Mr. Michael Spreadborough reports

HIGH-GRADE ASSAY RESULTS AT THE PARNELL-VULTURE TREND

Highlights:

• First phase of a 15,000-metre reverse circulation (RC) drilling program across shallow oxide mineralization on granted mining leases at the Parnell-Vulture trend was completed prior to the 2021 holiday period, with 83 holes drilled for a total of 5,200 metres;
• PhotonAssay gold results from Parnell have been received, with significant assays including:
  • Seven m at 7.75 grams per tonne gold from 31 m in 21NU0198;
  • Four m at 10.19 g/t gold from 31 m in 21NU0196;
  • 13 m at 2.51 g/t gold from 21 m in 21NU0156;
  • Eight m at 3.14 g/t gold from four m in 21NU0156;
• Initial results received from Vulture include:
  • Eight m at 10.02 g/t gold from 11 m in 21NU0216;
• Further results from holes drilled prior to the holiday period will be released in coming weeks;
• Drilling on the Parnell-Vulture trend is scheduled to recommence on Jan. 24, 2022.

Novo Resources Corp. has provided a drilling update for the Parnell-Vulture trend in Western Australia. The RC drilling planned at Parnell and Vulture is part of the Nullagine gold project (NGP) exploration program ramp-up, with forward programs currently being generated at several priority basement targets. Parnell-Vulture is located some 45 km from the company's Golden Eagle processing facility and is accessed by a robust, reliable haul road and associated infrastructure.

Drilling completed before the holiday period comprised 83 RC holes for 5,200 metres, drilled by experienced contractor Stark Drilling using a truck mounted Schramm 450. The initial program at Parnell focused on every alternate planned drill line, in order to fast-track strike coverage. The quick assay turnaround means that best drilling intersections can be followed up immediately whilst the remainder of the program is continuing.

Parnell-Vulture covers a strike length of approximately two km and contains a series of vein-hosted targets with historical drill intercepts including nine m at 8.4 g/t gold from seven m, 12 m at 14.6 g/t gold from 40 m and seven m at 6.1 g/t gold from 40 m. These results are not necessarily representative of mineralization throughout the district. Refer to the attached table for drill results for all holes drilled to date at Parnell-Vulture.

Recent results for Parnell-Vulture, received via the company's priority arrangement with Intertek, show similar width and grade tenor as historical drilling intersections, improving confidence in historical data and potential strike extent.

Most significant results are located around the historic workings at Parnell, including four m at 10.19 g/t gold in hole 21NU0196. The main target is an approximately 10 m wide east-west- to west-northwest-trending shear variably intruded by porphyry. Mineralization dips moderately to steeply to the south (generally 70 degrees). Sandstone and interbedded siltstone-sandstone sequences adjacent to the main shear are extremely bleached in the weathering profile, indicating likely sericite alteration of the original rock. Alteration is up to 50 m wide. Several other dikes are present in the area, mainly subparallel to stratigraphy, including a six m thick dolerite dike and a hornblende porphyritic gabbro.

Results show good continuity along strike, and on section show numerous small but frequent high-grade shoot like components. Further infill and extensional drilling will be designed to test this area.

Importantly, a series of significant drill intersections are located approximately 550 m along strike to the northwest, including 13 m at 2.51 g/t gold from 21 m in 21NU0156, and eight m at 3.14 g/t gold from four m in 21NU0156. This shows the complexity of the system at Parnell and the scale potential of the system along strike. In addition, the six m at 5.28 g/t gold from 29 m in 21NU0204 is located to the north of Parnell in one of the mapped vein swarms. The vein swarm was identified from rock sampling and anomalous results in historical drilling and was tested with a single line of drilling.

Assays received to date also included the first batch from Vulture, including eight m at 10.02 g/t gold from 11 m in 21NU0216 drilled adjacent to a historical working and in an area of complex quartz veining. Historical results in this area are sparse, and include a best result of 12 m at 2.76 g/t. These results are not necessarily representative of mineralization throughout Vulture. All other results from Vulture are pending and are anticipated within the next three to four weeks.

Analytic methodology

Drilling was based on detailed mapping and targeted to be perpendicular to mineralization as much as practical. In some areas, the geology is complex and due to the explorative nature of the work, the true width of mineralization cannot yet be precisely determined.

RC samples from Parnell and Vulture were submitted to Intertek in Perth, Australia. Samples are crushed to minus two millimetres and RSD split into a single 500-gram jar for PhotonAssay. To test for gold variability and potential coarse gold effect, field duplicates and crushed duplicates were analyzed. Standards and blanks are inserted in the sample sequence to test for lab performance.

There were no limitations to the verification process and all relevant data were verified by a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects by reviewing analytical procedures undertaken by the various laboratories. Dr. Quinton Hennigh (PGeo) is the qualified person responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is the non-executive co-chairman and a director of Novo.

About Novo Resources Corp.

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 square kilometres in the Pilbara region of Western 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.

We seek Safe Harbor.