Significant Results From Historical Drill Hole Infill Assay Program at Belltopper

HIGHLIGHTS

• Detailed re-logging and additional sampling from 11 historical diamond holes in priority target areas at the Belltopper Gold Project ('Belltopper'), has delivered multiple new significant gold intercepts across a range of known and emerging targets.
• Significant new intercepts from the recent additional (infill) sampling include:
  • 6.0 m @ 4.37 g/t Au from 169 m (including 5.0 m @ 5.18 g/t Au from 169 m) in DDHMA1 on the Never Despair Reef.
  • 2.0 m @ 7.19 g/t Au from 52 m (including 1.15 m @ 12.01 g/t Au from 52 m) and 2.0 m @ 3.87 g/t Au from 43 m (including 1.0 m @ 6.92 g/t Au from 43 m) in MD04 on the emerging Butchers Gully Fault target, a layer parallel structure to the high-grade Leven Star Reef.
  • 3.1 m @ 3.29 g/t Au from 36 m (including 1.3 m @ 7.26 g/t Au from 37.3 m) in MD06A, also on the Butchers Gully Fault.
  • 2.1 m @ 3.82 g/t Au from 78.9 m (including 0.6 m @ 9.74 g/t Au from 79.3 m) in MD07 on NW Fault 9, an important, west-dipping, sub-parallel trending structure to the high-priority Missing Link Reef target.
  • 13 m @ 0.64 g/t Au from 90 m (including 1 m @ 1.92 g/t Au from 94 m) in DDHMA2 on the West Panama Reef.
• These results validate prospective gold intervals identified during the re-logging exercise, including current modelled high-grade gold +/- antimony reefs that were intersected, but not originally sampled in historic programs.
• NW Fault 9 and NW Fault 4, identified from previous modelling, belong to an important set of gold-bearing, west-dipping structures that form a component of the anticline-related (e.g. Fosterville-style), epizonal targets at Belltopper.
• The re-logging program has confirmed controls on higher-grade mineralisation and refined the position of several target reefs and key structural features such as modelled high-grade shoots and high priority target anticline corridors.
• Current focus is on delivering an exploration target for the network of high-grade historic and newly discovered gold reefs at Belltopper and growing the pipeline of conceptual high-value shallow and deeper targets.

Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said, "Belltopper in Victoria is an exciting high-grade gold project, located in a proven gold jurisdiction. The excellent work completed by our geological team, which has uncovered multiple significant intercepts including grades of up to 12.01 g/t Au, highlights the exciting opportunity we have in front of us to further explore and develop Belltopper into a project with size and scale. We have a busy period of work planned at Belltopper at a time when the price of gold is at all-time highs."

VANCOUVER, British Columbia, Aug. 22, 2024 -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQX: NSRPF) is pleased to report significant assay results received from a relogging and infill sampling program completed across 11 previously under sampled, historic drill holes, located within priority target corridors at the Belltopper Gold Project ('Belltopper') in Victoria (Figure 1).

Figure 1, Belltopper Gold Project location map with regional gold occurrences and major structures.¹

Novo has not conducted data verification (as that term is defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects and JORC 2012) in respect of the data set out in Figure 1 and therefore is not to be regarded as reporting, adopting or endorsing those results/figures. No assurance can be given that Novo will achieve similar results at Belltopper.

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_{¹ See the following for source documents in relation to the [historical gold] production figures for Bendigo, Fosterville, Costerfield, Castlemaine and Ballarat. Wilson, C. J. L., Moore, D. H., Vollgger, S. A., & Madeley, H. E. (2020). Structural evolution of the orogenic gold deposits in central Victoria, Australia: The role of regional stress change and the tectonic regime. Ore Geology Reviews, 120, 103390. Phillips, G. N., & Hughes, M. J. (1996). The geology and gold deposits of the Victorian gold province. Ore Geology Reviews, 11(5), 255-302. Costerfield Operation, Victoria, Australia, NI 43-101 Technical Report, March 2024; Agnico Eagle Mines Detailed Mineral Reserve and Mineral Resources Statement (as at December 31, 2023). Agnico Eagle Mines Ltd.. Fosterville Gold Mine. Retrieved August 21, 2024, from Agnico Eagle Website For Comet and Sunday Creek exploration results, refer: Great Pacific Gold Company TSXV release dated 11 January 2024, and Southern Cross Gold Company ASX release dated 5 March 2024, respectively.}

SUMMARY

A re-logging and infill sampling program completed on 11 previously under-sampled historic diamond drill holes at Belltopper, has delivered multiple new significant gold intercepts across a range of known and emerging targets.

Highlights include:

• 6.0 m @ 4.37 g/t Au from 169 m (including 5.0 m @ 5.18 g/t Au from 169 m) in DDHMA1.
  
  
• 2.0 m @ 7.19 g/t Au from 52 m (including 1.15 m @ 12.01 g/t Au from 52 m) in MD04.
  
  
• 2.0 m @ 3.87 g/t Au from 43 m (including 1.0 m @ 6.92 g/t Au from 43 m) in MD04.
  
  
• 3.1 m @ 3.29 g/t Au from 36 m (including 1.3 m @ 7.26 g/t Au from 37.3 m) in MD06A.
  
  
• 2.1 m @ 3.82 g/t Au from 78.9 m (including 0.6 m @ 9.74 g/t Au from 79.3 m) in MD07.
  
  
• 13 m @ 0.64 g/t Au from 90 m (including 1 m @ 1.92 g/t Au from 94 m) in DDHMA2.
  

(Note: See Appendix 2 for complete assay results.)

The mineralisation presented in the body of this news release is not necessarily representative of mineralisation throughout the Belltopper Gold Project. Intercepts are expressed as down-hole intersections and should not be presumed to represent true widths, which vary from hole to hole and between reefs (refer JORC Table 1).

New intercepts associated with the Never Despair (e.g. DDHMA1) and West Panama (e.g. DDHMA2) reefs (Figure 2), further highlight the unrealised potential for a network of historic high-grade gold-reefs on the Project that have been developed to varying degrees at surface or underground during the mid to late 1800's, but not extensively mined. Most of the key historic reefs on the project have very little (< 5 holes) to no modern drill testing.

New intercepts reported for the Butchers Gully Fault (e.g. MD04, MD06A) showcase the potential for this emerging +1 km steep, northwest dipping structure, that trends in parallel with the high-grade Leven Star Reef.

The new significant intercept associated with NW Fault 4 (MD07) is notable. This target was mapped as a sub-vertical to steep west-south-west dipping quartz reef and belongs to an important set of gold-bearing, west-dipping structures that form a component of the anticline-related (e.g. Fosterville-style) epizonal targets at Belltopper. The NW Fault 4 target may potentially link with the NW Fault 9 target mapped to the north (Figure 2), which returned 2.0 m @ 15.18 g/t Au from 9 m, in recently drilled BTD004². These target faults combined have a strike length of ~1 km.

Of further note, both NW Fault 4 and NW Fault 9 are also modelled to interact with the Missing Link Granite, a porphyritic felsic intrusion and hence provide targeted structural intersections to test for intrusion hosted mineralisation, either along the margins of, or extending into, the Missing Link Granite itself.

Detailed information from re-logging allows better understanding of the geology and controls on higher-grade mineralisation at Belltopper. Data from the program has allowed Novo to precisely locate and refine specific target reefs and key structural features, such as modelled high-grade shoots and high-priority target anticline corridors. This is fundamental data that will be applied to ongoing targeting moving forward.

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_{² Refer to the Company's news release dated June 4, 2024, released to ASX on June 5, 2024.}

RESULTS AND INTERPRETATION FROM THE RELOGGING PROGRAM

A recent review of archived historic diamond core has highlighted a significant opportunity to validate several targets at Belltopper, by means of re-visiting select historic drill core and completing a re-logging and infill sampling exercise.

The re-logging program at Belltopper focused on 11 historic drill holes located within current priority target areas (Figure 2). Historic sampling practices vary from hole to hole, but as a general theme, the sampling was restricted to specific targets, or completed as niche-style sampling, and in many instances, what are recognised as gold-prospective zones today, were not originally sampled.

Figure 2, Location of re-logged and infill sampled historic drill-holes with significant new assays highlighted. Callouts represent new assays > 5-gram x meters.

Detailed geology and geotechnical logging were completed on all 11 holes and included collection of magnetic susceptibility and specific gravity data. The re-logging campaign included a sampling component which involved gold and multi-element assaying on previously uncut prospective intervals identified during the re-logging exercise, or across uncut intervals where modelled target reefs are projected to intersect the drill hole. Samples for assay were also collected where previous historic significant assays remained open (either at upper or lower sample intervals), or where infill sampling was extended to cover previous gaps in data between closely spaced historic assays.

Standard QAQC practices were adhered to as outlined in JORC Table 1. In total some 1,643 primary and 225 QC samples were submitted for fire assay gold and multi-element as part of the re-logging exercise. Table 1 highlights all (+2-gram x metre) significant intercepts returned from the recent infill sampling program completed. Refer to Appendices for a full listing of all anomalous (>0.3-gram x metre) intersections. The intercepts presented in both Table 1 and Appendix 2 represent either:

• entirely new independent intercepts, or
• extension and upgrading of historic intercepts, or
• extension and integration of two or more previous intercepts by means of infill sampling.
  

Table 1, Significant (+ 2-gram x metre) intersections reported for recent infill sampling of historic drill holes at Belltopper. Intercepts calculated with 0.3 g/t Au cut-off and 2 m internal dilution. High grade included intercepts calculated with 1.0 g/t Au and no internal dilution. All significant intersections from recent infill sampling program on historic drill holes reported.

^ All width and intercepts are expressed as metres downhole rather than true width. Most intersections tabulated above will have an oblique component. Refer to drill cross sections and JORC Table 1. Calculated as length weighted averages. ^^ Au g/t multiplied by metres.

The Never Despair Reef was intersected at approximately 170 m down-hole in DDHMA1 and is characterised by a 5m wide zone of silica - sericite altered sediments with intervals of white, bleached puggy fault material and laminated quartz veins (Figure 3). Assays returned 6.0 m @ 4.37 g/t Au from 169 m, including 5.0 m @ 5.18 g/t Au across the reef. Strongly elevated arsenic, and elevated silver, molybdenum and antimony accompany this interval.

Figure 3, DDHM01 from 169.15 m - 174.9 m. Never Despair intersection returning 6.0 m @ 4.37 g/t Au from 169 m. Strongly elevated As, and elevated Ag, Mo, and Sb accompany this interval.

The Never Despair Reef dips to the NE and is currently interpreted up to 675 m along strike. Surface workings are restricted to the central portion of the trend and along a roughly 200 m section of the Never Despair structure, in a complex area where multiple reefs with different orientations converge. Local underground development along the Never Despair Reef itself is primarily within 30 m of the surface below the significant surface workings, although additional development along a 20 m segment of the reef occurs to depths down to 60 m in the south, where the Never Despair Reef converges at depth with the adjacent Panama Fault (Figure 2 and Figure 4).

The Butchers Gully Fault was intersected at shallow depths in several re-logged historic holes, including: MD02, MD03, MD04 and MD06A; with the best intercepts reporting 2.0 m @ 7.19 g/t Au from 52 m (including 1.15 m @ 12.01 g/t Au) and 2.0 m @ 3.87 g/t Au from 43 m (including 1.0 m @ 6.92 g/t Au from 43 m) in MD04; and 3.10 m @ 3.29 g/t Au from 36 m (including 1.3 m @ 7.26 g/t Au) in MD06A. Elevated arsenic, bismuth, and antimony accompany these intervals. This fault typically manifests in shallow core intervals as a limonite-rich zone, with quartz fracture veining and intervals of iron and sulphidic tectonic breccia.

The Butchers Gully Fault is an emerging, +1 km long target reef that dips sub-vertical to steeply to the northwest and trends in parallel with the high-grade Leven Star Reef, which is located roughly 80 m to the southeast (Figure 2 and Figure 4). Refer to Table 1 (>2-gram x metre) and Appendix 2 (>0.3-gram x metre) for additional significant intercepts on these drill holes.

Target NW Fault 4 was intersected at around 80 m down-hole in MD07 (Figure 4) and is represented by a limonite rich puggy tectonic fault breccia host predominantly in silt (Figure 5). A significant gold interval associated with this structure returned 2.1 m @ 3.82 g/t Au from 78.9 m, including 0.6 m @ 9.74 g/t Au. This intercept is bound by a 10 cm section of core loss between 79.9 m - 80.0 m. Elevated arsenic, antimony, bismuth, molybdenum and tungsten accompany this interval.

Figure 4, Geological cross section displaying the portion of drill traces for re-logged holes that fall within the field of view. Refer to Figure 2 for location of cross section A - A'. Cross section is north-facing with a +/- 20 m field of view. Callouts highlight significant intersections > 5-gram x metre that are captured within the field of view. Refer to Appendix 2 for all significant (> 0.3-gram x metre) for drill holes part depicted on section.

Target NW Fault 4 represents a mapped, sub-vertical to steeply west-dipping quartz-bearing tectonic breccia, which is interpreted over an ~ 320 m strike length and modelled to interact with the Missing Link Granite outcrop (Figure 2). Target NW Fault 9 may represent an extension of NW Fault 4, mapped to the north, which returned 2.0 m @ 15.18 g/t Au from 9 m, in previously reported assays for drill hole BTD004³. Both faults report narrow, high-grade results and display similar mineralisation styles and multi-element characteristics. These faults have a combined target strike-length of ~ 1 km (Figure 2 and Figure 4).

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_{³ Refer to the Company's news release dated June 4, 2024, released to ASX on June 5, 2024.}

Figure 5, MD07 from 76.9 m - 81.0 m. The limonite rich puggy fault breccia represents the NW Fault 4 mineralised structure returning 2.1 m @ 3.82 g/t Au from 78.9 m, including 0.6 m @ 9.74 g/t Au. Elevated arsenic, antimony, bismuth, molybdenum and tungsten accompany this interval.

The West Panama Reef was intersected at around 41 m down-hole in DDHMA1 returning 4.0 m @ 0.64 g/t Au from 41.1 m, and at 90 m down-hole in DDHMA2 returning 13 m @ 0.64 g/t Au from 90 m including 1 m @ 1.92 g/t Au. Elevated arsenic, bismuth, antimony, and tungsten are associated with this interval. Within DDHMA2 this fault is represented by strongly silica and sericite altered and annealed granulestone with well-developed quartz stockwork veining.

The West Panama Reef is a steep to moderately steep, NE-dipping structure that is currently interpreted to extend for ~ 670 m (Figure 2 and Figure 5). Small segments (<10%) of this reef were explored and developed locally down to a depth of around 90 m.

BELLTOPPER FORWARD PROGRAM

Current work is focussed on delivering an exploration target for the dense network of known, emerging and newly discovered high-grade, epizonal gold-reefs that characterise the landscape at Belltopper.

Integration of historic, recent and new exploration data from the current logging and sampling program into an evolving 3D target model is ongoing and fundamental to effective targeting. This includes integration of data and interpretation from the recent hyperspectral sampling program which is currently being progressed and scheduled to be complete by the end of Q3 2024.

The recent re-logging program, coupled with previous exploration, have allowed an improved understanding of the overall prospectivity, mineralisation styles and characteristics, and key structural controls on the higher-grade zones at Belltopper. From these learnings, both the extensions to modelled high-grade zones, along with well understood reefs are targeted; as well as high-value, emerging shallow and deeper conceptual targets, which includes both intrusion related mineralisation, and the world class, Fosterville-style, high-grade epizonal mineralisation, of which Belltopper displays many of these characteristics.

Authorised for release by the Board of Directors.

CONTACT

QP STATEMENT

Dr. Christopher Doyle (MAIG), is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects ('NI 43-101'), responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Doyle is Novo's Exploration Manager - Victoria.

There were no limitations to the verification process and all relevant data and records were reviewed and verified by a qualified person (as defined in NI 43-101).

JORC COMPLIANCE STATEMENT

The information in this report that relates to new exploration results at the Belltopper Gold Project is based on information compiled by Dr. Christopher Doyle, who is a full-time employee of Novo Resources Corp. Dr. Christopher Doyle is a Competent Person who is a member of the Australian Institute of Geoscientists. Dr. Christopher Doyle has sufficient experience that is relevant to the style of mineralisation and the type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr. Christopher Doyle consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

The information in this news release that relates to previously reported exploration results at Belltopper is extracted from Novo's announcement released to ASX on 5 June 2024 and which is available to view at www.asx.com.au. The Company confirms that it is not aware of any new information that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the market announcement continue to apply and have not materially changed.

FORWARD-LOOKING STATEMENTS

Some statements in this news release may contain "forward-looking statements" within the meaning of Canadian and Australian securities law and regulations. In this news release, such statements include but are not limited to planned exploration activities and the timing of such. 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, 2023 (which is available under Novo's profile on SEDAR+ at www.sedarplus.ca and at www.asx.com.au) in the Company's prospectus dated 2 August 2023 which is available at www.asx.com.au. 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.

ABOUT NOVO

Novo is an Australian based gold explorer listed on the ASX and the TSX focused on discovering standalone gold projects with > 1 Moz development potential. Novo is an innovative gold explorer with a significant land package covering approximately 6,700 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.

Novo's key project area is the Egina Gold Camp, where De Grey Mining is farming-in to form a JV at the Becher Project and surrounding tenements through exploration expenditure of A$25 million within 4 years for a 50% interest. The Becher Project has similar geological characteristics as De Grey's 12.7 Moz Hemi Project¹. Novo is also advancing gold exploration at Nunyerry North, part of the Croydon JV (Novo 70%: Creasy Group 30%), where 2023 exploration drilling identified significant gold mineralisation. Novo continues to undertake early-stage exploration across its Pilbara tenement portfolio.

Novo has also formed lithium joint ventures with both Liatam and SQM in the Pilbara which provides shareholder exposure to battery metals.

Novo has a significant investment portfolio and a disciplined program in place to identify value accretive opportunities that will build further value for shareholders.

Please refer to Novo's website for further information including the latest corporate presentation.

^{1. Refer to De Grey ASX Announcement, Hemi Gold Project Resource Update, dated 21 November 2023. No assurance can be given that a similar {or any) commercially mineable deposit will be determined at Novo's Becher project.}

APPENDIX 1: BELLTOPPER DRILL COLLARS

All drill collars are reported in MGA94 Zone 55. All collars are located within Retention Licence RL006587

APPENDIX 2: BELLTOPPER RELOGGING SIGNIFICANT INTERSECTIONS

Standard Intercepts calculated with 0.3 g/t Au cut-off and 2 m internal dilution. High grade included intercepts calculated with 1.0 g/t Au and no internal dilution.

^ All width and intercepts are expressed as metres downhole rather than true width. Calculated as length weighted averages.

^^ Au g/t multiplied by metres.

Logged core loss treated as 0 g/t Au grade in all calculations. The gold assay of a primary sample from a duplicate pair will be used in all calculations. Any isolated gold intersections separated by internal dilution must independently be above the average cut-off grade when including the grades of the internal dilution.

All new or updated significant intersections > 0.3 GM from recent relogging and sampling exercise

JORC Code, 2012 Edition - Table 1 Belltopper Gold Project

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)