High-Grade Gold Up to 30.3 g/t Au Defined in Rock Chip Sampling at Nunyerry North, Egina District

HIGHLIGHTS

• Grid soil sampling at the Nunyerry North prospect, located south-west of the Company's Egina District, has defined a coherent high-order gold anomaly over a strike of 640 m and open to the west
• Ten soil samples returned > 1 g/t Au including 2.3 g/t Au, 2.13 g/t Au, 1.84 g/t Au and 1.59 g/t Au
• Rock chip sampling returned peak high-grade results from quartz veins including 30.3 g/t Au, 21.1 g/t Au and 19 g/t Au
• Results reflect an exciting gold exploration target with the potential for growth
• Immediate follow up work planned to include further soil sampling and logistics for road access in preparation for drilling later in 2022
• Novo's exploration licence 47/2973 is 70%-owned, with the remaining 30% held by Mark Gareth Creasy and entities controlled by him (the "Creasy Group")¹
• These results support Novo's exploration strategy targeted at growing the Company's high quality portfolio of gold and battery metals prospects in the Pilbara region of Western Australia
  

VANCOUVER, British Columbia, Feb. 17, 2022 -- Novo Resources Corp. ("Novo" or the "Company") (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to report exciting high-order soil sampling assay results (figure 1) for exploration work conducted in Q4, 2021 at the Nunyerry North gold prospect ("Nunyerry North") in the West Pilbara (figure 2). Nunyerry North is part of the Croydon Project), which is a 70%/30% joint venture with the Creasy Group¹.

https://www.globenewswire.com/NewsRoom/AttachmentNg/01914282-bd0e-4d7a-b2f2-bb787040e252
(Figure 1 - Gold in soil anomaly at the Nunyerry North prospect.)

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1 Refer to the Company's news release dated August 31, 2018.

"The results from Nunyerry North are an exciting development in our Pilbara exploration program," commented Dr. Quinton Hennigh, the non-executive co-chairman of Novo. "Identification of these prospects at Nunyerry North is the first step in advancing our understanding of prospectivity in the region, and we look forward to progressing further sampling and drilling efforts during 2022."

https://www.globenewswire.com/NewsRoom/AttachmentNg/13520aa0-b5a5-41a3-ba5a-76418612cbf1
(Figure 2 - Nunyerry North prospect location on EL47/2973, highlighting the Creasy joint venture.)

Details

Recent results from grid soil sampling at 40 x 20 m centers at Nunyerry North have defined a high-order gold anomaly at > 100 ppb Au over a strike of 640 m which remains open to the west (figure 1). The broad anomaly at >300 ppb Au is semi continuous over 600 m strike. Ten soil samples returned greater than 1 g/t Au in soil and 29 samples returned greater than 0.5 g/t Au. Peak results in soils include 2.3 g/t Au, 2.13 g/t Au, 1.84 g/t Au and 1.59 g/t Au. The soil anomaly appears displaced across the Aurora Fault on the western end of the grid and remains open to the west with a result of 1.84 g/t Au in soil on the western-most line.

Rock chip sampling by Novo also returned high grade results from quartz veins (figure 3) and associated wall rocks with peak values including 30.3 g/t Au, 21.1 g/t Au and 19 g/t Au.

Detailed mapping by the Novo team has highlighted as series of steep to flat dipping quartz veins in brittle high-MgO basalt at the intersection of a major E-W trending shear zone (Freyda Shear), secondary shear (Luzia Shear), and a crosscutting structure (Aurora Fault) (figure 3).

https://www.globenewswire.com/NewsRoom/AttachmentNg/4dc30ec0-84e3-4475-b956-b721f66d06e2
(Figure 3 - Rock chip sample results and simplified structural setting, Nunyerry North prospect.)

Nunyerry North was identified by the Creasy Group in 2016 with fine gold panned in several streams draining from the general area. Rock chip sampling during a reconnaissance visit gave high-grade results of 81.0 g/t Au, 73.1 g/t Au, 40.3 g/t Au and 10.8 g/t Au from a zone of quartz veining over a radius of 20m and 8.3 g/t Au approximately 90m to the west of the main cluster of high-grade rock chip samples. In 2017, the area was covered with 160 x 80 m spaced soil sampling defining a >300 ppb Au anomaly over 320 m over the main target.

Two additional soil anomalies (figure 4) were defined by the Creasy Group, including:

• A >100 ppb Au soil anomaly over 360 m strike defined 400 m to the WSW of the area sampled by Novo in 2021; and
• A 500 m long >100 ppb anomaly 270 m south of the area sampled by Novo, with a peak soil result of 771 ppb Au. Reconnaissance rock chip sampling yielded a peak assay result of 20.7 g/t Au at the western end of the anomaly, but the source of the soil anomaly has not yet been explained.

https://www.globenewswire.com/NewsRoom/AttachmentNg/1ce4a59b-245f-4833-9a04-d11fe620cbd8
(Figure 4 - Location of multiple soil anomalies requiring follow-up exploration.)

Follow-up work by Novo will include grid soil sampling to expand the western end of the main anomaly, plus grid soil sampling, detailed mapping and rock chip sampling over the two additional soil anomalies, to the west and south of the main target area. Planning access for a drilling program later in the year has commenced.

Refer to table 1 and table 2 below for a listing of rock chip and soil sample results.

Results referred to in this news release are not necessarily representative of mineralization throughout Nunyerry North or the Croydon Project.

Analytic Methodology

Novo soil samples were sieved to -80# (250 μm) in the field and assayed by Intertek Genalysis in Perth, Western Australia for Au and 32 multielement by 25g aqua regia digest - MS finish (lab method AR25/MS) with overlimit Au assay results analysed by 25g charge Fire Assay-OE finish (lab method FA25/OE). Rock chip samples were crushed and pulverized and assayed for Au by four acid digest and 50 g charge fire assay FA50/OE and for 48 multielement using four acid digest - MS finish (4A/MS). QAQC protocols for soil samples included insertion of 3 blanks, 4 standards and 8 field duplicates for 145 soil samples (8.2%) and 3 CRM standards were inserted with the rock chip sample batches. No QAQC issues were detected. 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 Genalysis.

The Creasy Group assayed samples at MinAnalytical in Perth, Western Australia. Rock chip samples were crushed and pulverized and assayed using aqua regia digest with 25g charge ICP OES finish (lab method AR25OES) with overlimit results analysed using Fire Assay-AAS finish (lab method FA50AAS). Soil samples were sieved to -80# (250 μm) in the field and assayed by aqua regia digest with 25g charge ICP OES finish (lab method AR25OES). Rockford Metals Pty Ltd conducted QAQC for rock chip samples including certified standards (2 CRMS in 26 samples), and 3 duplicates and 3 standards per 100 samples for soil geochemical sampling. All rock chip and soil standards fell within 2 standard deviations of the CRM Au grade. Field duplicates for soil samples showed good repeatability.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) 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. Dr. Hennigh is the non-executive co-chairman and a director of Novo.

ABOUT NOVO

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 12,500 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. 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 nine-month period ended September 30, 2021, 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: rock chip sample results.

Table 2: soil sample results.