Precious Metals

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce that mapping and rock sampling have confirmed a new conglomerate discovery located approximately 2 kms to the south-west of the current Beatons Creek conglomerate gold resource (the " Beatons Creek Resource ") ( please see the Company's news release dated April 1, 2019 and the report titled " Amended and Restated NI 43-101 Technical Report: Mineral Resource Update, Beatons Creek Conglomerate Gold Project, Pilbara Region, Western Australia" dated October 22, 2020 (effective date February 28, 2019) ). The prospect, designated ‘ Skyfall ,' has been confirmed as a younger depositional cycle in the Nullagine gold project. The mineralisation is located within easy trucking distance to the recently acquired Nullagine mill, providing further extensions to the Beatons Creek conglomerate gold system.

Highlights:

  • The Skyfall mineralised package is defined at surface over a strike length of 1.9km and remains open to the west ( please see Figure 1 below ).
  • A small outcrop of boulder conglomerate lag higher in the stratigraphy is already included in the existing Beatons Creek Resource. This horizon is now recognised where it projects into the hills (‘Skyfall') to the southwest.
  • Historical assays from Skyfall mineralisation comprise rock sampling with a maximum of 51.3 g/t gold ( please see the Company's news releases dated January 29, 2014 and July 24, 2014 ) and costean sampling with a maximum of 11.3 g/t gold ( please see the Company's news release dated June 14, 2017 ) on the small outcrop.
  • The Skyfall unit is interpreted as a stratigraphical repeat of the Beatons Creek unit and contains at least three boulder conglomerate lag horizons.

The Skyfall Extension

The southern-most extent of the current Beatons Creek Resource gently dips under cover. Further to the south-west, an additional single boulder conglomerate lag was identified during mapping and rock sampling in 2014 and tested by eleven costean samples in 2017. Results were continuous, and this small mesa is part of the Beatons Creek Resource.

The location of this boulder conglomerate lag as a mesa on top of a hill places it approximately 240m stratigraphically above the main Beatons Creek mineralised sequence. An attempt was made to locate this boulder lag further to the southwest where it was interpreted to daylight again (‘Skyfall'). No continuous boulder conglomerate lags were recognized at that time.

The current mapping program aimed to better understand the overlying sequence stratigraphy in relation to the currently defined stratigraphy units. Applying typical basin fill sequence stratigraphy, rather than directly aiming to find narrow boulder conglomerate lags, the broader cycles of deposition were mapped. This mapping is ongoing but has thus far recognized at least three repeat depositional cycles in which boulder conglomerate lags may form, much like the important M1 and M2 boulder conglomerate lags being located within the broader Beatons Creek mineralised sequence. Delineating this unit in each cycle significantly simplifies targeting new potential mineralised conglomerate lags.

The Skyfall depositional cycle immediately overlying the Beatons Creek unit comprises an upwards coarsening sedimentary cycle and includes a ~ 20m thick upper sequence of Dromedary-clast bearing cobble to boulder conglomerate with elevated disseminated pyrite and buckshot pyrite comparable to the Beatons Creek mineralised unit ( please see Figure 2 below ). Within this Skyfall mineralised unit, three boulder conglomerate lags are now delineated over a strike length of approximately 1.9km and remain open to the west.

Mapping the overlying depositional cycles continues, with further work likely comprising dozer scrapes and costean sampling at surface, followed by RC drilling under cover.

Dr. Quinton Hennigh (P.Geo.) is the qualified person pursuant to NI 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is President, Chairman, and a director of Novo Resources Corp.

About Novo Resources Corp.

Novo is advancing its flagship Beatons Creek gold project to production while exploring and developing its highly prospective land package covering approximately 14,000 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.

" Quinton Hennigh "

Quinton Hennigh

Chairman and President

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, the estimation of mineral resources at the Company's Beatons Creek project. 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 risks and uncertainties inherent to mineral resource estimates.

PDFs accompanying this announcement are available at:

http://ml.globenewswire.com/Resource/Download/7992f730-7695-4950-8184-b3f92f1bfa28
http://ml.globenewswire.com/Resource/Download/a69e8029-890d-40aa-bf42-7ae59457b0a2

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