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Exploration Update Focused On Discovery Success In 2023

18.07.2023  |  GlobeNewswire

HIGHLIGHTS

  • 8,000 m of drilling planned for H2 2023 across key Pilbara prospects and Belltopper gold project ("Belltopper") in Victoria1. Drill programs are expected to support future shareholder value and planned ASX dual listing process, which remains proposed for Q3 2023.
  • Recent A$10 million cornerstone investment and earn-in and joint venture ("Egina JV")2 with De Grey Mining Ltd. (ASX:DEG) ("De Grey") highlights exciting future of Novo's Becher project. The Egina JV introduces De Grey's proven exploration success and accelerates exploration at Becher. It also allows Novo to advance other prospective areas within its sizeable exploration portfolio.
  • Novo's flagship Becher project is located in the northern section of the Egina Gold Camp, 28 km along trend from De Grey's 11.7 Moz Au (JORC 2012)3 Pilbara Gold Project.
  • Novo completed 2,540 aircore ("AC") holes for over 61,400 m at Becher to the end of June 2023. Results have delivered promising gold and multi-element assays and defined a large area of gold mineralisation across 5 sq km, with a total of 109 intercepts > 1 g*m Au reported from drilling to date.
  • New results from Becher continue to deliver positive intercepts including (89 holes pending assay results):
    • 3 m @ 2.9 g/t Au from 66 m in F2140
    • 6 m @ 0.45 g/t Au from 30m and 6 m @ 0.51 g/t Au from 60 m in F2137
    • 3 m @ 0.94 g/t Au from 12 m and 12 m @ 0.25 g/t Au from 30 m including 3 m @ 0.36 g/t Au from 36 m in F2253
    • 3 m @ 0.88 g/t Au from 21 m in F2136
    • 6 m @ 0.37 g/t Au from 33 m in F2247
    • 3 m @ 0.64 g/t Au from 12 m in F2299
    • 3 m @ 0.61 g/t Au from 9 m in F2150
  • Nunyerry North, located in the southern section of the Egina Gold Camp, is the next target being progressed as part of Novo's aggressive Pilbara exploration focus. Novo's maiden drill program, testing the extensive coherent high-tenor soil anomaly, is planned for H2 20231.
  • Balla Balla, an emerging project in the northern Pilbara, covers an area over 1,200 km sq focussed on the major Sholl Shear structural corridor. Reconnaissance drilling is planned in H2 20231.
  • Novo is developing targets around recently identified gold-anomalous intrusions at Bamboo-Strattons projects in the East Pilbara near Marble Bar where reverse circulation ("RC") drilling is planned for H2 20231.
  • Priority targets emerging at the Belltopper project in Victoria, following a detailed review and synthesis of recent and historic exploration data. Diamond drilling is scheduled for H2 20231.
  • Novo continues to liaise with Pilbara Traditional Owners across whose land we explore and operate to implement the requirements of the new Western Australian Aboriginal Cultural Heritage Act 2021 (the "Act"), with minimal delays to Tier One activities as defined in the Act (field work such as surveying, mapping, soil and stream sampling and other low impact activities).
  • Strategic review of Nullagine Gold Project to assess value maximising options for shareholders (which may include divestment or joint ventures) ongoing, with appointment of advisor progressing.

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1 All planned exploration programs are subject to exploration results and funding.
2 Refer to the Company's news releases dated June 21, 2023 and June 28, 2023.
3 De Grey has reported that its Hemi deposit at the Pilbara 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 184.1 Mt @ 1.3 g/t Au for 7,798 koz Au, and Inferred Mineral Resources of 89.2 Mt @ 1.3 g/t Au for 3,684 koz Au, as those categories are defined in the JORC Code (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Refer to De Grey's public disclosure record for further details. No assurance can be given that a similar or any mineral resource estimate will be determined at Novo's Becher Project.

VANCOUVER, British Columbia, July 18, 2023 -- Novo Resources Corp. ("Novo" or the "Company") (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on exploration efforts across its prospective project portfolio, with an 8,000 m drilling program planned for H2 2023 across key Pilbara prospects and Belltopper in Victoria1.

Commenting on the H2 2023 drill program, Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said, "The first half of 2023 has been a transformative period for Novo, highlighted by our earn-in and joint venture agreement at our flagship Becher project with leading Western Australian gold developer De Grey, who we also welcomed as our largest shareholder through a cornerstone investment of A$10 million.

"We are set for an exciting and busy second half. Importantly, our highly prospective 10,500 sq km exploration portfolio in the Pilbara and Belltopper in Victoria provides Novo with a strong platform for growth and we have several exploration programs planned to commence across key targets.

"We are also progressing our ASX listing plans and remain on track to hit the boards in Q3 2023. The move to dual list on the ASX is the logical next step in our growth plans, considering local investor appetite for mining and exploration companies with projects located in Australia. We believe the listing would provide significant benefits to Novo including increased liquidity, access to potential new sources of equity and attracting institutional investment and equity research coverage as we seek to deliver on our growth strategy."

Successful exploration work in the first half of 2023 at the Company's flagship Becher project led to the completion of an earn-in and joint venture arrangement with De Grey (Egina JV), which includes newly defined targets at Irvine, Heckmair and Whillans.

Pursuant to the agreement, De Grey can spend A$25 million over 4 years to earn a 50% interest in the Egina JV. Becher is located just south of De Grey's 11.7 Moz (JORC 2012)3 Pilbara Gold Project. In addition to the Egina JV, De Grey separately completed a cornerstone investment of A$10 million in Novo for an approximate 11.6% post-financing undiluted interest and became the Company's largest single shareholder2.

Novo's Pilbara exploration focus has moved to the Nunyerry North project, located in the south of the Egina Gold Camp. The Company has finalised drill program design and planning for a maiden drill program, which is set to commence in H2 20231.

In addition to drilling at Nunyerry North, Novo plans to complete reconnaissance drill programs to test structurally controlled and intrusion-hosted gold mineralisation at the Balla Balla Project in the West Pilbara and at Bamboo-Strattons near Marble Bar1.

Priority targets are emerging at Belltopper, located in the Bendigo Tectonic Zone, Victoria, following detailed review and synthesis of recent and historic exploration data. Diamond drilling is scheduled for H2 20231.

Figure 1: Novo's extensive Pilbara tenement holding, showing key targets and joint venture locations.

THE BECHER PROJECT

Major Western Australian gold developer De Grey can spend up to A$25 million on exploration at Becher and adjacent tenements (Figure 2), encompassing approximately 1,000 sq km, pursuant to the Egina JV.

Subject to a minimum commitment of A$7 million within 18 months, De Grey will earn a 50% direct stake in the relevant tenements by spending A$25 million on exploration within four years. Once De Grey spends A$25 million, the 50/50 Egina JV will be established. De Grey will manage all exploration under the earn-in and become the manager of the Egina JV once established.

Becher tenements are positioned adjacent to De Grey's 11.7 Moz Au (JORC 2012)3 Pilbara Gold Project on which De Grey has reported that it expects to release a Definitive Feasibility Study in Q3 2023. Novo's exploration program to date at Becher has displayed geological indicators required for potential discovery success.

Figure 2: Egina Gold Camp tenure showing the Becher and Nunyerry North Projects and the priority Becher prospects4.

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4 De Grey has reported that, at the Pilbara Gold Project, its (i) Mount Berghaus deposit is comprised of Indicated Mineral Resources of 1 Mt @ 1.7 g/t Au for 53 koz Au and Inferred Mineral Resources of 3.4 Mt @ 1.2 g/t Au for 128 koz Au, (ii) Wingina Well deposit is comprised of Measured Mineral Resources of 3.1 Mt @ 1.7 g/t Au for 173 koz Au, Indicated Mineral Resources of 1 Mt @ 1.4 g/t Au for 43 koz Au, and Inferred MineralResources of 1.4 Mt @ 1.6 g/t Au for 72 koz Au, (iii) Toweranna open pit deposit is comprised of Indicated Mineral Resources of 8.3 Mt @ 1.6 g/t Au for 418 koz Au and Inferred Mineral Resources of 2.5 Mt @ 1.5 g/t Au for 120 koz Au, (iv) Toweranna underground deposit is comprised of Indicated Mineral Resources of 0.1 Mt @ 3.0 g/t Au for 11 koz Au and Inferred Mineral Resources of 0.5 Mt @ 2.9 g/t Au for 49 koz Au, (v) Mallina deposit is comprised of Indicated Mineral Resources of 1.6 Mt @ 1.2 g/t Au for 64 koz Au and Inferred Mineral Resources of 5.1 Mt @ 1.5 g/t Au for 243 koz Au, (vi) Withnell open pit deposit is comprised of Measured Mineral Resources of 1.3 Mt @ 1.5 g/t Au for 62 koz Au, Indicated Mineral Resources of 3 Mt @ 1.8 g/t Au for 178 koz Au, and Inferred Mineral Resources of 0.7 Mt @ 2.0 g/t Au for 43 koz Au, (vii) Withnell underground deposit is comprised of Indicated Mineral Resources of 0.1 Mt @ 4.3 g/t Au for 16 koz Au and Inferred Mineral Resources of 2.4 Mt @ 3.9 g/t Au for 301 koz Au, and (viii) Hemi deposit is comprised of Indicated Mineral Resources of 165.7 Mt @ 1.3 g/t Au for 6,876 koz Au and Inferred Mineral Resources of 70.2 Mt @ 1.2 g/t Au for 2,632 koz Au, as those categories are defined in the JORC Code (as defined in NI 43-101). Refer to De Grey's public disclosure record for further details. No assurance can be given that a similar or any mineral resource estimate will be determined at Novo's Becher Project.

Becher Drilling Update

The Becher Project covers an area approximately 20 sq km in the north of the 100% Novo owned E47/3673 exploration tenement. The area is characterised by shallow cover overlying the prospective Mallina Basin.

Novo commenced AC drilling in September 2022 testing a series of interpreted structural corridors and intrusion related targets. In ten months, which included a 3 month break due to the Pilbara cyclone season, the Company completed 2,540 holes for ~61,400 m, with 89 holes pending assay results. The drill program identified 207 intercepts > 0.5 g*m Au, including 109 intercepts > 1 g*m Au, reported from the results received to date, a standout result for reconnaissance AC drilling.

Novo's 2022 drill program proved to be extremely promising across several fronts:

  • The location and tenor of gold assay results from drill sampling provided confidence in the fertility of the interpreted regional structural corridors.
  • Multi-element analysis of bottom-of-hole AC drill samples revealed intrusion-related "sanukitoid" signatures, which are known hosts to gold mineralisation elsewhere in the district.
  • The distribution of pathfinder elements such as arsenic, antimony and tungsten (amongst others) defined vectors which have helped finesse understanding of the controls on gold mineralisation.
  • The cover is shallow (generally less than 10 m) and is less consequential than expected.

These findings had considerable influence in targeting and prioritising the 2023 drill programs. The significant gold and multielement assay results identified multiple targets including a large, priority area of anomalism across some 5 sq km at Becher across the Heckmair, Irvine and Whillans prospects. Both geological setting and pathfinder multielement assays appear favourable and gold has been identified in varied host rocks, including hornblende-diorite and quartz-diorite intrusions, sedimentary rocks and quartz veins.

Drilling at Becher was completed by Novo in June 2023. New results from this program include (Figure 3):

  • 3 m @ 2.9 g/t Au from 66 m in F2140
  • 6 m @ 0.45 g/t Au from 30 m and 6 m@ 0.51 g/t Au from 60 m in F2137
  • 3 m @ 0.94 g/t Au from 12 m and 12 m @ 0.25 g/t Au from 30 m, including 3 m @ 0.36 g/t Au from 36 m in F2253
  • 3 m @ 0.88 g/t Au from 21 m in F2136
  • 6 m @ 0.37 g/t Au from 33 m in F2247
  • 6 m @ 0.2 g/t Au from 21 m and 3 m @ 0.64 g/t Au from 63 m in F2138
  • 3 m @ 0.64 g/t Au from 12 m in F2299
  • 3 m @ 0.61 g/t Au from 9 m in F2150
  • 6 m @ 0.26 g/t Au from 15 m in F2143

Refer to Table 1 and Table 2 in the Appendix below for a complete list of assay results. True widths from AC drilling cannot be estimated at this time.

Recently returned results confirm gold mineralisation along mineralised structures that trend NE-SW between the Heckmair and Whillans prospects, with several intercepts displaying strong kaolinite-sericite alteration of the basement sedimentary rocks and distinctive dark grey coarsely crystalline quartz veining.

Gold mineralisation has also been confirmed at the intersection of the NE-SW trending northern Irvine Shear and southeast contact of the Heckmair hornblende diorite "sanukitoid" intrusion and surrounding mudstone and sandstone lithologies. This provides further vectoring to a triangle wedge of increased gold anomalism on the margins of these two prospects.

Drilling at Becher was completed by Novo on 29 July 2023. All samples have been dispatched to Perth and are now with Intertek Genalysis for analysis. A total of 29,723 meters in 1,127 holes have been completed in the two and a half month 2023 AC drilling campaign.

Figure 3: New significant gold assay results from AC drilling (green callouts) at Becher, showing developing target areas and geological interpretation.

Next Steps

Exploration programs and overall management of the Egina JV area were transitioned across to De Grey on 1 July 2023. An update on the planned exploration program at Becher to be executed by De Grey is expected to be released before the end Q3 2023.

NUNYERRY NORTH DRILL UPDATE (E47/2973 - NOVO 70% / CREASY GROUP 30%)

The Nunyerry North prospect is located within the Egina Gold Camp, approximately 80 km southwest of Becher (Figure 2) and is the next drill target being advanced as part of Novo's aggressive Pilbara exploration program.

The geology of the Nunyerry North target area includes sheeted quartz vein-related gold mineralization within a sequence of ultramafic komatiites and mafic rocks, juxtaposed by regional shears and offset faults. Exploration programs completed to date include 40 x 20 m spaced -80 mesh grid soil sampling, rock chip sampling and detailed mapping.

The high-order gold soil anomaly at Nunyerry North extends over 1.4 km strike with a central coherent >100 ppb Au anomaly extending over 640 m strike, with a second 1.3 km long soil anomaly at > 30 ppb gold defined south of the main target. Twenty soil samples returned > 1 g/t Au including 2.3 g/t Au and 2.13 g/t Au5. Rock chip sampling by Novo has yielded peak values of 30.3 g/t Au, 21.1 g/t Au and 19 g/t Au in 20215.

Nunyerry North was identified by the Creasy Group in 2016 with fine gold panned in several streams. 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 target5.

Figure 4: Specimen gold from the main soil anomaly at the Nunyerry North prospect.

Heritage clearances have recently been completed for Nunyerry North, allowing final drill program design and planning for Novo's maiden drill program, which is set to commence in H2 2023.

Figure 5: Nunyerry North soil anomaly and geological structure, over aerial photography with peak rock chip results

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5 Refer to the Company's news release dated February 17, 2022.

BALLA BALLA PROJECT (NOVO 100%)

Balla Balla is an emerging exploration target area covering an area over 1,200 sq km located in the northwestern Pilbara. The interpreted gold targets lie along potentially fertile structural corridors under cover, centered on the Sholl Shear corridor and associated structures. Though very little systematic prior exploration for gold has been completed, several small gold historic workings are present. The project area is prospective for intrusion-related gold mineralisation in addition to structurally hosted gold. Interpretation and targeting reviews are underway utilising high-resolution geophysical and satellite data sets and applying learnings from Becher, with several priority target areas defined including Walter Well, Jam Well and Ramquarry.

Planning for heritage surveys and reconnaissance AC drilling under cover, testing current structural and intrusion-related targets, is ongoing. Several pegged exploration licenses within the Balla Balla Project are in the final stages of the approval process and are expected to be granted in H2 2023.

Extensive historical data amalgamation and evaluation continues and will be followed by early groundwork focusing on first pass regional exploration around the existing Destivelle prospect and the newly defined Johnson Well East, Christmas Well and Woolshed Well prospects (Figure 6).

Figure 6: Location and tenure of the Balla Balla Project, with preliminary structural interpretation and newly defined prospects. Location of the Egina JV tenure with De Grey in light green.

SOUTH PILBARA PROJECT

Initial reconnaissance mapping and surface sampling programs at the Rocklea Dome and Wyloo Dome Projects in the southern Pilbara continued during 2022/2023. Numerous stream sediment gold and multielement anomalies require follow-up work.

Follow-up exploration on a broad gold-antimony stream sediment anomaly defined in 2021 in the south-eastern part of the Wyloo tenement has identified a zone of quartz sulphide veining rich in base metals and highly anomalous silver. A sulphide-rich ENE trending quartz vein, outcropping over 150m strike and in a zone up to 5 m thick trends under cover in both directions. Strong kaolinite sericite alteration occurs proximal to the vein (10 m). Samples reported peak results of up to 0.52 g/t Au, 387 g/t Ag, 5% Pb, 1.6% Zn and 2.4% Cu (Table 3). Follow-up mapping and rock chip sampling will be conducted.


Figure 7: R06922 (left) intensely altered vein selvedge with assay results to 0.142 g/t Au, 387 g/t Ag, 0.39% Cu, 1.6 % Zn and 1.2% Pb and R06923 assaying 0.19 g/t Au, 361 g/t Ag and 0.58% Pb.

First pass RC drilling at the Bellary Dome Project ("Bellary"), South Pilbara was recently completed, testing three distinct targets at Catia, Catia East and Edney's Find. Sporadic intervals of gold mineralisation were defined at Catia, with a peak interval of 2 m @ 2.72 g/t Au from 8 m. Six holes for 312 m were drilled at the Edney's Find Conglomerate where peak gold values from trench rock chip samples in 2020 returned 36.4 ppm Au and numerous nuggets were located at surface. Drilling intersected channelised 'buckshot' (pyritic) conglomerate on a major unconformity with a peak result of 1 m @ 2.3 g/t Au. The Edney's Find target is open to the W and SW. The project is under review, with no further drilling planned at this time6.

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6 Refer to the Company's news release dated June 12, 2023.

EAST PILBARA - BAMBOO-STRATTONS INTRUSION RELATED GOLD

The Bamboo and Stratton Projects are located approximately 60 km east of Marble Bar in the East Pilbara district of Western Australia. Regional reconnaissance exploration programs have been completed in 2022/2023 and identified a potentially new and unusual style of intrusion-related gold mineralisation.

A series of 1.73 Ga Bridget Suite intrusive rocks are recognised along a > 150 km north-northwest trend within these combined projects, with several intrusions observed to outcrop or subcrop on Novo tenure (Figure 8). Whole rock geochemical analysis conducted by Novo indicates prospectivity for intrusion related gold mineralisation.

The Bridget Suite intrusions range in composition from hornblende monzogranite to quartz monzonite and associated hornblende porphyry dykes and as such, they postdate the mineralisation events responsible for gold deposits in the Mosquito Creek and Mallina Basins.

Novo sampling has returned anomalous gold results in soil sampling, in proximity to one or more of these intrusions that have intruded the otherwise unmineralized upper Fortescue sequences, suggesting surface mineralisation is related to their emplacement.

Figure 8 Tenements of the Bamboo-Strattons Project area, East Pilbara, showing interpreted Bridget Suite intrusions.

Additional sampling and mapping programs are currently underway and is expected to culminate in a RC drilling program targeting the most prospective areas.

QUARTZ HILL JV (Lithium) UPDATE

Liatam Mining Pty Ltd ("Liatam") has the right to earn an 80% interest in battery mineral rights in the Quartz Hill project by December 20247.

Liatam is the Australian-based manager of the Bald Hill lithium and tantalum mine in Western Australia and Novo's battery minerals joint venture partner at the Quartz Hill Project in the Mosquito Creek Basin, Western Australia. Liatam also made a strategic investment of C$5 million in Novo.

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7 Refer to the Company's news release dated December 15, 2022.


Figure 9: Location of the Quartz Hill JV at Nullagine, Western Australia

In February of 2023, Liatam announced their exploration plan for 20238 and have since completed orientation soil sampling surveys and regional sampling of the Quartz Hill pegmatite fields. A series of field-based mapping evaluations have been conducted to assess the effectiveness of, and gather learnings from, previous explorers mapping, mineral identification, and rock chip sampling programs. Detailed geological mapping and rock chip sampling is scheduled to continue concurrent with soil sampling to map pegmatite outcrop distribution, geometry, mineralogy, and zonation patterns.

Liatam advises that its exploration plan is on track to meet the A$1.5 million earn-in requirement, with possible drill testing following heritage and environmental approvals.

BELLTOPPER PROJECT - VICTORIA (NOVO 100%)

A focused approach at synthesizing multi-disciplinary exploration data at the Belltopper Gold Project, Victoria (Figure 10) has highlighted several high-priority target areas. Drilling, mapping and surface sampling, ground and airborne geophysics (IP, magnetics and gravity), structural framework, geochemical studies, and extensive historic mining data capture are now incorporated into the evolving 3D prospectivity model at Belltopper which provides a solid framework for effective drill targeting.

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8 Refer to the Company's news release dated February 23, 2023.

Figure 10 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/781b0e13-3a7c-466f-a0c4-d3c6ae16dae7

Figure 10: The Belltopper Gold Project, Bendigo Tectonic Zone, Victoria.

Priority one targets at Belltopper typically comprise one or multiple fault-controlled epizonal high-grade Au and/or Au + Sb reefs accompanied by intense and widespread sericite-silica-clay alteration, commonly within zones of high structural complexity. Multi-element geochemistry around several target reefs show elevated As-Bi-W (-Sn-Te); and coupled with occurrence of a gold-bearing late Devonian felsic intrusion, are likely indicative of input from Intrusion Related Gold (IRG) mineralisation, further demonstrating the varied nature of potential mineralization-styles evident at Belltopper that also includes: shear/fault related (e.g. Stawell, Costerfield); anticline related (e.g. Fosterville); and potentially intrusion hosted styles (e.g. Woods Point, Walhalla).

Figure 11 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09d9ad33-2a86-4edc-a43d-fad818be6623

Figure 11: Soil geochemistry across the high priority NW corner of the Belltopper Project area. Left image shows Au-in-Soil (ppb); whilst right image shows As-in-Soil (ppm). Red lines are significant gold-reefs on the project. Mustard polygon in south of images represents basalt volcanic cover. Significant anticlinal corridors depicted. A strong correlation between Au and As is evident within the data and highlight zones of intense alteration.

To date, Novo has identified several exciting, high-priority new and existing targets that warrant additional or new drilling, including targets from the successful 2021 - 2022 diamond campaign that tested the Missing Link Granite (e.g. MD17 returning 79.9 m @ 0.26 g/t Au from 197 m); the Leven Star Reef (e.g. MD16 returning 14 m @ 6.1 g/t Au from 120 m, and 10 m @ 4.9 g/t Au from 173 m); the Queens Birthday Reef (MD20 returning 3.1 m at 9.27 g/t Au from 400.9 m) and the O'Connors Reef (MD19 returning 9 m at 1.1 g/t Au from 257 m)9.

All targets at Belltopper are currently in the process of being ranked and prioritised against criteria that include, but are not limited to, structural complexity (e.g. anticlines, reef intersections), alteration intensity, ME pathfinder zones, geophysical features (e.g. chargeability-resistivity anomalies, gravity gradients, magnetic anomalies), demonstrated high-grade gold (e.g. known reefs; shoot zones; historic production zones), and evidence for multiple styles that may indicate overprinting mineralization events.

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9 Refer to the Company's news releases dated May 10, 2022, June 21, 2022, September 6, 2022, and November 18, 2022.

Diamond drilling at Belltopper is scheduled for H2 2023 and will focus on the top ranked targets delivered from current targeting efforts and any statutory drilling on the highly prospective Leven Star Reef.

HERITAGE UPDATE

The Act, which came into effect on 1 July 2023, is designed to achieve equity in the relationship between Aboriginal people, industry, and government. The Western Australian exploration and mining industry has commenced implementation of the requirements of the Act. Novo has long-standing good relations with the Traditional Owners across whose land it explores and operates and to date Novo has experienced minimum delays with the progression of its exploration activities. At present, the majority of Novo's work is related to Tier 1 activities as defined in the Act10, including low impact activities involving field work such as surveying, mapping, soil and stream sampling. At Nunyerry North, where drilling activities are planned, all heritage surveys and approvals have been granted with the next step being to establish access for drilling equipment. Novo will continue to engage with Traditional Owners with regards to its activities in a manner that respects all aspects cultural heritage.

ASX DUAL LISTING

Novo has commenced a process to seek a dual listing on the Australian Securities Exchange ("ASX") through an initial public offering (the "IPO"), with further updates to follow. Argonaut has been appointed lead manager to the IPO11.

A listing on the ASX would complement Novo's current TSX and OTCQX listings and is considered a logical next step given the location of Novo's assets.

NULLAGINE GOLD PROJECT STRATEGIC REVIEW

The Nullagine Gold Project ("NGP") consists of the Mosquito Creek Basin ("MCB"), the Beatons Creek Project and the Golden Eagle Processing Facility. The NGP remains in care and maintenance following suspension of operations in September 2022.

Novo has now commenced a strategic review of the Nullagine Gold Project to assess value maximising options for shareholders which may include divestment or joint ventures. Appointment of an advisor is being progressed.

ANALYTICAL METHODOLOGY

Becher AC Drilling

AC drilling is utilised as a first pass technique testing for gold mineralisation and anomalous pathfinder geochemistry in basement rocks under cover. The drilling methodology is rapid and low cost, with a low impact footprint, enabling large systematic programs to be completed in a cost effective and timely manner.

One metre AC drill samples are collected from the drill rig through a cyclone and placed on the ground in piles for geological quantitative and qualitative logging. These piles are then speared as three-meter composites into a 500-gram ChrysosTM PhotonAssay jar. Some of the end of hole intervals are shorter than three meters depending on final hole depths. Jars are dispatched weekly to Intertek Genalysis ("Intertek") in Perth, Western Australia and analysed for gold using ChrysosTM PhotonAssay (PHXR/AU01).

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10 Refer to the Activity Tiers and Table publication prepared in accordance with the Act by the Government of Western Australia.
11 Refer to the Company's news release dated June 21, 2023.

QAQC procedures for the program include insertion of a certified blank approximately every 25 samples (4 per hundred), a ChrysosTM PhotonAssay certified standard approximately every 50 samples (2 per 100) and duplicate sampling (split of 3 m composite) at the rate of 4 per hundred. In addition, Intertek inserts ChrysosTM PhotonAssay 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 NI 43-101 by reviewing analytical procedures undertaken by Intertek.

Wyloo Rock Chip Sampling

Rock chip samples were crushed and pulverized, then 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). Two (2) CRM standards were submitted with the batch.

QP STATEMENT

Mrs. Karen (Kas) De Luca (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 Pilbara Gold Project. Mrs De Luca is Novo's General Manger Exploration.

ABOUT NOVO

Novo explores and develops its prospective land package covering approximately 10,500 square kilometres in the Pilbara region of Western Australia, along with the 22 square kilometre Belltopper Project in the Bendigo Tectonic Zone 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 Michael Spreadborough at +61-419-329-687 or mike.spreadborough@novoresources.com, or Leo Karabelas at +1-416-543-3120 or 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, drilling plans for H2 2023 across key Pilbara prospects which are expected to support future shareholder value and the planned ASX dual listing process, that Nunyerry North is the next target being progressed as part of Novo's aggressive Pilbara exploration focus and that a maiden RC drill program at Nunyerry North, testing the extensive coherent high-tenor soil anomaly, is planned for H2 2023, that drilling is planned in H2 2023 at Balla Balla, Bamboo-Strattons, and Belltopper, that Novo's exploration program to date at Becher has displayed geological indicators required for potential discovery success, that the strategic review of the Nullagine Gold Project to assess value maximising options for shareholders (which may include divestment or joint ventures) ongoing, with appointment of advisor progressing, that Novo's highly prospective 10,500 sq km exploration portfolio in the Pilbara and Belltopper Project in Victoria provides Novo with a strong platform for growth and we have several exploration programs planned to commence across key targets, that Novo remains on track to list on ASX in Q3 2023, that the ASX dual listing provides a natural fit for Novo to list and grow due to historical investor appetite for mining and exploration companies with projects located in Australia, that Novo believes the listing would provide significant benefits including increased liquidity, access to potential new sources of equity and attracting institutional investment and equity research coverage as we seek to deliver on our growth strategy, that an update on the planned exploration program at Becher to be executed by De Grey is expected to be released before the end Q3 2023, that several pegged exploration licenses within the Balla Balla Project are in the final stages of the approval process and are expected to reach grant in H2 2023, that the Bellary Dome project is under review, with no further drilling planned at this time, and that Novo will continue to engage with Traditional Owners with regards to its activities in a manner that respects all aspects cultural heritage. 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 year ended December 31, 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

Table 1 Becher Project - Aircore drill hole locations in MGA_94 zone 50

SITE_ID COORDSYS EASTING NORTHING RL AZIMUTH DIP TYPE DEPTH LEASE
F2060 MGA94_50 622225 7684925 59.00 327.000 -60.000 AC 67 E47/3673
F2061 MGA94_50 622240 7684900 59.56 327.000 -60.000 AC 73 E47/3673
F2062 MGA94_50 622405 7685238 58.34 327.000 -60.000 AC 55 E47/3673
F2063 MGA94_50 622420 7685220 58.39 327.000 -60.000 AC 49 E47/3673
F2064 MGA94_50 622434 7685197 58.53 327.000 -60.000 AC 49 E47/3673
F2065 MGA94_50 622445 7685176 58.48 327.000 -60.000 AC 49 E47/3673
F2066 MGA94_50 622458 7685155 58.38 327.000 -60.000 AC 49 E47/3673
F2067 MGA94_50 622471 7685134 58.49 327.000 -60.000 AC 36 E47/3673
F2068 MGA94_50 622485 7685112 58.62 327.000 -60.000 AC 49 E47/3673
F2069 MGA94_50 622499 7685093 58.64 327.000 -60.000 AC 49 E47/3673
F2070 MGA94_50 622513 7685071 58.83 327.000 -60.000 AC 49 E47/3673
F2071 MGA94_50 622527 7685050 58.87 327.000 -60.000 AC 49 E47/3673
F2072 MGA94_50 622541 7685029 58.73 327.000 -60.000 AC 55 E47/3673
F2073 MGA94_50 622553 7685009 58.75 327.000 -60.000 AC 61 E47/3673
F2074 MGA94_50 622325 7685366 58.83 147.000 -60.000 AC 25 E47/3673
F2075 MGA94_50 622312 7685386 58.93 147.000 -60.000 AC 43 E47/3673
F2076 MGA94_50 622298 7685408 59.79 147.000 -60.000 AC 25 E47/3673
F2077 MGA94_50 622285 7685428 60.39 147.000 -60.000 AC 31 E47/3673
F2078 MGA94_50 622271 7685448 59.91 147.000 -60.000 AC 25 E47/3673
F2079 MGA94_50 622258 7685472 59.50 147.000 -60.000 AC 31 E47/3673
F2080 MGA94_50 622243 7685492 58.39 147.000 -60.000 AC 43 E47/3673
F2081 MGA94_50 622233 7685510 58.18 147.000 -60.000 AC 25 E47/3673
F2082 MGA94_50 622218 7685532 58.41 147.000 -60.000 AC 31 E47/3673
F2083 MGA94_50 622202 7685553 58.17 147.000 -60.000 AC 25 E47/3673
F2084 MGA94_50 622188 7685574 58.52 147.000 -60.000 AC 25 E47/3673
F2085 MGA94_50 622175 7685595 58.78 147.000 -60.000 AC 25 E47/3673
F2086 MGA94_50 622162 7685615 58.70 147.000 -60.000 AC 25 E47/3673
F2087 MGA94_50 622148 7685636 58.99 147.000 -60.000 AC 25 E47/3673
F2088 MGA94_50 622135 7685657 59.08 147.000 -60.000 AC 31 E47/3673
F2089 MGA94_50 622120 7685679 59.33 147.000 -60.000 AC 25 E47/3673
F2090 MGA94_50 622106 7685700 59.54 147.000 -60.000 AC 25 E47/3673
F2091 MGA94_50 622093 7685721 59.00 147.000 -60.000 AC 24 E47/3673
F2092 MGA94_50 622080 7685741 59.10 147.000 -60.000 AC 24 E47/3673
F2093 MGA94_50 622065 7685763 59.66 147.000 -60.000 AC 30 E47/3673
F2094 MGA94_50 624082 7685021 59.77 147.000 -60.000 AC 13 E47/3673
F2095 MGA94_50 624067 7685042 59.75 147.000 -60.000 AC 16 E47/3673
F2096 MGA94_50 624054 7685062 59.75 147.000 -60.000 AC 21 E47/3673
F2097 MGA94_50 624040 7685083 59.81 147.000 -60.000 AC 24 E47/3673
F2098 MGA94_50 624026 7685105 59.96 147.000 -60.000 AC 8 E47/3673
F2099 MGA94_50 624013 7685125 60.14 147.000 -60.000 AC 10 E47/3673
F2100 MGA94_50 624001 7685144 60.24 147.000 -60.000 AC 36 E47/3673
F2101 MGA94_50 623985 7685167 60.55 147.000 -60.000 AC 30 E47/3673
F2102 MGA94_50 623974 7685185 59.86 147.000 -60.000 AC 24 E47/3673
F2103 MGA94_50 623959 7685208 59.53 147.000 -60.000 AC 19 E47/3673
F2104 MGA94_50 623945 7685230 59.52 147.000 -60.000 AC 19 E47/3673
F2105 MGA94_50 623931 7685251 60.06 147.000 -60.000 AC 25 E47/3673
F2106 MGA94_50 623917 7685272 60.01 147.000 -60.000 AC 25 E47/3673
F2107 MGA94_50 623903 7685292 59.53 147.000 -60.000 AC 25 E47/3673
F2108 MGA94_50 623889 7685315 59.51 147.000 -60.000 AC 19 E47/3673
F2109 MGA94_50 623876 7685334 59.56 147.000 -60.000 AC 31 E47/3673
F2110 MGA94_50 623862 7685355 59.80 147.000 -60.000 AC 31 E47/3673
F2111 MGA94_50 623849 7685375 60.05 147.000 -60.000 AC 25 E47/3673
F2112 MGA94_50 623835 7685396 59.46 147.000 -60.000 AC 25 E47/3673
F2113 MGA94_50 623821 7685418 59.48 147.000 -60.000 AC 19 E47/3673
F2114 MGA94_50 623808 7685438 59.23 147.000 -60.000 AC 19 E47/3673
F2115 MGA94_50 623794 7685459 59.09 147.000 -60.000 AC 25 E47/3673
F2116 MGA94_50 623779 7685481 59.02 147.000 -60.000 AC 19 E47/3673
F2117 MGA94_50 623767 7685502 59.02 147.000 -60.000 AC 19 E47/3673
F2118 MGA94_50 623756 7685526 59.14 147.000 -60.000 AC 19 E47/3673
F2119 MGA94_50 623739 7685543 59.04 147.000 -60.000 AC 25 E47/3673
F2120 MGA94_50 623726 7685564 59.58 147.000 -60.000 AC 19 E47/3673
F2121 MGA94_50 623712 7685585 59.46 147.000 -60.000 AC 25 E47/3673
F2122 MGA94_50 623698 7685606 59.51 147.000 -60.000 AC 25 E47/3673
F2123 MGA94_50 623684 7685628 59.52 147.000 -60.000 AC 25 E47/3673
F2124 MGA94_50 623671 7685647 59.30 147.000 -60.000 AC 24 E47/3673
F2125 MGA94_50 623657 7685669 59.88 147.000 -60.000 AC 25 E47/3673
F2126 MGA94_50 623643 7685690 58.92 147.000 -60.000 AC 30 E47/3673
F2127 MGA94_50 623629 7685715 59.07 147.000 -60.000 AC 48 E47/3673
F2128 MGA94_50 623615 7685732 59.17 147.000 -60.000 AC 42 E47/3673
F2129 MGA94_50 625214 7686212 59.87 147.000 -60.000 AC 37 E47/3673
F2130 MGA94_50 625200 7686233 59.82 147.000 -60.000 AC 24 E47/3673
F2131 MGA94_50 625187 7686254 59.94 147.000 -60.000 AC 24 E47/3673
F2132 MGA94_50 625173 7686275 59.97 147.000 -60.000 AC 30 E47/3673
F2133 MGA94_50 625160 7686296 59.98 147.000 -60.000 AC 32 E47/3673
F2134 MGA94_50 625146 7686317 60.13 147.000 -60.000 AC 48 E47/3673
F2135 MGA94_50 625131 7686338 60.20 147.000 -60.000 AC 60 E47/3673
F2136 MGA94_50 620186 7684249 58.82 147.000 -60.000 AC 73 E47/3673
F2137 MGA94_50 620176 7684267 58.72 147.000 -60.000 AC 70 E47/3673
F2138 MGA94_50 620148 7684308 58.51 147.000 -60.000 AC 100 E47/3673
F2139 MGA94_50 620412 7684784 59.24 147.000 -60.000 AC 73 E47/3673
F2140 MGA94_50 620398 7684804 59.25 147.000 -60.000 AC 100 E47/3673
F2141 MGA94_50 621040 7686197 57.28 180.000 -60.000 AC 50 E47/3673
F2142 MGA94_50 621039 7686220 57.40 180.000 -60.000 AC 70 E47/3673
F2143 MGA94_50 621039 7686244 57.49 180.000 -60.000 AC 70 E47/3673
F2144 MGA94_50 621040 7686271 57.01 180.000 -60.000 AC 70 E47/3673
F2145 MGA94_50 620722 7685987 59.20 180.000 -60.000 AC 30 E47/3673
F2146 MGA94_50 620723 7686010 59.47 180.000 -60.000 AC 19 E47/3673
F2147 MGA94_50 620722 7686034 58.96 180.000 -60.000 AC 18 E47/3673
F2148 MGA94_50 620723 7686060 58.21 180.000 -60.000 AC 18 E47/3673
F2149 MGA94_50 620723 7686086 57.99 180.000 -60.000 AC 10 E47/3673
F2150 MGA94_50 620723 7686110 57.71 180.000 -60.000 AC 12 E47/3673
F2151 MGA94_50 620723 7686135 57.49 180.000 -60.000 AC 12 E47/3673
F2152 MGA94_50 620723 7686160 57.25 180.000 -60.000 AC 12 E47/3673
F2153 MGA94_50 620723 7686184 56.90 180.000 -60.000 AC 9 E47/3673
F2154 MGA94_50 620723 7686209 57.07 180.000 -60.000 AC 10 E47/3673
F2155 MGA94_50 620723 7686234 57.14 180.000 -60.000 AC 13 E47/3673
F2156 MGA94_50 620723 7686261 57.67 180.000 -60.000 AC 23 E47/3673
F2157 MGA94_50 620723 7686286 57.76 180.000 -60.000 AC 25 E47/3673
F2158 MGA94_50 620723 7686310 57.54 180.000 -60.000 AC 18 E47/3673
F2159 MGA94_50 620723 7686335 57.09 180.000 -60.000 AC 15 E47/3673
F2160 MGA94_50 620723 7686360 56.62 180.000 -60.000 AC 13 E47/3673
F2161 MGA94_50 620723 7686386 56.60 180.000 -60.000 AC 16 E47/3673
F2162 MGA94_50 620723 7686410 56.24 180.000 -60.000 AC 18 E47/3673
F2163 MGA94_50 620723 7686435 56.16 180.000 -60.000 AC 13 E47/3673
F2164 MGA94_50 620723 7686460 55.96 180.000 -60.000 AC 21 E47/3673
F2165 MGA94_50 620723 7686485 56.06 180.000 -60.000 AC 30 E47/3673
F2166 MGA94_50 620723 7686510 56.16 180.000 -60.000 AC 24 E47/3673
F2167 MGA94_50 620082 7686337 58.47 180.000 -60.000 AC 19 E47/3673
F2168 MGA94_50 620083 7686360 58.46 180.000 -60.000 AC 24 E47/3673
F2169 MGA94_50 620082 7686386 58.36 180.000 -60.000 AC 24 E47/3673
F2170 MGA94_50 620083 7686410 58.10 180.000 -60.000 AC 24 E47/3673
F2171 MGA94_50 620083 7686436 57.92 180.000 -60.000 AC 19 E47/3673
F2172 MGA94_50 620082 7686462 57.65 180.000 -60.000 AC 25 E47/3673
F2173 MGA94_50 620083 7686485 57.60 180.000 -60.000 AC 19 E47/3673
F2174 MGA94_50 620083 7686511 57.51 180.000 -60.000 AC 25 E47/3673
F2175 MGA94_50 620083 7686536 57.13 180.000 -60.000 AC 19 E47/3673
F2176 MGA94_50 620083 7686561 57.02 180.000 -60.000 AC 19 E47/3673
F2177 MGA94_50 621362 7685735 61.90 180.000 -60.000 AC 19 E47/3673
F2178 MGA94_50 621362 7685760 61.39 180.000 -60.000 AC 19 E47/3673
F2179 MGA94_50 621362 7685785 60.62 180.000 -60.000 AC 25 E47/3673
F2180 MGA94_50 621362 7685810 60.18 180.000 -60.000 AC 24 E47/3673
F2181 MGA94_50 621362 7685836 59.77 180.000 -60.000 AC 24 E47/3673
F2182 MGA94_50 621362 7685860 59.33 180.000 -60.000 AC 36 E47/3673
F2183 MGA94_50 621362 7685885 59.74 180.000 -60.000 AC 19 E47/3673
F2184 MGA94_50 621362 7685911 60.28 180.000 -60.000 AC 19 E47/3673
F2185 MGA94_50 621362 7685935 59.25 180.000 -60.000 AC 13 E47/3673
F2186 MGA94_50 621362 7685960 58.21 180.000 -60.000 AC 13 E47/3673
F2187 MGA94_50 621362 7685985 57.40 180.000 -60.000 AC 13 E47/3673
F2188 MGA94_50 621363 7686010 57.13 180.000 -60.000 AC 10 E47/3673
F2189 MGA94_50 621365 7686037 57.10 180.000 -60.000 AC 10 E47/3673
F2190 MGA94_50 621363 7686060 57.01 180.000 -60.000 AC 13 E47/3673
F2191 MGA94_50 621362 7686085 57.00 180.000 -60.000 AC 13 E47/3673
F2192 MGA94_50 621362 7686110 56.95 180.000 -60.000 AC 13 E47/3673
F2193 MGA94_50 621361 7686135 57.10 180.000 -60.000 AC 22 E47/3673
F2194 MGA94_50 621362 7686162 57.09 180.000 -60.000 AC 28 E47/3673
F2195 MGA94_50 621362 7686185 57.04 180.000 -60.000 AC 19 E47/3673
F2196 MGA94_50 621362 7686210 57.71 180.000 -60.000 AC 25 E47/3673
F2197 MGA94_50 621362 7686235 57.36 180.000 -60.000 AC 24 E47/3673
F2198 MGA94_50 621362 7686260 57.68 180.000 -60.000 AC 26 E47/3673
F2199 MGA94_50 621362 7686285 58.42 180.000 -60.000 AC 24 E47/3673
F2200 MGA94_50 621363 7686309 58.50 180.000 -60.000 AC 24 E47/3673
F2201 MGA94_50 621364 7686335 57.37 180.000 -60.000 AC 19 E47/3673
F2202 MGA94_50 621363 7686360 57.12 180.000 -60.000 AC 24 E47/3673
F2203 MGA94_50 621362 7686386 56.93 180.000 -60.000 AC 24 E47/3673
F2204 MGA94_50 621363 7686411 56.90 180.000 -60.000 AC 25 E47/3673
F2205 MGA94_50 621365 7686435 57.02 180.000 -60.000 AC 25 E47/3673
F2206 MGA94_50 621363 7686460 57.48 180.000 -60.000 AC 30 E47/3673
F2207 MGA94_50 621364 7686484 57.87 180.000 -60.000 AC 24 E47/3673
F2208 MGA94_50 621364 7686510 57.84 180.000 -60.000 AC 25 E47/3673
F2209 MGA94_50 621364 7686538 57.16 180.000 -60.000 AC 25 E47/3673
F2210 MGA94_50 621363 7686560 56.95 180.000 -60.000 AC 25 E47/3673
F2211 MGA94_50 621363 7686584 56.75 180.000 -60.000 AC 24 E47/3673
F2212 MGA94_50 618483 7686059 55.59 180.000 -60.000 AC 24 E47/3673
F2213 MGA94_50 618482 7686084 55.67 180.000 -60.000 AC 24 E47/3673
F2214 MGA94_50 618482 7686110 55.55 180.000 -60.000 AC 30 E47/3673
F2215 MGA94_50 618485 7686133 55.48 180.000 -60.000 AC 36 E47/3673
F2216 MGA94_50 618483 7686160 55.55 180.000 -60.000 AC 30 E47/3673
F2217 MGA94_50 618483 7686185 55.50 180.000 -60.000 AC 27 E47/3673
F2218 MGA94_50 618485 7686210 55.62 180.000 -60.000 AC 54 E47/3673
F2219 MGA94_50 618483 7686234 55.48 180.000 -60.000 AC 30 E47/3673
F2220 MGA94_50 618483 7686259 55.43 180.000 -60.000 AC 24 E47/3673
F2221 MGA94_50 618486 7686285 55.46 180.000 -60.000 AC 24 E47/3673
F2222 MGA94_50 618483 7686309 55.39 180.000 -60.000 AC 24 E47/3673
F2223 MGA94_50 618483 7686335 55.44 180.000 -60.000 AC 25 E47/3673
F2224 MGA94_50 618483 7686359 55.47 180.000 -60.000 AC 43 E47/3673
F2225 MGA94_50 618482 7686384 55.48 180.000 -60.000 AC 25 E47/3673
F2226 MGA94_50 618482 7686410 55.84 180.000 -60.000 AC 25 E47/3673
F2227 MGA94_50 618483 7686435 55.70 180.000 -60.000 AC 24 E47/3673
F2228 MGA94_50 618483 7686460 55.63 180.000 -60.000 AC 24 E47/3673
F2229 MGA94_50 618483 7686485 55.24 180.000 -60.000 AC 24 E47/3673
F2230 MGA94_50 618485 7686512 55.19 180.000 -60.000 AC 30 E47/3673
F2231 MGA94_50 618483 7686535 55.19 180.000 -60.000 AC 24 E47/3673
F2232 MGA94_50 618802 7685334 56.54 180.000 -60.000 AC 24 E47/3673
F2233 MGA94_50 618802 7685359 56.57 180.000 -60.000 AC 24 E47/3673
F2234 MGA94_50 618802 7685384 56.55 180.000 -60.000 AC 24 E47/3673
F2235 MGA94_50 618802 7685410 56.55 180.000 -60.000 AC 24 E47/3673
F2236 MGA94_50 618802 7685439 56.48 180.000 -60.000 AC 24 E47/3673
F2237 MGA94_50 618803 7685458 56.47 180.000 -60.000 AC 24 E47/3673
F2238 MGA94_50 618806 7685485 56.58 180.000 -60.000 AC 24 E47/3673
F2239 MGA94_50 618804 7685509 56.60 180.000 -60.000 AC 24 E47/3673
F2240 MGA94_50 618802 7685534 56.50 180.000 -60.000 AC 24 E47/3673
F2241 MGA94_50 618806 7685559 56.65 180.000 -60.000 AC 30 E47/3673
F2242 MGA94_50 618802 7685585 57.11 180.000 -60.000 AC 24 E47/3673
F2243 MGA94_50 618802 7685610 56.92 180.000 -60.000 AC 31 E47/3673
F2244 MGA94_50 618802 7685635 56.97 180.000 -60.000 AC 24 E47/3673
F2245 MGA94_50 618802 7685660 56.76 180.000 -60.000 AC 31 E47/3673
F2246 MGA94_50 618802 7685685 56.68 180.000 -60.000 AC 24 E47/3673
F2247 MGA94_50 618802 7685710 56.70 180.000 -60.000 AC 45 E47/3673
F2248 MGA94_50 618802 7685734 56.62 180.000 -60.000 AC 24 E47/3673
F2249 MGA94_50 618802 7685760 56.61 180.000 -60.000 AC 24 E47/3673
F2250 MGA94_50 618802 7685785 56.62 180.000 -60.000 AC 24 E47/3673
F2251 MGA94_50 618802 7685809 56.60 180.000 -60.000 AC 24 E47/3673
F2252 MGA94_50 618802 7685836 56.55 180.000 -60.000 AC 30 E47/3673
F2253 MGA94_50 618802 7685860 56.65 180.000 -60.000 AC 43 E47/3673
F2254 MGA94_50 618802 7685884 56.46 180.000 -60.000 AC 24 E47/3673
F2255 MGA94_50 618802 7685910 56.38 180.000 -60.000 AC 24 E47/3673
F2256 MGA94_50 618803 7685935 56.32 180.000 -60.000 AC 30 E47/3673
F2257 MGA94_50 618803 7685959 56.36 180.000 -60.000 AC 24 E47/3673
F2258 MGA94_50 618802 7685984 56.38 180.000 -60.000 AC 24 E47/3673
F2259 MGA94_50 618802 7686009 56.25 180.000 -60.000 AC 24 E47/3673
F2260 MGA94_50 618802 7686036 56.40 180.000 -60.000 AC 25 E47/3673
F2261 MGA94_50 619122 7685635 57.15 180.000 -60.000 AC 25 E47/3673
F2262 MGA94_50 619121 7685660 57.01 180.000 -60.000 AC 25 E47/3673
F2263 MGA94_50 619123 7685685 57.20 180.000 -60.000 AC 25 E47/3673
F2264 MGA94_50 619123 7685710 57.34 180.000 -60.000 AC 25 E47/3673
F2265 MGA94_50 619123 7685735 57.33 180.000 -60.000 AC 25 E47/3673
F2266 MGA94_50 619123 7685760 57.60 180.000 -60.000 AC 25 E47/3673
F2267 MGA94_50 619122 7685785 57.78 180.000 -60.000 AC 31 E47/3673
F2268 MGA94_50 619123 7685810 57.96 180.000 -60.000 AC 49 E47/3673
F2269 MGA94_50 619122 7685837 57.54 180.000 -60.000 AC 25 E47/3673
F2270 MGA94_50 619122 7685860 57.47 180.000 -60.000 AC 25 E47/3673
F2271 MGA94_50 619122 7685885 57.49 180.000 -60.000 AC 37 E47/3673
F2272 MGA94_50 619123 7685910 57.40 180.000 -60.000 AC 24 E47/3673
F2273 MGA94_50 619124 7685935 57.40 180.000 -60.000 AC 19 E47/3673
F2274 MGA94_50 619123 7685960 57.35 180.000 -60.000 AC 13 E47/3673
F2275 MGA94_50 619125 7685983 57.25 180.000 -60.000 AC 25 E47/3673
F2276 MGA94_50 619123 7686010 57.07 180.000 -60.000 AC 25 E47/3673
F2277 MGA94_50 619121 7686035 57.19 180.000 -60.000 AC 25 E47/3673
F2278 MGA94_50 619124 7686062 57.21 180.000 -60.000 AC 25 E47/3673
F2279 MGA94_50 619123 7686085 57.52 180.000 -60.000 AC 25 E47/3673
F2280 MGA94_50 619122 7686109 57.49 180.000 -60.000 AC 25 E47/3673
F2281 MGA94_50 619122 7686135 57.42 180.000 -60.000 AC 25 E47/3673
F2282 MGA94_50 619123 7686161 57.14 180.000 -60.000 AC 25 E47/3673
F2283 MGA94_50 619122 7686185 57.06 180.000 -60.000 AC 37 E47/3673
F2284 MGA94_50 619122 7686211 56.86 180.000 -60.000 AC 25 E47/3673
F2285 MGA94_50 619123 7686236 56.56 180.000 -60.000 AC 25 E47/3673
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F2533 MGA94_50 624800 7683340 61.26 147.000 -60.000 AC 19 E47/3673
F2534 MGA94_50 624786 7683361 61.38 147.000 -60.000 AC 19 E47/3673
F2535 MGA94_50 624773 7683382 60.77 147.000 -60.000 AC 19 E47/3673
F2536 MGA94_50 624762 7683401 60.80 147.000 -60.000 AC 25 E47/3673
F2537 MGA94_50 624747 7683422 60.86 147.000 -60.000 AC 25 E47/3673
F2538 MGA94_50 624726 7683454 60.82 147.000 -60.000 AC 37 E47/3673
F2539 MGA94_50 624714 7683467 60.83 147.000 -60.000 AC 31 E47/3673
F2540 MGA94_50 624704 7683487 60.79 147.000 -60.000 AC 43 E47/3673

Table 2 Becher Project - Aircore drilling intercepts >0.1 g/t Au with up to 2 m internal dilution

SITE_ID DEPTH FROM (m) DEPTH TO (m) WIDTH (m) Au (g/t)
F2061 21 24.000 3.00 0.10
F2061 30 33.000 3.00 0.10
F2061 39 42.000 3.00 0.12
F2068 48 49.000 1.00 0.12
F2079 27 31.000 4.00 0.14
F2080 0 3.000 3.00 0.13
F2090 24 25.000 1.00 0.15
F2136 21 24.000 3.00 0.88
F2136 39 42.000 3.00 0.24
F2137 18 21.000 3.00 0.16
F2137 30 36.000 6.00 0.45
F2137 60 66.000 6.00 0.51
F2138 21 27.000 6.00 0.20
F2138 63 66.000 3.00 0.64
F2139 36 39.000 3.00 0.12
F2140 36 42.000 6.00 0.17
F2140 51 54.000 3.00 0.26
F2140 66 69.000 3.00 2.90
F2143 15 21.000 6.00 0.26
F2150 9 12.000 3.00 0.61
F2167 9 12.000 3.00 0.30
F2217 3 6.000 3.00 0.14
F2218 3 6.000 3.00 0.15
F2220 12 15.000 3.00 0.15
F2245 21 24.000 3.00 0.23
F2247 33 39.000 6.00 0.37
F2253 12 15.000 3.00 0.94
F2253 24 27.000 3.00 0.22
F2253 30 42.000 12.00 0.25
F2254 18 21.000 3.00 0.11
F2268 30 33.000 3.00 0.10
F2299 12 15.000 3.00 0.64
F2321 33 36.000 3.00 0.22
F2341 9.000 12.000 3.00 0.28

Table 3 Rock chip results from SE Wyloo.

SAMPLE_ID EASTING NORTHING sample width m Au FA25/MS ppb Ag 4A/MS ppm Ce 4A/MS ppm Cu 4A/MS ppm La 4A/MS ppm Pb 4A/MS ppm Zn 4A/MS ppm
R06912 458180 7482557 spot 0.002 0.1 2 8 1 9 19
R06913 458162 7482756 spot 0.002 1.6 9 129 5 604 419
R06914 458051 7482860 spot 0.005 0.5 46 15 21 323 27
R06915 458060 7482860 spot -99 0.1 44 9 22 5 22
R06916 458009 7482882 spot 0.001 0.5 24 213 10 21 732
R06917 457974 7482902 spot 0.01 1.9 5861 368 2756 798 470
R06919 457987 7482752 spot -99 0.1 100 20 49 39 1217
R06920 457954 7482688 spot 0.002 1.7 30 10815 12 182 2525
R06921 457953 7482690 spot 0.005 7.2 25 23590 11 188 1178
R06922 457962 7482681 1 0.142 386.9 124 3854 90 11714 16042
R06923 457960 7482678 0.6 0.188 361.0 11 541 6 5814 348
R06924 457958 7482676 1 0.518 87.8 44 497 28 50027 1654
R06925 457998 7482697 0.5 0.005 66.8 9 1361 4 11995 312
R06926 457922 7482663 3 0.006 171.8 74 240 43 16859 967
R06927 458554 7482785 8 -99 0.6 1 10 1 56 81


Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/1b08fe67-812f-4a67-93b1-db24b3957214

https://www.globenewswire.com/NewsRoom/AttachmentNg/494d7c00-65ec-49e4-bbde-7cf46677ade0

https://www.globenewswire.com/NewsRoom/AttachmentNg/3e67a479-4b9e-4178-b37d-1c1f728997d9

https://www.globenewswire.com/NewsRoom/AttachmentNg/a944b826-4b7f-488d-a166-d0392354e098

https://www.globenewswire.com/NewsRoom/AttachmentNg/2bb2e9a8-78ae-4273-9689-771611e2ba6a

https://www.globenewswire.com/NewsRoom/AttachmentNg/22837e21-2436-4a08-9bb5-217b0e43c34a

https://www.globenewswire.com/NewsRoom/AttachmentNg/22c7d7f5-35ce-4c07-8825-2fcc002e71e8

https://www.globenewswire.com/NewsRoom/AttachmentNg/0bb10e4a-c503-41f6-85ab-3e21d88b61ae

https://www.globenewswire.com/NewsRoom/AttachmentNg/32d98f54-790e-4a6f-aa45-ffb7a25f66c9

https://www.globenewswire.com/NewsRoom/AttachmentNg/30185819-2a34-47e6-a8f8-5412f606e993

https://www.globenewswire.com/NewsRoom/AttachmentNg/781b0e13-3a7c-466f-a0c4-d3c6ae16dae7

https://www.globenewswire.com/NewsRoom/AttachmentNg/09d9ad33-2a86-4edc-a43d-fad818be6623



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