West Perth, WA, Australia 6005
Level 1, 46 Ventnor Avenue
West Perth, WA, Australia 6005
P: +61-8-6400-6100 E: [email protected] www.novoresources.com
May 24, 2022
SIGNIFICANT LITHIUM-TANTALUM MINERALIZATION IDENTIFIED IN THE
“KURRANA PEGMATITE SWARM” NULLAGINE, WESTERN AUSTRALIA
HIGHLIGHTS
• A sixteen (16) kilometre long swarm of lithium-cesium-tantalum ( “LCT”) pegmatites (the “ Kurrana
Pegmatite Swarm”) has been confirmed some 2 km to 5 km north of the Kurrana Granitic Complex
along the contact with the Mosquito Creek Basin.
• Recent reconnaissance exploration programs defined over 200 pegmatites with numerous geometries
and various sizes, some with up to 40% lepidolite.
• Peak results from Novo rock chip sampling are 1.54% Li2O and 1992 ppm Ta2O5.
• Historical rock chip sampling by the Creasy Group returned peak high-grade results of 3.36% Li2O, 22
ppm Ta2O5 and 1.14% Li2O, 916.8 ppm Ta2O5.
• Kurrana Pegmatite Trend is open to the southwest and to the east of the currently defined 16 km
prospective zone, potentially covering over 25 km of strike length.
• Novo’s lithium holdings across its Pilbara tenure are considered non -core and a strategic review
process is underway.
VANCOUVER, BC - Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO , NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) is pleased to report significant lithium assay results from reconnaissance mapping and
sampling of the Kurrana Pegmatite Swarm in the Nullagine District of Western Australia. Results are not
necessarily representative of mineralization across the district.
Figure 1: Location Map showing mapped pegmatite bodies (red polygons), contact of the Kurrana Granitic Complex (pink polygon)
and granted Novo tenements in the western sector of the Kurrana Pegmatite Trend, over regional topography image.
The Kurrana Pegmatite Swarm is a 16 kilometre trend hosting LCT pegmatites some 2 km to 5 km north of the
Kurrana Granitic Complex (comprising 3.38 - 3.18 Ga Golden Eagle Orthogneiss and a monzogranite of the 2.89
– 2.83 Ga Bonney Downs Granite) along the contact with the Mosquito Creek Basin. Significant Li-Ta potential
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has been identified along this trend within th e Kurrana Pegmatite Swarm , with recent ly completed
reconnaissance exploration programs defining over 200 pegmatites with numerous geometries and various
sizes, some with up to 40% lepidolite.
W10629 Lepidolite and quartz rich
pegmatite. Assay result 1.53% Li2O
W10641 Lepidolite and quartz rich pegmatite.
Assay results 1.54% Li2O
W10037 Lepidolite and quartz
rich pegmatite. Assay results
0.69% Li2O
Figure 2: Field photos of lepidolite rich pegmatite sampled during mapping and rock chip reconnaissance.
Historical Exploration
The Quartz Hill project was acquired from the Creasy Group in 20201 and is located south of Novo’s Nullagine
gold project. Early exploration programs completed by the Creasy Group on Li-Ta prospectivity identified two
zones of anomalism in soil sampling and stream sediment sampling across an approx. 16 km trend. Peak rock
chip results returned high grades in lepidolite rich samples including 3.36% Li2O, 22 ppm Ta2O5 and 1.14% Li2O,
916.8 ppm Ta2O5.
The western sector of the coincident Li - Ta trend was tested by the Creasy Group with RC drilling in 2019 .
However, the program of 25 holes scattered over 11km of strike returned disappointing results , in 4 m
composite sampling, with the best assay results of 4m @ 0.4 % Li2O from 72-76 m.
The Creasy Group’s results and technical information referred to in this news release (the “CG Data”) are not
necessarily representative of minerali zation throughout the district. The CG Data was acquired by Novo 1 as
part of its acquisition of the Quartz Hill project from the Creasy Group in 2020.
A qualified person (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI
43-101”)) has not verified the technical information contained in the CG Data, and Novo is unaware of the
existence of any technical report prepared in accordance with NI 43-101 or the Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves in connection with the technical information
contained in the CG Data. Novo is unable to comment on the reliability of the technical information contained
in the CG Data and therefore, reliance should not be placed on such technical information.
1 Refer to the Company’s news releases dated June 15, 2020 and September 15, 2020.
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Figure 3: Creasy Group regional soil sampling results gridded for Li; magenta box delineates ‘western sector’ area presented in Figures 1 and 4.
Novo Exploration
In Q4 2021, Novo completed a 10-day mapping and surface sampling program (both heli-support and ground
access) across the Quartz Hill project area, focussing on Li-Ta prospectivity of the LCT pegmatite trend, defining
over 200 pegmatites in numerous geometries and various sizes, some with up to 40% lepidolite.
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Figure 4: Creasy Group soil sampling results and Novo mapped pegmatites across the western sector of the Kurrana Pegmatite Trend; black polygons
are mapped pegmatites, pink polygon delineates the Kurrana Granitoid Complex.
Stream sediment samples taken by Novo highlight an extension of the lepidolite -rich pegmatite trend by 700
m further east and importantly, this trend also remains open to the east. The LCT pegmatite trend appears to
change orientation from NE -SW to E-W and has not been previously tested by geochemical sampling in this
region. Newly returned results from exploration programs completed by Novo in December 2021 include peak
stream sediment results of 148 ppm Li and 64 ppm Ta.
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Figure 5: Rock Chip and stream sediment surface sampling results from Novo 2021 reconnaissance mapping program.
Forward Work Program 2022
Exploration throughout the Kurrana Pegmatite Trend is at an early stage and programs of additional mapping
and sampling are in plan to further test the Li -Ta prospectivity to the east, utilising known trends and
methodologies developed during recent programs.
Novo’s lithium holdings across its Pilbara tenure are considered non -core and a strategic review process is
underway.
Sampling & Analytic Methodology
Rock chip samples collected by Novo were approximately 3kg and were crushed and pulverized (lab code SP64)
and assayed by sodium peroxide fusion (lab code FP1/OM) for Be, Cs, Fe, K, Li, Nb, Rb, Ta. From 149 rock
samples, 5 QAQC samples were taken.
Stream sediment samples collected by Novo were approximately 1.5kg sieved to -0.9mm and +0.9mm to -
4.7mm. Samples were pulverized (lab code SP64) and assayed by four acid digest MS (lab code 4A/MS48) for
48 multielements. 83 samples included 10 QAQC samples.
All Novo assays were dispatched to Intertek Laboratories in Maddington, Western Australia for processing.
All Novo data was verified without limitation by a qualified person by reviewing analytical procedures
undertaken.
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QP STATEMENT
Dr. Quinton Hennigh (P.Geo.) 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 the technical
information extracted from the CG Data. Dr. Hennigh is the non-executive co-chairman and a director of Novo.
ABOUT NOVO
Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land
package covering approximately 12,000 square kilometres in the Pilbara region of Western Australia. In
addition to the Company’s primary focus, Novo seeks to lever age its internal geological expertise to deliver
value-accretive opportunities to its shareholders. For more information, please contact Mike Spreadborough
at (61) 419 329 697 or e -mail [email protected] or 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 mapping and sampling programs described in the
news release will be undertaken at the Kurrana Pegmatite Trend this year. 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 r isk factors identified in Novo’s management’s
discussion and analysis for the three-month period ended March 31, 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 o r 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: rock chip sample results >0.5 g/t Au
Sample id
Easting
MGA9
4 Z51
Northing
MGA94
Z51
Cs ppm
FP1/OM
LiO2 %
FP1/OM
Ta ppm
FP1/OM
W10641 210940 7567678 347.9 1.54 57.7
W10629 211061 7567682 354.5 1.53 59.3
W10129 214251 7567910 480.8 1.46 171.1
W10107 214277 7567955 259.3 1.30 110.4
W10655 209610 7567249 428 1.25 200.3
W10640 210900 7567701 385 1.24 97.1
W10642 210943 7567675 258.5 1.22 59.1
W10128 214324 7567919 496.7 1.13 243.7
W10122 214324 7568191 323.9 1.00 154.1
W10134 214275 7567694 256.2 1.00 95.9
W10040 214512 7568138 499.7 0.95 396.8
W10630 211068 7567735 245.7 0.93 82.7
W10130 214208 7567902 273.7 0.88 89.3
W10653 209645 7567209 238.2 0.79 113.4
W10106 214300 7567961 328.8 0.78 204.3
W10612 213176 7567624 259.7 0.71 54
W10037 214102 7567951 256.4 0.69 91.5
W10127 214353 7567923 229.6 0.67 109.2
W10123 214300 7568195 312.4 0.57 154
W10673 205890 7566046 602.2 0.54 2.4
Table 2: full rock chip sample results.
Sample id
Easting
MGA94
Z51
Northing
MGA94
Z51
Cs ppm
FP1/OM
LiO2 %
FP1/OM
Ta ppm
FP1/OM
W10641 210940 7567678 347.9 1.54 57.7
W10629 211061 7567682 354.5 1.53 59.3
W10129 214251 7567910 480.8 1.46 171.1
W10107 214277 7567955 259.3 1.30 110.4
W10655 209610 7567249 428 1.25 200.3
W10640 210900 7567701 385 1.24 97.1
W10642 210943 7567675 258.5 1.22 59.1
W10128 214324 7567919 496.7 1.13 243.7
W10122 214324 7568191 323.9 1.00 154.1
W10134 214275 7567694 256.2 1.00 95.9
W10040 214512 7568138 499.7 0.95 396.8
W10630 211068 7567735 245.7 0.93 82.7
W10130 214208 7567902 273.7 0.88 89.3
W10653 209645 7567209 238.2 0.79 113.4
W10106 214300 7567961 328.8 0.78 204.3
W10612 213176 7567624 259.7 0.71 54
W10037 214102 7567951 256.4 0.69 91.5
W10127 214353 7567923 229.6 0.67 109.2
W10123 214300 7568195 312.4 0.57 154
W10673 205890 7566046 602.2 0.54 2.4
W10036 214068 7568130 193.6 0.48 128
W10038 214216 7567981 305.9 0.42 166.9
W10132 214194 7567868 253.4 0.39 315.7
W10097 210332 7567380 177.5 0.29 63.1
W10039 214534 7568097 229.9 0.29 283.2
W10679 206133 7566135 256 0.27 1.8
W10041 214424 7568101 174.1 0.22 169.8
W10124 214207 7568187 154.6 0.21 102.2
W10643 210948 7567665 94.3 0.21 31.9
W10606 213052 7567607 129.1 0.18 60.6
W10119 214342 7568422 117.8 0.16 60.2
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W10608 213075 7567599 88.3 0.15 77.8
W10104 214323 7567971 93.2 0.14 59.5
W10604 213029 7567607 76.5 0.14 40.5
W10050 210315 7567393 155 0.14 118.3
W10626 210720 7567613 71.9 0.13 62.8
W10624 210655 7567715 132.9 0.13 1631.3
W10664 210916 7567297 47.6 0.13 30.7
W10661 209672 7567360 76 0.12 23.2
W10614 213180 7567715 61.8 0.12 58.3
W10652 209610 7567184 65.9 0.12 66
W10631 211057 7567720 88.8 0.12 93.3
W10665 211043 7567418 49.6 0.11 26.6
W10632 211025 7567738 72.1 0.10 124.9
W10118 214311 7568432 140.5 0.10 193.2
W10639 210879 7567711 102.2 0.08 66.7
W10116 214295 7568445 217.8 0.08 160.3
W10625 210692 7567642 60.7 0.07 73.7
W10677 206190 7566149 138.2 0.07 2.5
W10637 210942 7567742 51.5 0.07 37.2
W10598 212899 7567552 84.5 0.07 60.8
W10602 212979 7567586 69 0.07 26.3
W10648 209996 7567327 66.2 0.07 64.6
W10636 210945 7567810 36.7 0.06 51
W10600 212935 7567559 52.1 0.06 42.8
W10628 210804 7567480 54.5 0.06 56.6
W10117 214300 7568432 170.3 0.05 166.6
W10663 210957 7567346 46.3 0.05 46
W10621 210623 7567613 51.7 0.04 90
W10133 214295 7567856 105.5 0.04 105.8
W10627 210771 7567588 36 0.04 133.6
W10646 209930 7567366 34.1 0.04 65.7
W10098 210358 7567417 49.9 0.04 50.1
W10635 210935 7567783 65.9 0.04 101.8
W10605 213033 7567617 42.7 0.03 47.8
W10131 214000 7567835 125.9 0.03 530.6
W10647 209953 7567339 48.2 0.03 46.1
W10108 214257 7567952 129.1 0.03 66.3
W10611 213156 7567628 69.1 0.03 58
W10615 213247 7567699 65.2 0.03 31.9
W10610 213127 7567610 24.2 0.03 33
W10669 210830 7567642 28.3 0.03 61.4
W10607 213094 7567595 40.4 0.03 48.5
W10658 209742 7567218 14.8 0.03 118.6
W10100 210259 7567420 43.8 0.03 48.3
W10622 210610 7567580 67.5 0.03 123.4
W10668 210761 7567647 22.1 0.03 67.6
W10613 213153 7567713 28.8 0.02 46.1
W10113 214060 7568272 19 0.02 0.4
W10623 210647 7567711 25.4 0.02 131.5
W10620 210610 7567600 35.6 0.02 46.5
W10674 205889 7566047 22.7 0.02 23.3
W10599 212928 7567544 32.4 0.02 47.9
W10111 214049 7568305 13.3 0.02 1.6
W10634 210967 7567755 15.7 0.02 62.6
W10650 209827 7567332 42.3 0.02 178.5
W10101 210246 7567426 16.2 0.02 40.2
W10619 210600 7567600 47.2 0.02 112.1
W10110 214201 7567933 47 0.02 129.5
W10645 209877 7567391 22 0.02 61.2
W10105 214307 7567964 76.3 0.01 7.2
W10680 206143 7566113 29.8 0.01 39.3
W10046 210543 7567546 22.3 0.01 51.5
W10649 210014 7567420 27.3 0.01 113.5
W10656 209606 7567296 18.1 0.01 32.4
W10120 214200 7568306 13.1 0.01 118.7