commencement of a reverse circulation (“RC”) drill program focussed on the orogenic gold target at the Catia Prospect (“Catia”) and gold in conglomerate at the Edney’s Find Prospect (“Edney’s Find”) at the Bellary Dome Project (“Bellary”), South Pilbara, Western Australia, was announced in early 2023².

This drilling was recently completed, testing three distinct targets at Catia, Catia East and Edney’s Find:

• 20 holes for 1,768 m were drilled at the Catia main prospect where high-grade gold results were returned from rock chip sampling of shear-related quartz vein swarms in 2021, including peak results of 556 ppm gold and 117 ppm gold.
• 8 holes for 616 m were drilled at Catia East, where soil sampling completed in 2021 by Novo highlighted a significant soil anomaly 700 m east-southeast of Catia.
• 6 holes for 312 m were drilled at the Edney’s Find Conglomerate target where peak gold values from trench rock chip samples in 2020 returned 36.4 ppm Au and numerous nuggets were located at surface by previous explorers.

Refer to Tables 3 and 4 in the Appendix below for a complete list of assay results. Drilling was based on detailed mapping and targeted to be perpendicular to mineralisation as much as practical. In some areas, the geology is complex and due to the exploratory nature of the work, the true width of mineralisation cannot yet be precisely determined.

Several zones of quartz veins were intersected in most drill holes, however peak assay results (using 0.3 g/t Au cut-off) of 2 m @ 2.72 g/t Au from 8 m (BC002) and 1 m @ 1.29 g/t Au from 12 m (BC003) were returned from Catia and no anomalous gold was intersected at Catia East. It is interpreted that the high-grade shallow dipping quartz vein-related gold mineralisation at Catia is restricted to the near surface along the main Catia Shear, with erratic gold distribution. Vein sets at depth and the steep NNE dipping Catia Shear Zone appear to be un-mineralised.

Drilling at Edney’s Find intersected channelised conglomerate with up to 5% sulphide, on a major unconformity overlying basement rocks. The conglomerate channel is interpreted to be up to 100 m wide and trends WNW with zones of significant “buckshot” (round) pyrite. A peak result of 1 m @ 2.3 g/t Au was returned from the basal conglomerate contact. The Edney’s Find target is open to the W and SW.

Only sporadic intervals of gold mineralisation have been returned during the RC drill program at Bellary Dome. The project as a whole is now under review, with no further drilling planned at this time.

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² Refer to the Company’s news release dated March 22, 2023.

ANALYTICAL METHODOLOGY

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 Chrysos^TM 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 Chrysos^TM PhotonAssay (PHXR/AU01).

QAQC procedures for the program include insertion of a certified blank approximately every 25 samples (4 per hundred), a Chrysos^TM 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 Chrysos^TM PhotonAssay certified standards at the rate of 2 per hundred.

Analytical methodology – Bellary Dome RC Drilling

RC drilling allows for deeper testing of anomalies delineated by aircore drilling, and other geological direct targeting methods such as surface mapping and sampling, where bedrock is exposed at surface.

RC drilling was sampled as either 4 m composite samples using a spear, or if visual parameters such as percentage of quartz veins or sulphide mineralisation or alteration intensity were deemed to warrant, as 1 m cone splits directly off the drill rig.

All RC chip samples were sent to Intertek in Perth, Western Australia and were crushed and pulverised and assayed for Au by four acid digest and 50 g charge fire assay FA50/MS. QAQC protocols included insertion of a certified blank approximately every 25 samples (4 per hundred, 2 of which are 500 g coarse black CRMS and two of which are 60 g pulverised -80# CRMs), certified standards for Au approximately every 25 samples and duplicate sampling (split of 4 m composite) at the rate of 4 per hundred.

Multi-elements were assayed using a handheld pXRF on -0.9mm powder collected from the sieved chips every 1m. The pXRF assay technique utilised a Niton XL5 handheld XRF machine calibrated daily, with 4 QAQC standards (fit for purpose including certified As, Cu and Sb values) run concurrently, with an additional 2 standards checked per 100 readings and 4 QAQC standard assayed before the machine is shut down. Drill powders are point analysed for 90 seconds using 4 machine filters.

There were no limitations to the verification process and all relevant data was verified by a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) by reviewing analytical procedures undertaken by Intertek.

QP STATEMENT

Mr. Iain Groves (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 Mallina Gold Project. Mr. Groves is Novo’s Exploration Manger – West Pilbara.

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 [email protected], or Leo Karabelas at +1-416-543-3120 or [email protected].

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, that the Company’s maiden RC drill program at Nunyerry North will commence in H2 2023, that several areas in the Egina Gold Camp are under consideration for deeper RC drilling in H2 2023, and that the Bellary Dome project is now under review. 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

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

Table 3 – RC drill hole locations Bellary Dome Project in MGA_2020 zone 50

Table 4 – Bellary Dome Project – RC drilling intercepts > 0.1 g/t Au Bellary Dome Project

Figure 1

Egina Gold Camp tenure showing the Becher and Nunyerry North Projects and the priority Becher prospects.

Figure 2

Becher Project with main prospects, AC drilling progress to date and planned AC drilling over interpreted geology.

Figure 3

Close up of the Heckmair-Irvine priority area with significant gold intercepts from 2022/2023 AC drilling programs, green callouts from recent results.

Figure 4

Nunyerry North high-grade shallow-dipping quartz vein-related gold mineralisation.