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Novo Resources Corp
Symbol NVO
Shares Issued 245,939,504
Close 2022-08-02 C$ 0.58
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Novo Resources begins drilling at Purdy's North

2022-08-02 11:37 ET - News Release

Mr. Mike Spreadborough reports

DRILLING COMMENCES ON PURDY'S NORTH GOLD AND NICKEL-COPPER TARGETS

Novo Resources Corp. has provide an update on gold and nickel-copper targets at Purdy's North on EL47/1745 and on the Maitland intrusion (EL47/3443) in the West Pilbara region of Western Australia. Purdy's North is adjacent to Azure Minerals Ltd.'s Andover VC-07 nickel-copper-cobalt massive sulphide discovery and Artemis Resources Ltd.'s Carlow Castle gold-copper-cobalt discovery. It should be noted that there is no certainty that EL47/1745 nor EL47/3443 contains the same levels of mineralization as either of these discoveries.

"We are excited to get on the ground at these drill targets," commented Mike Spreadborough, Novo's executive co-chairman, acting chief executive officer and director. "This is a highly prospective region and there has been well-documented recent exploration success from our neighbours, including Azure Minerals and Artemis Resources. These projects are an important part of our broader exploration strategy and we look forward to seeing what our drilling program returns."

A 4,500-metre reverse circulation drilling program has commenced, representing the first part of a broader drilling campaign on multiple targets in the Purdy's North area and other significant prospects in the Karratha district. This initially includes drilling targets for orogenic gold (copper-cobalt) at Morto Lago and Morto Lago North, and intrusive-related nickel-copper-cobalt (gold-platinum-group-elements) targets at Milburn, Southcourt and Bushmill. Additional targets for drilling currently undergoing heritage surveys include 47K, the Bullock Park area, Thorpe and the Bob's Well-East Well VHMS (volcanic-hosted massive sulphide) trend.

An initial five-day heritage survey was completed at both Purdy's North and farther south on the Maitland intrusion, clearing several prospects for access, with a second five-day survey currently in progress.

Several of the extensive high-order copper, nickel geochemical anomalies at Purdy's North, initially defined by surface soil sampling and mapping, have now been tested by either induced polarization, fixed-loop electromagnetic surveys or a combination of both. A high-resolution aeromagnetic/radiometric survey was also completed across Purdy's North and the Bob's Well VHMS trend. Results from this detailed technical work have been utilized to finesse original targets generated by mapping and surface sampling in late 2021.

The Milburn and Morto Lago prospects are located 1.5 kilometres due east of Carlow Castle. At Milburn, the target is a discrete electromagnetic (EM) geophysical anomaly up to 300 m long and 200 m wide, overlaying a gabbro and meta-basalt contact. Two copper-nickel-gold occurrences in historic workings are present on the edge of the EM anomaly and are associated with the north-northwest-trending sheared basalt-gabbro (intrusion) contact with anomalous copper. At Morto Lago, the target is a gold-quartz vein system that manifests as a 70 m wide subcrop over 350 m in an outwash claypan, mostly obscured by regolith, but with significant rock chip gold assay results (up to 6.63 grams per tonne gold). Recently discovered is the Morto Lago North trend, where a complex array of malachite-bearing sulphidic veins subcrop in outwash plains over several hundred metres strike and 100 m width, with portable X-ray fluorescence values of greater than 2,000 parts per million arsenic and 101 ppm gold (these pXRF values are likely indicative of gold being present, but do not accurately reflect gold grade).

The Bushmill historic EM anomaly is located five km south of the Radio Hill nickel-copper-cobalt project. The VTEM target is located in the sheared northwest corner of the Maitland intrusion and manifests as a single weak to moderate conductor at a depth of approximately 75 m. The EM plate is obscured by sand, gravel and clay which has previously made surface sampling ineffective. Downhole EM (DHEM) will be conducted on all nickel targets drilled.

Analytic methodology

The pXRF assay technique utilized a Niton XL5 hand-held XRF machine. The Niton is calibrated daily, with four quality assurance/quality control standards (fit for purpose, including certified Ni, Cu and Co values) run concurrently, with an additional two standards checked per 100 readings and four QA/QC standard assayed before the machine is shut down. pXRF is utilized as a preliminary exploration technique for base metals. Rock chip samples are point analyzed for 90 seconds using four machine filters. The pXRF is a spot reading device and has diminished precision due to grainsize effect, especially on rock samples where peak results represent a window of less than 10 millimetres field of view.

Rock chip samples were assayed by Intertek Genalysis in Perth, Western Australia, and were crushed and pulverized and assayed for Au by four-acid digest and 50-gram charge fire assay FA50/OE and for 48 multielements using four-acid digest -- MS finish (4A/MS). QA/QC protocols included 12 standards and blanks in the two batches with Morto Lago rock chip samples, representing 10 per cent QA/QC. No QA/QC issues were detected. 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 Intertek Genalysis.

Qualified person statement

Dr. Quinton Hennigh (PGeo) is the qualified person, as defined under NI 43-101, 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 project while exploring and developing its prospective land package covering approximately 11,000 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.

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