Significant Results from Becher with Target Priority Areas Identified

HIGHLIGHTS

• The Becher Area target is located in the northern section of the Egina Gold Camp along trend from De Grey Mining Ltd.'s 10.6 Moz Au (JORC 2012)¹ Mallina Gold Project.
• Aircore drilling completed in 2022 on broad regional lines (640 m) focused on ENE trending gold-fertile structural corridors and has successfully defined three standout gold and associated pathfinder element targets at Irvine, Heckmair and Whillans.
• Targets are all located within an approximately 20 sq km area at Becher where only shallow cover of 10 - 20 m is present. Novo expects to commence follow-up drilling of these targets in Q2 2023.
• Peak aircore drilling results, including recently received 1 m split results (0.1 g/t Au lower cut-off), include²:
  • Irvine:
    • 8 m @ 2.15 g/t Au from 8 m (F0632)
      
    • 23 m @ 0.56 g/t Au from 0 m (A0034)
    • 2 m @ 0.91 g/t Au from 66 m (A003)
  • Whillans:
    • 8 m @ 0.20 g/t Au from 16 m (F0519)
      
    • 4 m @ 0.37 g/t Au from 20 m (F1136)
  • Heckmair:
    • 4 m @ 0.40 g/t Au from 12 m (F0738)
    • 3 m @ 0.44 g/t Au from 20 m (F0858)

• Reverse circulation drilling completed on 160 m lines, which centred on positive early-stage aircore results at Irvine and in conjunction with historical exploration, provided peak intercepts of²:
  • 33 m @ 0.493 g/t Au from 33 m (G0005) including 5 m @ 1.28 g/t Au
  • 20 m @ 0.406 g/t Au from 32 m (G0016)
  • 24 m @ 0.390 g/t Au from 76 m (G0018)

• Highly anomalous base metal results returned adjacent to the main gold target at Heckmair, where a large mafic-ultramafic intrusion is juxtaposed by several significant faults. The peak result is 4 m @ 3.4 g/t Ag, 0.49% Pb and 0.1% Zn from 20 m (F0749).
• Recognised pathfinder elements As and Sb proving effective for targeting/defining mineralised structures.
• 20,000 m follow-up and extensional aircore drill program to commence in Q1 2023, with a primary focus on testing the Irvine, Heckmair, Bonatti and Lowe prospects, with RC contingency as required.
  

Note: Mallina Gold Project mineralisation is not necessarily representative of mineralisation throughout the Becher Area or the Egina Gold Camp.

_______________________________________________________________________________________________________________________

Mike Spreadborough, Novo's Executive Co-Chairman, Acting Chief Executive Officer and a director, said, "We are very pleased with the progress we have made on the drilling program so far and are looking forward to further results from follow-up drilling in the first half of 2023, when drilling is also expected to commence at the Nunyerry North prospect.

"The success of the current drilling program in the Becher Area, combined with previously reported results from Nunyerry North, reconfirm the significant potential of the Egina Gold Camp."

_________________________
_{¹ De Grey has reported that its Hemi deposit at the Mallina Gold Project is comprised of Measured Mineral Resources of 4.7 Mt @ 1.7 g/t Au for 265 koz Au, Indicated Mineral Resources of 153.4 Mt @ 1.3 g/t Au for 6,590 koz Au, and Inferred Mineral Resources of 92.6 Mt @ 1.3 g/t Au for 3,779 koz Au, as those categories are defined in the JORC Code (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects). Refer to De Grey's public disclosure record for further details.
² Refer to the Company's news releases dated October 27, 2022 and November 30, 2022.}

https://www.globenewswire.com/NewsRoom/AttachmentNg/30f7bc81-7605-4103-bca4-aab0be939741
Reverse Circulation drill rig at the Becher Area

VANCOUVER, British Columbia, Feb. 14, 2023 -- Novo Resources Corp. ("Novo" or the "Company") (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on the successful 2022 drilling program at the Company's flagship Egina Gold Camp, located within Novo's 10,500 sq km Pilbara exploration portfolio (Figures 1 and 2).

Results referred to in this news release are not necessarily representative of mineralisation throughout the Egina Gold Camp.

OVERVIEW OF BECHER AREA

The Becher Area (northern E47/3673, 100%-owned by Novo) (Figure 2) is located ~28 km to the west-southwest of De Grey Mining Limited's ("De Grey") Mallina Gold Project along an interpreted gold-fertile corridor and contains multiple high-priority, orogenic gold targets under shallow cover (Figure 3).

Mineralisation present at De Grey's Mallina Gold Project is not necessarily representative of mineralisation throughout the Becher Area or the Egina Gold Camp.

https://www.globenewswire.com/NewsRoom/AttachmentNg/43c05381-37a6-421d-a541-43e1be1fbac6
Figure 1: Novo's Pilbara tenure, showing location of > 80 km strike extent Egina Gold Camp

https://www.globenewswire.com/NewsRoom/AttachmentNg/b583471a-7e21-4379-b587-e58444c06a93
Figure 2: Location of Becher in the northern section of the Egina Gold Camp

https://www.globenewswire.com/NewsRoom/AttachmentNg/4de67317-a3fe-43b6-b2dd-529765aa01f3
Figure 3: Becher target area showing the position of the De Grey Hemi gold discovery to the east-northeast of the Becher Area along the interpreted fertile corridor

RESULTS FROM 2022 DRILLING PROGRAM

Systematic broad spaced aircore ("AC") drilling completed in 2022 within the Becher Area totalled 1,413 holes for 31,824 m across five main targets (the Irvine Shear, Whillans Shear, the Heckmair Fault and Intrusion, Lowe and Bonatti) (Figure 4). These targets were defined by detailed mapping, ground gravity and aeromagnetic surveys in 2022, in an area with minimal outcrop and sandy and calcrete cover sequences. The target style of mineralisation includes both structurally controlled orogenic gold and "sanukitoid" intrusion-hosted gold similar to the Hemi gold deposit.

Drilling of 29 sections at 640 m spaced section lines was conducted, with occasional 320 m infill lines. AC results have been returned for approximately three quarters of the 4 m composite samples assayed for Au. Approximately 60% of 1 m split samples from AC, including gold and multielement assays, are still pending.

https://www.globenewswire.com/NewsRoom/AttachmentNg/ec8bcdea-1f64-4522-8f02-fd550a4e99f3
Figure 4: Becher targets defined by AC drilling, drilling completed to date and priority follow up AC overlain on SRTM image

Peak AC results for gold (Figure 4), including recently received 1 m split results (0.1 g/t Au lower cut-off), include²:

• Irvine:
  • 8 m @ 2.15 g/t Au from 8 m (F0632)
  • 23 m @ 0.56 g/t Au from 0 m (A0034)
  • 15 m @ 0.15 g/t Au from 12 m (A0029)
  • 2 m @ 0.40 g/t Au from 3 m (F0123)
  • 2 m @ 0.91 g/t Au from 66 m (A0003)
• Whillans:
  • 8 m @ 0.20 g/t Au from 16 m (F0519)
  • 4 m @ 0.37 g/t Au from 20 m (F1136)
• Heckmair:
  • 4 m @ 0.4 g/t Au from 12 m (F0738)
  • 3 m @ 0.44 g/t Au from 20 m (F0858)

Reverse circulation ("RC") drilling completed in 2022 within the Becher Area totalled 3,541 m in 32 drill holes. Drilling was centred on positive early-stage results at the central Irvine prospect in conjunction with historical exploration. Lines were drilled at 160 m spacing initially, with the program approximately half completed due to the Christmas break and wet season. RC results have not been received to date for the last nine drill holes, with 244 samples pending (40% outstanding) and 253 one metre split samples pending. Peak RC intercepts to date include²:

• 33 m @ 0.493 g/t Au from 33 m (G0005) including 5 m @ 1.28 g/t Au
• 20 m @ 0.406 g/t Au from 32 m (G0016)
• 24 m @ 0.39 g/t Au from 76 m (G0018)
  

Highly anomalous base metal results have also been received adjacent to the main gold target at Heckmair, where a large mafic-ultramafic intrusion is juxtaposed by several significant faults. A peak result of 4 m @ 3.4 g/t Ag and 0.49% Pb and 0.1% Zn from 20 m (F0749) was achieved.

https://www.globenewswire.com/NewsRoom/AttachmentNg/31c7ad0f-b1be-4eb7-b450-d5e2cb7d8f47
Figure 5: Target map with best AC drill intercepts annotated >0.1 g/t Au in AC (red dots), targets derived from AC, Au and multielement assay (yellow), AC (black) and RC (green) drilling to date, aeromagnetic 1VD colour image and structural interpretation

Numerous other elements, including Li, Sn, As, Sb, P, Bi and Mo are being used to vector towards potential sanukitoid targets.

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

PLANNED 2023 DRILLING PROGRAM

The Irvine, Heckmair and Whillans targets are designated for immediate follow-up AC drilling in Q2 2023, with a contingency for RC follow up.

ANALYTIC METHODOLOGY

Four-metre composite samples of AC chips were sent to Intertek Genalysis ("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. AC drill holes with anomalous gold or base metals have been split through a single tier riffle splitter and are 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).

QAQC procedures for the latter half of the program include insertion of a certified blank approximately every 25 samples (4 per hundred), a certified standard approximately every 50 samples (2 per 100) 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.

RC holes after G0012 were sampled using spear sampling 4 m composites and 4 m composite samples were sent to Intertek with the entire sample smart crushed to -3 mm (NVOO2 prep code), with a 500 g split sample (1 jar photon assay) analysed for gold using photon assay (PHXR/AU01). QAQC for RC samples are inserted at the rate of 4 standards per 100, 4 blanks per 100 and 4 riffle split duplicates per 100, providing a total of 12% QAQC.

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 other than information concerning De Grey's Mallina Gold Project. 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, that a 20,000 m follow-up and extensional AC program is drill ready, initially testing the Irvine, Heckmair, Bonatti and Lowe prospects, with RC contingency as required, and that drilling at the Nunyerry North prospect is expected to commence in the first half of 2023. 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, 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 - AC drilling location data for holes not previously released²

Table 2: Becher Area - RC drilling location data for holes not previously released²

Table 3: Becher Area - Drilling Intercepts >0.3 g/t Au with up to 2m internal dilution²

Table 4: Becher Area - Drilling Intercepts >0.1 g/t Au with up to 2m internal dilution²

Table 5: Becher Area - Drilling Intercepts not listed with anomalous base metals and silver