Significant Results from Malmsbury Victorian Projects Exploration Update
Suite 1100, 1199 West Hastings Street
Vancouver, BC, Canada V6E 3T5
P: +1-416-543-3120 E: [email protected] www.novoresources.com
November 18, 2022
SIGNIFICANT RESULTS FROM MALMSBURY
VICTORIAN PROJECTS EXPLORATION UPDATE
HIGHLIGHTS
• New exciting high-grade assay results received from the 11-hole, 3,162 m diamond drilling program
recently completed at the 50%-owned Malmsbury gold project (“Malmsbury Project”) located 50 km
SSW of the high-grade Fosterville gold mine in Victoria, Australia.
• Significant results generated from the last two holes drilled in the program at Queens Birthday (MD20)
and Leven Star (MD21) reefs include:
o 3.1 m @ 9.27 g/t Au from 400.9 m (MD20);
o 8.1 m @ 5.79 g/t Au from 131.9 m (MD21); and
o 6.2 m @ 3.92 g/t Au from 144.6 m (MD21).
• Step-out hole MD22 returned 45 m @ 0.2 3 g/t Au from 134 m successfully intersecting the gold-
mineralised felsic intrusive (Missing Link Monzogranite) 80 m north of previous reported drilling
(MD171).
• These new results together with previously released results affirm the success of this drilling program
and support the exploration potential of the Malmsbury Project.
• Induced polarization (“IP”) survey commenced on the Malmsbury Project and adjacent 50%-owned
Queens gold project (“Queens Project ”). Ground gravity and magnetic data to be collected
concurrently with the IP survey. Novo expects this will take approximately six weeks to complete.
• Diamond drilling planned for H1 2023 will test remaining high-priority mapping targets at the
Malmsbury Project, in addition to developing high-grade shoot potential on the Leven Star Reef and
key significant results from the recent diamond drilling campaign.
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 from the 50%-owned Malmsbury Project
(RL006587) and adjacent 50%-owned Queens Project (EL007112), located approximately 50 km SSW of the
high-grade Fosterville mine in Victoria, Australia (Figure 1). The Malmsbury Project is a joint venture with ASX-
listed GBM Resources Ltd. (ASX:GBZ) (“ GBM”) and the Queens Project is a joint venture with ASX -listed
Kalamazoo Resources Ltd. (ASX:KZR) (“Kalamazoo”).
Commenting on the results delivered from drilling, Novo’s Executive Co -Chairman, acting Chief Executive
Officer, and director Mike Spreadborough said “We are very pleased with the most recent set of assay results
from drilling at the Malmsbury project, highlighted by strong grades generated at the Queens Birthday and
Leven Star reefs, along with a compelling result from step-out hole MD22.
“We know this region is highly prospective and we will continue to systematically test compelling targets to
build each project in size and scale. The team in Victoria are doing an excellent job and we are excited by the
future growth potential of our Victorian project portfolio.”
1 Refer to the Company’s news release dated June 21,2022.
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The Company has recently completed an 11 -hole, 3,162 m diamond drill program at the Malmsbury Project,
with positive results generated from several holes reported previously (see Novo press release) , and now
including high-grade assays from the Queens Birthday and Leven Star reefs. Key results generated from drilling
include:
• 3.1 m @ 9.27 g/t Au from 400.9 m (MD20)
• 8.1 m @ 5.79 g/t Au from 131.9 m (MD21);
• 6.2 m @ 3.92 g/t Au from 144.6 m (MD21); and
• Step-out hole (MD22) intersected 45 m @ 0.23 g/t Au from 134 m, 80 m north of previous reported
drilling (MD17)
Novo exercised its option over the Malmsbury Project to earn a 50% interest , and the right to earn an
additional 10% interest by incurring A$5 million in exploration expenditure over a four-year period2.
Novo exercised its option over the Queens Project to earn a 50% interest, and the right to earn an additional
20% interest by incurring A$5 million in exploration expenditure over a five-year period3.
Results referred to in this news release are not necessarily representative of mineraliz ation throughout the
Malmsbury Project and the Queens Project.
DETAILS
Drilling Program Update
All gold and multi -element assays have now been returned from the 11 -hole, 3,162 m diamond drilling
program at the Malmsbury Project. Significant results from the final three holes (MD20, MD21 and MD22) are
presented herein. Significant results for earlier holes (MD13 through MD19) have been reported previously.4,1,5
Table 1 below highlights new >1 gram metre results reported for drill holes MD20, M D21 and MD22 testing
reef-related mineralization. Intersections presented for MD20 are considered at or near true width. An oblique
component to the intersections in both MD21 and MD22 is interpreted. True width intersections will reduce
for MD21 and MD22 when mineralization is interpreted and modelled.
2 Refer to the Company’s news release dated May 13, 2021.
3 Refer to the Company’s news release dated March 22, 2021.
4 Refer to the Company’s news release dated May 10, 2022.
5 Refer to the Company’s news release dated September 6, 2022.
Suite 1100, 1199 West Hastings Street
Vancouver, BC, Canada V6E 3T5
P: +1-416-543-3120 E: [email protected] www.novoresources.com
Figure 1, Location of Malmsbury Project (Novo Resources – GBM Resources) and Queens Project (Novo Resources – Kalamazoo
Resources) in Victoria.
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Figure 2, Location of drill holes MD13 – MD22 (green traces) from current diamond program on RL006587 with key target gold reefs
(red lines) and solid geology. Target felsic intrusive is pink stippled polygon. Refer to Appendix 1 for full geology legend.
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Table 1: Significant intercept table for results from drill holes MD 20 and MD21 and MD22. The table is generated using a 0.3 g/t Au
cut-off grade and no more than 2 m internal waste. Higher grade “Includes,” intercepts calculated with 1 g/t Au cut -off grade and no
internal dilution. All intervals > 1 gram metre Au reported here.
HOLE
ID COORDSYS
Collar Details AZI
GRID DIP
Include
s
DEPTH
FROM
DEPTH
TO
Au
(ppm)
Width
(m)
Gram*
metre EASTING NORTHING RL
MD20 MGA94_55 263828 5878871 477 260 -58 244.8 245.8 1.13 1 1.13
MD20 MGA94_55 263828 5878871 477 260 -58 400.9*1 404 9.27 3.1*1 28.74*1
MD20 MGA94_55 263828 5878871 477 260 -58 Inc. 400.9*1 403.24 12.0 2.34 28.11*1
MD21 MGA94_55 263959 5880254 481 318.6 -68.4 105 106.5 2.53 1.5 3.79
MD21 MGA94_55 263959 5880254 481 318.6 -68.4 131.9 140 5.79 8.1 46.90
MD21 MGA94_55 263959 5880254 481 318.6 -68.4 Inc. 131.9 136 3.11 4.1 12.74
MD21 MGA94_55 263959 5880254 481 318.6 -68.4 Inc. 137 140 11.29 3 33.86
MD21 MGA94_55 263959 5880254 481 318.6 -68.4 144.6 150.8 3.92 6.2 24.33
MD21 MGA94_55 263959 5880254 481 318.6 -68.4 Inc. 144.6 146 2.13 1.4 2.98
MD21 MGA94_55 263959 5880254 481 318.6 -68.4 Inc. 147 148.7 4.86 1.7 8.25
MD21 MGA94_55 263959 5880254 481 318.6 -68.4 Inc 149.3 150.8 8.57 1.5 12.86
MD22 MGA94_55 263587 5880638 471 93.9 -45.9 7 9 0.59 2 1.17
MD22 MGA94_55 263587 5880638 471 93.9 -45.9 87.6 88.8 3.81 1.2 4.57
MD22 MGA94_55 263587 5880638 471 93.9 -45.9 122.4 126.5 1.38 4.1 5.65
*1 Intersection in MD20 remains open. No sampling immediately prior to mineralised interval from 400.9 m.
Table 2 below highlights new >1 gram metre results reported for a significant intersection in MD22 across the
mineralised felsic intrusive (Missing Link Monzogranite) representing intrusion related gold (“ IRG”)
mineralization and/or intrusion-hosted mineralization. An oblique component to the intersection presented
for MD22 is interpreted. Different parameters to calculate the intersections are used for reef -related verses
IRG or intrusion hosted mineralization. These parameters are outlined clearly in the respective tables.
Table 2: Significant intercept table for result across mineralised felsic intrusive (Missing Link Monzogranite) in drill holes MD22. The
table is generated using a 0.1 g/t Au cut-off grade and no more than 5 m internal waste. All intervals > 1 gram metre Au reported here.
HOLE ID COORDSYS
Collar Details AZI
GRID DIP
Includes
DEPTH
FROM
DEPTH
TO
Au
(ppm)
Width
(m)
Gram*
metre EASTING NORTHING RL
MD22 MGA94_55 263587 5880638 471 93.9 -45.9 134 179 0.23 45 10.41
Drill hole MD21 (Figure 2) successfully tested a developing high-grade shoot / splay zone on the Leven Star
Reef within 30 m of MD16 which recently returned >220 gram meters of gold down-hole4. Significant results
from MD21 include two distinct intersections: 8.1 m @ 5.79 g/t Au from 131.9 m and 6.2 m @ 3.92 g/t Au
from 144.6 m; and support modelling of one or more mineralised splay structures along the Leven Star main
lode, a feature that was also apparent in MD16.
Drill hole MD20 (Figure 4) was collared on farmland on the Drummond Historic Goldfield and was designed to
test down-dip continuity and tenor of the Queens Birthday and O’Connors Historic reefs. MD20 returned a
high-grade intercept of 3.1 m @ 9.27 g/t Au from 400.9 m across a heterogeneously brecciated and quartz
veined fine to medium grained sandstone sequence with fine grained disseminated, acicular arsenopyrite
mineralization (locally to 5%). This interval included a 35 cm wide quartz bearing sulphide breccia that retuned
a gold assay of 35.1 g/t Au and corresponding As assay of 2.3%. This intersection represents continuity of the
high-grade Queens Birthday reef at depth, where it remains open and untested. The Queen s Birthday reef
system extends for over 1.25 km strike, where it disappears southward under tertiary basalt cover and remains
untested and open. A 0.5 m logged and sampled interval containing a puggy fault within laminated siltstone
from 116.2 m returned a gold assay of 0.46 g/t Au, with a corresponding As assay of 9310 ppm. This interval
potentially represents intersection of the O’Connors reef as a discrete As-rich and gold anomalous structure.
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Figure 3, Cross Section depicting geology and significant Au intersection in MD21. Refer to Figure 2 for section location.
Step-out hole MD22 successfully intercepted a stro ngly altered, quartz veined and sulphide bearing
porphyritic intrusive (Missing Link Monzogranite) 80 m north of the previous reported gold -mineralized
intrusive in MD171. Assays across the mineralized porphyritic intrusive interval returned 45 m at 0.23 g/t Au
and include the upper contact zone. Peak multi-element assays within the mineralized felsic intrusive include:
1,935 ppm (As); 1.63 ppm (Ag); 64.7 ppm (Bi); 143.5 ppm (Mo); 63.5 ppm (Sb); 356 ppm (W). The intrusive
remains open and untested at depth and gives further validation for an intrusion hosted and/or IRG system at
the Malmsbury Project.
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Figure 4, Drill holes MD19 and MD20 on the Drummond North goldfield testing the Queens Birthday and O’Connors reef trends.
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Ground Geophysical Surveys
An IP survey for approximately 18 line km commenced on October 26, 2022. The survey spans the Malmsbury
Project and the Queens Project areas and involves 11 planned traverses across priority mapping, drilling,
historic reef, and geochemical targets, in addition to developing geophysical magnetic and gravity targets
(Figure 5). The IP survey aims to identify potential “sulphide-rich target,” zones within the granite (IRGS) target
corridor, in addition to delineating disseminated sulphide haloes around high-priority gold reef targets. It will
also aid in delineating key prospective structural corridors in addition to providing useful information on
preferred litho-stratigraphic domains.
Additional ground magnetics and ground gravity acquisition will run contemporaneously with the current IP
survey to help refine and expand the current geophysical targets. It is anticipated that the ground geophysical
work (IP, magnetics and gravity) will take approximately 6 weeks to complete.
Synthesis of all available ground and airborne magnetic and gravity data with the current IP survey in progress
will form a critical component to aide prioritisation of numerous high-calibre targets for upcoming diamond
drill testing in H1 2023.
Figure 5, Planned IP survey lines (1 – 12) across gravity and magnetic targets.
Forward Work Program 2022 - 2023
The current round of ground geophysics (IP, gravity & magnetics) is scheduled to be completed mid to late
December and will conclude prior to the Christmas break. Mapping, soil sampling, and rock chip sampling
across priority target areas where access has recently been established will occur contemporaneously with
the ground geophysics to better inform the surveys.