HIGHLIGHTS

  • Novo’s battery metals exploration program is ramping up, with geophysical surveys already underway in preparation for a significant drill program to commence in Q3 2022.
  • Induced polarization (“IP”) ground geophysical surveys are currently being conducted across several Ni-Cu targets and Au-Cu-Co targets in the Andover intrusion area and along the East Well/Bob’s Well Cu-Zn volcanogenic hosted massive sulphide (“VHMS”) trend near Karratha, Western Australia.
  • Fixed loop electromagnetic ground geophysical surveys (“FLEM”) are scheduled to commence later in the month on Novo’s Purdy’s Reward North tenement adjacent to Azure Minerals Limited’s (“Azure”) Andover VC-07 Ni-Cu-Co massive sulphide discovery (“Andover”).
  • A 1,550 km2 high resolution airborne magnetic and radiometric survey is scheduled to commence in Q3 2022, including the Andover intrusion, VHMS trend and orogenic gold targets in the Becher area southwest of De Grey Mining Ltd.’s (“De Grey”) Hemi deposit.
  • Other drill ready geophysical targets already defined by past explorationists using FLEM include Milburn and Anna Valley in the Andover intrusion area, and Bushmill, Roundstone, Banagher and Wexford in the Dingo/Bullock Hide and Maitland Intrusions, adjacent to the Radio Hill Ni-Cu-Co Mine.
  • This work is consistent with Novo’s accelerated exploration strategy targeted at growing the Company’s portfolio of gold and battery metals prospects in the Pilbara region of Western Australia.

VANCOUVER, British Columbia, May 06, 2022 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) has commenced advanced geophysical exploration for battery metals and gold at the Karratha Project in the West Pilbara Region of Western Australia. Geophysical exploration is designed to follow-up on multiple airborne electromagnetic (“VTEM”) anomalies (previously defined in 2007 by Legend Mining Limited (“Legend”))1 which have not been drill tested, along with soil geochemical anomalies (including Cu, Ni and Co) associated with the VTEM conductors, including Novo’s Southcourt and Milburn prospects.

Dipole-dipole IP ground geophysical surveys have commenced along the East Well/Bob’s Well Cu-Zn volcanogenic hosted massive sulphide trend. The IP survey is targeting disseminated sulphide rich alteration haloes and zinc rich massive sulphide targets in zones of numerous exhalate chert and carbonate horizons along strike of the old Whundo Cu-Zn mine. IP will also be utilized to test several disseminated to blebby Ni-Cu sulphide zones, and sulphide related to Au-Cu-Co targets at various prospects in the Andover area on Novo’s Purdy’s Reward North tenement E47/1745.

Figure 1: Prospect location and proposed areas for ground geophysical surveys is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ce5a621e-c3cb-4653-b1c3-3a86be923723

FLEM, scheduled to commence later in May 2022, will target airborne VTEM anomalies on Novo’s Purdy’s Reward North tenement in the fertile Andover mafic-ultramafic intrusion, adjacent to Azure’s Andover Ni-Cu-Co massive sulphide discovery. The FLEM surveys will be capable of delineating massive to sub-massive sulphides to depths of greater than 300 m to provide targets for diamond drilling planned to commence in Q2/Q3 2022. Historical exploration review, and recent mapping of five previously defined FLEM targets, have advanced these targets to drill ready, awaiting heritage clearance.

The five targets previously defined by moving loop EM (“MLEM”) and fixed loop EM include the Milburn target in the Andover intrusion area, and the Bushmill, Roundstone, Banagher and Wexford targets in the Dingo/Bullock Hide and Maitland intrusions, adjacent to the Radio Hill Ni-Cu-Co Mine. All EM targets are associated with fertile ultramafic and mafic intrusive rocks.

A 1,550 km2 detailed low-level 50 m spaced airborne magnetic and radiometric survey is scheduled to commence in Q2/3 2022, including the East Well/Bob’s Well VHMS trend, the Andover intrusion and orogenic gold targets in the Becher area southwest of De Grey’s Hemi deposit.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) 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. Dr. Hennigh is the non-executive co-chairman and a director of Novo.

ABOUT NOVO

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 12,500 square kilometres in the Pilbara region of Western Australia. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail [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, planned exploration activities. 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 management’s discussion and analysis for the year ended December 31, 2021 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.

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1 Refer to the Company’s news release dated November 30, 2021.