Novo Reaches Second and Final Completion Milestone with Creasy Group
Suite 1100, 1199 West Hastings Street
Vancouver, BC, Canada V6E 3T5
P: +1-416-543-3120 E: [email protected] www.novoresources.com
January 20, 2023
NOVO REACHES SECOND AND FINAL
COMPLETION MILESTONE WITH CREASY GROUP
VANCOUVER, BC - Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO , NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) is pleased to announce that it has received approval from the Australian Foreign Investment
Review Board to undertake second and final completion with respect to its previously announced binding term
sheet1 with Mark Creasy and entities controlled by him (the “Creasy Group”).
The Company has issued 8,431 common shares to the Creasy Group (the “Second Completion Shares”), which
are subject to a statutory hold period expiring on May 20, 2023, in exchange for a 100% interest in mining
lease 45/202 and a 70% interest in mining lease 45/1163 (collectively, the “Mining Leases”). The Mining Leases
are located in the East Pilbara region of Western Australia.
Immediately subsequent to the issuance of the Second Completion Shares, the Creasy Group held 5.2% of
Novo’s issued and outstanding common shares.
Acquisition of the Mining Leases completes Novo’s consolidation of the Bamboo Creek and Strattons Project
areas, east of Marble Bar (Figure 1 and Figure 2). These projects are prospective for orogenic gold, silver and
base metal mineralisation within the Archaean greenstone belt flanking the Mt Edgar Batholith. The
greenstone belt is overlain by the Fortescue Formation , which is prospective for conglomerate gold
mineralisation. The Company undertook initial exploration work in the Bamboo Creek and Strattons Project
areas in late 2022, with results pending.
Figure 1: Mining Leases in relation to Novo's Marble Bar tenure
1 Refer to the Company’s news releases dated June 15, 2020 and September 15, 2020.
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Figure 2: Bamboo Creek and Strattons Project targets
QP STATEMENT
Mr. Alwin V an Roij (MAIG, AusIMM) 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. Van Roij is Novo’s Exploration Manager – East Pilbara.
ABOUT NOVO
Novo explores and develops its prospective land package covering approximately 10,500 square kilometres in
the Pilbara region of Western Australia, including the Beatons Creek gold project, along with two joint ventures
in the Bendigo region of Victoria, Australia. In addition to the Company’s primary focus, Novo seeks to leverage
its internal geological expertise to deliver value -accretive opportunities to its stakeholders. For more
information, please contact Leo Karabelas at (416) 543-3120 or e-mail [email protected].
On Behalf of the Board of Directors,
Novo Resources Corp.
“Michael Spreadborough”
Michael Spreadborough
Executive Co-Chairman and Acting CEO
Forward-looking information
Some statements in this news release contain forward -looking information (within the meaning of Canadian
securities legislation) including, without limitation, that results are pending from the Company’s exploration
activities at the Bamboo Creek and Strattons Project areas undertaken in late 2022 , that t hese projects are
prospective for orogenic gold, silver and base metal mineralisation within the Archaean greenston e belt
flanking the Mt Edgar Batholith and that the greenstone belt is overlain by the Fortescue Formation which is
prospective for conglomerate gold mineralisation . These statements address future events and conditions
and, as such, involve known and unkn own risks, uncertainties and other factors which may cause the actual
results, performance or achievements to be materially different from any future results, performance or
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achievements expressed or implied by the statements. Such factors include, without limitation, customary
risks of the resource industry and the risk factors identified in Novo’s management’s discussion and analysis
for the nine-month period ended September 30, 2022, which is available under Novo’s profile on SEDAR at
www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as
required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any
change to any forward -looking statement contained or incorporated by reference herein to reflect actual
results, future events or developments, changes in assumptions or changes in other factors affecting the
forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn
that the Company will make additional updates with respect to those or other forward-looking statements.