HIGHLIGHTS

• Significant drill intercepts from the 2023 Nunyerry North program of shallow reverse circulation drilling were re-analysed by multi-pot PhotonAssay™. The drill program comprised 30 holes for 2,424 m.
• This larger sample methodology (500 g to 4 kg assayed per sample) has upgraded a number of the existing significant intercepts, with new intercepts including:
  • 6 m @ 6.12 g/t Au from 37 m (NC017)
  • 11 m @ 2.52 g/t Au from 22 m, including 6 m at 4.19 g/t Au from 22 m (NC014)
  • 13 m @ 1.89 g/t Au from surface (NC004)
  • 4 m @ 5.71 g/t Au from 40 m (NC015)
  • 17 m @ 1.34 g/t Au from 37 m, including 4 m at 3.77 g/t Au from 50 m (NC022)
  • 14 m at 1.14 g/t Au from 39 m, including 4 m at 2.16 g/t Au from 41 m (NC006)
• Re-assay of larger samples using PhotonAssay™ indicates that there is a significant component of coarse gold within the mineralised system at Nunyerry North, consequently future drilling will be assessed using the multi-pot PhotonAssay™ methodology.
• Follow-up drill planning at Nunyerry North includes ~ 4,000 m of reverse circulation drilling. The program will test the 2 km strike extent of the surface soil gold anomaly, down plunge of existing intercepts, and at depth for repeat mineralisation. Diamond drilling will test for multiple stacked lodes below best intercepts to date.
• Near Karratha, further drill testing is scheduled to take place in Q2 2024 at three prospects to test for gold and gold-copper(+-platinum-palladium) mineralisation.
• Novo is well-funded for ongoing exploration activities with a cash balance of A$17.4 million (C$15.4 million) and an investment portfolio comprising A$39.3 million (C$34.8 million) in ASX-listed and unlisted companies as at 25 March 2024.

Commenting on the high-grade results from Nunyerry North, Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said

“It is exciting to see a significant grade increase in the Nunyerry North drill results, some of which are close to surface and demonstrate the substantial upside potential of this Project. Plans are in in place for phase two follow-up drill program, which has been designed to test extensions of the known target horizon, structural targets and a potential mineralised porphyry intrusion.

Our exploration activity across key Western Australian assets continues to deliver exciting results and importantly, we are well-funded to continue our strong exploration program throughout 2024.”

Novo Resources Corp. (ASX: NVO) (TSX: NVO & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce updated, high-grade results from the maiden reverse circulation drill program completed at Nunnery North in late 2023.

Novo is also pleased to outline the 2024 exploration plans for Nunyerry North, at the Egina Gold Camp, as well as planned exploration programs near Karratha. The Nunyerry North project is a 70:30 joint venture with the Creasy Group.¹

Novo is in a strong financial position to execute its exploration plans in 2024, with a cash balance of A$17.4 million (C$15.4 million) as at 25 March 2024. In addition, Novo’s investment portfolio of shares held in ASX-listed companies and unlisted companies is currently valued at A$39.3 million (C$34.8 million).

Novo is debt free and carries no rehabilitation liabilities. See below the metrics used in relation to the valuation of Novo’s investment portfolio.

NUNYERRY NORTH EXPLORATION PROGRAM

The Egina Gold Camp is a contiguous tenement package, targeted on a series of structurally complex, gold-fertile corridors, hosted by rocks of the Mallina Basin in the north and mafic / ultramafic sequences further south (Figure 1). These corridors trend towards De Grey’s 11.5 Moz Hemi Gold Project² to the north and northeast. This tenure has been one of the main focus areas of Novo’s exploration programs over the last eighteen months, culminating in the Egina JV with De Grey, and delineation of the Nunyerry North orogenic gold prospect.

Figure 1: Novo tenure showing priority prospects, joint venture interests and the location of drilling at Nunyerry North and Becher.

The Nunyerry North prospect is located along the southern extent of the Tabba Tabba Shear, a deep tapping gold-fertile structural corridor where Novo plans to test several key prospects in 2024.

Nunyerry North Phase 1 Drilling Results Update

Initial results from both surface and drilling samples indicated visible gold or coarse nuggety gold, with early trials conducted to assess gold variability³. Based on the results, Novo resubmitted all significant drill intercepts for multi-pot PhotonAssay™ whereby all sample material was split over multiple PhotonAssay™ pots. The final assay result was calculated as the weighted average of the pot grade and pot weight which resulted in larger overall sample weights and more accurate assay results.

All significant intercepts noted below are now derived from multi-pot PhotonAssay™ analysis, with an average sample size of approximately 2 kg, or four pots per sample. Whilst many significant intercepts have improved by analysing a larger sample size, the distribution of coarse gold is by definition variable, and as a consequence not all re-assaying resulted in an assay upgrade.

Updated results now include best intercepts of:

• 6 m at 6.12 g/t Au from 37 m, including 5 m at 7.28 g/t Au from 37 m (NC017)
• 11 m at 2.52 g/t Au from 22 m, including 6 m at 4.19 g/t Au from 22 m (NC014)
• 13 m at 1.89 g/t Au from surface, including 4 m at 2.56 g/t Au from 3 m (NC004)
• 4 m at 5.71 g/t Au from 40 m, including 3 m at 7.47 g/t Au from 41 m (NC015)
• 17 m at 1.34 g/t Au from 37 m, including 4 m at 3.77 g/t Au from 50 m; 18 m at 0.60 g/t Au from 75 m and 7 m at 1.78 g/t Au from 59 m (NC022) – highlighting significant mineralization over a 55 m intercept.
• 14 m at 1.14 g/t Au from 39 m (NC006)
• 16 m at 0.99 g/t Au from 2 m (NC008)
• 13 m at 0.91 g/t Au from 53 m (NC024)
• 5 m at 3.12 g/t Au from 26 m, including 4 m at 3.81 g/t Au from 26 m and 13 m at 0.80 g/t Au from surface (NC027)

See Appendix 2 for comprehensive assay results. Intercepts are calculated using up to 3 m internal dilution and 0.3 g/t Au cut-off) (see Appendix 1 for hole locations).

Out of the 30 holes drilled and assayed, 22 have returned a result greater than one gram * metre. The program to date has only tested approximately 200 m of strike extent of the surface soil anomaly, with an additional ~ 2 km remaining untested.

Mineralisation is associated with arrays of white quartz veins with minor sulphides including chalcopyrite, hosted by a mafic unit within a dominantly ultramafic package. The mafic may be constrained by the north dipping Freyda Shear and Skadi Shear, with the largest intercept (NC022) adjacent to the Aurora Fault (Figures 2 and 3).

First pass drilling defined several zones of mineralised quartz veining with interpreted shallow east plunge (intersection of the vein arrays and the Freyda and Skadi Shear Zones). Several mineralised zones are completely blind. It is likely that additional “blind” lodes exist along the target stratigraphy, suggesting that the more subdued surface soil anomalies over the target stratigraphy are equally as prospective as the area drill tested to date.

Figure 2 Nunyerry North long section (looking NNW) showing m x g/t Au (downhole width)

 Figure 3: Nunyerry North geological interpretation, 2023 drill hole location and new drill target areas.

Nunyerry North Forward Exploration Program

Detailed mapping has generated a solid geology interpretation and 3D structural model to better facilitate follow up drill planning. An additional thirty regional rock samples (Appendix 3) were collected from potential new structural targets. The ~4,000 m RC drilling program, which is scheduled to start in Q2 2024, proposes to test multiple targets derived from the mapping program and surface geochemical sampling:

• Approximately 2 km strike extent of the mapped target stratigraphy with coinciding surface soil anomalism will be drill tested at a nominal drill line spacing of 80 m. In particular, structural intersections with the shears and cross-cutting Aurora and Estrid Faults will be targeted.
• A moderate surface anomaly exists over the mapped porphyry intrusion west of the Estrid Fault, with several rock samples returning up to 2.87 g/t gold from narrow brecciated quartz veins within the porphyry. Intrusion hosted gold has not previously been identified in the district, and drilling is planned to test for mineralisation style and tenor.
• A series of structures have been mapped that are parallel to the Aurora Fault or the Freyda and Skadi shears. These represent proof of concept targets that have the potential to delineate additional parallel lodes in parallel basalt. Some of these target positions have returned rock sample results of up to 6.4 g/t Au.

KARRATHA EXPLORATION PROGRAM

A maiden RC drill program is planned to test three prospects in the Karratha district, with programs to be completed at Railway Bore, East Well, and North Whundo.

Drilling is scheduled to start in Q2 2024 and will total ~3,500 m to test gold and gold-copper(+-platinum-palladium) targets defined by a combination of mapping, surface geochemistry and historic geophysics (IP chargeability anomalies).

NOVO FINANCIAL UPDATE

As at 25 March 2024, Novo has a cash balance of A$17.4 million (C$15.4 million).

In addition, Novo has an investment portfolio of shares held in ASX-listed and unlisted companies that is valued at A$39.3 million (C$34.8 million), this consists of:

(1) ASX-listed companies, valued at A$1.4 million (C$1.2 million) based on the closing price of those shares on 25 March 2024; and

(2) Unlisted companies, valued at A$37.9 million (C$33.6 million).

*ASX-listed shares were converted to C$ using an exchange rate of 1.1287 : 1.

**The valuation of the unlisted shares is in line with management’s valuation as at 31 December 2023, converted using an exchange rate as at 25 March 2024 from US$ to C$ of 1 : 1.3494 and C$ to A$ of 1 : 1.1287 and taking into account the methodologies described in the Company’s 2023 annual consolidated financial statements (2023 Annual Financial Statements).

As outlined in the 2023 Annual Financial Statements⁴, shares held in Elementum 3D and San Cristobal Mining are initially recognised at fair value (and remeasured with reference to share prices at which funds are raised with third-party investors) or were based on independent valuations performed. For further information on Novo’s investment portfolio, please refer to Novo’s website.

ANALYTIC METHODOLOGY

One metre cone split samples of RC chips were split directly off the cyclone on the drill rig and 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 PhotonAssay™ (PHXR/AU01). Remaining drill spoil was retained on site in numbered green bags.

QA/QC for RC samples are inserted at the rate of 4 x 600g standards per 100, 4 x 600g blanks per 100 (including 2 coarse and 2 -80# blanks) and 4 riffle split duplicates per 100, providing a total of 12% QA/QC. Intertek also inserts PhotonAssay™ certified standards at the rate of 2 per hundred.

The first 4 drill holes were also assayed using four acid digest and 50 g charge fire assay FA50/OE as a comparative exercise, after pulverizing a cone split duplicate sample to -80# (SP64 FA50/OE). The first four drill hole significant intercepts were also analysed by 1kg 106-micron screen fire assay with ICP-OES finish (Code SF 100/OE), using the Chrysos and coarse rejects.

All sample intervals greater than 0.1 g/t Au or part of an interval that falls within an interpreted mineralisation shape were resubmitted for multiple PhotonAssay™ analysis. This comprised a total of 436 samples. In most cases (299 samples), these were selected from remaining pulverised material available in the laboratory, averaging four pots per analysis. For 137 samples, new material was obtained by riffle splitting an approximately 2.5 kg aliquot from the field drill spoil. Samples were analysed ‘in full’ by splitting the crushed material into multiple PhotonAssay™ pots (PHXR/AU01) until all material was exhausted. This ensures that there is no further sample error by splitting sample material and provides a more representative assay result.

There were no limitations to the verification process and all relevant data was verified by a qualified person/competent person (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects and the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) respectively) by reviewing the analytical procedures undertaken by Intertek.

ABOUT NOVO

Novo explores and develops its prospective land package covering approximately 7,500 square kilometres in the Pilbara region of Western Australia, along with the 22 square kilometre Belltopper project in the Bendigo Tectonic Zone 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 shareholders.

APPENDIX

Appendix 1 – Nunyerry North RC drill hole locations in MGA_2020 zone 50 final DGPS survey

Appendix 2 – Nunyerry North RC drill results at a 0.3 g/t Au cut-off and 3 m internal dilution. Higher grade sections are at a 1.0 g/t Au cut-off and 1 m internal dilution.

Appendix 3 – Nunyerry North spot rock sample results