Becher Area Mineralisation Expands With More Standout Results

• Reverse circulation ("RC") drilling has commenced in the Becher Area, with two rigs now testing prospects within 216 sq km of highly prospective, under-explored Mallina Basin geology on the Egina Project along trend from De Grey Mining Ltd.'s Hemi Gold Deposit.
• Standout gold results received from aircore ("AC") drilling at the Irvine prospect, including 4 m @ 4.02 g/t Au from 8 m, with numerous intercepts > 0.1 g/t gold.
• A broad 100 m to 250 m wide intense quartz-veined alteration zone has been identified at the Lowe prospect across two 320 m spaced AC drill lines, extending beyond 500 m in strike length (awaiting assays).
• At the Irvine prospect, which contains previously reported assays in AC drilling of 20 m @ 0.67 g/t Au, the first 12 RC drill holes totalling 1,109 m have intersected numerous zones of veining and alteration with sulphide. These RC samples are prioritised for assaying.
• Two follow up AC drill lines, southwest on the Irvine Shear corridor, have extended the strike of the alteration zone to over 1.5 km.
• The systematic AC program in the Becher Area to date includes over 1,120 shallow holes for more than 26,500 m of the > 30,000 m program, on 26 drill lines and continues to generate exciting new targets. Gold assays have been received for over half of the aircore program.
• AC and RC drilling programs will be suspended during the wet season from mid-December 2022 to March 2023.
  

Novo's Executive Co-Chairman and acting Chief Executive Officer, Mike Spreadborough said, "We are very pleased with the progress we have made on the drilling program so far and are looking forward to further results from follow-up drilling in the first half of 2023, when drilling will also commence at the Nunyerry North prospect."

"The success of the current drilling program in the Beacher Area, combined with previously reported results from Nunyerry North, reconfirm the potential of the Egina District to support a standalone operational hub."

https://www.globenewswire.com/NewsRoom/AttachmentNg/19994a6c-93d9-400d-800d-38f6fd991b08
AC drill traverse at Heckmair Prospect, Becher Area.

VANCOUVER, British Columbia, Nov. 30, 2022 -- Novo Resources Corp. ("Novo" or the "Company") (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on the Company's aggressive exploration program in the Egina District within Novo's 10,500 sq km Pilbara exploration portfolio (Figure 1).

A comprehensive drilling program is systematically testing high-priority structural and intrusive-related gold prospects within the wider Becher Area (Figure 2). At present two drill rigs are now committed to the program.

To date over 1,120 holes for some 26,500 m of a planned >30,000 m regional AC drill program in 2022 are complete and a deeper targeted RC drilling program has commenced. The RC drilling program will test targets identified from the regional AC drilling program.

The Becher Area drilling program will be suspended during the wet season from mid-December 2022 to early March 2023.

A heli-supported mapping, soil and rock chip sampling program has been recently completed at Nunyerry North (Figure 2), located approximately 80 km south of the Becher Area, to follow up previous exploration results¹. This program was completed in preparation for drill targeting in Q2-2023, with assay results still to come

Results referred to in this news release are not necessarily representative of mineralisation throughout the Egina District.

https://www.globenewswire.com/NewsRoom/AttachmentNg/7d63cceb-b690-4905-ae83-8e0b63c7f9cc
Figure 1: Map of the Novo Resources' 10,500 sq. km exploration tenement portfolio in the Pilbara Western Australia.

https://www.globenewswire.com/NewsRoom/AttachmentNg/8f57b9c2-05ea-4a18-9ffd-77a53cdcc58e
Figure 2: Map of the Egina District tenements showing priority prospects, including the Becher Area in the north and Nunyerry North in the south.

EGINA DISTRICT

Becher Area

The Becher Area (northern E47/3673, 100%-owned by Novo) is located ~28 km to the WSW of De Grey's Hemi gold deposit² and contains multiple high-priority, orogenic gold targets in the prospective under-explored Mallina Basin.

All priority 1 holes from the current AC drilling program will be completed prior to suspension of the program in mid-December 2022. The program will recommence in March 2023 post the wet season.

The drill program is systematically testing multiple structural and intrusive targets along a series of interpreted significant shear corridors, including the ENE trending Irvine and Bonatti Shears and the EW trending Whillans and Heckmair Shears. The AC drilling program commenced in early September 2022, with over 1,120 holes for 26,500 m completed to date. Drill holes are relatively shallow, averaging approximately 26m. A minimum of 30,000 m of priority 1 AC drilling had been planned for 2022, however Novo expects to exceed this. The program was designed to test four shear corridors and numerous sanukitoid targets, as well as historical drilling results and antimony-arsenic-gold soil anomalies defined by previous explorers¹. To date, regional drill traverses at approximately 640 m line spacing and 25 m hole spacings have been completed across the Irvine Shear, the Whillans Shear and the Heckmair Shear, with the AC drilling rig now focussing on the northeast at the Lowe Prospect. Gold assays have been received for over half of the AC program.

https://www.globenewswire.com/NewsRoom/AttachmentNg/d66acadd-a771-4be5-9b28-95feba22cdf3
Figure 3: Becher target area showing the position of the De Grey Hemi gold discovery (JORC 2012) to the east-northeast of the Becher Area along the interpreted fertile corridor; background aeromagnetic greyscale mosaic; Novo tenure outlined in green. The De Grey Hemi gold discovery is not necessarily representative of mineralization throughout the Egina District.

https://www.globenewswire.com/NewsRoom/AttachmentNg/55ad81f7-889f-4685-9edc-06ec0e309105
Figure 4: Map showing progress of AC and RC drilling to date, aeromagnetic greyscale mosaic and structural interpretation. The blue AC holes and red RC holes are completed whilst planned holes are in black.

Best new intercepts from drilling in the Heckmair area include:

• 8m @ 2.13g/t Au from 8m (including 4m @ 4.02g/t Au from 8m) (F0632)
• 4 m @ 0.4 g/t Au from 12 m (F0738)
• 4 m @ 0.17 g/t Au from 12 m (F0739)
• 4 m @ 0.17 g/t Au from 12 m (F0740)
• 4 m @ 0.23 g/t Au from 0 m (F0748)
• 4 m @ 0.35 g/t Au from 12 m (F0756)
• 4 m @ 0.32 g/t Au from 12 m (F0760)
• 8 m @ 0.23 g/t Au from 8 m (F0761)

All anomalous results are recorded in Table 2 in the Appendix. True widths cannot be estimated at this time.

Irvine Shear Corridor/Irvine Target

RC drilling has commenced at Becher, with 1,109 m in 12 holes completed to date. The first drill section was targeted to progress previous exciting AC results within the Irvine Shear corridor, which contained 20 m @ 0.67 g/t Au¹. The drill holes have intersected numerous zones of intense alteration with quartz veining and some sulphidic zones. These RC samples will be prioritized for assay. Twenty-two priority 1 RC holes remain to be drilled.

https://www.globenewswire.com/NewsRoom/AttachmentNg/f3cb87c2-94fa-4205-9821-af2b0236e34a
Figure 5 Southern Irvine Shear Corridor - AC and RC drilling update. Results from AC sampling to date displayed as maximum downhole Au (g/t) in hole.

https://www.globenewswire.com/NewsRoom/AttachmentNg/9ad49def-e5b6-4daa-92cb-91c033c92b88
Figure 6: RC drilling traverse from the southern Irvine Shear Corridor.

In addition, two AC drill lines have also been completed further west-southwest on the southern Irvine Shear corridor, extending the strike continuity of the alteration intersected previously (trend now >1.5 kms).

Best intercepts previously reported on the Irvine Shear include:

• 6 m @ 0.15 g/t Au from 24 m (A0028)
• 12 m @ 0.16 g/t Au from 12 m (A0029)
• 8 m @ 0.22 g/t Au from 4 m (A0033)
• 20 m @ 0.67 g/t Au from 0 m (A0034);
• 12 m @ 0.24 g/t Au from 0 m (A0035)
• 6 m @ 0.21 g/t Au from 24 m (A0038)

Refer to Appendix 1 below for a complete list of assay results. True widths cannot be estimated at this time.

Nunyerry North

The geology of the Nunyerry North target area includes quartz vein-related gold mineralization within a sequence of ultramafic komatiites and mafic rocks, juxtaposed by regional shears and offset faults. Novo's exploration licence 47/2973 is 70%-owned, with the remaining 30% held by Mark Creasy and entities controlled by him.

Follow up heli-supported mapping, soil and rock chip sampling have recently been completed at Nunyerry North (assays pending), which is also located within the Egina District and approximately 80 km south of Becher. This program was completed in preparation for drilling targeting in Q2-2023.

Nunyerry North hosts a 1.4 km long, high-order surface soil anomaly, where rock chip sampling in 2021 returned peak high-grade results from quartz veins including 30.3 g/t Au, 21.1 g/t Au and 9 g/t Au; with additional sampling in 2022 delivering 8.81 g/t Au and 7.39 g/t Au¹. In addition, specimen gold has been detected in the main target area¹. Follow-up work planned includes heritage surveys and logistics for road access in preparation for drilling in 2023.

https://www.globenewswire.com/NewsRoom/AttachmentNg/d3df42cd-9e23-4f98-977d-2ffd5d140449
Figure 7: Close up of high-grade quartz veins at Nunyerry North. Multiple sheeted shallow dipping quartz veins have formed at the contact of a shear zone and brittle high MgO basalt.

ANALYTIC METHODOLOGY

Four-metre composite samples of AC chips were sent to Intertek Genalysis ("Intertek") in Perth, Western Australia with the entire sample smart crushed to -3mm (NVO02 prep code), with a 500 g split sample analysed for gold using Photon Assay (PHXR/AU01). An additional bottom hole sample from each drill hole (1 to 4 m composite representing rock from the bottom of the drill hole) was assayed using four acid digest and 50 g charge fire assay FA50/OE and for 48 multielement using four acid digest - MS finish (4A/MS) - results are pending.

QAQC procedures to date include insertion of a certified blank approximately every 25 samples (4 per hundred) and duplicate sampling (split of 4m composite) at the rate of 4 per hundred. Intertek inserts customized Chrysos certified standards at the rate of 2 per hundred.

RC holes G0001 to G00012 (inclusive) (cyclone split 1 m samples) were sent to Intertek Perth, Western Australia with the entire sample smart crushed to -3 mm (NVOO2 prep code), with a 1000 g split sample (2 jar photon assay) analysed for gold using photon assay (PHXR/AU01). QAQC for RC samples are inserted at the rate of 4 standards per 100, 4 blanks per 100 and 4 riffle split duplicates per 100, providing a total of 12% QAQC.

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 Intertek.

QP STATEMENT

Mr. Iain Groves (MAIG), 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. Mr. Groves is Novo's Exploration Manger - West Pilbara.

ABOUT NOVO

Novo explores and develops its prospective land package covering approximately 10,500 square kilometres in the Pilbara region of Western Australia, including the Beatons Creek gold project, along with two joint ventures in the Bendigo region 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. 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 and Acting CEO

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 across the Becher Area and Nunyerry North in Western Australia as climactic conditions dictate, and that certain drill cores will be prioritized for assay. 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, 2022, 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.

APPENDIX 1:

Table 1: Becher Area - AC drilling location data.

Table 2: Becher Area - RC drilling location data

Table 3: Becher Area - Key Drilling Intercepts

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1 Refer to the Company's news release dated September 6, 2022.
2 Refer to De Grey's public disclosure record