Significant New GOLD Targets IN the Mosquito Creek Basin
Suite 1100, 1199 West Hastings Street
Vancouver, BC, Canada V6E 3T5
P: +1-416-543-3120 E: [email protected] www.novoresources.com
February 9, 2022
SIGNIFICANT NEW GOLD TARGETS
IN THE MOSQUITO CREEK BASIN
HIGHLIGHTS
• New basin-wide exploration strategy implemented in the Mosquito Creek Basin (“MCB”) proving
successful in identifying high priority targets
• New targets identified at Finucane over two parallel zones of gold and pathfinder anomalism in soil
sampling, extending the prospective Middle Creek Fault further east. Each zone trends some five
kilometres, with gold assays reporting up to 907 ppb
• Surface rock sampling at Sayshell reported assays up to 66.6 g/t gold and 26.5 g/t gold, and ~240 grams
of gold was recovered from surface nuggets, with results defining a new mineralised corridor > 500 m in
strike, north of the Blue Spec Shear
• Finucane and Sayshell follow-up exploration programs include aircore drilling planned for 2023
• A review of the Beatons Creek gold project (“ Beatons Creek ”) Mineral Resource 1 is being progressed
following completion of drilling in 2022
“Our exploration team has done an excellent job identifying an exciting pipeline of targets across the Mosquito
Creek Basin,” commented Mr. Mike Spreadborough, the Executive Co-Chairman, Acting CEO, and a director of
Novo. “When working through the exploration results and geophysical data from 2022, the team identified a
compelling opportunity to implement a new basin-wide exploration strategy in the M osquito Creek Basin
focused on identification of targets with the potential to host more than 100 koz gold. Finucane and Sayshell
prospects are the first two targets identified in this work for follow up exploration in 2023.
“The Company plans to execute an aggressive exploration program in 2023 as we focus our efforts on
systematic exploration across our large Pilbara landholding. I am looking forward to the year as we execute a
busy exploration season and seek success via discovery.”
Mapping and sampling on the Sayshell structural trend
1 Refer to the Company’s news releases dated November 2, 2022 and December 16, 2022.
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 MCB (Figure 1), located in the Nullagine
District of Western Australia.
Assay results and geophysical data have now been received for exploration programs completed in 2022, part
of a new basin-wide exploration strategy focused on identification of targets in the MCB with the potential to
host more than 100 koz gold. Finucane and Sayshell prospects are the first two targets identified in this work
for follow up exploration in 2023.
Exploration in 2023 is expected to generate additional opportunities across the MCB by focussing on tenure
where limited historical exploration has been conducted by targeting mineralisation under cover and by
utilising new techniques for direct targeting.
Results referred to in this news release are not necessarily representative of mineralisation throughout the
MCB.
Figure 1: Location map showing Novo tenure in the Nullagine District
Finucane
During 2022, an infill and extensional soil sampling program was conducted over the Finucane prospect and
surrounding area. Existing broad spaced soil sampling showed encouraging result s, suggesting extensions to
known significant mineralised trends.
Arsenic in soil results is used as a critical pathfinder for gold exploration and is seen to define clear mineralised
trends in areas of sufficient soil sampling density. The Middle Creek Fault is well defined by strong gold and
arsenic anomalism in soil sampling (Figure 2), up to the Finucane prospect, where sampling density is sparse.
The Fault is interpreted to continue east but is poorly constrained around strong deformation related to a
major north – south trending fault corridor. The soil sampling results from the Novo program define d two
strong parallel coherent arsenic anomalies, now confirming the position of the eastern extension of the Fault
and its gold mineralisation potential ( Figure 3). Each anomaly is over 5 km in strike length and both have
coinciding elevated gold grades, including a best assay of 907 ppb gold . Refer to Appendix 1 for relevan t
results.
Figure 2: Novo tenement map highlighting mineralised corridors delineated by arsenic in soils contours
This area is now ready for targeted mapping and rock sampling , with a focus on identifying drill targets to
delineate additional gold mineralisation on this tenure, where Novo has retained 100% gold and silver rights2.
Sayshell Trend
Novo has consolidated tenure over the Sayshell Trend, a regional structure parallel to the Middle Creek Fault
and Blue Spec Shear (Figure 2). Zones of anomalous gold were recognised from disparate historical work from
various operators. Novo has commenced systematic soil sampling and field mapping, with some work already
completed in 2022, to better define anomalous trends along this under-explored part of the MCB.
Field mapping and rock sampling focussed on an area where initial reconnaissance recovered a pproximately
240 grams of gold from 300 nuggets at 58 sites from metal detecting earlier in the field season.
2 Refer to the Company’s news release dated December 15, 2022.
Figure 3: Arsenic contours at Finucane, showing the continuation of the Middle Creek Fault
Rock sampling results to date include best results of 66.6 g/t gold and 26.5 g/t gold from 1,006 sample sites
collected by Novo. The eastern part of the Sayshell Trend is of particular interest, with identification of a > 500
m strike zone of gold anomalism in potentially gold mineralised quartz vein arrays (Figure 4). Refer to Appendix
1 for relevant results.
New results align with historical data. Additional historical results along strike of the Sayshell Trend and in
parallel shears are yet to be followed up with detailed mapping. Historical results were collected by several
companies using several methodologies that cannot always be full y validated and are used as a guide for
further exploration only. Metal detecting, soil sampling, and detailed mapping will continue in 2023 as a
precursor to aircore and/or reverse circulation drilling.
MCB District Exploration
Novo is progressing a new exploration strategy in the MCB focused on identification of targets with the
potential to host more than 100 koz gold. Finucane and Sayshell prospects are the first two targets identified
in this work for follow up exploration in 2023.
A new strategy for district evaluation at Nullagine commenced in 2022, with additional geophysics to extend
gold minerali sation trends and understand structural setting, targeting new minerali sation styles and
mineralisation under cover.
Figure 4: View along a section of the quartz-veined shears of the Sayshell Trend, including nugget locations, surface workings and
trends of mineralised quartz vein sets
High resolution gravity data was collected from 5,127 station points at a staggered 150 m by 150 m grid,
extending the coverage of the existing detailed gravity survey from 70 sq km to 200 sq km. This survey now
covers the entire known position of the Middle Creek Fault, with extensions to the fault just delineated from
the Finucane soil sampling program not yet covered.
Gravity data, in conjunction with existing datasets such as high -resolution aeromagnetics and radiometrics,
and hyperspectral HyMapper TM data is used to identify additional drill targets for testing early in the field
season. This study has already started to define new previously unknown targets and extensions to new
mineralised structural trends such as the Sayshell Trend.
An aircore drilling program is currently being designed to test newly defined targets and target extensions.
Beatons Creek Mineral Resource Review
The Company released an updated Mineral Resource estimate at Beatons Creek in late 2022 which included
an Indicated Mineral Resource of 3.05 million tonnes at 2.4 g/t Au for 234,000 oz Au and an additional Inferred
Mineral Resource of 0.83 million tonnes at 1.6 g/t Au for 42,000 oz Au3 (the “2022 MRE”).
Development drilling is now completed over Beatons Creek, complimenting the 2022 MRE. The 2022 MRE is
being reviewed in the context of final assay results which are anticipated in Q1 of 2023.
3 Refer to the Company’s news releases dated November 2, 2022 and December 16, 2022, as well as the technical report prepared pursuant to National
Instrument 43-101 Standards of Disclosure for Mineral Projects (“ NI 43-101”). The technical report, entitled “ NI 43-101: Mineral Resource Update,
Beatons Creek Gold Project, Nullagine, Western Australia ” (the “ Technical Report”), with an effective date of June 30, 2022 and a n issue date of
December 16, 2022, was prepared for Novo by Dr. Simon Dominy (FAusIMM(CP) FAIG(RPGeo) FGS(CGeol)), Ms. Janice Graham (MAIG), Mr. Jeremy Ison
(FAusIMM), and Mr. Royce McAuslane (FAusIMM) (collectively, the “QPs”). The QPs are qualified pers ons as defined under NI 43 -101. The Technical
Report is available under the Company’s profile on the SEDAR website at www.sedar.com (filing date: December 16, 2022) and on the Company’s website
at www.novoresources.com.
QP STATEMENT
Mr. Alwin Van Roij (MAIG, AusIMM) 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, except for technical
information pertaining to the 2022 MRE3. Mr. Van Roij is Novo’s Exploration Manager – East Pilbara.
ASSAY METHODOLOGY
The soil sampling program conducted by Novo at Finucane comprises 777 samples and were collected from
approximately 10 cm below the surface. Material was sieved to < 400 µm, with the fines sent to Intertek
Genalysis (“Intertek”) in Perth for gold and 32 multi -element analysis via 25-gram Aqua Regia digest with an
MS finish (Table 1).
Rock samples at Sayshell ( Table 2) were collected from outcrop, with comprehensive quantitative and
qualitative geological data collected. Approximately 3 – 5 kg of material is collected by hand, representatively
sampling across geological features. Samples are submitted to Intertek in Perth, where samples collected in
2022 are crushed and split into two ~ 500 -gram jars and assayed for gold using PhotonAssay TM. QAQC
protocols included insertion of a certified blank approximately every 50, and PhotonAssay TM certified
standards at approximately every 50 samples. Further to this, Intertek inserts certified blank material and
standards at the rate of 2 per hundred. One of the PhotonAssayTM jars is then pulverised and analysed for an
additional 48 elements using four -acid digest, with an MS finish. Samples collected in 2020 and 2021 were
crushed, pulverised, and submitted for gold analysis via 50 gram fire assay.
Metal detecting is conducted with a Minelab GPZ 7000 used by an experienced operator contracted to Novo.
All gold is GPS located, and relevant data collected in a nugget register.
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 geol ogical 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 the Company is in a strong financial position to
commence drilling and execute a busy exploration season and seek success via discovery, the suggestion that
there are significant targets in the MCB, that exploration across the MCB in 2023 is expected to target new
opportunities and focus on tenure where limited exploration has been conducted inc luding under cover
mineralisation by utilising new techniques for direct targeting, that the Finucane area is now ready for targeted
mapping and rock sampling, and that Novo is progressing a step -change exploration approach to explore for
significant targets in the MCB . 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 r esults, 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.
APPENDIX 1:
Table 1: Finucane significant soil sampling results – greater than 20 ppb gold.
Sample ID Prospect Sample Type Grid ID Easting Northing Au ppb Method
FNSL0001 Finucane Soil MGA94_51 240304 7580904 35 Au_AR25/MS
FNSL0005 Finucane Soil MGA94_51 240294 7580504 30 Au_AR25/MS
FNSL0006 Finucane Soil MGA94_51 240302 7580405 23 Au_AR25/MS
FNSL0007 Finucane Soil MGA94_51 240311 7580341 393 Au_AR25/MS
FNSL0008 Finucane Soil MGA94_51 240302 7580300 45 Au_AR25/MS
FNSL0010 Finucane Soil MGA94_51 240299 7580204 25 Au_AR25/MS
FNSL0012 Finucane Soil MGA94_51 240298 7580101 23 Au_AR25/MS
FNSL0018 Finucane Soil MGA94_51 240303 7579796 20 Au_AR25/MS
FNSL0019 Finucane Soil MGA94_51 240303 7579753 32 Au_AR25/MS
FNSL0021 Finucane Soil MGA94_51 240302 7579701 27 Au_AR25/MS
FNSL0022 Finucane Soil MGA94_51 240702 7579708 25 Au_AR25/MS
FNSL0033 Finucane Soil MGA94_51 240700 7580201 31 Au_AR25/MS
FNSL0034 Finucane Soil MGA94_51 240699 7580254 29 Au_AR25/MS
FNSL0035 Finucane Soil MGA94_51 240700 7580304 26 Au_AR25/MS
FNSL0037 Finucane Soil MGA94_51 240700 7580403 907 Au_AR25/MS
FNSL0038 Finucane Soil MGA94_51 240694 7580500 33 Au_AR25/MS
FNSL0043 Finucane Soil MGA94_51 241103 7579703 469 Au_AR25/MS
FNSL0044 Finucane Soil MGA94_51 241101 7579755 30 Au_AR25/MS
FNSL0045 Finucane Soil MGA94_51 241099 7579805 25 Au_AR25/MS
FNSL0046 Finucane Soil MGA94_51 241103 7579858 20 Au_AR25/MS
FNSL0047 Finucane Soil MGA94_51 241100 7579904 23 Au_AR25/MS
FNSL0051 Finucane Soil MGA94_51 241098 7580055 44 Au_AR25/MS
FNSL0052 Finucane Soil MGA94_51 241099 7580104 23 Au_AR25/MS
FNSL0055 Finucane Soil MGA94_51 241100 7580254 26 Au_AR25/MS
FNSL0057 Finucane Soil MGA94_51 241099 7580353 395 Au_AR25/MS
FNSL0059 Finucane Soil MGA94_51 241105 7580503 138 Au_AR25/MS
FNSL0060 Finucane Soil MGA94_51 241103 7580601 170 Au_AR25/MS
FNSL0064 Finucane Soil MGA94_51 241502 7580904 20 Au_AR25/MS
FNSL0074 Finucane Soil MGA94_51 241501 7580201 23 Au_AR25/MS
FNSL0078 Finucane Soil MGA94_51 241512 7580055 20 Au_AR25/MS
FNSL0079 Finucane Soil MGA94_51 241501 7580005 35 Au_AR25/MS
FNSL0080 Finucane Soil MGA94_51 241498 7579949 74 Au_AR25/MS
FNSL0081 Finucane Soil MGA94_51 241498 7579902 37 Au_AR25/MS
FNSL0082 Finucane Soil MGA94_51 241503 7579857 54 Au_AR25/MS
FNSL0083 Finucane Soil MGA94_51 241499 7579804 70 Au_AR25/MS
FNSL0084 Finucane Soil MGA94_51 241503 7579752 38 Au_AR25/MS
FNSL0085 Finucane Soil MGA94_51 241500 7579704 28 Au_AR25/MS
FNSL0097 Finucane Soil MGA94_51 241699 7579904 51 Au_AR25/MS
FNSL0098 Finucane Soil MGA94_51 241697 7579856 50 Au_AR25/MS
FNSL0099 Finucane Soil MGA94_51 241700 7579802 265 Au_AR25/MS
FNSL0101 Finucane Soil MGA94_51 241698 7579755 22 Au_AR25/MS
FNSL0102 Finucane Soil MGA94_51 241701 7579704 31 Au_AR25/MS
FNSL0103 Finucane Soil MGA94_51 241703 7579656 22 Au_AR25/MS
FNSL0105 Finucane Soil MGA94_51 241702 7579552 63 Au_AR25/MS
FNSL0106 Finucane Soil MGA94_51 241701 7579504 103 Au_AR25/MS
FNSL0107 Finucane Soil MGA94_51 241700 7579454 32 Au_AR25/MS
FNSL0109 Finucane Soil MGA94_51 241703 7579353 31 Au_AR25/MS
FNSL0110 Finucane Soil MGA94_51 241702 7579303 25 Au_AR25/MS
FNSL0113 Finucane Soil MGA94_51 241700 7579154 39 Au_AR25/MS
FNSL0115 Finucane Soil MGA94_51 241701 7579054 28 Au_AR25/MS
FNSL0116 Finucane Soil MGA94_51 241697 7579006 34 Au_AR25/MS
FNSL0129 Finucane Soil MGA94_51 242104 7579103 46 Au_AR25/MS
FNSL0130 Finucane Soil MGA94_51 242102 7579153 26 Au_AR25/MS
FNSL0131 Finucane Soil MGA94_51 242098 7579201 35 Au_AR25/MS
FNSL0135 Finucane Soil MGA94_51 242100 7579401 21 Au_AR25/MS
FNSL0136 Finucane Soil MGA94_51 242101 7579456 23 Au_AR25/MS
FNSL0138 Finucane Soil MGA94_51 242099 7579549 32 Au_AR25/MS
FNSL0139 Finucane Soil MGA94_51 242100 7579601 25 Au_AR25/MS
FNSL0140 Finucane Soil MGA94_51 242102 7579650 37 Au_AR25/MS
FNSL0141 Finucane Soil MGA94_51 242103 7579701 23 Au_AR25/MS
FNSL0142 Finucane Soil MGA94_51 242102 7579754 32 Au_AR25/MS