Standout Results From Becher Aircore Drilling Along Trend From Hemi Gold Deposit

HIGHLIGHTS

• Standout gold results have been intersected on the southern Irvine Shear corridor including 20 m @ 0.67 g/t Au , as part of the current aircore drilling program at the high priority Becher Area in the Egina District.
• Over 650 shallow aircore holes for 16,500 m of the > 30,000 m program have been completed.
• The aircore program will test multiple structural and intrusive targets along a series of significant mineralized corridors, some interpreted to extend to De Grey Mining Limited's (" De Grey ") Hemi gold deposit within the Mallina gold project (" Hemi ").
• Several additional quartz veined, large-scale sericite-silica-sulphide alteration zones have been identified from drilling across the Irvine and Whillans Shear corridors, with assays pending.
• Deeper reverse circulation (" RC ") drilling will commence in November 2022, designed to follow-up significant aircore results and test discrete drill targets within the Becher Area.
• Numerous targets have been enhanced or newly identified from a recent high resolution aeromagnetic and radiometric survey, coupled with detailed ground gravity surveys which have advanced structural interpretation and geological understanding.
• Two heritage surveys were recently completed, enabling infill and extensional aircore drilling traverses and RC drilling to be completed for the remainder of 2022 and first half of 2023.
• Initial results from the Becher Area, combined with previously reported results from Nunyerry North ¹ , reconfirm potential for the Egina District to be a standalone gold production hub.

" Our first aircore drill results have yielded strong gold results at the Becher Area, " commented Dr. Quinton Hennigh, Non-Executive Co-Chairman of Novo, " indicating that the Whillans and Irvine shear zones are indeed prospective for deposits similar to those at De Grey's adjacent Mallina project. Aircore drilling, a means of rapid, shallow drilling widely used across Australia as a first pass means of testing new areas for mineralization, is proving highly effective at Becher. Several large-scale anomalies are emerging, the largest of which is 650m across and situated along the southern Irvine shear zone. Alteration assemblages, lithologies, geochemical associations and size of these mineralized areas are similar to those observed in other nearby large gold discoveries. Although we have lots more drilling to complete and results to come in, the anomalies suggest that deeper drill testing is required. "

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Figure 1: Typical aircore drill line across the Irvine Shear looking southwest

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an exploration update on the Company's drilling program in the Becher Area of the Egina District, Western Australia.

Exploration programs testing high-priority structural and intrusive-related gold targets are in progress after two heritage surveys were recently completed at the Becher Area. The exploration programs comprise of systematic regional aircore drilling, with over 650 holes for 16,500 m of a > 30,000 m program completed to date and a deeper RC drilling program, which will follow-up significant aircore results and test discrete drill targets within the Becher Area, scheduled to commence in November 2022. The Becher Area drilling program is expected to continue in 2023.

The Becher Area aircore drilling complements the previously announced surface soil anomaly at Nunyerry North, which is also located within the Egina District and approximately 80 km south of Becher.

Initial results generated from drilling at Becher Area and Nunyerry North reconfirm the potential of the Egina District to support a standalone production hub, with follow-up drilling to test multiple targets in 2023. Results referred to in this news release are not necessarily representative of mineralization throughout the Egina District.

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Figure 2 : Becher target area showing the position of the De Grey Hemi gold discovery (JORC 2012) hosted to the east-northeast of the Becher Area along the interpreted fertile corridor; background aeromagnetic greyscale mosaic

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Figure 3: Novo Pilbara tenure showing project areas and priority prospects

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Figure 4 : Map of the Egina District tenements showing priority prospects, including the Becher Area in the north and Nunyerry North in the south

EGINA DISTRICT

Becher Area

The Becher Area (northern E47/3673, 100%-owned by Novo) contains multiple priority orogenic gold targets in the highly prospective and under-explored Mallina Basin. The area is located ~28 km to the WSW of De Grey's Hemi gold deposit ² . Novo's interpretation of a series of significant shear corridors, including the ENE trending Irvine and Bonatti Shears (part of the regional Wohler Fault using GSWA 1:100,000 scale mapping nomenclature) and the EW trending Whillans and Heckmair Shears, is key to delineating these newly defined targets.

The current > 30,000 m aircore drilling program commenced in early September 2022, with over 650 holes for 16,500 m completed to date. 16 regional traverses at approx. 640 m line spacing and 25 m hole spacings have been completed along the Irvine Shear and Whillans Shear, with the opportunity to infill to 320 m spaced lines now possible given the recently completed second heritage survey on E47/3673. Drilling was designed as part of a large-scale systematic targeting program, supported by recent high resolution geophysical data sets, in conjunction with field mapping and sampling and research of all relevant historical data ¹ .

Aircore drilling is best suited to areas with abundant cover or oxidation, easily drilling through unconsolidated or saprolitic material testing for gold and pathfinder element (arsenic, antimony, bismuth, tellurium, etc.) anomalism to identify broader zones of geochemical dispersion.

A minimum of 30,000 m of aircore drilling has been planned for 2022, however Novo expects this to be exceeded. The program will test four shear corridors and numerous sanukitoid targets, as well as antimony-arsenic-gold soil anomalies defined by previous explorers.

Results have been received from the first assay batch of 4 m composite samples analysed by PhotonAssay for the southernmost drill lines on the Irvine Shear Corridor (Figure 5). Four zones for infill aircore drilling have been identified from geological logging and current assay return. 1 m split samples and multielement assays are pending for anomalous drill holes.

Best intercepts include:

• 6 m @ 0.15 g/t Au from 24m (A0028)
• 12 m @ 0.16 g/t Au from 12m (A0029)
• 8 m @ 0.22 g/t Au from 4m (A0033)
• 20 m @ 0.67 g/t Au from 0m (A0034); examples of the chips from this zone are shown in Figure 5
• 12 m @ 0.24 g/t Au from 0m (A0035)
• 6 m @ 0.21 g/t Au from 24m (A0038)

Refer to Appendix 1 below for a complete list of assay results. True widths cannot be estimated at this time.

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Figure 5 : Aircore chips and associated gold assays from composites on hole A0034 on the southern Irvine Shear Corridor

Aircore drilling also identified a large zone of alteration across an approx. 650 m strike length proximal to the intersection of the Whillans Shear and the northern Irvine Shear corridor. This zone of alteration is defined by silica-carbonate-sulphide altered rocks (likely ultramafic), with quartz veining in a sequence of deformed sediments. Examples of the drill chips from this zone are shown in Figure 7.

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Figure 6 : drill chips from hole F0572 on the Whillans Shear showing quartz veining, intense sericitic alteration and up to 5% sulphides

Results referred to in this news release are not necessarily representative of mineralization throughout the Egina District.

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Figure 7: Map showing progress of aircore drilling to date, red lines completed, black lines planned. Insert area shows summarised results received to date

Nunyerry North

The geology of the Nunyerry North target area includes quartz vein-related gold mineralization within a sequence of ultramafic komatiites and mafic rocks, juxtaposed by regional shears and offset faults. Novo's exploration licence 47/2973 is 70%-owned, with the remaining 30% held by Mark Creasy and entities controlled by him.

A significant high-order gold soil anomaly at Nunyerry North now extends over 1.4 km of strike, with a second 1.2 km long soil anomaly at > 30 ppb gold defined south of the main target. Rock chip sampling returned peak high-grade results from quartz veins including 8.81 g/t Au, 7.39 g/t Au and 1.23 g/t Au ¹ . Further detailed mapping has defined additional swarms of quartz veins and specimen gold has been detected in the main target area ¹ .

Follow-up work planned includes heritage surveys and logistics for road access in preparation for drilling in 2023.

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Figure 8 : Gold in soil anomaly at the Nunyerry North prospect

ANALYTIC METHODOLOGY

Four-metre composite samples of aircore chips were sent to 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). An additional bottom hole sample from each drill hole (1 to 4 m composite representing rock from the bottom of the drill hole) was assayed using four acid digest and 50 g charge fire assay FA50/OE and for 48 multielement using four acid digest – MS finish (4A/MS) – results are pending.

QAQC procedures to date include insertion of a certified blank approximately every 25 samples (4 per hundred) and duplicate sampling (split of 4m composite) at the rate of 4 per hundred. Intertek inserts customized Chrysos certified standards at the rate of 2 per hundred.

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 (" NI 43-101 ") by reviewing analytical procedures undertaken by Intertek.

QP STATEMENT

Mr. Iain Groves (MAIG), is the qualified person, as defined under NI 43-101, responsible for, and having reviewed and approved, the technical information contained in this news release. Mr. Groves is Novo's Exploration Manger – West Pilbara.

ABOUT NOVO

Novo explores and develops its prospective land package covering approximately 10,500 square kilometres in the Pilbara region of Western Australia, including the Beatons Creek gold project, along with two joint ventures in the Bendigo region 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 stakeholders. 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, planned exploration activities across the Becher Area and Nunyerry North in Western Australia. 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 six-month period ended June 30, 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.

APPENDIX 1:
Table 1: Becher Area - aircore drilling data - hole locations and results, including key intercepts.