Mr. Michael Spreadborough reports

NOVO RESOURCES: FURTHER STANDOUT BECHER GOLD RESULTS HIGHLIGHT ENCOURAGING GROWTH POTENTIAL

Novo Resources Corp. has released continued outstanding results from the 2023 aircore drilling program at Becher. Results referred to in this news release are not necessarily representative of mineralization throughout the Egina gold camp.

The Becher project is located in the northern section of the Egina gold camp 28 kilometres along trend from De Grey Mining Ltd.'s 10.6 million ounces gold (Joint Ore Reserves Committee 2012) Mallina gold project. Novo Resources commenced its 2023 AC program at Becher in mid-April, 2023, and has already received gold results for 3,350 (including quality assurance/quality control) samples of priority drilling, facilitated by a fast-tracked field sampling methodology and Chrysos PhotonAssay analysis, currently achieving an assay turnaround time of five to 12 days.

Background

The Becher project covers an area approximately 20 square kilometres in the north of the 100-per-cent-Novo Resources-owned E47/3673 exploration tenement. The area is characterized by shallow cover overlaying the highly prospective and underexplored Mallina basin. Becher is situated adjacent to De Grey's 10.6-million-ounce-gold (JORC 2012) Mallina gold project and 2.5 kilometres south of its Withnell South discovery.

During 2022, over 32,000 m of drilling was conducted by Novo Resources on broad regional lines (640-metre line spacing), focused on east-northeast-trending gold-fertile, structurally complex corridors at Becher and delineated three standout gold and associated pathfinder element targets at Irvine, Heckmair and Whillans. Analysis of multielement geochemistry from bottom-of-hole samples also identified prospective hornblende-diorite intrusions within and around the targeted structural corridors. These intrusions are commonly associated with gold deposits in the Mallina basin.

The current 20,000-metre AC program is testing multiple, high-priority structural and intrusion-hosted gold targets generated from the 2022 programs, delineated in well-defined and highly anomalous structural corridors. Drilling is being completed at high-priority drill prospects at Heckmair, Irvine and Whillans following significant gold and pathfinder anomalies and sanukitoid intrusion-related signatures in the 2022 AC bottom-of-hole drill hole samples.

The current drilling program is on schedule for completion by the end of second quarter 2023.

Drilling and results

To date, 423 holes for a total of 10,080 metres of AC drilling have been completed over the eastern Heckmair and Irvine prospects, with standout gold assay results returned in the first 349 holes. New results show high potential for mineralization hosted both within the large Heckmair hornblende-diorite intrusion, along and in proximity to large crosscutting and offset structures and at the margins of the intrusion where they are in contact with the Constantine sandstone country rocks, all under shallow cover.

Results from the current AC program are located on 320-metre lines across the Heckmair prospect and infill the previous 640-metre drilling completed during the 2022 program. In addition, an east-west traverse was conducted across both the western and eastern faulted blocks of the Heckmair intrusion, intersecting anomalous gold mineralization within a demagnetized portion of the intrusion. Additional infill lines at Irvine are spaced as closely as 160 m in some areas.

Significant intercepts (greater than two gram metres in tenor) include:

• Three metres of 5.23 grams per tonne gold from nine m in F1474;
• 15 m of 0.61 g/t Au from zero m, including six m of 1.16 g/t Au from zero m in F1711;
• Three m of 2.93 g/t Au from nine m in F1739;
• Nine m of 0.77 g/t Au from six m, including three m of 2.05 g/t Au from six m in F1631 and four m of 0.4 g/t Au from 27 m, including three m of 0.49 g/t Au from 27 m in F1631;
• Three m of 2.08 g/t Au from 12 m in F1427;
• 18 m of 0.24 g/t Au from 21 m, including six m of 0.39 g/t Au from 24 m in F1582;
• Nine m of 0.39 g/t Au from 51 m, including six m of 0.45 g/t Au from 51 m in F1597;
• 12 m of 0.28 g/t Au from six m, including six m of 0.42 g/t Au from nine m in F1498;
• Three m of 1.04 g/t Au from 18 m in F1469;
• One m of 1.57 g/t Au from 30 m in F1603.

An intercept of three m of 5.23 g/t Au from nine m in F1474 was associated with quartz veining hosted within the Heckmair intrusive in proximity to the southern contact with the Constantine sandstone country sediments. Anomalous mineralization occurs both within the sediments to the south and within the intrusion to the north.

An intercept of nine m of 0.77 g/t Au from nine m, including three m of 2.05 g/t Au, was identified in F1631 and is associated with quartz veining and shearing within the Constantine sandstone country rocks. F1631 is located at the boundary of the Irvine and Heckmair prospects, with the inferred contact of the intrusion with the sediments approximately 36 m to the northwest of the hole collar.

Next steps

Latest results from infill AC drilling highlight the need to continue prioritizing these targets, including both structurally controlled and intrusion-related gold, which appear similar to mineralization at De Greys's Mallina gold project. Drilling of the remaining approximately 10,000 m of AC drilling continues at Heckmair and Whillans, and targets at Heckmair and Irvine will be considered for follow-up deeper reverse circulation drilling in third quarter 2023.

Given continuing gold and multielement results, AC drilling will continue past the 20,000-metre second quarter 2023 program completing the regional reconnaissance 640-metre-spaced drill lines at Bonatti and follow up any new targets at closer spacing.

Analytical methodology

One-metre samples are collected from the drill rig and placed on the ground in piles for geological quantitative and qualitative logging. These piles are then speared at three-metre composites into a 500-gram Chrysos PhotonAssay jar. Some of the end of hole intervals are shorter than three metres depending on final hole depths. Jars are dispatched weekly to Intertek Genalysis in Perth, Western Australia, and analyzed for gold using Chrysos PhotonAssay (PHXR/AU01).

Quality assurance/quality control procedures for the program include insertion of a certified blank approximately every 25 samples (four per hundred), a Chrysos PhotonAssay certified standard approximately every 50 samples (two per 100) and duplicate sampling (split of three-metre composite) at the rate of four per hundred. In addition, Intertek inserts Chrysos PhotonAssay certified standards at the rate of two per hundred.

Qualified person statement

Alwin Van Roij (MAIG) is the qualified person, as defined under National Instrument 43-101, responsible for, and having reviewed and approved, the technical information contained in this news release other than information concerning De Grey's Mallina gold project. Mr. Van Roij is Novo Resources' exploration manger -- East Pilbara.

About Novo Resources Corp.

Novo Resources explores and develops its prospective land package covering approximately 10,500 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 Resources seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its stakeholders.

We seek Safe Harbor.