Lithium Exploration Update 2024 Quartz Hill Joint Venture
Novo Resources Corp. Head Office
Suite 1100, 1199 West Hastings Street
Vancouver, BC, Canada
V6E 3T5
Australian Office
Level 3, 46 Ventnor Avenue,
West Perth WA 6005
+61 8 6400 6100
www.novoresources.com
29 May 2024
LITHIUM EXPLORATION UPDATE 2024
QUARTZ HILL JOINT VENTURE
HIGHLIGHTS
• Liatam intends to spend ~A$6 million during 2024 to progress lithium exploration at the
Quartz Hill Joint Venture
• Exploration to date extended known lithium mineralisation at the Lepidolite Fields LCT
pegmatite swarm target with best results from surface sampling by Liatam of:
o 2.71% Li2O, and 828 ppm Cs2O
o 2.37% Li2O, 303 ppm Ta2O5 and 883 ppm Cs2O
o 2.14% Li2O, 615 ppm Ta2O5 and 1,195 ppm Cs2O
o 1.98% Li2O, 277 ppm Ta2O5 and 882 ppm Cs2O
o 1.64% Li2O, 651 ppm Ta2O5 and 2,390 ppm Cs2O
o 1.24% Li2O, 722 ppm Ta2O5 and 1,722 ppm Cs2O
• ~9,000 m RC Drilling planned to test the ~ 6 km long and 0.8 km wide Lepidolite Fields
LCT pegmatite swarm in H2 2024
• A second LCT pegmatite swarm was identified at Quartz Hill West and The Gap with best
surface results of:
o 2.45% Li2O and 589 ppm Cs2O
o 2.23% Li2O, and 1,290 ppm Cs2O
o 1.22% Li2O, 181 ppm Ta2O5 and 780 ppm Cs2O
Commenting on the JV with Liatam, Mike Spreadborough Executive Co -Chairman and Acting Chief
Executive Officer said
“Novo is pleased that Liatam continues to progress the Quartz Hill Joint Venture with ~ A$6 million to be
spent on exploration during 2024 and that plans are underway to identify further lithium bearing
pegmatites at Quartz Hill. Activities to date have validated the exciting potential of the area and we look
forward to providing updates as exploration continues. Novo’s ongoing exposure to future exploration
and discovery success on battery metals projects via JV agreements is a core component of delivering
long-term shareholder value.”
2
VANCOUVER, BC - Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO) (OTCQX: NSRPF)
is pleased to provide an update on the exploration activities carried out and forward exploration program
at the Quartz Hill Joint Venture in the Eastern Pilbara, Western Australia by the Company’s JV partner
Liatam Mining Pty Ltd (Liatam).
The Quartz Hill Joint Venture is an 80% / 20% unincorporate d joint venture between Liatam and Novo
relating to battery minerals. This joint venture was formalised on 20 December 2023 1, when Liatam
exceeded the required earn-in expenditure amount. Liatam is the owner of the included tenements and
manager of the joint venture.
QUARTZ HILL JOINT VENTURE
The Quartz Hill Joint Venture comprises five granted Exploration Licenc es and eighteen Prospecting
Licences, covering approximately 702 sq km (Figure and 2). Field based exploration to date confirms the
area is highly prospective for LCT -style (lithium-caesium-tantalum) pegmatite hosted lithium
mineralisation.
Exploration activities at Quartz Hill commenced in April 2023. Work conducted to date includes fact
mapping, collection and assay of 2,068 soil samples and 3,181 rock samples (float2), and analysis of 25
petrological samples.
Detailed geological mapping and surface sampling has delineated numerous pegmatite swarms within
two key exploration areas over strike lengths of several kilometres ; both areas are considered prospective
for further exploration including drilling by Liatam (Figure 3).
Figure 1: Photo of pegmatite swarms at the Lepidolite Fields LCT Target (looking southeast)
1 - Refer to the Company’s news release – 20 December 2023.
2- Float - The Traditional Owners of the Quartz Hill Project area have requested to not physically “crack” rock samples from outcrop
prior to completion of a heritage survey . However, they are comfortable with the collection of representative loose rock samples lying
on the ground for the purpose of geochemical analysis.
3
Figure 2: Quartz Hill Joint Venture tenement map identifying primary LCT pegmatite targets on 1:100,000 GSWA
interpreted geology map.
Figure 3: Lepidolite Fields and Quartz Hill West exploration areas identified through mapping and surface sampling.
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Lepidolite Fields
The Lepidolite Fields LCT pegmatite swarm is 6 km long, 0.8 km wide and is defined by highly anomalous
float rock samples with encouraging surface assays (Table 1).
The target is located approximately 10 km from the Golden Eagle mine site. Mapping has identified
lepidolite bearing pegmatite swarms hosted by the Golden Eagle O rthogneiss and minor amphibolite
enclaves.
The Lepidolite Fields pegmatites are typically medium grained , consisting of feldspar (albite and
microcline), quartz and lesser muscovite with lepidolite, tantalite and cassiterite. Lepidolite up to 30% in
outcrop has been observed. Amblygonite and to a lesser extent eucryptite are identified through
petrology as alteration minerals.
Table 1: Lepidolite Fields selected rock float results
Sample ID
Northing Easting Li2O Cs2O Ta2O5 SnO2 Nb2O5
GDA94
Z50
GDA94
Z50 % ppm ppm ppm ppm
PILRK001330 212,183 7,567,528 2.71 828 45 141 70
PILRK002857 214,609 7,568,120 2.37 883 303 79 100
PILRK002791 214,957 7,568,173 2.14 1195 615 56 124
PILRK000682 213,353 7,567,591 2.02 436 78 240 77
PILRK000908 214,845 7,568,135 2.02 797 218 63 67
PILRK000890 214,768 7,568,197 1.99 560 160 178 80
PILRK002788 214,826 7,568,190 1.98 882 277 58 94
PILRK001413 211,716 7,567,282 1.97 419 24 154 60
PILRK002806 214,622 7,568,167 1.9 1056 517 61 119
PILRK000889 214,663 7,568,181 1.74 961 582 55 117
PILRK002790 214,816 7,568,149 1.72 1045 492 60 117
PILRK002784 214,954 7,568,190 1.72 1165 433 53 102
PILRK002787 214,853 7,568,191 1.67 1074 443 58 100
PILRK002639 216,203 7,568,624 1.64 2390 651 25 149
PILRK002691 216,142 7,568,618 1.57 1988 564 <10 126
PILRK002643 216,145 7,568,609 1.55 2072 553 <10 130
PILRK000742 216,198 7,568,624 1.41 2059 613 18 133
PILRK000745 216,082 7,568,353 1.37 413 216 42 24
PILRK002526 210,971 7,567,738 1.35 1709 511 391 73
PILRK002731 215,880 7,568,582 1.32 2240 625 20 134
PILRK002758 215,358 7,568,509 1.31 1067 652 19 157
PILRK002734 215,683 7,568,573 1.24 1722 722 <10 166
PILRK002759 215,340 7,568,506 1.23 1879 695 15 129
The above results are not necessarily representative of mineralisation across the district. A full list of results
is included in Appendix 1.
The pegmatites at Lepidolite Fields are typically stacked, with thickness ranging from 0.1 m up to 5 m. The
thicker pegmatites are shallow dipping towards the south while the thinner pegmatites generally dip
steeply towards the north to northwest. Detailed mapping and sampling have identified five priority drill
targets in the Lepidolite Fields target area.
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Quartz Hill West and The Gap Targets
Quartz Hill West is located approximately 8 km to the west of Lepidolite Fields (Figure 2).
The target is defined by float samples anomalous in lithium, collected from numerous pegmatite swarms,
with encouraging surface assays (see Table 2).
Table 2: Quartz Hill West and “The Gap” selected rock float results
Sample ID Northing Easting Li2O Cs2O Ta2O5 SnO2 Nb2O5
GDA94
Z50
GDA94
Z50 % ppm ppm ppm ppm
PILRK001157 206,764 7,565,681 2.45 589 39 408 170
PILRK003389 208,506 7,567,304 1.22 780 181 119 59
PILRK003390 208,538 7,567,290 2.23 1290 103 109 56
PILRK003028 208,593 7,566,707 2.06 1754 6 89 17
The above results are not necessarily representative of mineralisation across the district. A full list of results
is included in Appendix 1.
Mapping has identified pegmatite swarms over a strike length of 3 km (open along strike to the east and
west) and the swarm is up to 0.5 km wide. Mineralised pegmatites have also been identified over 2km
strike at “The Gap” (Figure 2). Pegmatites are stacked, with thickness ranging from 0.1 m up to 3 m and are
hosted by foliated amphibolite with sedimentary interbeds.
The Quartz Hill West pegmatite composition is typically feldspar (albite and microcline), quartz and
muscovite. Accessory minerals include lepidolite. The Quartz Hill West pegmatites are richer in quartz and
muscovite in comparison to the lepidolite-rich pegmatites at Lepidolite Fields.
Forward Exploration Program
Helicopter supported heritage and ethnographic surveys are anticipated to commence in H2 2024
contingent on weather conditions and heritage considerations.
Reconnaissance mapping and surface sampling is planned to fill sampling gaps from the 2023 exploration
campaign. This will include areas to the east of Lepidolite Fields where pegmatite swarms are identified
in geophysical data sets but do not outcrop.
A regional, conventional soil sampling program is designed to assist in identifying buried pegmatite
swarms in areas of no or poor outcrop at Cadjuput Creek, Quartz Hill West / Lepidolite Fields, and regional
targets.
On completion of the required heritage and ethnographic surveys clearances, and advanced geochemical
targeting, RC drilling is scheduled for H2 2024 to test high -priority targets identified within Lepidolite
Fields. Various pegmatite swarms are to be drill tested targeting potential spodumene mineralisation
below significant Li2O float surface samples returned in 2023.
A drilling contractor has been identified to undertake approximately 9,000 m of RC drilling over the key
Lepidolite Fields targets, contingent on heritage and ethnographic surveys.
Helicopter supported reconnaissance and mapping will continue to allow access to the more remote parts
of the Quartz Hill Project areas and prioritise further follow up sampling and mapping of pegmatites prior
to drill testing.
Authorised for release by the Board of Directors.
CONTACT
Investors:
Mike Spreadborough
+61 8 6400 6100
North American Queries:
Leo Karabelas
+1 416 543 3120
Media:
Cameron Gilenko
+61 466 984 953
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Sampling & Analytic Methodology
Rock chip samples collected by Liatam were approximately 1 to 3kg and were dried, crushed and pulverized
(80% passing 75 microns). Prepared samples are fused with sodium peroxide and digested in dilute
hydrochloric acid (Sodium Peroxide Fusion - Labcode FUSNLi - Na2O2 fusion). The resultant solution was
analysed by ICP by Jinning Testing and Inspection Laboratory in Maddington, Perth primarily for Be, Cs, Fe,
Li, Nb, Rb, Ta and Sn using ICP-OES finish including majors in addition to Lithium and ICP-MS finish from
same digest solution for key trace elements.
Jinning Testing and Inspection Laboratory in Perth used Certified Reference Materials (CRMs) and/or in
house controls, blanks, splits, and replicates which are analysed with each batch of samples. These quality
control results are reported along with the sample values in the final report. CRMs including STD samples
were inserted by Liatam Mining. The insertion rate for the field CRM’s and blanks was 1 in 50 for float
samples. This is considered as industry standard.
All data was verified without limitation by a qualified person by reviewing analytical procedures
undertaken.
QP STATEMENT
Mr Iain Groves (MAIG), is the qualified person, as defined under National Instrument 43- 101 Standards of
Disclosure for Mineral Projects, responsible for, and having reviewed and approved , the technical
information contained in this news release. Mr Iain Groves is Novo’s Principal Geologist – Technical and
Generative.
JORC COMPLIANCE STATEMENT
The information in this news release that relates to exploration results at the Quartz Hill Joint Venture is
based on information reviewed and approved by Mr Iain Groves, who is a full- time employee of Novo
Resources Corp. Mr Iain Groves is a Competent Person who is a member of the Australian Institute of
Geoscientists. Mr Iain Groves 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 Com petent
Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr Iain Groves consents to the inclusion in the news release of the matters
based on her information in the form and context in which it appears.
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 ) and 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.
7
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 7,000 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 vanguard Project is the Egina Gold Camp, where De Grey is farming -in at Becher and
surrounding tenements through exploration expenditure of A$25 million within 4 years for a 50%
interest. Significant gold mineralisation has also been identified at Nunyerry North, this area is part of
the Croyden JV (Novo 70%: Creasy Group 30%).
With a dedicated and disciplined acquisition program in place to identify value accretive
opportunities and via its exposure to non-core minerals and metals through joint partnerships, Novo
is focused on building further value for shareholders.
NUNYERRY NORTH
Exciting gold target with maiden
drill program completed in 2023
and follow up drilling
throughout 2024.
KARRATHA DISTRICT
New precious and base metals
drill targets defined with RC
drilling planned for H2 2024.
BALLA BALLA
Emerging project focused on the under
explored Sholl Shear corridor with maiden
drill program planned for H2 2024.
BELLTOPPER
Targeting Fosterville ‘style’
mineralisation with integrated
exploration programs
developing an in depth
understanding of project
potential.
EGINA JV
RC and AC drilling programs
expected to resume at
Heckmair Irvine and Lowe in Q2
2024, testing intrusion related
gold targets.
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Appendix 1: Pegmatite float rock assay results from Quartz Hill Project Area
Sample ID
Northing Easting Li2O Rb2O Cs2O Ta2O5 SnO2 Nb2O5
GDA94
Z50
GDA94
Z50 % % ppm ppm ppm ppm
PILRK000001 212,969 7,567,556 0.26 0.17 117 121 119 92
PILRK000002 212,912 7,567,562 0.06 0.07 50 77 34 64
PILRK000003 212,889 7,567,557 0.02 0.1 61 34 23 21
PILRK000004 212,920 7,567,498 0.01 0.01 6 25 <10 9
PILRK000005 214,356 7,567,868 0.27 0.2 159 255 84 117
PILRK000006 210,950 7,567,664 0.98 0.36 223 80 154 66
PILRK000007 210,944 7,567,809 <0.01 0.41 108 6 <10 7
PILRK000101 214,280 7,567,991 0.53 0.24 348 191 23 50
PILRK000102 214,279 7,567,989 0.3 0.26 151 58 39 23
PILRK000103 214,275 7,567,991 0.68 0.36 319 203 71 57
PILRK000104 214,274 7,567,991 0.02 0.13 119 39 15 14
PILRK000105 214,274 7,567,989 0.2 0.16 142 245 18 44
PILRK000106 214,275 7,567,994 0.78 0.32 444 306 36 69
PILRK000107 214,278 7,567,992 0.01 0.1 86 164 <10 76
PILRK000109 214,328 7,568,005 0.03 0.1 84 261 25 63
PILRK000110 214,330 7,568,005 1.46 0.6 499 213 137 83
PILRK000111 214,402 7,568,001 0.03 0.16 150 127 <10 37
PILRK000112 214,411 7,567,987 0.4 0.25 135 74 204 79
PILRK000113 214,400 7,567,986 0.4 0.17 139 126 79 72
PILRK000114 214,344 7,567,976 0.03 0.07 59 74 36 33
PILRK000115 214,295 7,567,964 0.88 0.55 352 218 95 83
PILRK000116 214,160 7,567,926 0.27 0.16 91 160 124 103
PILRK000117 214,107 7,567,909 0.14 0.16 139 178 67 132
PILRK000118 214,126 7,567,885 1.58 0.58 564 268 96 79
PILRK000119 214,118 7,567,876 0.49 0.28 247 295 61 64
PILRK000120 214,110 7,567,866 0.09 0.17 60 19 33 17
PILRK000121 214,022 7,567,841 0.15 0.25 131 222 81 63
PILRK000122 214,048 7,567,852 0.13 0.2 123 152 53 53
PILRK000123 214,345 7,567,926 0.72 0.32 254 85 75 50
PILRK000124 214,417 7,567,937 0.29 0.25 142 106 58 53
PILRK000125 214,293 7,567,869 0.19 0.28 149 129 85 47
PILRK000126 214,296 7,567,866 0.18 0.24 126 116 94 47
PILRK000127 214,303 7,567,871 0.11 0.29 189 549 53 77
PILRK000128 214,365 7,567,877 0.07 0.15 69 94 47 30
PILRK000129 214,409 7,567,882 0.67 0.36 228 133 109 49
PILRK000130 214,402 7,567,901 0.15 0.25 155 264 63 56
PILRK000131 214,383 7,567,908 0.18 0.19 112 162 71 66
PILRK000132 214,356 7,567,904 0.4 0.4 239 323 96 90
PILRK000133 214,336 7,567,899 0.51 0.32 211 176 96 74
PILRK000134 214,279 7,567,883 0.45 0.25 157 159 76 69
PILRK000136 214,222 7,567,874 0.74 0.42 298 234 102 96
PILRK000137 214,235 7,567,861 0.02 0.26 112 213 116 77
PILRK000138 214,243 7,567,835 0.01 0.01 10 3 <10 17
PILRK000139 214,179 7,567,812 0.01 0.03 30 2 <10 9
PILRK000140 214,219 7,567,828 0.01 0.04 48 2 <10 14
PILRK000141 214,119 7,567,797 0.02 0.27 176 133 22 53
PILRK000142 214,183 7,567,838 0.01 0.02 13 3 <10 26
PILRK000143 214,214 7,567,864 0.02 0.2 96 177 84 51
PILRK000144 214,134 7,567,847 0.01 0.03 36 6 <10 50
PILRK000145 214,264 7,567,795 0.02 0.15 80 109 39 76
PILRK000146 214,269 7,567,791 0.7 0.28 259 128 118 102
PILRK000147 214,279 7,567,792 1.1 0.36 381 156 110 60
PILRK000148 214,326 7,567,802 1.2 0.35 434 108 132 60
PILRK000149 214,391 7,567,803 0.14 0.13 63 78 71 90
PILRK000151 214,463 7,567,802 0.09 0.13 168 48 24 36
PILRK000152 214,475 7,567,794 0.25 0.23 112 124 94 157
PILRK000153 214,475 7,567,793 0.07 0.16 63 44 48 39
PILRK000154 214,476 7,567,793 0.11 0.18 81 79 62 90
PILRK000155 214,403 7,567,799 0.12 0.2 145 114 104 99
PILRK000156 214,406 7,567,792 0.23 0.19 94 94 118 69