NVO.WT Novo Resources Corp

Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce continued drilling success at the Egina Gold Camp in the Pilbara, Western Australia, with significant results returned from final gold in photonAssayTM in the Company’s maiden reverse circulation (RC) drill program at Nunyerry North (Figures 1 and 2). The Nunyerry North project is a 70:30 joint venture with the Creasy Group.1

Targeted RC drilling is also underway at the Becher Project, where De Grey Mining (ASX:DEG) (De Grey) has plans to test the Heckmair, Irvine and Lowe prospects before year-end. De Grey have recently completed 192 infill aircore (AC) drill holes for a total of 5,251 m at Becher as part of its planned initial 39,000 m drill program. Results are expected over the next 4 to 5 weeks.

The Egina Gold Camp is a contiguous tenement package, targeted on a series of structurally complex, gold-fertile corridors, hosted by rocks of the Mallina Basin in the north and mafic / ultramafic sequences further south. These corridors trend towards De Grey’s 11.5 Moz Hemi Gold Project to the north and northeast. This tenure has been one of the main focus areas for Novo’s exploration programs over the last eighteen months, culminating in the Egina JV with De Grey, and delineation of the Nunyerry North orogenic gold prospect. Several prospects remain to be tested in the southern part of the corridor in 2024.

Figure 1: Novo’s Pilbara tenure showing priority prospects, joint venture interests and the location of drilling at Nunyerry North and Becher.

Nunyerry North Drill Program2

Novo recently completed its maiden drill program of 30 holes for 2,424 m of shallow RC drilling at Nunyerry North with positive results for the program. Angled drill holes averaged 81 m depth and ranged from 36 to 120 m in depth.

These were conducted on 40 to 60 m spaced sections in two areas over the strongest gold-in-soil anomaly, with holes approximately 20 m apart on section (Figure 3). All holes were drilled oriented perpendicular to the estimated mineralized trend, with the intersected widths representative of the true width of the mineralization

Results received include best intercepts of:

• 11 m @ 1.98 g/t Au including 7m @ 2.92 g/t Au (NC014)
• 4 m @ 4.15 g/t Au including 2m @ 7.42 g/t (NC015)
• 8m @ 1.31 g/t Au (NC024) and
• 4m @ 3.56 g/t Au (NC027) including 2m @ 6.06 g/t Au.

with intercepts calculated using up to 3 m internal dilution and 0.3 g/t Au cut-off) (see Table 1 and Appendix 1 for hole locations).

Figure 2: Nunyerry North coarse gold in white translucent quartz veins from surface.

First pass drilling has defined several zones of mineralised quartz veining. The Main Lode #1 is essentially “blind” (only a small area of the target outcrops) and several other mineralised zones identified during reconnaissance drilling are completely blind (Figure 4). The primary target in the western part of the drilled area, Main Lode #1, has shown consistency in all sections and has a south-southeast dip of approximately 60 degrees (Figure 5 and 6) and an interpreted shallow plunge to the east.

Mineralisation is hosted in arrays of white quartz veins with minor sulphides including chalcopyrite. The vein arrays trend between two north dipping shear zones, the Freyda and Skadi Shear Zones, and are hosted in a 60 m wide zone of fine to medium grained mafic to high-MgO basalt within an ultramafic dominant package. It is important to understand that this maiden drill program only tests a small area of the overall Nunyerry North prospect.

It is recognized from surface work that the Nunyerry North prospect has significant visible gold or coarse nuggety gold, which provides challenges to obtain accurate assay results (Figure 2). Novo is conducting trials on the best methodology and sample size to allow accurate reporting of the gold assays.

Intercepts from the first four drill holes were sent for 1 kg screen fire-assay (total gold) to assess coarse gold variability. Most gold intercepts were enhanced using screen fire assay, with comparisons (full table of comparison is given Table 2) including:

• 4 m @ 1.0 g/t Au, re-reporting as 4 m @ 1.76 g/t Au using screen fire assay; and
• 7 m @ 0.75 g/t Au re-reporting as 8 m @ 1.42 g/t Au using screen fire assay.

A further 5 intercepts have been sent for 1 kg screen fire-assay.

Figure 3: Nunyerry North geological interpretation and drill hole location plan.

Figure 4: Nunyerry North long section (looking NNW) showing m x g/t Au (downhole width) for the Main Lode #1

Figure 5: Nunyerry North cross sections 590860E looking WSW.

Figure 6: Nunyerry North cross section 590660E (looking WSW).

Table 1: Significant RC drill results Nunyerry North (* results published Novo ASX release 17 October 2023)

Hole	Widthm	Au g/t	Fromm	intercept
NC001*	13	0.48	1	13 m @ 0.48 g/t Au from 1 m - NC001
NC002*	1	4.64	2	1 m @ 4.64 g/t Au from 2 m - NC002
NC002*	4	1	17	4 m @ 1.0 g/t Au from 17 m - NC002
NC003*	7	0.75	0	7 m @ 0.75 g/t Au from 0 m - NC003
including	3	1.37	4	3 m @ 1.37 g/t Au from 4 m - NC003
NC004*	13	1.18	0	13 m @ 1.18 g/t Au from 0 m - NC004
NC006*	7	1.12	38	7 m @ 1.12 g/t Au from 38 m - NC006
NC008	10	0.66	2	10 m @ 0.66 g/t Au from 2 m - NC008
including	5	1.03	6	including 5 m @ 1.03 g/t Au from 6 m
NC011	4	1.15	79	4 m @ 1.15 g/t Au from 79 m - NC011
NC014	11	1.98	22	11 m @ 1.98 g/t Au from 22 m - NC014
including	7	2.92	22	7 m @ 2.92 g/t Au from 22 m
NC015	4	4.15	40	4 m @ 4.15 g/t Au from 40 m - NC015
including	2	7.42	41	including 2 m @ 7.42 g/t Au from 41 m
NC017	2	2.81	31	2 m @ 2.81 g/t Au from 31 m - NC017
NC017	5	1.84	37	5 m @ 1.84 g/t Au from 37 m - NC017
NC022	12	0.6	42	12 m @ 0.6 g/t Au from 42 m - NC022
NC022	4	1.09	50	including 4 m @ 1.09 g/t Au from 50 m
NC022	7	1.38	59	7 m @ 1.38 g/t Au from 59 m - NC022
NC022	14	0.59	79	14 m @ 0.59 g/t Au from 79 m - NC022
including	3	1.4	79	including 3 m @ 1.40 g/t Au from 79 m
NC024	8	1.31	58	8 m @ 1.31 g/t Au from 58 m - NC024
NC027	13	0.76	0	13 m @ 0.76 g/t Au from 0 m - NC027
including	3	1.55	6	including 3 m @ 1.55 g/t Au from 6 m
NC027	4	3.56	26	4 m @ 3.56 g/t Au from 26 m - NC027
including	2	6.06	27	including 2 m @ 6.06 g/t Au from 27 m
3m internal dilution and 0.3 g/t Au cut-off

Table 2: Comparison between the results for 500g Chrysos photonAssayTM vs 1000g screen fire assay for selected holes at Nunyerry North, with orange highlights showing an increase in the grade when assayed with a larger sample and using screen fire assay.

Hole	Intercept - PhotonAssay	Intercept - 1 kg screen fire assay
NC001	13 m @ 0.48 g/t Au from 1 m	13 m @ 0.57 g/t Au from 1 m
NC002	1 m @ 4.64 g/t Au from 2 m	1 m @ 3.09 g/t Au from 2 m
NC002	4 m @ 1 g/t Au from 17 m	4 m @ 1.76 g/t Au from 17 m
NC002	4 m @ 0.36 g/t Au from 61 m	4 m @ 1.05 g/t Au from 61 m
NC003	7 m @ 0.75 g/t Au from 0 mincluding 3 m @ 1.37 g/t Au	8 m @ 1.42 g/t Au from 0 mincluding 3 m @ 3.13 g/t Au
NC003	4 m @ 0.64 g/t Au from 32 m	1 m @ 2.91 g/t Au from 32 m
NC004	13 m @ 1.18 g/t Au from 0 m	13 m @ 1.04 g/t Au from 0 m

Nunyerry North Forward Exploration Program

Based on the highly encouraging results from the maiden RC drilling program, further work at Nunyerry North will include:

• 3D targeting and detailed geological and structural modelling.
• Additional RC and diamond drilling to test extensions to the known mineralisation, and the southern and western soil anomalies in H1 2024.
• Generation of high-resolution aerial photography and digital elevation model (DEM) for the entire target area.
• Intercepts from 5 additional drill holes have been sent for 1 kg screen fire-assay to assess coarse gold variability, in preparation for future work programs.
• Detailed mapping and rock chip sampling in areas outside of the current limit of mapping.
• Petrological studies to define host rock composition, alteration and sulphide mineralogy.

Figure 7: The broader Nunyerry North Project area highlighting contoured gold results from soil sampling at Nunyerry North and completed RC drill holes

Becher Exploration Update

Novo’s highly prospective Becher Project, is located some 28 km from De Grey’s 9.5 million ounce Hemi gold deposit3, at the northeastern end of the Egina Gold Camp. Novo completed approximately 61,000 m of AC drilling at Becher in 2022 and 2023, exploring for intrusion-hosted and shear-related gold deposits, similar to De Grey’s gold deposits in the Mallina Project. In June 2023, Novo announced an earn-in arrangement that may result in the formation of the Egina JV with De Grey on the Becher Project and other Novo tenements. De Grey is required to spend A$25 million within four years to earn a 50% JV interest (including a requirement for a minimum spend of A$7 million in the first 18 months).4

As part of the exploration commitment, De Grey recently completed 192 infill AC drill holes for a total of 5,251 m at Becher, part of its planned initial 39,000 m program of AC, RC and diamond drilling.5 Results are expected over the next 4 to 5 weeks.

De Grey has also commenced >35 RC drill holes for approximately 5,000 m up to a planned depth of 280 m. RC drilling will test significant zones of gold geochemistry in three prospects, including Heckmair, Irvine and Lowe.

ANALYTIC METHODOLOGY

One metre cone split samples of RC chips were split directly off the cyclone on the drill rig and were sent to Intertek Genalysis (Intertek) in Perth, Western Australia with the entire sample smart crushed to -3mm (NVO02 prep code), with a 500 g split sample analysed for gold using Photon Assay (PHXR/AU01).

QA/QC for RC samples are inserted at the rate of 4 x 600g standards per 100, 4 x 600g blanks per 100 (including 2 coarse and 2 -80# blanks) and 4 riffle split duplicates per 100, providing a total of 12% QA/QC. Intertek also inserts customized Chrysos certified standards at the rate of 2 per hundred.

The first 4 drill holes were also assayed using four acid digest and 50 g charge fire assay FA50/OE as a comparative exercise, after pulverizing a cone split duplicate sample to -80# (SP64 FA50/OE). The first four drill hole significant intercepts were also analysed by 1kg 106 micron screen fire assay with ICP-OES finish (Code SF 100/OE), using the Chrysos and coarse rejects.

There were no limitations to the verification process and all relevant data was verified by a qualified person/competent person (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) and the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) respectively) by reviewing the analytical procedures undertaken by Intertek.

ABOUT NOVO

Novo explores and develops its prospective land package covering approximately 9,000 square kilometres6 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 shareholders.

Authorised for release by the Board of Directors.

CONTACT

Investors:Mike Spreadborough +61 419 329 987 mike.spreadborough@novoresources.com

Media:Michael Weir+61 402 347 032mweir@citadelmagnus.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 other than information concerning De Grey’s Pilbara Gold Project. Mrs De Luca is Novo’s General Manger Exploration.

JORC COMPLIANCE STATEMENT

The information in this report that relates to new Exploration Results at Nunyerry North is based on information compiled by Ms De Luca, who is a full-time employee of Novo Resources Corp. Ms De Luca is a Competent Person who is a member of the Australian Institute of Geoscientists. Ms 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'. Ms 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.

The information in this news release that relates to previously reported Exploration Results at Nunyerry North is extracted from Novo's announcement titled Maiden Drill Program at Nunyerry North (Updated) released to ASX on 17 October 2023and which is available to view on www.asx.com.au. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

FORWARD-LOOKING STATEMENTS

Some statements in this news release may contain “forward-looking statements” (or forward-looking information within the meaning of Canadian securities legislation) that represent the Company’s intentions, projections, expectations or beliefs concerning,future events as at the date of this news release and include, without limitation, planned exploration activities and the expected timing of receipt of drill results.. These forward-looking 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.sedarplus.ca. 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.

_________________________1 Novo holds 70% interest in gold rights, other mineral rights, legal interest and mining information pursuant to the Croyden JV agreement as announced previously in Novo news release dated 15 June 2020. See also Novo’s Prospectus released to ASX on 7 September 2023.2 Refer to End note 2 above.3 Refer to De Grey Mining Limited's ASX Announcement dated 15 June 2023. No assurance can be given that a similar or any commercially mineable deposit will be determined at Novo’s Becher Project.4 Refer to the Company's news release dated 21 June 2023. See also Novo’s Prospectus released to ASX on 7 September 2023.5 Works carried out under the De Grey earn-in arrangement. Refer to the Company’s news releases dated June 21, 2023 and June 28, 2023. See also Novo’s Prospectus released to ASX on 7 September 20236 Nullagine Gold Project area comprises approximately 1,080km2 of Novo’s total tenure package of 9,000km2.

APPENDIX

Appendix 1 - Nunyerry North RC drill hole locations in MGA_2020 zone 50 final DGPS survey

HOLE_ID	EASTING (m)		NORTHING (m)		RL (m)		AZI			DIP	DEPTH (m)
NC001	590752		7619490		277		331			-46	52
NC002	590756		7619480		274		333			-49	78
NC003	590764		7619461		269		334			-49	90
NC004	590793		7619496		270		337			-45	52
NC005	590801		7619478		268		332			-50	120
NC006	590809		7619460		266		338			-53	120
NC007	590810		7619459		266		281			-44	66
NC008	590704		7619452		275		337			-54	48
NC009	590720		7619512		283		160			-78	48
NC010	590689		7619485		281		327			-43	54
NC011	590693		7619475		282		329			-58	102
NC012	590770		7619449		267		337			-56	102
NC013	590815		7619444		265		337			-55	102
NC014	590836		7619493		270		332			-43	54
NC015	590845		7619474		267		331			-60	114
NC016	590849		7619466		265		333			-70	102
NC017	590878		7619491		265		339			-54	102
NC018	590892		7619475		263		341			-57	102
NC019	590650		7619474		271		333			-45	54
NC020	590626		7619425		266		332			-44	102
NC021	590616		7619465		270		91			-50	54
NC022	590664		7619438		269		335			-51	120
NC023	590769		7619449		267		331			-74	102
NC024	590710		7619432		269		337			-46	88
NC025	591080		7619513		263		69			-45	72
NC026	591194		7619458		260		339			-44	102
NC027	591156		7619459		263		338			-45	102
NC028	591165		7619440		259		337			-46	60
NC029	590769		7619457		268		360			-88	42
NC030	591168		7619441		259		360			-90	36

Appendix 2 - Nunyerry North RC drill results > 0.3 g/t Au holes NC007 to NC0030

Hole ID	width m	Au g/t	From m	intercept
NC007				NSI
NC008	10	0.66	2	10 m @ 0.66 g/t Au from 2 m - NC008
including	5	1.03	6	including 5 m @ 1.03 g/t Au from 6 m
NC008	1	3.09	17	1 m @ 3.09 g/t Au from 17 m - NC008
NC009				NSI
NC010	1	0.53	10	1 m @ 0.53 g/t Au from 10 m - NC010
NC010	3	0.69	15	3 m @ 0.69 g/t Au from 15 m - NC010
NC011	1	0.31	27	1 m @ 0.31 g/t Au from 27 m - NC011
NC011	1	0.43	30	1 m @ 0.43 g/t Au from 30 m - NC011
NC011	4	1.15	79	4 m @ 1.15 g/t Au from 79 m - NC011
NC011	1	0.48	90	1 m @ 0.48 g/t Au from 90 m - NC011
NC011	1	0.40	101	1 m @ 0.4 g/t Au from 101 m - NC011 open
NC012	1	0.38	55	1 m @ 0.38 g/t Au from 55 m - NC012
NC012	7	0.76	95	7 m @ 0.76 g/t Au from 95 m - NC012
NC013	1	0.50	66	1 m @ 0.5 g/t Au from 66 m - NC013
NC014	11	1.98	22	11 m @ 1.98 g/t Au from 22 m - NC014
including	7	2.92	22	including 7 m @ 2.92 g/t Au from 22 m
including	4	4.10	24	or including 4 m @ 4.1 g/t Au from 24 m
NC015	1	0.48	0	1 m @ 0.48 g/t Au from 0 m - NC015
NC015	1	0.55	13	1 m @ 0.55 g/t Au from 13 m - NC015
NC015	1	0.31	34	1 m @ 0.31 g/t Au from 34 m - NC015
NC015	4	4.15	40	4 m @ 4.15 g/t Au from 40 m - NC015
including	2	7.42	41	including 2 m @ 7.42 g/t Au from 41 m
NC015	1	0.41	87	1 m @ 0.41 g/t Au from 87 m - NC015
NC015	1	1.35	96	1 m @ 1.35 g/t Au from 96 m - NC015
NC016	1	0.31	3	1 m @ 0.31 g/t Au from 3 m - NC016
NC016	1	0.69	6	1 m @ 0.69 g/t Au from 6 m - NC016
NC016	2	0.88	36	2 m @ 0.88 g/t Au from 36 m - NC016
NC016	1	0.44	58	1 m @ 0.44 g/t Au from 58 m - NC016
NC016	1	8.28	72	1 m @ 8.28 g/t Au from 72 m - NC016
NC017	2	2.81	31	2 m @ 2.81 g/t Au from 31 m - NC017
NC017	5	1.84	37	5 m @ 1.84 g/t Au from 37 m - NC017
NC017	1	0.50	48	1 m @ 0.5 g/t Au from 48 m - NC017
NC017	1	0.37	100	1 m @ 0.37 g/t Au from 100 m - NC017
NC018	1	0.31	26	1 m @ 0.31 g/t Au from 26 m - NC018
NC018	1	0.33	47	1 m @ 0.33 g/t Au from 47 m - NC018
NC018	2	1.16	52	2 m @ 1.16 g/t Au from 52 m - NC018
NC018	1	1.60	58	1 m @ 1.6 g/t Au from 58 m - NC018
NC018	1	0.46	75	1 m @ 0.46 g/t Au from 75 m - NC018
NC019	1	0.31	30	1 m @ 0.31 g/t Au from 30 m - NC019
NC020	1	1.84	85	1 m @ 1.84 g/t Au from 85 m - NC020
NC021	1	0.49	45	1 m @ 0.49 g/t Au from 45 m - NC021
NC022	1	0.66	37	1 m @ 0.66 g/t Au from 37 m - NC022
Hole ID	width m	Au g/t	From m	intercept
NC022	12	0.60	42	12 m @ 0.6 g/t Au from 42 m - NC022
NC022	4	1.09	50	including 4 m @ 1.09 g/t Au from 50 m
NC022	7	1.38	59	7 m @ 1.38 g/t Au from 59 m - NC022
including	5	1.73	60	including 5 m @ 1.73 g/t Au from 60 m
NC022	1	0.31	75	1 m @ 0.31 g/t Au from 75 m - NC022
NC022	14	0.59	79	14 m @ 0.59 g/t Au from 79 m - NC022
including	3	1.40	79	including 3 m @ 1.4 g/t Au from 79 m
and including	2	1.05	91	and including 2 m @ 1.05 g/t Au from 91 m
NC023				NSI
NC024	1	0.48	43	1 m @ 0.48 g/t Au from 43 m - NC024
NC024	1	0.30	53	1 m @ 0.3 g/t Au from 53 m - NC024
NC024	8	1.31	58	8 m @ 1.31 g/t Au from 58 m - NC024
Including	4	1.82	61	including 4 m @ 1.82 g/t Au from 61 m
NC024	1	0.69	68	1 m @ 0.69 g/t Au from 68 m - NC024
NC024	2	0.31	70	2 m @ 0.31 g/t Au from 70 m - NC024
NC025	3	0.80	28	3 m @ 0.8 g/t Au from 28 m - NC025
NC025	4	0.34	68	4 m @ 0.34 g/t Au from 68 m - NC025 ended in min
NC026				NSI
NC027	13	0.76	0	13 m @ 0.76 g/t Au from 0 m - NC027
Including	3	1.55	6	including 3 m @ 1.55 g/t Au from 6 m
NC027	1	0.34	19	1 m @ 0.34 g/t Au from 19 m - NC027
NC027	4	3.56	26	4 m @ 3.56 g/t Au from 26 m - NC027
Including	2	6.06	27	including 2 m @ 6.06 g/t Au from 27 m
NC028				NSI
NC029				NSI
NC030				Not assayed – open hole

Photos accompanying this announcement are available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/94330573-c66f-4874-9aec-5fc95123abb9https://www.globenewswire.com/NewsRoom/AttachmentNg/7d328ffe-f33c-4d2c-9d23-89e8bc1798b2https://www.globenewswire.com/NewsRoom/AttachmentNg/25aa7883-ae3a-4c8d-a4e7-9f63fad0d8e5https://www.globenewswire.com/NewsRoom/AttachmentNg/a0d406b1-ca53-41c6-8325-1e0cf838e8d6https://www.globenewswire.com/NewsRoom/AttachmentNg/0f7c468e-a148-4544-b4ab-9fd8dfc8d8abhttps://www.globenewswire.com/NewsRoom/AttachmentNg/806c7bb2-0b46-4470-84e6-38961f1f5a58https://www.globenewswire.com/NewsRoom/AttachmentNg/f27e1924-0d88-468f-a599-13b79e2d54f1