Novo Resources : Nunyerry Maiden Drill Program Results

16 OCTOBER 2023

GOLD MINERALISATION INTERSECTED IN MAIDEN DRILL

PROGRAM AT NUNYERRY NORTH

HIGHLIGHTS

• Strong results received from the first six drill holes of the maiden drill program at Nunyerry North, including best intercepts of 13 m @ 1.18 g/t Au, 7 m @ 1.12 g/t Au and 3 m @ 1.37 g/t Au.1
• Drill program designed to test the > 1.4 strike km surface gold anomaly with high grade gold in rock chip results from sheeted quartz veins.2
• 24 holes for 2,028 m of reverse circulation ("RC") drilling completed to date with holes intersecting significant zones of quartz veining.
• Following on from promising early-stage results, Novo increased the current program to 2,300 m with an additional four holes to be completed by late October 2023.
• On completion of drilling, approximately 600 m strike of the northern soil anomaly will be partially tested, leaving 700 m to the west and 1.3 km of the southern soil anomaly to be assessed.
• De Grey Mining (ASX:DEG) commenced aircore ("AC") drilling at Becher in the Egina Joint Venture area in September 2023, as part of an initial 39,000 m drill program (which is likely to include RC/diamond drilling).2
• Drilling activities also scheduled to commence in early November at the Belltopper Gold project in Victoria and planning is underway for drilling on the Balla Balla Gold Project, an emerging target in the Pilbara.

Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said "We are very pleased with these initial results from the drilling at Nunyerry North, which have delivered intercepts of up to 13 m @ 1.18 g/t Au from surface. As a result of these results we have increased the size of the program to 2,300 m and look forward to completing the final holes by late October.

"Nunyerry North is an exciting exploration target for Novo and we have only started to understand the potential extent of the gold mineralised system. We are very focused on ensuring the progress we are making on the ground continues and have already begun planning for a follow-up drill program in the first half of 2024.

"In addition to Nunyerry North, it is great to see De Grey commence their exploration program at the Becher Project, which is part of our Egina JV. De Grey have outlined a substantial 39,000 m program of AC, RC and diamond drilling."

"We will also commence a 2,200 m diamond drill program at our exciting Belltopper Gold project in Victoria in early November. Belltopper is located only ~50 km south of Agnico Eagle's Fosterville Gold Mine in the Bendigo Tectonic Zone, where over 60 Moz Au were produced historically.

Novo Resources Corp. Head Office	Australian Office
Suite 1100, 1199 West Hastings Street	Level 1, 46 Ventnor Avenue,
Vancouver, BC, Canada	West Perth WA 6005	www.novoresources.com
V6E 3T5	[phone]

VANCOUVER, BC - Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO &

NVO.WT.A) (OTCQX: NSRPF) is pleased to announce promising results from the first six holes of the Company's maiden RC drill program at Nunyerry North, located in the southern Egina Gold Camp in the Pilbara, Western Australia (Figures 1 and 2). The Nunyerry North project is a 70:30 joint venture with the Creasy Group.3

Previous reconnaissance work completed by Novo highlighted Nunyerry North as a high priority exploration target, with potential to become a significant gold project and delineated > 1.4 strike km of high-tenor gold anomalism at surface. The primary focus of this current drill program is to target significant mineralised zones defined by surface exploration along the sizeable known strike extent.

Figure 1: Novo's Pilbara tenure showing priority prospects, joint venture interests and the location of

drilling at Nunyerry North

Figure 2: RC drilling at Nunyerry North looking to the southwest. The RC rig is drilling hole NC009, and

holes NC001 to NC006 are shown in the left side of the photo.

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Nunyerry North Drill Program4

Novo commenced its maiden RC drill program of approximately 2,000 m at Nunyerry North on 12 September 2023 and to date, 24 holes for 2,028 m (average depth of 84.5 m) have been completed. The program has been extended to 2,300 m on the basis of early results, with four holes remaining to be drilled. The program is anticipated to be completed by late October 2023.

Importantly, significant zones of quartz veins and variable sulphides have been intersected. Drilling has been conducted at 40 to 60 m spaced sections, with holes approximately 20 m apart on section.

Results received from the first six drill holes include best intercepts of 13 m @ 1.18 g/t Au, 7 m @

1.12 g/t Au and 3 m @ 1.37 g/t Au (intercepts calculated using up to 3 m internal dilution and 0.3 g/t Au cut-off) (Table 1 and Appendix for hole locations).

First pass drilling has initially targeted the western part of the main high-gradegold-in-soil anomaly (Figures 3 and 4) and was aimed at testing vein densities and grade, potential controls on mineralisation and establishing the dips of major shear zones such as the Skadi and Freyda Shears and the crosscutting Aurora Fault.

Hole	Width m	Au g/t	From m	intercept
NC001	13	0.48	1	13 m @ 0.48 g/t Au from 1 m - NC001
NC002	1	4.64	2	1 m @ 4.64 g/t Au from 2 m - NC002
NC002	4	1	17	4 m @ 1 g/t Au from 17 m - NC002
NC002	5	0.49	26	5 m @ 0.49 g/t Au from 26 m - NC002
NC002	4	0.36	61	4 m @ 0.36 g/t Au from 61 m - NC002
NC003	7	0.75	0	7 m @ 0.75 g/t Au from 0 m - NC003
INCLUDING	3	1.37	4	3 m @ 1.37 g/t Au from 4 m - NC003
NC003	4	0.64	32	4 m @ 0.64 g/t Au from 32 m - NC003
NC004	13	1.18	0	13 m @ 1.18 g/t Au from 0 m - NC004
NC005	4	0.9	3	4 m @ 0.9 g/t Au from 3 m - NC005
NC005	2	1.04	24	2 m @ 1.04 g/t Au from 24 m - NC005
NC005	1	0.51	79	1 m @ 0.51 g/t Au from 79 m - NC005
NC005	1	0.8	90	1 m @ 0.8 g/t Au from 90 m - NC005
NC006	7	1.12	38	7 m @ 1.12 g/t Au from 38 m - NC006
NC006	1	0.61	52	1 m @ 0.61 g/t Au from 52 m - NC006
		3m internal dilution and 0.3 g/t Au cut-off

Table 1: RC drill results from first six holes drilled at Nunyerry North

The remaining four holes are focused on the eastern edge of the northern soil anomaly, where multiple shear zones intersect, and siliceous alteration is present at surface. On completion of the maiden drilling program, approximately 600 m of strike of the northern soil anomaly will be partially tested, leaving 700 m to the west and the 1.3 km long southern soil anomaly still to be tested.

Exploration is progressing on other structurally controlled gold targets along the major fault corridors extending towards the Becher area, to the northwest of Nunyerry North (Figure 5). Mineralisation defined along these fertile structures, includes shale-hosted gold and quartz vein related gold in sandstone, shale and gabbro.

Further work at Nunyerry North will include:

• 3D targeting and detailed geological and structural modelling, once all results from the maiden drill program are available.

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• Intercepts from the first four drill holes have been sent for 1 kg screen fire-assay to assess if there is any coarse gold variability. Results will direct future analytical procedures at the Nunyerry North Prospect.
• Targeting additional RC and diamond drilling to test the southern and western soil anomalies in H1 2024, which will require expanding the cleared heritage areas.
• Detailed mapping and rock chip sampling in areas outside of the current limit of mapping.

Figure 3: Nunyerry North geological interpretation, soil gold geochemistry and drill hole location plan.

The Egina Gold Camp

The Nunyerry North Prospect is located in the southern region of Novo's highly prospective Egina Gold Camp (Figure 5) that consists of 80 km of contiguous tenements.

In the north of the Egina Gold Camp is Novo's highly prospective Becher Project, which is located only 28 km from De Grey Mining's 9.5 million ounce Hemi gold deposit.5 In June 2023, Novo announced an earn-in arrangement that will result in the formation of the Egina JV with De Grey. De Grey is required to spend A$25 million within four years to earn a 50% JV interest (including a requirement for a minimum spend of A$7 million in the first 18 months).6

De Grey recently commenced AC drilling at Becher as part of its planned initial 39,000 m program of AC, RC and diamond drilling.7

There are several other gold targets at various stages of exploration maturity, along the main structural corridors within the southern part of the Egina Gold Camp (Figure 5).

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Figure 4: The broader Nunyerry North Project area highlighting contoured gold results from soil

sampling at Nunyerry North and current drilling area.

Novo Pilbara Landholding

Novo currently controls (through 100% ownership and various Joint Venture or Option Agreements) approx. 9,000 sq km of tenure in the Pilbara District of Western Australia. The size of the tenement package has been reduced from approx. 10,500 sq km over the past 18 months as field reconnaissance programs have allowed a better understanding of geological prospectivity.

Drilling at Belltopper in Q4

Diamond drilling of multiple high-grade targets at the Belltopper Gold project in Victoria is imminent, with drilling scheduled to start in early November 2023. Approximately 2,200 m of drilling will test structural and intrusion hosted/related gold targets, including strong induced polarization ("IP") geophysical anomalies.

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