NVO.TO · 2022-02-17 12:00:00

High-Grade GOLD up to 30.3 G/T Au Defined IN ROCK Chip Sampling at Nunyerry North, Egina District

Drill Results Sampling & Geoscience Results

Suite 880, 580 Hornby Street

Vancouver, BC, Canada V6C 3B6

P: +1-416-543-3120 E: [email protected] www.novoresources.com

FEBRUARY 17, 2022

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, BC - 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.

(Figure 1 – Gold in soil anomaly at the Nunyerry North prospect.)

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

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“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.”

(Figure 2 – Nunyerry North prospect location on EL47/2973, highlighting the Creasy joint venture.)

{02273107;1} 3

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).

(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.

{02273107;1} 4

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.

(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

{02273107;1} 5

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 geo logical expertise to deliver

value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416)

543-3120 or e-mail [email protected].

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.

{02273107;1} 6

Table 1: rock chip sample results.

Sample

Eastin

MGA9

4 Z50

Northin

MGA94

Z50

ppm

FA50/O

Au Rpt

FA50/O

Au Rpt

FA50/O

Ag ppm

AR25/M

As ppm

AR25/M

Cu ppm

AR25/M

Sb ppm

AR25/M

W ppm

AR25/M

Zn ppm

AR25/M

NVO-

05117

59077

761950

0 13.798 12.02 0.52 10.7 39.1 0.48 0.9 64

NVO-

05118

59080

761950

9 1.052 0.05 5.3 12.4 0.35 0.4 11

NVO-

05119

59080

761950

3 4.328 0.47 15.2 52.9 0.49 0.8 44

NVO-

05120

59080

761950

7 1.354 0.24 28.9 29.6 1.28 0.2 29

NVO-

05218

59107

761961

2 0.722 0.11 52.3 249 5.66 0.5 15

NVO-

05219

59100

761917

2 -0.0025 0.11 2 126.1 0.46 0.2 17

NVO-

05220

59099

761918

7 0.01 0.24 30.6 14.6 17.21 0.8 12

NVO-

07234

59030

761930

5 0.008 -0.025 24.3 41.9 1.74 7.2 70

NVO-

07235

59029

761933

2 -0.0025 -0.025 138.3 55.4 1.49 25.8 67

NVO-

07236

59030

761924

4 0.008 0.09 29.2 145.9 3.57 7.9 51

NVO-

07237

59031

761924

2 0.02 -0.025 46.6 18.4 4.54 7.9 63

NVO-

07238

59034

761921

8 -0.0025 0.07 69.7 42.3 2.3 2.1 30

NVO-

07239

59026

761932

1 0.032 0.16 17.7 9.8 0.56 4.3 30

NVO-

07241

59025

761933

5 0.013 0.06 125.6 79.5 2.22 2.2 68

NVO-

07242

59011

761929

8 -0.0025 -0.025 4 18.9 4.22 0.3 44

NVO-

07243

59021

761931

9 -0.0025 0.19 31.3 237 1.17 1.5 127

W10501

59063

761946

3 0.477 0.12 6 62.6 1.85 0.7 40

W10502

59063

761944

6 -0.0025 -0.025 2.4 5.4 1.92 1 9

W10503

59063

761945

2 0.05 0.06 7.6 17.9 2.37 0.5 21

W10504

59059

761942

8 -0.0025 0.05 11.5 52.9 1.73 1 51

W10505

59065

761952

6 -0.0025 -0.025 2.4 30 1.34 0.3 29

W10506

59063

761949

6 -0.0025 -0.025 1.6 4.1 0.73 1.4 10

W10507

59063

761949

5 0.021 -0.025 8.7 89.7 0.68 1 91

W10508

59064

761948

2 0.725 0.12 8.3 21 0.86 1 34

W10509

59064

761950

3 0.028 0.08 1.1 101.6 1.34 0.5 38

W10510

59071

761949

2 5.003 28.42 172.5 1311.9 0.98 0.3 26

W10511

59071

761949

2 0.782 1.04 6.9 45.1 0.38 1 6

W10512

59071

761949

7 0.103 0.05 3.5 15.2 1.42 0.5 34

W10513

59074

761948

7 4.226 0.1 3.5 13.3 0.31 0.2 13

W10514

59077

761946

2 0.449 0.06 13 18.2 0.36 0.6 27

W10515

59075

761949

0 0.05 -0.025 1.5 4.8 0.41 0.2 17

W10516

59074

761947

4 21.099 20.207 3.47 1.1 6 0.2 0.7 12

W10517

59075

761947

8 0.307 -0.025 2.3 7.3 0.27 0.3 15

W10518

59076

761948

4 2.036 0.2 3 4.4 0.19 1.2 6

{02273107;1} 7

W10519

59077

761949

0 3.213 -0.025 1.5 2.4 0.23 -0.05 3

W10520

59077

761945

7 14.2 19.008 4.29 6.2 140.2 0.31 0.8 7

W10521

59077

761946

1 0.048 0.08 4.9 160.4 0.8 0.3 14

W10522

59078

761949

4 30.311 6.254 8.458 0.3 6.4 18.6 0.38 0.7 19

W10536

59090

761955

1 10.726 2.27 9.9 646.1 0.33 0.5 24

W10537

59091

761955

7 2.506 1.32 14.9 407.2 0.41 0.1 25

W10538

59097

761959

8 0.012 0.09 4.4 68.3 7.66 1 7

W10539

59080

761945

9 0.047 0.09 5.9 41.9 0.41 2 71

W10540

59082

761946

3 0.168 0.07 14.7 5.2 0.36 1.1 4

W10541

59083

761946

6 4.753 27.14 312.5 1415.7 1.74 0.3 25

W10542

59085

761946

6 1.098 0.18 5.5 11.3 0.6 0.6 11

W10543

59090

761949

4 0.076 0.08 1.7 8.7 0.15 -0.05 4

W10544

59089

761948

2 0.905 1.54 40.3 606.7 0.47 0.7 14

W10545

59070

761944

5 0.026 0.05 0.7 3.5 0.13 -0.05 4

W10546

59075

761945

8 10.272 0.24 1.8 3.4 0.21 0.7 6

Table 2: soil sample results.

SAMPLE_ID

EASTING

NORTHING

AR25/MS Au ppb

FA25/OE Au-Rp1

MANUALLY CONVERT

FROM ppm to ppb

FA25/OE Au-Rp2

MANUALLY CONVERT

FROM ppm to ppb

AR25/MS Ag ppm

AR25/MS As ppm

AR25/MS Cu ppm

AR25/MS Pb ppm

AR25/MS Sb ppm

AR25/MS Zn ppm

H2960 590562.4061 7619406.565 1839 0.65 9 69 6.4 0.61 53

H2961 590562.4159 7619426.822 84 0.1 5 59 4.9 0.47 57

H2962 590562.321 7619446.858 2 0.05 5 67 4.6 0.43 57

H2963 590562.7414 7619466.448 3 0.06 5 65 3.7 0.63 54

H2964 590562.9584 7619486.704 6 0.1 9 73 4.8 0.55 50

H2965 590562.9584 7619486.704 38 0.09 9 758 10.8 0.44 29

H2966 590561.4117 7619506.416 2 0.09 7 65 5.9 0.75 43

H2967 590561.5232 7619526.34 12 0.06 5 53 5.6 0.89 52

H2968 590603.2639 7619526.438 18 0.22 11 89 4.7 0.65 54

H2969 590602.4266 7619506.407 10 0.06 7 70 3.2 0.42 39

H2970 590601.9007 7619486.486 16 0.08 5 89 4 0.69 50

H2971 590601.8933 7619466.672 9 0.21 9 84 5.8 0.8 53

H2972 590601.8858 7619446.858 18 0.14 11 66 4.6 0.84 58

H2973 590602.2896 7619426.488 15 0.21 21 56 6 1.04 53

H2974 590601.5553 7619406.346 52 0.16 18 66 5.6 0.96 55

H2975 590642.8838 7619406.889 8 0.07 12 91 4.4 0.61 67

H2976 590643.3074 7619427.033 25 0.08 24 58 5.4 1.55 46

H2977 590643.3155 7619446.958 1014 0.3 6 47 5.8 0.55 57

H2978 590643.4272 7619466.882 421 0.2 7 39 5.4 0.51 53

H2979 590643.7467 7619486.915 408 0.26 9 48 7.2 0.45 60

H2980 590642.8838 7619406.889 46 0.07 11 91 4.6 0.65 67

H2981 590641.7851 7619506.519 12 0.18 11 75 4.8 0.68 56

H2982 590642.6199 7619526.107 2 0.14 12 75 5.5 0.56 55

H2983 590681.7744 7619526.773 3 0.08 4 51 6 0.39 58

H2984 590681.8679 7619506.516 395 0.3 7 70 5.1 0.38 57

H2985 590682.7931 7619486.807 525 0.34 6 73 6.2 0.48 60

{02273107;1} 8

H2986 590682.2628 7619466.111 725 0.32 4 65 6.1 0.5 64

H2987 590682.9833 7619446.846 1341 0.47 6 71 5 0.6 59

H2988 590681.8353 7619426.817 551 0.23 14 58 4.3 1 58

H2989 590682.2396 7619406.558 28 0.2 12 97 4.4 0.67 61

H2990 590682.2396 7619406.558 1 -99

99 5 -99 0.05 3

H2991 590722.6341 7619406.774 63 0.09 10 53 5.2 0.77 55

H2992 590722.4358 7619426.811 900 0.33 13 61 4.7 0.84 52

H2993 590722.6499 7619446.513 362 0.49 10 90 4 0.7 57

H2994 590722.2488 7619467.325 455 0.37 8 75 5.9 0.58 64

H2995 590722.977 7619486.36 423 0.38 7 93 6.3 0.47 58

H2996 590721.8491 7619506.845 36 0.19 7 71 4.6 0.74 53

H2997 590720.7217 7619527.44 4 0.19 5 60 8.3 0.64 57

H2998 590762.6734 7619546.686 8 0.07 7 85 6.2 0.63 73

H2999 590762.8742 7619527.093 9 0.15 3 67 6.7 0.54 60

H3000 590762.1384 7619506.729 51 0.17 7 49 5.2 0.53 38

H3001 590762.026 7619486.695 2000 2300 0.65 7 49 6.7 0.46 56

H3002 590762.3278 7619466.658 274 0.18 9 60 5.2 0.51 61

H3003 590762.113 7619446.845 586 0.21 13 69 4.9 0.59 62

H3004 590762.4149 7619426.808 105 0.11 12 51 5.1 0.72 48

H3005 590762.1384 7619506.729 37 0.22 8 55 5.1 0.64 38

H3006 590761.6823 7619406.998 23 0.06 11 78 4.6 0.46 64

H3007 590802.2821 7619406.881 9 0.05 8 81 4.1 0.53 73

H3008 590807.7951 7619429.542 56 0.12 9 61 4.7 0.61 55

H3009 590802.6094 7619446.728 122 0.19 16 59 5.1 1.23 41

H3010 590802.5148 7619466.764 436 0.29 9 74 5.4 0.58 58

H3011 590803.1408 7619486.021 354 0.2 8 59 5.2 0.59 58

H3012 590801.9106 7619506.727 661 0.33 12 86 5.4 0.44 46

H3013 590802.1285 7619527.094 17 0.14 3 66 5.5 0.42 61

H3014 590802.8612 7619546.904 145 0.14 4 79 4.6 0.44 58

H3015 590842.2179 7619546.683 8 0.15 5 80 4.7 0.52 59

H3016 590842.2179 7619546.683 17 0.06 3 366 13.6 0.42 24

H3017 590842.3082 7619525.872 6 0.17 4 81 4.8 0.4 56

H3018 590841.7888 7619507.168 116 0.28 14 256 5.5 0.5 47

H3019 590842.916 7619486.573 539 0.29 15 66 6.8 0.65 55

H3020 590842.6 7619467.203 366 0.24 19 67 5.2 0.6 56

H3021 590843.4171 7619446.72 235 0.22 19 86 4.8 0.81 55

H3022 590842.4773 7619426.912 94 0.12 18 60 5.1 0.91 50

H3023 590842.5675 7619406.101 25 0.05 8 86 3.6 0.44 66

H3024 590881.7205 7619406.545 43 0.07 17 100 5 0.61 64

H3025 590881.9444 7619446.393 1376 0.55 27 89 4.7 1 48

H3026 590881.7482 7619466.762 343 0.37 26 96 5.2 0.87 63

H3027 590882.8934 7619486.237 583 0.39 10 77 5.8 0.6 56

H3028 590883.0091 7619506.825 153 0.2 8 73 5.2 0.58 53

H3029 590881.9818 7619526.756 25 0.14 5 61 5.7 0.5 55

H3030 590881.9444 7619446.393 178 0.3 24 79 5.1 0.94 51

H3031 590883.0271 7619546.896 6 0.14 4 82 4.5 0.64 58

H3032 590921.9714 7619547.009 532 0.42 4 89 5.2 0.54 50

H3033 590922.391 7619566.378 10 0.39 5 98 5.8 0.51 58

H3034 590922.3717 7619526.086 129 0.11 5 56 5 0.43 57

H3035 590922.677 7619506.713 664 0.3 7 70 6.9 0.6 54

H3036 590923.7037 7619486.672 542 0.31 9 101 5.2 0.68 48

H3037 590923.3845 7619466.749 278 0.2 9 66 4.8 0.61 52

H3038 590923.6783 7619426.898 20 0.07 12 83 4.1 0.64 64

H3039 590923.2531 7619406.533 3 0.07 7 80 4.5 0.59 65

H3040 590923.2531 7619406.533 -99 -99

99 4 -99 -99 2

H3041 590963.131 7619406.973 12 0.14 15 92 4.6 0.65 61

H3042 590962.7284 7619427.453 156 0.13 15 84 4.4 0.65 59

H3043 590963.2601 7619466.746 40 0.22 11 81 5.2 0.67 48

H3044 590962.5436 7619486.675 109 0.21 8 105 5.5 0.68 57

H3045 590961.8284 7619506.825 104 0.22 8 84 5.5 0.66 50

H3046 590962.0415 7619526.306 7 0.1 7 70 4.9 0.58 53

H3047 590962.0507 7619546.341 19 0.13 7 79 4.2 0.45 46

H3048 590962.4766 7619566.817 11 0.17 3 67 4.3 0.41 48

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