Mr. Mike Spreadborough reports

SIGNIFICANT DRILL RESULTS AT BECHER

Novo Resources Corp. has provided an update on drilling results at the Becher project, which is part of the Egina earn-in and joint venture (Egina JV) with De Grey Mining (ASX: DEG).

Highlights

• More than 10,500 metres of combined air core (AC) and reverse circulation (RC) drilling completed by De Grey Mining (ASX: DEG) at the Becher project in Q4 2023, as part of the Egina earn-in/JV.
• RC drilling at Lowe confirmed gold mineralisation associated with a deformed intrusive sill, with a best intercept of eight m at 4.74 grams per tonne Au (gold) from 96 m, including three m at 11.88 g/t Au from 100 m (MSRC0031).
• Follow-up RC drilling into a base metal-gold corridor previously defined by Novo at Heckmair, intersected a significant zone of base metal-gold mineralization from the two RC holes targeting the corridor. Results include:
  • 10 metres at 0.12 g/t Au, 29.7 g/t Ag (silver), 0.3 per cent Cu (copper), 1.5 per cent Pb (lead) and 1.8 per cent Zn (zinc) from 40 m (MSRC0016);
    • Including three m at 0.20 g/t Au, 59.8 g/t Ag, 0.9 per cent Cu, 2.4 per cent Pb and 2.2 per cent Zn from 47 m.
  • 24 m at 0.2 g/t Au, 13.2 g/t Ag, 0.1 per cent Cu, 1.0 per cent Pb and 0.1 per cent Zn in hole MSRC0017 from 105 m (MSRC0017);
    • Including six m at 0.48 g/t Au, 20.8 g/t Ag, 0.2 per cent Cu, 1.4 per cent Pb and 2.8 per cent Zn from 105 m.
• The base metal corridor trends WNW (west-northwest) through the Heckmair intrusion, with broad intervals of anomalous base metals and low-level gold mineralization mapping a fault to over 1.5 kilometres in strike.
• Resampling of anomalous gold zones from Novo's 2023 AC program completed by De Grey has verified broad zones of gold anomalism associated within granitic intrusions.
• De Grey plans to target the Becher area with follow-up AC and RC drilling to be completed at priority targets Heckmair and Lowe in 2024.

Novo executive co-chairman and acting chief executive officer Mike Spreadborough said: "This set of results from the recent drilling is very exciting.

"De Grey has a total of 39,000 m of drilling planned under this program. This ground is going to get some focused exploration attention with De Grey required to spend up to $25-million (Australian) at Becher and adjacent tenements within four years, to earn a 50-per-cent direct interest in the Egina JV. In this program, a minimum $7-million will be spent within 18 months, so we expect a good flow of results going forward.

"What excites us the most at Novo is that the Egina JV tenements are considered highly prospective for significant intrusion related gold deposits, with similar attributes to the 12.7 Moz Au (JORC 2012) Hemi gold project. De Grey understand the enormous potential of this ground, and this is just the start of an exciting exploration partnership."

De Grey commenced AC and RC drilling at the Becher project in Q4 2023, testing the Heckmair and Lowe intrusions, and the Irvine and Bonatti shear corridors, with over 10,500 m completed to date.

Egina gold camp

The Egina gold camp is Novo's highly prospective gold belt in the Pilbara and includes the priority Becher and Nunyerry projects. This belt comprises a series of structurally complex, gold-fertile corridors, hosted by rocks of the Mallina basin in the north and mafic/ultramafic sequences farther south. These corridors trend toward De Grey's 12.7-million-ounce Au (JORC (Joint Ore Reserves Committee) 2012) Hemi gold project to the north and northeast.

Novo's tenure forms a contiguous package of approximately 80 km strike length directly along this trend and 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 and delineation of the Nunyerry North gold prospect.

EGINA JV and Becher project

Novo's early stage reconnaissance work at Egina successfully identified the Becher project as highly prospective and a high priority. The company commenced AC drilling in late 2022 continuing into 2023, generating excellent results and indicators of potential discovery success. In June, 2023, De Grey recognized the potential of Becher as a key growth asset and entered into the Egina JV under which De Grey will finance an exploration program over a four-year period for a spend of up to $25-million (Australian), earning a 50-per-cent interest in the project.

Since commencing field work on the Egina JV ground in August, 2023, De Grey has completed 7,536 m of AC drilling (271 collars) across several greenfields targets (Appendix 2).

In addition, continuing interpretation of Novo's previous AC program yielded three priority targets based on gold and base metal anomalism, warranting a follow-up program of 4,154 metres of RC drilling (29 collars) (Appendix 2), which was completed at the Lowe, Heckmair and Irvine targets. No significant results (greater than 0.1 g/t Au) were returned from AC drilling at Irvine or Bonatti, although RC hole MSRC0030 at Irvine returned one m at 6.3 g/t Au (Appendix 1 -- Table 1).

Lowe Lowe is located about 20 km WSW (west-southwest) of Hemi. The prospect includes an interpreted 5.2 km long, synclinal layered sill, fractionated from pyroxenite at the base up to gabbro and diorite. It is substantially thicker on the northern side of the syncline and likely truncated by a fault and juxtaposed with altered metasediment to the south.

A small RC drilling program of 10 holes (1,786 m) was completed by De Grey in late 2023. This drilling intercepted mineralization in two holes in what is interpreted to be the same structure. Eight m at 4.7 g/t Au from 97 m was intersected in hole MSRC0031, and four m at 0.6 g/t Au from 144 m was intersected in MSRC0032 (Appendix 1 -- tables 1 and 3). Mineralization is hosted within strongly foliated and sheared pyroxenite and gabbro with prominent sericite alteration, quartz veining and pyrite.

Planning of follow-up drilling in 2024 is under way.

Heckmair

After commencing the earn-in with Novo, De Grey undertook a comprehensive program of field reconnaissance and resplitting four m composite samples of historic drilling where anomalous gold or base metals had been intercepted.

Interpretation of geophysics, geochemistry and geological data highlighted elevated gold and Pb-Zn-Ag values in AC drilling within the Heckmair intrusive body, associated with a 1.5 km long, WNW trending fault zone which De Grey interpreted from aeromagnetic data.

A follow-up RC program comprising 19 holes (2,368 m) returned strong base metal results (Appendix 1 -- tables 2 and 3) including:

• 10 metres at 0.12 g/t Au, 29.7 g/t Ag, 0.3 per cent Cu, 1.5 per cent Pb and 1.8 per cent Zn from 40 m (MSRC0016);
  • Including three m at 0.20 g/t Au, 59.8 g/t Ag, 0.9 per cent Cu, 2.4 per cent Pb and 2.2 per cent Zn from 47 m.
• 24 m at 0.2 g/t Au, 13.2 g/t Ag, 0.1 per cent Cu, 1.0 per cent Pb and 0.1 per cent Zn in hole MSRC0017 from 105 m (MSRC0017);
  • Including six m at 0.48 g/t Au, 20.8 g/t Ag, 0.2 per cent Cu, 1.4 per cent Pb and 2.8 per cent Zn from 105 m.

The best gold intercept from the RC drilling was two m at 2.8 g/t Au in hole MSRC0013.

De Grey note other deposits and prospects within the Mallina basin show that base metal anomalism can be associated with gold mineralization.

The Heckmair fault shows evidence for broad-scale fluid flow within a fault conduit with favourable scale, and De Grey considers it to be a priority target, with follow-up RC drilling planned for 2024.

Analytical methodology -- AC drilling

AC drilling is utilized as a first-pass technique testing for gold mineralization and anomalous pathfinder geochemistry in basement rocks under cover. The drilling methodology is rapid and low cost, with a low-impact footprint, enabling large systematic programs to be completed in a cost-effective and timely manner.

One-metre AC drill samples are collected from the drill rig through a cyclone and placed on the ground in piles for geological quantitative and qualitative logging. These piles are then speared as four-metre composites.

All AC chip samples were sent to ALS in Perth, Western Australia, and each sample was dried, split, crushed and pulverized to 85 per cent passing 75 micrometres. Eleven elements assayed with aqua regia mass spectrometry (ALS lab code ME-MS43) with an additional 29 elements assayed with aqua regia ICP-AES finish (ALS lab code ME-ICP43), and trace-level gold by 25 g aqua regia (ICP-MS). All air core holes end with a one m bottom of hole sample using the ME-MS61 method with Au by 30 g fire assay (Au-ICP21). Anomalous air core composites, greater than 0.1 part per million gold over four m, are resplit to one m samples and were assayed using 30 g Au fire assay with ICP finish (ALS lab code, Au-ICP21) and high-grade results greater than 10 ppm Au were assayed by fire assay and gravimetric finish (ALS lab code Au-GRA21). Multielement analysis was conducted using four-acid digest followed by ICP-MS finish for 61 elements (ALS lab code ME-MS61).

QA/QC (quality assurance/quality control) procedures for the program include insertion of certified coarse blanks (minimum rate 2 per cent), certified standards (CRMs minimum rate 2 per cent) and routine duplicate sampling.

Analytical methodology -- RC drilling

RC drilling allows for deeper testing of anomalies delineated by air core drilling, and other geological direct targeting methods such as surface mapping and sampling, where bedrock is exposed at surface.

RC sampling utilized a cone splitter on the rig cyclone and drill cuttings were sampled on one m intervals. All RC chip samples were sent to ALS in Perth, Western Australia, and each sample was dried, split, crushed and pulverized to 85 per cent passing 75 micrometres. All RC drilling samples were assayed using 30 g Au fire assay with ICP finish (ALS lab code, Au-ICP21) and high-grade results greater than 10 ppm Au were assayed by fire assay and gravimetric finish (ALS lab code Au-GRA21). Multielement analysis was conducted using four-acid digest followed by ICP-MS finish for 61 elements (ALS lab code ME-MS61).

QA/QC procedures for the program include insertion of certified coarse blanks (minimum rate 2 per cent), certified standards (CRMs minimum rate 2 per cent) and routine duplicate sampling.

There were no limitations to the verification process and all relevant data was verified by a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101) by reviewing analytical procedures undertaken by ALS.

About Novo Resources Corp.

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.

Qualified person statements

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. Ms. De Luca is Novo's general manger exploration.

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