Significant Copper, Nickel and GOLD Results from Karratha District

1

Suite 1100, 1199 West Hastings Street

Vancouver, BC, Canada V6E 3T5

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

DECEMBER 09, 2022

SIGNIFICANT COPPER, NICKEL AND GOLD RESULTS

FROM KARRATHA DISTRICT

HIGHLIGHTS

• Diamond drilling at NRV06 successfully intersected zones over several metres of disseminated to stringer

style Ni and Cu sulphide (pentlandite and chalcopyrite) in the Andover Intrusion (assays pending), with

spot assaying using a pXRF of up to 0.95% Ni and 0.25% Cu.

• Drilling at the Morto Lago target delivered key intercepts (0.3 g/t Au cut-off) of:

­ 3 m @ 3.35 g/t Au from 9 m in KC329;

­ 4 m @ 6.74 g/t Au from 8 m (4 m composite) in KC365; and

­ 5 m @ 1.73 g/t Au from 15 m including 2 m @ 4.06 g/t Au from 18 m in KC369.

• Results from drilling at the Milburn FLEM anomaly, interpreted up dip of the Artemis Chapman Prospect1,

include:

­ 13 m @ 0.39% Cu, 0.19% Ni and 0.013% Co from 92 m (KC354), including 3 m @ 0.59% Cu, 0.34%

Ni and 0.021% Co from 94 m;

­ 18 m @ 0.34% Cu, 0.24% Ni and 0.015% Co from 67 m (KC355), including 6 m @ 0.46% Cu, 0.32%

Ni and 0.016% Co from 67 m;

­ 5 m @ 0.65% Cu, 0.40% Ni and 0.02% Co from 12 m (KC356); and

­ 19 m @ 0.35% Cu, 0.18% Ni and 0.012% Co from 60 m (KC360), including 8 m @ 0.48% Cu, 0.24%

Ni and 0.014% Co from 70 m.

• These promising assay results are reported from Novo’s drilling program in the Karratha District, where

Novo is exploring for high-grade Au (Cu-Co) adjacent to Artemis Resources Limited’s (“Artemis”) (ASX:ARV)

Carlow Castle Au (Cu-Co) discovery (“Carlow Castle”) and Ni-Cu-Co adjacent to Azure Minerals Limited’s

(“Azure”) (ASX:AZS) Andover Ni-Cu-Co discovery (“Andover”).

• Novo is currently conducting downhole EM (“DHEM”) on Ni-Cu-Co targets at the Southcourt, NRV06, and

Milburn Prospects.

Commenting on the precious and base metal results generated in the Karratha District , Mr. Mike

Spreadborough, Novo’s Executive Co-Chairman, Director, and acting Chief Executive Officer said,

“This set of assays from our widespread drill program in the Karratha District has generated exciting results.

We are fortunate to control a dominant landholding in the Pilbara , which comprises a strong pipeline of

exploration targets and we are committed to investing in the drill bit as we strive to deliver discovery success

and build long-term shareholder value.”

“The high-grade results from the Morto Lago area and positive res ults from the Milburn area provide us with

a compelling platform to continue our aggressive approach to exploration in 2023. We await the next set of

assays from 47k and 48K, Sullam, NRV06, Southcourt and Morto Lago North and will also complete downhole

EM surveys which will generate the next set of drill targets.”

1 Refer to Artemis’ public disclosure record

2

VANCOUVER, BC - Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO , NVO.WT & NVO.WT.A)

(OTCQX: NSRPF) is pleased to provide an exploration update on the Company’s drilling program in the Karratha

District, located within Novo’s 10,500 sq km Pilbara exploration portfolio (Figure 1).

Figure 1: Novo’s Pilbara tenements and project location.

A key focus of Novo’s gold and battery metals exploration strategy2 is the systematic and rapid progression of

drilling advanced targets in the Karratha District, particularly within the Purdy’s North area (Figure 2), located

adjacent to Azure’s Andover discovery and Artemis’s Carlow Castle discovery.

Novo has completed a first -pass exploration drilling program in the Karratha District, focused on testing

numerous prospects for structurally controlled high-grade Au (Cu-Co) mineralization, and magmatic Ni-Cu-Co

mineralization in the Andover Intrusion and associated mafic-ultramafic intrusions. Results referred to in this

news release are not necessarily representative of mineralization throughout the Purdy’s North project.

101 RC drill holes (KC312 to 407) for 12,408 m and 3 diamond drill holes for 556.2 m (KD902 to 904) have been

completed. Drilling tested the following key prospects:

• Au targets at Morto Lago, 47K and 48K; and

• Ni-Cu-Co targets at Southcourt, NRV06, Milburn and Sullam.

Diamond drilling successfully intersected zones over several metres of disseminated to stringer style Ni and

Cu sulphides, in ultramafic rocks of the Andover Intrusion at NRV06 , with assays pendin g. Portable XRF

assaying (pXRF) indicated that pentlandite and chalcopyrite are present, with spot assays of up to 0.95% Ni

and 0.25% Cu.

2 Refer to the Company’s news release dated August 2, 2022.

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Figure 2: Prospect location at Purdy's North and the Maitland/Dingo intrusive areas3.

Figure 3: Hole KD902 at approximately 103.52 m, showing disseminated and stringer sulphides. Spot assays of sulphide with pXRF

yielded 0.79% Ni and 0.21% Cu.

Drilling at Morto Lago (Figure 2) included sectional traverses at 160 m spacings and holes 40 m apart.

Elsewhere, reconnaissance style drilling included single hole tests or a few sections with 1 to 3 drill holes.

Nineteen drill holes have been cased with 40 mm poly pipe in order to conduct DHEM with 11 loops planned,

3 Refer to Artemis’ and Azure’s public disclosure records.

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in order to test a number of targets for mas sive to sub-massive Ni sulphide bodies adjacent to holes already

drilled. This high-priority geophysical survey is currently in progress.

Results have been received for drill holes up to KC381 , with results pending for a number of areas including

47k and 48K, Sullam, NRV06 and parts of Southcourt and Morto Lago.

Results from the Morto Lago area include best intercepts (0.3 g/t Au cut-off) of:

­ 3 m @ 3.35 g/t Au from 9 m KC329;

­ 4 m @ 6.74 g/t Au from 8 m (4 m composite) in KC365; and

­ 5 m @ 1.73 g/t Au from 15 m including 2 m @ 4.06 g/t Au from 18 m in KC369

The true width of these intercepts is unknown as the target is covered by clay overburden. Refer to Table 1 in

Appendix 1 below for a listing of drill results.

Results from the Milburn FLEM anomaly, interpreted to be the up dip of the Artemis Chapman Prospect 1,

include:

­ 13 m @ 0.39% Cu, 0.19% Ni and 0.013% Co from 92 m (KC354), including 3 m @ 0.59% Cu, 0.34%

Ni and 0.021% Co from 94 m;

­ 18 m @ 0.34% Cu, 0.24% Ni and 0.015% Co from 67 m (KC355), including 6 m @ 0.46% Cu, 0.32%

Ni and 0.016% Co from 67 m;

­ 5 m @ 0.65% Cu, 0.40% Ni and 0.02% Co from 12 m (KC356); and

­ 19 m @ 0.35% Cu, 0.18% Ni and 0.012% Co from 60 m (KC360), including 8 m @ 0.48% Cu, 0.24%

Ni and 0.014% Co from 70 m.

These results are interpreted to be >80% true width. Refer to Table 2 and 3 in Appendix below for a listing of

significant drill results.

True width intersections may reduce for gold targets once geological setting is fully understood, however

current widths for nickel-copper targets are predicted to be true widths.

Figure 4: RC drill rig at the Morto Lago Prospect, in the Karratha District.

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Figure 5: Novo geologists logging diamond core at the NRV06 Prospect.

ANALYTIC METHODOLOGY

Drill holes targeting gold

RC drilling was sampled as either 4 m composite samples using a spear, or if visual parameters such as

percentage of quartz veins or sulphide mineralization, or alteration intensity were deemed to warrant, as 1 m

cone splits directly off the drill rig. Any 4 m composite samples that contain > 0.1 g/t Au mineralization on

receival of results were re -submitted as 1 m cone split samples. Thus, all samples containing gold

mineralization in 4 m composites, or any intervals with significant signs of potential mineralization, were

assayed as cone splits. All RC chips as 1 to 4 kg samples were sent to Intertek Genalysis (“Intertek”) in Perth,

Western Australia with the entire sample smart crushed to -3 mm (NVO02 prep code), with a 500 g split sample

analyzed for gold using PhotonAssayTM (PHXR/AU01). QAQC protocols included insertion of a certified blank

approximately every 50 samples (2 per hundred 500g coarse bla nk CRMS) certified standards for

PhotonAssayTM Au at approximately every 50 samples and duplicate sampling (split of 4 m composite) at the

rate of 4 per hundred. Further to this, Intertek inserts customized Chrysos certified standards at the rate of 2

per hundred.

Drill holes targeting Ni-Cu-Co

RC drilling was sampled as either 4 metre composite samples using a spear, or if visual parameters such as

sulphide mineralization were deemed to warrant, as 1 m cone splits directly off the drill rig. All RC chip s as 1

to 4 kg samples were sent to Intertek in Perth, Western Australia and were crushed and pulverized and assayed

for Au, Pt and Pd by four acid digest and 50 g charge fire assay (FA50/MS) and for 48 multielement using four

acid digest – MS finish (4A/MS). QAQC protocols included insertion of a certified blank approximately every

25 samples (4 per hundred, 2 of which are 500 g coarse blank CRMS and two of which are 60 g pulverised -80#

CRMs), certified standards for Ni, Cu and Co approximately every 25 samples and duplicate sampling (split of

4 m composite) at the rate of 4 per hundred.

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pXRF

The pXRF assay technique utilized a Niton XL5 handheld XRF machine. The Niton XL5 is calibrated daily, with 4

QAQC standards (fit for purpose including certified Ni, Cu and Co values) run concurrently, with an additional

2 standards checked per 100 readings and 4 QAQC standard assayed before the machine is shut down. pXRF

is utilized as a preliminary exploration technique for base metals. Drill core samples are point analysed for 90

seconds using 4 machine filters. The pXRF is a spot reading device and has diminished precision due to grainsize

effect, especially on rock samples where peak results represent a window of < 10 mm field of view. The pXRF

usage on core as stated in this release, is not representative of the entire interval, rather representative of a

small area of certain sulphide minerals or clusters of sulphide minerals and related wall rocks.

There were no limitations to the verification process and all relevant data was verified by a qualified person

as defined in National Instrument 43 -101 Standards of Disclosure for Mineral Projects (“NI 43 -101”) by

reviewing analytical procedures undertaken by Intertek.

QP STATEMENT

Mr. Iain Groves (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. Mr. Groves is Novo’s

Exploration Manger – West 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, planned exploration activities across the Purdy’s North

project. 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, 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.

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APPENDIX:

Table 1: Karratha Area – RC and DD drilling data - hole locations.

HOLE

ID COORDSYS EASTING NORTHING RL AZI

GRID DIP TYPE DEPTH LEASE

KC312 MGA94_50 509119.5 7698400.2 24.0 180 -55 RC 80 E47/1745

KC313 MGA94_50 509119.9 7698799.3 22.6 360 -55 RC 84 E47/1745

KC314 MGA94_50 509120.0 7698807.8 22.5 180 -55 RC 36 E47/1745

KC315 MGA94_50 509119.4 7698599.4 23.2 180 -55 RC 90 E47/1745

KC316 MGA94_50 509123.2 7698639.4 22.9 180 -55 RC 118 E47/1745

KC317 MGA94_50 509119.8 7698557.0 23.0 360 -55 RC 108 E47/1745

KC318 MGA94_50 509120.1 7698519.5 22.8 360 -55 RC 115 E47/1745

KC319 MGA94_50 509118.4 7698598.8 23.2 360 -55 RC 108 E47/1745

KC320 MGA94_50 509118.1 7698681.8 22.6 360 -55 RC 80 E47/1745

KC321 MGA94_50 509117.5 7698721.1 22.7 360 -55 RC 90 E47/1745

KC322 MGA94_50 509118.4 7698762.0 22.7 360 -55 RC 72 E47/1745

KC323 MGA94_50 509118.4 7698481.0 23.2 360 -55 RC 180 E47/1745

KC324 MGA94_50 509117.9 7698439.9 23.3 360 -55 RC 84 E47/1745

KC325 MGA94_50 509038.7 7698600.5 23.4 360 -55 RC 78 E47/1745

KC326 MGA94_50 509038.5 7698560.5 23.7 360 -55 RC 108 E47/1745

KC327 MGA94_50 509039.7 7698519.9 23.5 360 -55 RC 144 E47/1745

KC328 MGA94_50 509279.5 7698720.0 22.1 360 -55 RC 84 E47/1745

KC329 MGA94_50 509279.5 7698680.3 22.0 360 -55 RC 78 E47/1745

KC330 MGA94_50 509279.5 7698641.4 21.9 360 -55 RC 108 E47/1745

KC331 MGA94_50 509279.4 7698597.8 21.9 360 -55 RC 162 E47/1745

KC332 MGA94_50 509440.4 7698719.8 21.4 360 -55 RC 102 E47/1745

KC333 MGA94_50 509277.1 7698561.2 22.0 360 -55 RC 102 E47/1745

KC334 MGA94_50 509277.6 7698511.8 22.2 360 -55 RC 150 E47/1745

KC335 MGA94_50 509440.2 7698680.0 21.5 360 -55 RC 170 E47/1745

KC336 MGA94_50 509440.3 7698762.6 21.3 360 -55 RC 90 E47/1745

KC337 MGA94_50 509440.6 7698801.3 21.1 360 -55 RC 95 E47/1745

KC338 MGA94_50 509439.3 7698841.4 20.8 360 -55 RC 84 E47/1745

KC339 MGA94_50 509440.1 7698638.5 21.3 360 -55 RC 78 E47/1745

KC340 MGA94_50 509440.1 7698599.9 21.3 360 -55 RC 78 E47/1745

KC341 MGA94_50 509441.0 7698558.7 21.3 360 -55 RC 96 E47/1745

KC342 MGA94_50 509038.7 7698481.8 23.4 360 -55 RC 120 E47/1745

KC343 MGA94_50 508781.3 7698826.9 24.7 320 -55 RC 96 E47/1745

KC344 MGA94_50 508799.6 7698921.0 23.9 360 -55 RC 96 E47/1745

KC345 MGA94_50 508800.4 7698881.6 24.2 360 -55 RC 126 E47/1745

KC346 MGA94_50 508801.2 7698841.2 24.6 360 -55 RC 138 E47/1745

KC347 MGA94_50 508959.7 7698961.8 23.3 360 -55 RC 84 E47/1745

KC348 MGA94_50 508960.1 7698920.9 23.2 360 -55 RC 126 E47/1745

KC349 MGA94_50 508958.0 7698878.7 23.2 360 -55 RC 150 E47/1745

KC350 MGA94_50 508961.0 7698921.1 23.2 180 -55 RC 48 E47/1745

KC351 MGA94_50 508983.1 7698406.2 24.6 70 -55 RC 102 E47/1745

KC352 MGA94_50 508944.2 7698390.5 24.9 70 -55 RC 120 E47/1745

KC353 MGA94_50 508824.2 7698351.2 26.8 70 -55 RC 163 E47/1745

KC354 MGA94_50 508861.4 7698292.5 28.3 70 -55 RC 162 E47/1745

KC355 MGA94_50 508861.7 7698184.7 27.1 70 -55 RC 132 E47/1745

KC356 MGA94_50 508971.3 7698213.4 25.0 70 -55 RC 60 E47/1745

KC357 MGA94_50 509003.4 7698223.6 24.6 70 -55 RC 132 E47/1745

KC358 MGA94_50 509038.1 7698059.8 25.5 70 -55 RC 126 E47/1745

KC359 MGA94_50 509075.4 7698081.3 24.9 70 -55 RC 96 E47/1745

KC360 MGA94_50 508883.9 7698209.8 28.4 70 -55 RC 114 E47/1745

KC361 MGA94_50 509018.4 7697876.8 24.9 145 -55 RC 120 E47/1745

KC362 MGA94_50 509062.3 7697807.5 24.4 145 -55 RC 78 E47/1745

KC363 MGA94_50 509017.7 7697878.1 24.9 325 -55 RC 174 E47/1745

KC364 MGA94_50 508991.4 7698042.7 25.3 70 -55 RC 126 E47/1745

KC365 MGA94_50 508798.2 7698963.4 23.3 360 -55 RC 108 E47/1745

KC366 MGA94_50 508996.0 7698915.8 23.2 270 -55 RC 150 E47/1745

KC367 MGA94_50 509120.8 7698960.1 22.2 360 -55 RC 96 E47/1745

KC368 MGA94_50 509119.9 7698922.1 22.6 360 -55 RC 90 E47/1745

KC369 MGA94_50 509120.0 7698880.0 22.6 360 -55 RC 72 E47/1745

KC370 MGA94_50 509120.0 7698840.1 22.5 360 -55 RC 84 E47/1745

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KC371 MGA94_50 508361.4 7694962.7 52.9 180 -55 RC 186 E47/1745

KC372 MGA94_50 508874.2 7695032.6 47.8 270 -55 RC 138 E47/1745

KC373 MGA94_50 508805.7 7694810.4 51.3 110 -55 RC 180 E47/1745

KC374 MGA94_50 486654.2 7673820.8 69.3 239 -60 RC 126 E47/3443

KC375 MGA94_50 486730.6 7673778.0 69.4 239 -60 RC 150 E47/3443

KC376 MGA94_50 486680.0 7673933.0 69.2 240 -55 RC 144 E47/3443

KC377 MGA94_50 509294.7 7695000.2 49.6 175 -50 RC 270 E47/1745

KC378 MGA94_50 507460.4 7695044.8 52.5 345 -55 RC 150 E47/1745

KC379 MGA94_50 507480.0 7694997.6 53.6 345 -55 RC 258 E47/1745

KC380 MGA94_50 507526.5 7694972.9 53.3 195 -55 RC 228 E47/1745

KC381 MGA94_50 509218.5 7695030.3 51.5 209 -50 RC 324 E47/1745

KC382 MGA94_50 508796.2 7694801.9 51.6 180 -55 RC 336 E47/1745

KC383 MGA94_50 508565.1 7694948.0 51.7 150 -55 RC 336 E47/1745

KC384 MGA94_50 491903.6 7676161.3 87.1 325 -55 RC 60 E47/3443

KC385 MGA94_50 491915.1 7676143.8 87.3 325 -55 RC 186 E47/3443

KC386 MGA94_50 491930.3 7676121.7 87.2 325 -55 RC 138 E47/3443

KC387 MGA94_50 491941.2 7676094.9 86.7 325 -55 RC 198 E47/3443

KC388 MGA94_50 491795.7 7676315.6 92.9 60 -55 RC 252 E47/3443

KC389 MGA94_50 491973.0 7676711.9 96.9 155 -55 RC 60 E47/3443

KC390 MGA94_50 492019.2 7676656.1 96.9 330 -55 RC 198 E47/3443

KC391 MGA94_50 492002.5 7676679.4 96.8 330 -50 RC 78 E47/3443

KC392 MGA94_50 491407.2 7676346.4 97.2 150 -50 RC 78 E47/3443

KC393 MGA94_50 492064.8 7674733.7 87.1 325 -55 RC 78 E47/3443

KC394 MGA94_50 492075.2 7674695.5 87.7 325 -55 RC 150 E47/3443

KC395 MGA94_50 491990.6 7674696.4 90.6 330 -55 RC 78 E47/3443

KC396 MGA94_50 501718.9 7676317.2 87.7 300 -55 RC 66 P47/1847

KC397 MGA94_50 501717.8 7676317.8 87.7 300 -70 RC 318 P47/1847

KC398 MGA94_50 501665.2 7676190.9 81.4 300 -70 RC 318 P47/1847

KD901A MGA94_50 507391.7 7695360.2 76.1 298 -50 RC 3 E47/1745

KD901 MGA94_50 507391.7 7695360.2 76.1 298 -50 RC 122 E47/1745

KD902 MGA94_50 507550.0 7695342.2 73.3 170 -50 RCDD 316 E47/1745

KC399 MGA94_50 509280.6 7698960.2 22.3 360 -55 RC 78 E47/1745

KC400 MGA94_50 509279.9 7698922.3 21.6 360 -55 RC 78 E47/1745

KC401 MGA94_50 509280.6 7698879.2 21.3 360 -55 RC 78 E47/1745

KC402 MGA94_50 509280.8 7698838.3 22.0 360 -55 RC 78 E47/1745

KC403 MGA94_50 509280.8 7698801.2 22.0 360 -55 RC 78 E47/1745

KC404 MGA94_50 509280.2 7698759.5 22.1 360 -55 RC 42 E47/1745

KD903 MGA94_50 507533.4 7695464.8 59.4 170 -50 RCDD 198.1 E47/1745

KC405 MGA94_50 509760.4 7698883.0 21.2 360 -55 RC 72 E47/1745

KC406 MGA94_50 509760.3 7698839.6 21.0 360 -55 RC 78 E47/1745

KC407 MGA94_50 509763.2 7698800.1 20.1 360 -55 RC 78 E47/1745

KD904 MGA94_50 507517.8 7695523.1 57.9 315 -50 RCDD 242.1 E47/1745

Table 2: Karratha Area – Significant RC Au assay results >0.1 g/t Au, carried up to 2 m internal dilution

Hole Id From m To m method Au ppm Co ppm Cu ppm Ni ppm Zn ppm Width gram metres

KC317 28 33 CONE 0.242 5 1

KC317 65 66 CONE 0.28 1 0

KC318 76 80 COMP 0.73 4 3

KC321 66 70 COMP 0.1 4 0

KC323 5 6 CONE 1.01 1 1

KC323 18 22 COMP 0.17 4 1

KC323 42 46 COMP 0.37 4 1

KC323 164 165 CONE 0.27 1 0

KC324 27 28 CONE 0.14 1 0

KC327 15 16 CONE 0.31 1 0

KC329 9 13 CONE 2.56 4 10

KC329 17 18 CONE 0.16 1 0

KC330 72 75 CONE 0.253 3 1

KC331 82 83 CONE 0.12 1 0

KC331 95 97 CONE 0.67 2 1

KC331 146 148 CONE 0.425 2 1

KC333 7 8 CONE 1.39 1 1