NVO.TO · 2024-06-04 12:00:00

UPDATE - Significant Results From Diamond Drilling at Belltopper, Victoria

Drill Results

HIGHLIGHTS

• A six-hole, 2,529 m, diamond drill program has been completed at the Belltopper Gold Project in Victoria.

• Significant intercepts include:

• 5.6 m @ 3.14 g/t Au from 219.8 m and 4.25 m @ 5.88 g/t Au from 274.75 m (including 2 m @ 11.15 g/t Au )

and 1.94 m @ 2.37 g/t Au from 230 m in BTD001 on the Leven Star Reef.

• 2 m @ 15.18 g/t Au from 9 m in BTD004 on a newly discovered reef.

• 12.26 m @ 1.45 g/t Au from 185 m (including 4.6 m @ 2.64 g/t Au ) in BTD005 on the Missing Link Reef.

• 7 m @ 1.88 g/t Au from 179 m (including 3.19 m @ 3.42 g/t Au ) in BTD006 on the Piezzi Reef, a parallel

structure to the O’Connors Reef.

• New gold reefs have been delineated, and extension potential demonstrated on several key historic reefs. A new high-

priority north-west trending target corridor was also defined.

• Hole BTD001 extended mineralisation up to 120 m down-dip on the Leven Star Reef in an emerging high-grade zone.

• Anomalous gold in BTD003 indicates a potential north-east extension to the Leven Star Reef in addition to evidence

for a prospective parallel structure (the Butchers Gully Fault).

• Hole BTD002 intersected the Hanover Reef, and discovered an additional, parallel reef (the Welcome Fault) returning

4.1 m @ 2.37 g/t Au from 36.1 m. BTD002 is the only hole drilled into this developing target corridor.

• Structural logging has confirmed the geometry and position of major anticline corridors which remain priority targets

for structurally controlled high-grade gold events such as those seen at the nearby Fosterville gold mine.

• Work during Q3, 2024 will focus on reviewing and re-logging key historic drill holes from the developing target

corridors at Belltopper and will include a detailed review of the Leven Star mineral resource.

Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said.

“It is exciting to see promising results in the Belltopper drill results and identifying new gold reefs. Our team is focussed on

determining the best way forward following the results received.

Our exploration activity across key assets continues to deliver exciting results and importantly, we are well-funded to continue

our strong exploration program throughout 2024.”

VANCOUVER, British Columbia, June 04, 2024 -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO)

(OTCQX: NSRPF) is pleased to report significant assays received from a six-hole (2,529 m) diamond drilling program

completed at the Belltopper Gold Project (“Belltopper”) in Victoria (Figure 1).

Figure 1: The Belltopper Gold Project location map with focus area for recent completed drilling.

SUMMARY

Recently completed drilling at Belltopper has delivered multiple new significant gold intercepts across a wide range of targets

and includes the discovery of two new independent reefs with significant strike potential.

Highlights include:

• 2 m @ 15.18 g/t Au from 9 m in BTD004.

• 4.25 m @ 5.88 g/t Au from 274.75 m (inc. 2 m @ 11.15 g/t Au from 277 m) in BTD001.

• 12.26 m @ 1.45 g/t Au from 185 m (inc. 4.6 m @ 2.64 g/t Au from 185 m) in BTD005.

• 5.6 m @ 3.14 g/t Au from 219.8 m (inc. 3.04 m @ 4.97 g/t Au from 222.36 m) in BTD001.

• 7 m @ 1.88 g/t Au from 179 m (inc. 3.19 m @ 3.42 g/t Au from 182.81 m) in BTD006.

• 19.15 m @ 0.68 g/t Au from 216 m (inc. 1.45 m @ 1.82 g/t Au from 233.7 m) in BTD002.

The mineralisation presented in the body of this news release is not necessarily representative of mineralisation throughout the

Belltopper Gold Project. Intercepts are expressed as down-hole intersections and should not be presumed to represent true

widths, which vary from hole to hole and between reefs (refer JORC Table 1).

Significant gold results span a range of mineralisation styles; including oblique to stratigraphy high-grade shear or fault related

mineralisation analogous to that at Costerfield or Stawell mines; layer-parallel laminated gold-bearing quartz, quartz breccia,

and west-dipping mineralised faults analogous to high-grade Victorian deposits such as at Fosterville mine; and broad, low-

grade mineralisation associated with the anticline saddle reef-style that has contributed so significantly to the historical gold

endowment of the nearby Bendigo and Castlemaine goldfields.

The recent drilling continues momentum garnered from current exploration efforts and the 2021 - 2022 diamond program which

discovered and delineated a gold-bearing felsic porphyry with clear IRG characteristics (confirming a new but hypothesised

mineralisation style in the region) ; in addition to highlighting several underexplored, kilometre-scale, high-grade gold reefs with

emerging shoot potential, that have in many cases only been tested by a handful of scout or reconnaissance holes at best.

The diamond drilling program was executed with a strong focus on safety, environment, and community engagement with no

incidents. All drill sites used during the program have been rehabilitated.

Photos of the diamond drill rig used in the program and a typical drill site.

PREVIOUS RECENT EXPLORATION

Previous (2021 – 2022) drilling at Belltopper returned significant results from underexplored historic gold reefs, including: the

Missing Link, O’Connor’s, Queens Birthday, Panama, and Never Despair reefs; in addition to the more advance-drilled Leven

Star Reef, with a current reported inferred resource of 0.82 Mt @ 3.95 g/t Au for 104 koz AU (JORC 2012)1.

Previously reported2 highlight results included:

• 14 m @ 6.1 g/t Au from 120 m (MD16, Leven Star Reef).

• 10 m @ 4.9 g/t Au from 173 m (MD16, Leven Star Reef).

• 8.1 m @ 5.79 g/t Au from 131.9 m (MD21, Leven Star Reef).

• 6.2 m @ 3.92 g/t Au from 144.6 m (MD21, Leven Star Reef).

• 7.8 m @ 3.6 g/t Au from 32.2 m (MD13, Leven Star Reef).

• 3.1 m @ 9.27 g/t Au from 400.9 m (MD20 Queens Birthday Reef).

• 9.1 m @ 2.4 g/t Au from 65.4 m (MD14 Leven Star / Missing Link intersection)

• 9 m @ 1.1 g/t Au from 257 m (MD19 O’Connor’s Reef)

Drill holes MD17 and MD22 from the 2021 - 2022 program additionally confirmed the sub-surface potential of a gold-bearing

porphyritic felsic intrusive discovered and mapped in outcrop with IRG-characteristics (“the Missing Link Granite”). Previously

reported3 results testing the gold-bearing felsic porphyry returned:

• 79.9 m @ 0.26 g/t Au from 197 m (MD17).

• 45 m @ 0.23 g/t Au from 134 m (MD22).

• 23 m at 0.46 g/t Au from 18 m (DDHMA3, historic hole infill assayed in 2022).

The 2021 – 2022 drilling demonstrated the potential for high-grade mineralisation on multiple prospective epizonal gold-reefs, in

addition to confirming the potential for intrusive hosted or IRG mineralisation at Belltopper. The current program aimed to

further test the potential at Belltopper to host occurrences of very-high-grade, world-class, epizonal-style mineralisation.

RESULTS AND INTERPRETATION FROM THE CURRENT PROGRAM

The six-hole (2,529 m) diamond drilling program (Figure 2) was completed at Belltopper between December 2023 and March

2024 with all results recently returned (including required, additional infill assays) . The drill program was designed to test

various structural, geochemical, and geophysical (IP) targets across a range of geological settings within the 22 sq km

Belltopper tenements.

Table 1 presents all (+2-gram x metre) significant intersections returned from the six-hole program. Refer to Appendices for a

full listing of all anomalous (> 0.3 gram x metre) intersections.

Drill hole BTD001 returned significant results on the Leven Star Reef within an emerging high-grade zone, reporting 4.25 m

@ 5.88 g/t Au from 274.75 m (includes 2 m @ 11.15 g/t Au from 277 m) (Figure 3); 5.6 m @ 3.14 g/t Au from 219.8 m

(Figure 4) ; and 1.94 m @ 2.37 g/t Au from 230 m (Table 1) . Drilling extended mineralisation up to 120 m down-dip of

previously reported results and confirm a structural repeat (or overlap) of a high-grade segment of the Leven Star Reef in this

zone (Figure 5). The Reef remains open at depth.

Figure 2: Collar location map and drill azimuth for six recently completed diamond drill holes with key significant intervals

highlighted. Projected mining infrastructure in addition to key target mineralised reefs (red lines) also depicted.

Table 1: Significant (+ 2-gram x metre) intersections reported for recent drilling at Belltopper (holes BTD001 through BTD006).

Intercepts calculated with 0.3 g/t Au cut-off and 2 m internal dilution. High grade included intercepts calculated with 1.0 g/t Au

and no internal dilution. All significant intersections from recent BTD series Belltopper drilling reported.

Drill Hole Including From

(m)

Interval

(m) ^

(g/t)

g*m ^^ Intersection

BTD001 219.80 225.40 5.60 3.14 17.6 5.60 m @ 3.14 g/t Au from 219.8 m

BTD001 inc. 222.36 225.40 3.04 4.97 15.1 3.04 m @ 4.97 g/t Au from 222.36 m

BTD001 230.00 231.94 1.94 2.37 4.6 1.94 m @ 2.37 g/t Au from 230 m

BTD001 241.30 244.30 3.00 1.16 3.5 3.00 m @ 1.16 g/t Au from 241.3 m

BTD001 274.75 279.00 4.25 5.88 25.0 4.25 m @ 5.88 g/t Au from 274.75 m

BTD001 inc. 277.00 279.00 2.00 11.15 22.3 2.00 m @ 11.15 g/t Au from 277 m

BTD002 36.10 40.20 4.10 2.37 9.7 4.10 m @ 2.37 g/t Au from 36.1 m

BTD002 216.00 235.15 19.15 0.68 13.0 19.15 m @ 0.68 g/t Au from 216 m

BTD002 inc. 233.70 235.15 1.45 1.82 2.6 1.45 m @ 1.82 g/t Au from 233.7 m

BTD003 168.40 177.60 9.20 0.67 6.2 9.20 m @ 0.67 g/t Au from 168.4 m

BTD003 318.41 321.41 3.00 1.00 3.0 3.00 m @ 1.00 g/t Au from 318.41 m

BTD004 9.00 11.00 2.00 15.18 30.4 2.00 m @ 15.18 g/t Au from 9 m

BTD004 90.58 92.00 1.42 1.61 2.3 1.42 m @ 1.61 g/t Au from 90.58 m

BTD004 136.87 138.67 1.80 1.29 2.3 1.80 m @ 1.29 g/t Au from 136.87 m

BTD005 1.10 5.90 4.80 0.78 3.8 4.80 m @ 0.78 g/t Au from 1.1 m

BTD005 145.33 147.20 1.87 1.17 2.2 1.87 m @ 1.17 g/t Au from 145.33 m

BTD005 164.11 167.28 3.17 1.07 3.4 3.17 m @ 1.07 g/t Au from 164.11 m

BTD005 inc. 165.29 166.29 1.00 2.08 2.1 1.00 m @ 2.08 g/t Au from 165.29 m

BTD005 185.00 197.26 12.26 1.45 17.7 12.26 m @ 1.45 g/t Au from 185 m

BTD005 inc. 185.00 189.60 4.60 2.64 12.1 4.60 m @ 2.64 g/t Au from 185 m

BTD005 290.90 297.70 6.80 0.98 6.7 6.80 m @ 0.98 g/t Au from 290.9 m

BTD005 inc. 290.90 291.59 0.69 3.34 2.3 0.69 m @ 3.34 g/t Au from 290.9 m

BTD005 inc. 294.52 295.52 1.00 2.62 2.6 1.00 m @ 2.62 g/t Au from 294.52 m

BTD006 163.38 165.06 1.68 2.18 3.7 1.68 m @ 2.18 g/t Au from 163.38 m

BTD006 179.00 186.00 7.00 1.88 13.1 7.00 m @ 1.88 g/t Au from 179 m

BTD006 inc. 182.81 186.00 3.19 3.42 10.9 3.19 m @ 3.42 g/t Au from 182.81 m

BTD006 296.42 298.18 1.76 1.17 2.1 1.76 m @ 1.17 g/t Au from 296.42 m

^ All width and intercepts are expressed as metres downhole rather than true width. Most intersections tabulated above will

have an oblique component. Refer to drill cross sections. Calculated as length weighted averages. ^^ Au g/t multiplied by

metres.

Figure 3: BTD001 from 276.26 m – 279.13 m. Structural repeat (or overlap) of Leven Star Reef at depth returning 4.25 m @

5.88 g/t Au from 274.75 m (including 2 m @ 11.15 g/t Au from 277 m).

Figure 4: BTD001 from 220.03 m – 225.67 m. Leven Star hanging wall splay structure returning 5.60 m @ 3.14 g/t Au from

219.8 m (including 3.04 m @ 4.97 g/t Au from 222.36 m).

Figure 5: Drill holes BTD001 and MD164 on section with updated geological interpretation. Of note are the lowermost modelled

high-grade zones in MD16 and BTD001 which are interpreted to represent fault repetition (i.e. structural thickening) of the

Leven Star mineralisation. The Leven Star is lightly drilled at this RL, remains open at depth, and requires further drilling to

evaluate mineralisation potential, and the extent of the local structurally overlapping portion of the reef in this developing high

grade zone.

Drill hole BTD002 tested one of two high-order IP chargeability anomalies across a key anticline corridor and a potential SE

extension of the historic NE-dipping Hanover Reef (Figure 6). A broad zone of mineralisation returning 19.5 m @ 0.68 g/t Au

from 216 m in line with the modelled position for the Hanover Reef and nearby position of historic workings strongly suggests

this reef was successfully intersected.

Figure 6: BTD002 on section with significant (>5-gram x metre) intersections. The Welcome Fault represents a newly

discovered NE-dipping gold reef that is parallel to, and in the hanging-wall of, the targeted Hanover Reef. The anticline is

occupied by a significant, gold anomalous quartz saddle reef as intersected by BTD002 (peak intersection of 2.22 m @ 0.43

g/t Au from 467.4 m).

An additional parallel reef “the Welcome Fault ,” was discovered in the hanging-wall position of the Hanover Reef and returned

4.1 m @ 2.37 g/t Au from 36.1 m (Figure 7). Both the Hanover Reef and Welcome Fault are relatively closely spaced, parallel

targets with a potential strike length exceeding 800 m based on historic workings and mapping.

Figure 7: BTD002 from 32.47 m – 39.20 m across the Welcome Fault returning 4.10 m @ 2.37 g/t Au from 36.1 m. This zone

is characterised by abundant blebs and veinlets of sulphide (pyrite + arsenopyrite) up to 15% locally. Pervasive sericite

alteration with kaolinite gives the altered siltstone and fine sandstone a characteristic bleached appearance.

Up to 15% arsenopyrite and pyrite were logged in the Welcome Fault near surface; and up to 5% in the underlying Hanover

Fault indicating a potential source for the IP Chargeability anomaly (Figure 8) . This zone is interpreted to trend NW and

parallel to both structures and remains mostly untested. BTD002 is the first hole drilled into this high priority, developing NW-

trending structural and IP target corridor.

An interpreted saddle reef characterised by a wide intersection of quartz veining was also encountered between 464 – 515

m in BTD002 across an anticline (Figure 6). Anomalous gold averaging >0.1 g/t Au; with a peak intercept of 2.22 m @ 0.43

g/t Au from 467.4 m demonstrate gold fertility and highlight the anticlines as key target features with the potential to host

multiple mineralisation styles.

A potential NE extension to the Leven Star and a parallel structure expressed at surface by a historically exploited alluvial gold

channel known as Butchers Gully was targeted in BTD003. Two distinct, narrow (< 1 m) sulphide-breccias within wider (> 5 m)

zones of intense sericite and clay alteration were encountered at 107.05 m and 132.6 m respectively, with the latter returning a

narrow result of 0.3 m @ 3.71 g/t Au from 132.6 m, and the former returning an anomalous result of 0.90 m @ 0.37 g/t Au from

107 m; providing evidence that the Butchers Gully target is mineralised at depth. An intersection of 3.00 m @ 1.00 g/t Au from

318.41 m in BTD003 characterised by increased silica with disseminated chalcopyrite, arsenopyrite and pyrite is interpreted

as a potential Leven Star Reef extension.

The second high-order chargeability anomaly was tested on section by holes BTD004 and BTD005 (Figure 8), in addition to

several known and interpreted reef positions. Multiple gold occurrences were intersected across both holes (Table 1) with

peak result of 2 m @ 15.18 g/t Au from 9 m associated with a thin limonitic tectonic breccia. This new high-grade intercept is

flagged for follow up.

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