Precious Metals

KEY POINTS

  • Phase Two mechanical sorting trial completed using samples from Comet Well, Purdy's Reward, and Egina using Novo's wholly-owned Steinert KSS 100F LIXT fine mechanical sorting unit (" Sorter ")
  • Results from the Phase Two trial confirm that strong upgrade ratios can be achieved by running lower grade material through the Sorter in line with results from higher grade material
  • Phase Three trial at Comet Well will be deferred to H1 2023
  • Novo to prioritize immediate attention to developing the Fresh mineral resource at the Beatons Creek Gold Project (" Beatons Creek ") and high-potential exploration programs

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) provides an update on its mechanical sorting program.

Phase Two Trial

The Phase Two mechanical sorting trial has been completed, with samples from Comet Well, Purdy's Reward, and Egina processed through the Sorter which was assembled adjacent to the Golden Eagle processing plant at the Nullagine Gold Project (" Nullagine ").

The Phase Two trials represent a culmination of four years of test work conducted by Novo to determine the amenability of mechanical sorting across its 11,000 sq km of Pilbara tenure in Western Australia.

The Phase Two trial involved thirty-three samples, primarily from the Comet Well and Purdy's Reward tenements, which were processed though the Sorter. The Comet Well and Purdy's Reward samples were taken from areas peripheral to the main mineralized zone representing lower-grade tenor material and contained approximately 145 tonnes of bulk sample material. Concentrates from each sample were collected in their entirety and the tails or ‘rejects' stream was sub-sampled and sent for assay via Chrysos™ PhotonAssay.

The Phase Two trial confirmed that the mass pull to concentrate averaged 1.05% for lower-grade tenor material, which aligns with previously collected results from higher-grade lab scale test work. Preliminary Phase Two results are outlined in Table 1 below.

Phase Three Trial

Following completion of the Phase Two trial, the Sorter was scheduled to be transported to Comet Well for the Phase Three trial, which is designed to process up to 20,000 tonnes of potentially mineralized material from the Comet Well and Purdy's Reward projects.

Detailed project planning has confirmed that the expected cost of the Phase Three trial has significantly increased from earlier estimates. Work completed as part of the project plan development confirms the nuggety nature of the Comet Well and Purdy's Reward mineralization and the difficulty in confirming gold inventory. The use of the Sorter to complete processing of a test parcel of potentially mineralized material remains the most appropriate means of determining potential gold deposition and project economics, and it is expected that the Phase Three trial will assist with establishing a modest mineral inventory for the Comet Well and Purdy's Reward projects.

Following the production pause at Beatons Creek 1 and requirement to direct immediate attention towards development of the Fresh mineral resource, along with exploration across high potential Pilbara-wide targets in the short-to-medium term, the Novo Board of Directors has made the decision to defer the Phase Three trial at Comet Well until the first half of CY2023. Novo's Sorter project team has been reassigned to assist with the Beatons Creek Fresh feasibility study 2 .

Novo is dedicated to prioritizing resources to deliver key workstreams at the Beatons Creek Fresh mineral resource including completion of the Feasibility Study 2 , upgrading the current Fresh mineral resource, and continued resource and extensional drilling to expand potential for life-of-mine operations. Additionally, Novo is also focused on aggressively advancing the high-potential exploration targets at Becher for gold in the Egina district and at Purdy's North for nickel in the West Pilbara district.

Commenting on the mechanical sorting update, Executive Co-Chairman, acting Chief Executive Officer, and director Mike Spreadborough said, "While we are disappointed to defer the Phase Three trial at Comet Well, all work to date shows that innovative use of sorting technology for the Comet Well and Purdy's Reward projects is expected to generate positive results. Our immediate focus is on delivering shareholder value through the plan we outlined for Phase Two operations at Beatons Creek."

"We have a very busy second half planned and once we complete those various workstreams, we will re-consider the timing of the Phase Three trial at Comet Well and make a decision on the path forward."

SAMPLE PREPARATION, ASSAYING AND QUALITY ASSURANCE/QUALITY CONTROL

Concentrate samples from the Sorter were collected in their entirety. The tails or ‘rejects' stream was sub-sampled at regular intervals manually. This was achieved by placing a container through the full width of the sample stream as it transferred by gravity from one conveyor belt to another. A composite of approximately 20kg from the ‘rejects' stream was collected across the sample run. All samples and sub-samples were then weighed (wet), recorded, and submitted for transport to Intertek's mineral laboratory in Maddington, Western Australia.

On sample receipt at Intertek Maddington, all samples and sub-samples were dried for 24 hours. They were then fed through a Smart Crusher, where their material particle size was reduced to P90 -3 mm. The crushed concentrate and ‘rejects' samples were then placed into Chrysos™ PhotonAssay pots. The pots were then assayed in their entirety by Chrysos™ PhotonAssay. Chrysos™ PhotonAssay is a non-destructive method, based on technology that measures gold concentration via X-ray excitation to produce gamma rays. Intertek Chrysos™ PhotonAssay is NATA accredited (3244) via ISO/IEC 17025 (2017) for method PA W0002. Program design, quality assurance/quality control, and interpretation of results is performed by qualified persons employing quality control (" QC ") analysis consistent with industry best practices. Chrysos™ PhotonAssay certified CRMs and blanks are included at a rate of 1 in 40 samples for QC purposes by Intertek, the results of which are provided to Novo. Novo does not know of any factors of sampling that could materially affect the accuracy or reliability of the assay data disclosed.

All data was verified without limitation by a qualified person by reviewing analytical procedures undertaken.

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.

CAUTIONARY STATEMENT

The decision by the Company to produce at the Beatons Creek Project was not based on a feasibility study of mineral reserves demonstrating economic and technical viability and, as a result, there is an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Production has not achieved forecast to date. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability.

The Company cautions that its declaration of commercial production effective October 1, 2021 3 only indicates that Beatons Creek was operating at anticipated and sustainable levels and it does not indicate that economic results will be realized.

ABOUT NOVO

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 11,000 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 leo@novoresources.com .

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 Phase Three trials at Comet Well will begin in the first half of CY2023, that the Beatons Creek Fresh feasibility study and upgrade of the current Beatons Creek Fresh mineral resource and continued resource and extensional drilling is expected to expand life-of-mine operations, that the use of the Sorter to complete processing of a test parcel of potentially mineralized material remains the most appropriate means of determining potential gold deposition and project economics, that it is expected that the Phase Three trial will assist with establishing a modest mineral inventory for the Comet Well and Purdy's Reward projects, and that funds will be allocated to aggressively explore key sulphide and oxide prospects along the Mosquito Creek formation to extend operations at Nullagine beyond Beatons Creek. 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 three-month period ended March 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.

Table 1 shows the assay and mass pull data from the first ten samples of the Phase Two trial, confirming strong upgrade ratios from low grade material can be achieved through the Sorter in a single pass.

Sample ID Total Sample
Feed Mass (t)
Con. Grade
(Au, g/t)
Rejects Grade
(Au, g/t)
Total Au
Recovery (%)
Mass Pull to
concentrate, %
Head Grade
(Au, g/t)
Upgrade
Ratio
P1 2.1910 1.1375 0.0009 86% 0.49% 0.0065 174
P2 2.6260 2.2372 0.0009 99% 6.05% 0.1363 16
P3 2.8680 0.0533 0.0008 42% 1.08% 0.0014 39
P4 1.5370 2.1603 0.0016 95% 1.30% 0.0296 73
P5 4.6220 0.3960 0.0018 73% 1.16% 0.0064 62
P6 0.4440 6.3822 0.0215 83% 1.60% 0.1232 52
P7 6.6720 3.5877 0.0004 98% 0.69% 0.0252 142
P8 5.1750 0.8324 0.0005 92% 0.67% 0.0060 138
P9 5.2090 0.0661 0.0005 30% 0.34% 0.0008 86
P10 4.2790 0.0476 0.0005 52% 1.06% 0.0010 50

___________________
1 Refer to the Company's news release dated
June 14, 2022 .
2 Refer to the Company's news release dated June 14, 2022 .
3 Refer to the Company's news release dated October 12, 2021 .


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NVO.WT:CA
Drilling Commences on Purdy's North Gold and Nickel-Copper Targets

Drilling Commences on Purdy's North Gold and Nickel-Copper Targets

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  • Heritage surveys have been completed at Morto Lago, Milburn and the Southcourt prospects at Purdy's North and the Bushmill prospect in the Maitland Intrusion.
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Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on gold and nickel-copper targets at Purdy's North on EL471745 and on the Maitland Intrusion (EL473443) in the West Pilbara region of Western Australia. Purdy's North is adjacent to Azure Minerals Limited's ( "Azure" ) Andover VC-07 nickel-copper-cobalt massive sulphide discovery ( "Andover" ) and Artemis Resources Limited's ( "Artemis" ) Carlow Castle gold-copper-cobalt discovery ( "Carlow Castle" ). It should be noted that there is no certainty that EL471745 nor EL473443 contains the same levels of mineralization as either of these discoveries 1 .

" We are excited to get on the ground at these drill targets, " commented Mr. Mike Spreadborough, Novo's Executive Co-Chairman, Acting CEO, and director. " This is a highly prospective region and there has been well-documented recent exploration success from our neighbours, including Azure Minerals and Artemis Resources. These projects are an important part of our broader exploration strategy and we look forward to seeing what our drilling program returns. "

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  • Q2 2022 revenue of C$29.7 million (A$32.6 million)1F 2 from the sale of 12,378 oz Au
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Table 1: Key Operational and Financial Figures 2

Q4 2021 Q1 2022 Q2 2022
Mining (tonnes) 434,133 395,824 421,981
Processing (tonnes) 395,310 394,382 398,830
Grade (g/t Au) 1.16 1.15 1.02
Recovery (%) 91.5% 91.4% 93.5%
Gold Production (oz Au) 12,833 13,378 12,610
Revenue (C$M) $29.9 $31.9 $29.7
Cash and Cash Equivalents (C$M) $32.5 $22.0 $74.8

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) provides a 2022 second quarter (" Q2 2022 ") operational update from the Beatons Creek gold project (" Beatons Creek ") and the Golden Eagle processing facility (" Golden Eagle Plant "), located in Nullagine, Western Australia.

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FOR
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WITHHELD
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REGISTER NOW OR LOGIN AT: https://bit.ly/3zyrFyM

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