Mr. Mike Spreadborough reports

MAIDEN DRILL PROGRAM COMMENCES AT NUNYERRY NORTH

Novo Resources Corp. has commenced its maiden drill program at Nunyerry North located in the Egina gold camp in the Pilbara, Western Australia, with approximately 2,000 metres (m) of reverse circulation (RC) planned. The Nunyerry North project is a 70:30 joint venture with the Creasy Group.

In addition, De Grey Mining Ltd. is planning approximately 39,000 m of aircore, reverse circulation and diamond drilling commencing at the Becher project in September, 2023.

Drilling activities are also scheduled to commence in the fourth quarter of 2023 at the Bamboo-Strattons and Balla Balla gold projects in the Pilbara, as well as the Belltopper gold project in Victoria.

The Egina gold camp

The Egina gold camp, home to Novo's most prospective targets, is an 80-kilometre contiguous tenement package, targeted on a series of structurally complex, gold-fertile corridors and hosted by rocks of the Mallina basin in the north and mafic/ultramafic sequences further south. These corridors trend toward De Grey's Pilbara gold project to the north and northeast.

This tenure has been one of the main focus areas for Novo's exploration programs over the last 18 months, culminating in the Egina JV with De Grey (which provides for the potential spend of up to $25-million (Australian) by De Grey on the project within four years to earn a 50-per-cent JV (joint venture) interest) and delineation of the orogenic gold target at Nunyerry North.

Nunyerry North prospect

Nunyerry North is a compelling, high-priority exploration target with significant prospectivity, located in the southern part of the Egina gold camp. This site boasts a high-grade soil anomaly and presents substantial exploration potential. Situated just 36 km from a major regional road, Nunyerry North also offers excellent long-term logistics.

Novo has initiated its maiden RC drill program of approximately 2,000 m at Nunyerry North, expected to be completed in the coming weeks.

Mapping and rock chip sampling in the area identified sheeted quartz vein-related gold mineralization within a basement sequence of ultramafic komatiites and mafic rocks, juxtaposed by regional shears and offset faults. The shears dip north at 75 degrees and offset faults are interpreted to dip to the west at 75 degrees.

The initial drilling plan covers an area of approximately 600 m of strike over the main soil anomaly and peak rock chip results, where mapped vein densities are also optimal. Hole spacing over the main target area varies from a 20-metre-by-40-metre-to-60-metre spaced grid, with lower-priority areas more broadly spaced. The average depth of drilling is 95 m with a maximum depth of 120 m planned in the first-pass program. A north seeking gyro will be used for downhole survey and samples will be dispatched initially for gold by PhotonAssay for rapid turnaround, with pXRF analysis of multielements conducted at site.

Egina JV -- Becher

The recent $10-million (Australian) cornerstone investment and earn-in and joint venture with De Grey highlights the exciting potential of Novo's Egina gold camp region.

The Egina JV introduces De Grey's proven exploration success and experience within the region and provides a strong platfrom to accelerate exploration programs at Becher. Being free carried to earn-in completion allows Novo to advance other prospective areas within the company's portfolio.

The combined Egina JV and De Grey' tenure forms a strategically significant land position in the Mallina basin covering approximately 2,500 square km. De Grey assumed management control of the Novo area under the earn-in arrangements on July 1, 2023, and plans to commence a detailed and targeted work program in September, 2023, including approximately 39,000 m of aircore, RC and diamond drilling.

About Novo Resources Corp.

Novo 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 seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its stakeholders.

QP (qualified person) statement

Karen (Kas) De Luca (MAIG) is the qualified person, as defined under National Instrument 43-101 (Standards of Disclosure for Mineral Projects), responsible for and having reviewed and approved the technical information contained in this news release other than information concerning De Grey's Pilbara gold project. Mrs. De Luca is Novo's general manger exploration.

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