High Grade Gold Intersected in First Drill Program at Talga Talga Gold Project

HIGHLIGHTS

• Reverse Circulation (“ RC ”) drilling program intersects high-grade mineralization at Novo’s Talga Talga Gold Project (“ Talga Gold Project ”) in the Pilbara region of Western Australia
• Results include 3 m at 25.5 g/t Au from 28 m, and 3 m at 23.3 g/t Au from 11 m at the NW Australian prospect
• These are significant drilling results from Novo’s expanded orogenic and brownfields exploration program
• A corridor of mineralized structures approximately three kilometres long has been defined, with the majority of the trend ready to be tested by drilling
• Follow up drilling program planned for early 2022

Novo Resources Corp. ( “Novo” or the “Company” ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on recent exploration work conducted at its 100% controlled Talga Gold Project.

Summary

The Talga Gold Project is located approximately 110 km north of the Company’s flagship Beatons Creek conglomerate gold project (the “ Nullagine Gold Project ”).

During July and August 2021, sixty-five shallow RC holes were drilled for a total of 3,240 m, testing three targets along the mineralized corridor. This program constitutes the first phase of drilling, with holes spaced 80 m x 20 m on sections along the mineralized corridor, and with most holes only targeting the first (shallowest) shear.

Drilling at the NW Australian prospect, within the Talga Gold Project, intersected 3 m at 25.5 g/t Au from 28 m and 3 m at 23.3 g/t Au from 11 m in the upper shear horizon in two adjacent sections. The high-grade gold results are supported up and down dip with intersections showing the same target position.

Elevated intersections at McPhees NE and McPhees Reward, both prospects within the Talga Gold Project, confirm and extend historical intersections. Of note is the intersection of 2 m at 7.4 g/t Au in 21TT0053 from 38 m.

These results are not necessarily representative of all of the mineralization at Talga Gold Project.

Follow up drilling, planned for early 2022, will now directly target these high-grade gold plunging shoots to better determine strike extent and depth potential.

Samples were submitted to the Intertek Testing Services (Australia) Pty Ltd’s (“ Intertek ”) lab for PhotonAssay providing rapid turnaround time for exploration assay results, with all assays received within two weeks of sample submission. Novo’s use of this technology is a powerful tool to expedite exploration and discovery.

“We are excited by these promising results from the Talga Gold Project,” commented Dr. Quinton Hennigh, the Company’s Non-Executive Co-Chairman and a director. “Since committing to an A$14.5 million exploration budget through the end of 2021 and accelerating exploration efforts, Novo has been able to target near-mine and regional prospects in an effort to develop its exploration and production pipeline, including additional work anticipated to commence at the Genie and Parnell-Vulture prospects in the coming weeks.”

Detail

The Talga Gold Project is one of Novo’s East Pilbara assets and is located approximately 110 km north of the Nullagine Gold Project ( Figure 1 ). Gold occurs in lode quartz veins hosted by metamorphosed volcanic and sedimentary rocks of the Warrawoona Supergroup, the same Formation that hosts Calidus Resources Limited’s (ASX: CAI) Warrawoona gold project approximately 35 km south of the Talga Gold Project which is currently being developed and is expected to go into production during H1 2022 ¹ .

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/21c3b3be-004f-4d8b-ab49-1f77d15acf14

High grade rock samples collected by previous operators and by Novo ( refer to the Company’s news release dated December 13, 2018 ), combined with detailed mapping, define a corridor of mineralized structures approximately three kilometres long, with the majority of the trend untested by drilling.

During July and August 2021, sixty-five shallow RC holes were drilled for a total of 3,240 m, testing three targets along the mineralized corridor ( Figure 2 ). Holes were drilled using a track mounted L8 rig that is particularly suited for small footprint drilling in difficult terrain, with the only limitation being the depth penetration. This program constitutes the first phase of drilling, with holes nominally 80 m x 20 m spaced on sections along the mineralized corridor, and with most holes only targeting the first (shallowest) shear.

Drilling at the NW Australian prospect, within the Talga Gold Project, intersected 3 m at 25.5 g/t Au from 28 m and 3 m at 23.3 g/t Au from 11 m in the upper shear horizon in two adjacent sections ( Figure 3 ). The high-grade gold results are supported up and down dip with intersections showing the same target position. The position of the high-grade gold results appears to be related to the cross-cutting fault ( Figure 4 ) with the western intersection lining up with high-grade gold rock samples at surface providing a plunge direction to mineralization. Furthermore, historical workings are located in a similar plunge direction in relation to the eastern intersection. For additional results, refer to Table 1. These results are not necessarily representative of all of the mineralization at Talga Gold Project.

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1d5321b4-6965-4741-916b-82698aa58d66

Mapping and drilling data interpreted to date suggests that the cross-cutting structures are critical in forming the high-grade gold components to mineralization at the Talga Gold Project, with all historical workings and elevated rock sample results related to thicker quartz near cross cutting structures.

Follow up drilling can now directly target these high-grade gold plunging shoots to better determine strike extent and depth potential and is planned for early 2022.

Elevated intersections at McPhees NE and McPhees Reward, both prospects with the Talga Gold Project, confirm and extend historical intersections. Of note, is the intersection of 2 m at 7.4 g/t Au from 38 m in hole 21TT0053. This hole was extended as a test of the second shear, which has never been drilled and is only recently recognized from mapping and rock sampling ( Figure 5 ).

Samples were submitted to the Intertek lab for PhotonAssay ( refer to the Company’s news release dated May 18, 2021 ), providing rapid turnaround time for exploration assay results, with all assays received within two weeks of sample submission. Novo’s use of this technology is a powerful tool to expedite exploration.

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/859f25f2-7de8-43b8-b15b-6eee8cc89828

Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/451a05bc-2ab9-4265-ad14-d23bb27d0ec0

Figure 5 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/be3bde29-2992-45e8-b85e-3b3767ff17a9

Sample Collection and Analytic Methodology

Drill hole location details are listed in Table 2. All holes were angled to be perpendicular to the intersected mineralization, with the intersected widths representative of the true width of the mineralised zone. Samples were taken as one metre intervals from RC chips using a cone splitter. This generates an approximately 3 – 5 kg sample. All samples were dry with a sample recovery of 100%. When significant water was intersected, the hole was abandoned.

RC samples from the Talga Gold Project were submitted to Intertek Laboratory in Perth, Australia. Intertek is an independent and accredited lab. Samples are crushed to -2 mm and RSD split into a single 500-gram jar for PhotonAssay. To test for gold variability and potential coarse gold effect, field duplicates and crushed duplicates were analysed. Standards and blanks are inserted in the sample sequence to test for lab performance.

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 by reviewing analytical procedures undertaken the laboratory. Dr. Quinton Hennigh (P.Geo.) is the qualified person 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 is commissioning its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 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

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, determination of Talga strike extent and depth potential via additional drilling, and the expected timing of receipt of assay results. 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 11-month fiscal year ended December 31, 2020, 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: Significant intercept table for all results from this phase of drilling at the Talga Gold Project. The table is generated using a 1 g/t cut-off grade and allowing 2 m of internal dilution.

Table 2: Collar details for all holes from this phase of drilling at the Talga Gold Project.

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¹ Refer to Calidus ’ public disclosure at https://www.calidus.com.au/ .