Significant Results from Becher with Target Priority Areas Identified
1
Suite 1100, 1199 West Hastings Street
Vancouver, BC, Canada V6E 3T5
P: +1-416-543-3120 E: [email protected] www.novoresources.com
FEBRUARY 14, 2023
SIGNIFICANT RESULTS FROM BECHER
WITH TARGET PRIORITY AREAS IDENTIFIED
HIGHLIGHTS
• The Becher Area target is located in the northern section of the Egina Gold Camp along trend from
De Grey Mining Limited’s 10.6 Moz Au (JORC 2012)1 Mallina Gold Project.
• Aircore drilling completed in 2022 on broad regional lines (640 m) focused on ENE trending gold-fertile
structural corridors and has successfully defined three standout gold and associated pathfinder element
targets at Irvine, Heckmair and Whillans.
• Targets are all located within an approximately 20 sq km area at Becher where only shallow cover of
10 - 20 m is present. Novo expects to commence follow-up drilling of these targets in Q2 2023.
• Peak aircore drilling results, including recently received 1 m split results (0.1 g/t Au lower cut-off), include2:
o Irvine:
▪ 8 m @ 2.15 g/t Au from 8 m (F0632)
▪ 23 m @ 0.56 g/t Au from 0 m (A0034)
▪ 2 m @ 0.91 g/t Au from 66 m (A003)
o Whillans:
▪ 8 m @ 0.20 g/t Au from 16 m (F0519)
▪ 4 m @ 0.37 g/t Au from 20 m (F1136)
o Heckmair:
▪ 4 m @ 0.40 g/t Au from 12 m (F0738)
▪ 3 m @ 0.44 g/t Au from 20 m (F0858)
• Reverse circulation drilling completed on 160 m lines, which centred on positive early-stage aircore results
at Irvine and in conjunction with historical exploration, provided peak intercepts of2:
o 33 m @ 0.493 g/t Au from 33 m (G0005) including 5 m @ 1.28 g/t Au
o 20 m @ 0.406 g/t Au from 32 m (G0016)
o 24 m @ 0.390 g/t Au from 76 m (G0018)
• Highly anomalous base metal results returned adjacent to the main gold target at Heckmair, where a large
mafic-ultramafic intrusion is juxtaposed by several significant faults. The peak result is 4 m @ 3.4 g/t Ag,
0.49% Pb and 0.1% Zn from 20 m (F0749).
• Recognised pathfinder elements As and Sb proving effective for targeting/defining mineralised structures.
• 20,000 m follow-up and extensional aircore drill program to commence in Q1 2023, with a primary focus
on testing the Irvine, Heckmair, Bonatti and Lowe prospects, with RC contingency as required.
Note: Mallina Gold Project mineralisation is not necessarily representative of mineralisation throughout the
Becher Area or the Egina Gold Camp.
Mike Spreadborough, Novo’s Executive Co-Chairman, Acting Chief Executive Officer and a director, said, “We
are very pleased with the progress we have made on the drilling program so far and are looking forward to
further results from follow-up drilling in the first half of 2 023, when drilling is also expected to commence at
the Nunyerry North prospect.
“The success of the current drilling program in the Becher Area, combined with previously reported results from
Nunyerry North, reconfirm the significant potential of the Egina Gold Camp.”
1 De Grey has reported that its Hemi deposit at the Mallina Gold Project is comprised of Measured Mineral Resources of 4.7 Mt @ 1.7 g/t Au for 265 koz Au, Indicated Mineral Resources of 153.4 Mt @
1.3 g/t Au for 6,590 koz Au, and Inferred Mineral Resources of 92.6 Mt @ 1.3 g/t Au for 3,779 koz Au, as those categories are defined in the JORC Code (as defined in National Instrument 43-101 Standards
of Disclosure for Mineral Projects). Refer to De Grey’s public disclosure record for further details.
2 Refer to the Company’s news releases dated October 27, 2022 and November 30, 2022.
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Reverse Circulation drill rig at the Becher Area
VANCOUVER, BC - Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO , NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) is pleased to provide an update on the successful 2022 drilling program at the Company’s
flagship Egina Gold Camp, located within Novo’s 10,500 sq km Pilbara exploration portfolio (Figures 1 and 2).
Results referred to in this news release are not necessarily representative of mineralisation throughout the
Egina Gold Camp.
OVERVIEW OF BECHER AREA
The Becher Area (northern E47/3673, 100% -owned by Novo ) ( Figure 2 ) is located ~28 km to the west -
southwest of De Grey Mining Limited’s ("De Grey”) Mallina Gold Project along an interpreted gold -fertile
corridor and contains multiple high-priority, orogenic gold targets under shallow cover (Figure 3).
Mineralisation present at De Grey’s Mallina Gold Project is not necessarily representative of mineralisation
throughout the Becher Area or the Egina Gold Camp.
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Figure 1: Novo’s Pilbara tenure, showing location of > 80 km strike extent Egina Gold Camp
Figure 2: Location of Becher in the northern section of the Egina Gold Camp
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Figure 3: Becher target area showing the position of the De Grey Hemi gold discovery to the east-northeast of the Becher Area along
the interpreted fertile corridor
RESULTS FROM 2022 DRILLING PROGRAM
Systematic broad spaced aircore (“AC”) drilling completed in 2022 within the Becher Area totalled 1,413 holes
for 31,824 m across five main targets (the Irvine Shear, Whillans Shear, the Heckmair Fault and Intrusion, Lowe
and Bonatti) (Figure 4). These targets were defined by detailed mapping, ground gravity and aeromagnetic
surveys in 2022, in an area with minimal outcrop and sandy and calcrete cover sequences. The target style of
mineralisation includes both structurally controlled orogenic gold and “sanukitoid” intrusion -hosted gold
similar to the Hemi gold deposit.
Drilling of 29 sections at 640 m spaced section lines was conducte d, with occasional 320 m infill lines. AC
results have been returned for approximately three quarters of the 4 m composite samples assayed for Au.
Approximately 60% of 1 m split samples from AC, including gold and multielement assays, are still pending.
Figure 4: Becher targets defined by AC drilling, drilling completed to date and priority follow up AC overlain on SRTM image
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Peak AC results for gold (Figure 4), including recently received 1 m split results (0.1 g/t Au lower cut -off),
include2:
o Irvine:
▪ 8 m @ 2.15 g/t Au from 8 m (F0632)
▪ 23 m @ 0.56 g/t Au from 0 m (A0034)
▪ 15 m @ 0.15 g/t Au from 12 m (A0029)
▪ 2 m @ 0.40 g/t Au from 3 m (F0123)
▪ 2 m @ 0.91 g/t Au from 66 m (A0003)
o Whillans:
▪ 8 m @ 0.20 g/t Au from 16 m (F0519)
▪ 4 m @ 0.37 g/t Au from 20 m (F1136)
o Heckmair:
▪ 4 m @ 0.4 g/t Au from 12 m (F0738)
▪ 3 m @ 0.44 g/t Au from 20 m (F0858)
Reverse circulation (“RC”) drilling completed in 2022 within the Becher Area totalled 3,541 m in 32 drill holes.
Drilling was centred on positive early-stage results at the central Irvine prospect in conjunction with historical
exploration. Lines were drilled at 160 m spacing initially, with the program approximately half completed due
to the Christmas break and wet season. RC results have not been received to date for the last nine drill holes,
with 244 samples pending (40% outstanding) and 253 one metre split samples pending. Peak RC intercepts to
date include2:
o 33 m @ 0.493 g/t Au from 33 m (G0005) including 5 m @ 1.28 g/t Au
o 20 m @ 0.406 g/t Au from 32 m (G0016)
o 24 m @ 0.39 g/t Au from 76 m (G0018)
Highly anomalous base metal results have also been received adjacent to the main gold target at Heckmair,
where a large mafic-ultramafic intrusion is juxtaposed by several significant faults. A peak result of 4 m @ 3.4
g/t Ag and 0.49% Pb and 0.1% Zn from 20 m (F0749) was achieved.
Figure 5: Target map with best AC drill intercepts annotated >0.1 g/t Au in AC (red dots), targets derived from AC, Au and
multielement assay (yellow), AC (black) and RC (green) drilling to date, aeromagnetic 1VD colour image and structural interpretation
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Numerous other elements, including Li, Sn, As, Sb, P, Bi and Mo are being used to vector towards potential
sanukitoid targets.
Refer to Appendix 1 below for a complete list of assay results. True widths from AC and RC drilling cannot be
estimated at this time.
PLANNED 2023 DRILLING PROGRAM
The Irvine, Heckmair and Whillans targets are designated for immediate follow-up AC drilling in Q2 2023, with
a contingency for RC follow up.
ANALYTIC METHODOLOGY
Four-metre composite samples of AC chips were sent to Intertek Genalysis (“Intertek”) in Perth, Western
Australia with the entire sample smart crushed to -3mm (NVO02 prep code), with a 500 g split sample analysed
for gold using Photon Assay (PHXR/AU01). An additional bottom hole sample from each drill hole (1 to 4 m
composite representing rock from the bottom of the drill hole) was assayed using four acid digest and 50 g
charge fire assay FA50/OE and for 48 multielement using four acid digest – MS finish (4A/MS) – results are
pending. AC drill holes with anomalous gold or base metals have been split through a single tier riffle splitter
and are assayed using four acid digest and 50 g charge fire assay FA50/OE and for 48 multielement using four
acid digest – MS finish (4A/MS).
QAQC procedures for the latter half of the program include insertion of a certified blank approximately every
25 samples (4 per hundred) , a certified standard approximately every 50 samples (2 per 100) and duplicate
sampling (split of 4m composite) at the rate of 4 per hundred. Intertek insert s customized Chrysos certified
standards at the rate of 2 per hundred.
RC holes after G0012 were sampled using spear sampling 4 m composites and 4 m composite samples were
sent to Intertek with the entire sample smart crushed to -3 mm (NVOO2 prep code), with a 500 g split sample
(1 jar photon assay) analysed for gold using photon assay (PHXR/AU01). QAQC for RC samples are inserted at
the rate of 4 standards per 100, 4 blanks per 100 and 4 riffle split duplicates per 100, providing a total of 12%
QAQC.
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 other than information
concerning De Grey’s Mallina Gold Project. 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].
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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 a 20,000 m follow-up and extensional AC program is
drill ready, initially testing the Irvine, Heckmair, Bonatti and Lowe prospects, with RC contingency as required,
and that drilling at the Nunyerry North prospect is expected to commence in the first half of 2023. 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 1:
Table 1: Becher Area - AC drilling location data for holes not previously released2
HOLE ID COORDSYS EASTING NORTHING RL AZIMUTH DIP TYPE DEPTH LEASE
F1119 MGA94_50 629700.368 7686370.964 64.556 147 -60 AC 21 E47/3673
F1120 MGA94_50 629686.501 7686391.628 65.054 147 -60 AC 21 E47/3673
F1121 MGA94_50 629672.871 7686412.732 64.894 147 -60 AC 24 E47/3673
F1122 MGA94_50 619439.993 7685786.126 57.21 180 -60 AC 54 E47/3673
F1123 MGA94_50 619440.211 7685812.411 57.237 180 -60 AC 66 E47/3673
F1124 MGA94_50 619439.958 7685836.513 57.189 180 -60 AC 39 E47/3673
F1125 MGA94_50 619439.826 7685861.036 56.907 180 -60 AC 75 E47/3673
F1126 MGA94_50 619439.934 7685887.158 57.114 180 -60 AC 45 E47/3673
F1127 MGA94_50 619440.173 7685911.091 56.865 180 -60 AC 54 E47/3673
F1128 MGA94_50 619439.727 7685936.207 56.856 180 -60 AC 36 E47/3673
F1129 MGA94_50 619439.877 7685960.743 56.887 180 -60 AC 36 E47/3673
F1130 MGA94_50 619440.04 7685985.769 57.151 180 -60 AC 36 E47/3673
F1131 MGA94_50 619439.941 7686010.428 57.181 180 -60 AC 33 E47/3673
F1132 MGA94_50 619439.645 7686035.081 56.921 180 -60 AC 24 E47/3673
F1133 MGA94_50 619439.881 7686061.584 57.118 180 -60 AC 27 E47/3673
F1134 MGA94_50 619440.015 7686086.964 56.834 180 -60 AC 41 E47/3673
F1135 MGA94_50 619439.977 7686111.318 56.635 180 -60 AC 40 E47/3673
F1136 MGA94_50 619440.428 7686076.284 56.8 360 -60 AC 43 E47/3673
F1137 MGA94_50 619440.192 7686136.024 56.589 180 -60 AC 12 E47/3673
F1138 MGA94_50 619440.094 7686162.82 56.445 180 -60 AC 37 E47/3673
F1139 MGA94_50 619439.912 7686186.097 56.132 180 -60 AC 38 E47/3673
F1140 MGA94_50 619439.978 7686210.968 55.975 180 -60 AC 27 E47/3673
F1141 MGA94_50 619440.187 7686236.684 55.89 180 -60 AC 21 E47/3673
F1142 MGA94_50 619440.355 7686261.73 55.69 180 -60 AC 27 E47/3673
F1143 MGA94_50 619440.219 7686285.739 55.443 180 -60 AC 24 E47/3673
F1144 MGA94_50 619439.653 7686311.249 55.371 180 -60 AC 21 E47/3673
F1145 MGA94_50 619440.013 7686336.761 55.211 180 -60 AC 25 E47/3673
F1146 MGA94_50 619438.16 7686360.609 55.053 180 -60 AC 21 E47/3673
F1147 MGA94_50 619439.822 7686385.956 54.973 180 -60 AC 21 E47/3673
F1148 MGA94_50 619439.905 7686411.652 54.863 180 -60 AC 21 E47/3673
F1149 MGA94_50 619440.647 7686436.761 54.805 180 -60 AC 21 E47/3673
F1150 MGA94_50 619440.223 7686459.964 54.777 180 -60 AC 18 E47/3673
F1151 MGA94_50 619724.261 7679985.16 72.638 147 -60 AC 16 E47/3673