High-Grade Gold, up to 91.16 g/t Au, Identified via Rock Chip Sampling at Station Peak, Egina District

HIGHLIGHTS

• Rock chip sampling at the historic Pilgrims Rest Gold Mine at Station Peak in Western Australia has returned multiple high-grade results over 200 m strike, including 91.16 g/t Au, 30.15 g/t Au, 13.27 g/t Au and 12.08 g/t Au
  
• Numerous rock samples assayed >1 g/t Au, with the majority of samples being mineralized > 0.1 g/t Au
• Results confirm potential for broad zones of mineralization associated with the historic high-grade main reef
• Historic mining ceased in 1927 after production of 11,347.4 ounces Au from 9,926.4 tonnes grading 35.55 g/t Au. Mine stopes extend to a known depth of just 68 m below surface¹
• Novo's mining licence M47/561 is part of the farmin and joint venture arrangement with Sumitomo Corporation of Tokyo, Japan²
• These results confirm that Novo's exploration program continues to deliver positive results from targets across the Pilbara, Western Australia, and Victoria

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VANCOUVER, British Columbia, Feb. 24, 2022 -- Novo Resources Corp. ("Novo" or the "Company") (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to report high-grade gold in rock chip assay results for exploration work conducted in Q4 2021 at the historic Pilgrims Rest mine, Station Peak gold prospect, in the Egina District, Western Australia (figure 1).

The historic Pilgrims Rest mine is located 41 km to the south-west of ASX-listed De Grey Mining's Hemi deposit and 29 km south of the Indee mine in the northern-central Pilbara Region (figure 1). Recent rock chip sampling focussed on quartz vein-style lode gold mineralization in an altered gabbroic intrusion and adjacent Mallina Group sediments, crosscut by a series of faults (figure 2 and figure 3).

Surface rock chip sampling from mine workings and historic exploration costeans has produced results with high grade gold over 200 m strike (figure 2). Results are presented in Figure 2 and highlights include:

• 91.16 g/t Au from a highly sheared and intensely altered zone within the western part of the workings;
• 12.08 g/t Au from moderately dipping remnant quartz veins in the main western stope area;
• 30.15 g/t Au from alteration in the footwall of the stope in the main pit;
• 13.27 g/t Au from exploration costeans 40 m east of the main workings; and
• Numerous +0.5 g/t Au samples (34 samples out of 79 taken in the area).
  

"The new rock chip results from Station Peak are an exciting development in our Pilbara exploration program," commented Dr. Quinton Hennigh, the non-executive co-chairman of Novo. "Additional planned work, including mapping, sampling, and drilling is expected to continue through 2022 in order to further advance the Egina project."

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1 Refer to historical reports available here. Novo is unaware of the existence of a mineral resource estimate from historic mining. Novo is unable to comment on the reliability of the technical information contained in these historical reports and therefore, undue reliance should not be placed on such technical information.
2 Refer to the Company's news release dated June 7, 2019.

https://www.globenewswire.com/NewsRoom/AttachmentNg/d49669ce-da09-4e72-b44b-383538afa3a8
(Figure 1 - Location of ML 47/561 and the historic Pilgrims Rest mine at the Station Peak prospect.)

https://www.globenewswire.com/NewsRoom/AttachmentNg/b07d329b-a62e-4d49-bb48-6dd45526f67a
(Figure 2 - Significant gold in rock chips at the Pilgrims Rest historic mine, Station Peak.)

Follow-Up Work

Follow-up work by Novo will include:

• Integration of historic mine plans, including underground access development, stopes and channel sampling along drives and access ways, into a 3D geological model;
• Drilling into targets defined by the recent results and 3D modelling, including along strike, structurally complex zones down dip of surface alteration and geochemistry, plus down plunge of high-grade shoots in the main workings represented by red arrows on figure 3; and
• Detailed mapping, soil geochemical sampling and further rock chip sampling to the west of the historic Pilgrims Rest gold mine.
  

Novo accelerated its exploration programs in the latter half of 2021 and plans to continue such efforts throughout 2022. Recent exciting results include high-grade rock chip samples at Nunyerry North³ and identification of basement gold targets in the vicinity of the Becher epithermal system⁴ near De Grey Mining Ltd.'s Hemi deposit in the Egina district, identification of Ni-Cu targets at Southcourt and Milburn⁵ adjacent to Azure Minerals Limited's Andover VC-07 Ni-Cu-Co massive sulphide discovery and Artemis Resources Ltd. Carlow Castle Au-Cu-Co discovery in the West Pilbara district, and high-grade assay results from 5,200 m of drilling at the Parnell-Vulture trend as part of a first phase 15,000 m reverse circulation drilling program across shallow oxide mineralization⁶ near the Company's Golden Eagle processing facility in the East Pilbara district.

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3 Refer to the Company's news release dated February 17, 2022.
4 Refer to the Company's news release dated November 4, 2021.
5 Refer to the Company's news release dated November 30, 2021.

Details

The historic Pilgrims Rest mine was operated from 1902 to 1927 and produced a total of 11,347.4 ounces Au from 9,926.4 tonnes grading 35.55 g/t Au¹. The main reef strikes 250 degrees and dips to the south with an average dip of 68 degrees (figure 3) and was exploited at three primary working levels; the adit level, 90 feet level, and 200 feet level. A main shaft (figure 3) was sunk to a depth of at least 90 m¹.

Seven shallow reverse circulation ("RC") holes (1 redrilled after failing at 6 m) were drilled by Bullion Minerals Limited ("Bullion") in 2003⁷ (figure 3) which intercepted mineralization and mine workings. Four of the drill holes are interpreted to have not reached the target.

Intercept highlights from Bullion's 2003 drilling include:

• 8.47 g/t Au over 2m from 47m in BYRC007 (including 1m at 11.0 g/t Au which repeat assayed at 23.01 and 10.4 g/t Au);
• 2m stope from 64m in BYRC007 (no core to assay);
• 4.28 g/t Au over 2m from 26m in BYRC008; and
• 6.42 g/t Au over 2m from 71m in BYRC008.

Bullion's 2003 RC drilling report indicates that where repeat assay values for samples have been provided, intersection grades have been calculated using an average of all repeated assays. Caution should be exercised when relying on such technical information.

Mineralization was intercepted within the altered gabbro and on the contact between the mafic intrusive and the Mallina Group sediments, indicating that mineralized material remains at shallow depths which was not extracted by previous mine operators.

Results and technical information referred to in this news release from Bullion are not necessarily representative of mineralization throughout the district. This historical data was disclosed in annual exploration reports (the "Bullion Reports") filed by Bullion on the Western Australian Department of Mines, Industry Regulation and Safety's ("DMIRS") website in 2004. The technical information contained herein has been extracted from certain of the Bullion Reports.

Reference should be made to the relevant Bullion Reports which are available online at the links provided in various footnotes throughout this news release.

A qualified person has not verified the technical information contained in the Bullion Reports, and Novo is unaware of the existence of any technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects or the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves in connection with the technical information contained in the Bullion Reports. Novo is unable to comment on the reliability of the technical information contained in the Bullion Reports and therefore, undue reliance should not be placed on such technical information.

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6 Refer to the Company's news release dated January 21, 2022.
7 Refer to Bullion's 2003 RC drilling report - WAMEX Open File Data Report A68128.

https://www.globenewswire.com/NewsRoom/AttachmentNg/7f07387d-43d7-4fc6-a33d-62c34b46d6c7
(Figure 3 - Location of Bullion RC drilling, main faults and targets open (red arrows).)

Refer to table 1 for a listing of Novo rock chip results and table 2 for historic Bullion RC drill hole locations.

Results referred to in this news release are not necessarily representative of mineralization throughout the Station Peak district.

Analytic Methodology

Novo rock chip samples were crushed to 2mm and assayed for Au by 500g photon assay (lab method PAAU02) and for 48 elements using four acid digest - MS finish (laboratory method 4A/MS48) at Intertek Genalysis, Perth, Western Australia. QAQC protocols for rock chip samples included insertion of three blanks and standards. No QAQC issues were detected. 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 Intertek Genalysis.

The Bullion Reports indicate that Bullion submitted select 1m RC drill samples to Genalysis in Perth and assayed for Au by 50g fire assay (50FA). QAQC protocols for fire assay RC drill sampling included 3 duplicates for 26 samples in the submitted batch (QAQC = 11.5%) no CRM standards were submitted analysed for this drill program. Remaining samples from the RC drilling program were taken as 4m speared composites and also submitted to Genalysis Perth for aqua regia gold assay with AAS finish (Laboratory method B/SAAS). These results have not been referenced for grade intercepts in this release.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) 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 other than the technical information extracted from the Bullion Reports. Dr. Hennigh is the non-executive co-chairman and a director of Novo.

ABOUT NOVO

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 12,500 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. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.

On Behalf of the Board of Directors,

Novo Resources Corp.

"Michael Spreadborough"

Michael Spreadborough

Executive Co-Chairman

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, planned exploration activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo's management's discussion and analysis for the nine-month period ended September 30, 2021, which is available under Novo's profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.