Exploration Status Update

Egina Gold Camp Continues to Deliver

HIGHLIGHTS

Over 10,500 m combined aircore and reverse circulation drilling completed by De Grey Mining at the Becher project, which forms part of the Egina earn-in/Joint Venture. At Becher, 271 infill AC holes were drilled for 7,536 m in Q4 2023. RC drill program is ongoing, with the first 29 drill holes for 4,154 m completed. Final assays are anticipated in Q1 2024. Maiden drill program at the exciting Nunyerry North project delivered positive results in shallow RC drilling. Additional work across the greater Nunyerry area has generated several new priority targets for drilling in 2024. Numerous prospects across the southern Egina Gold Camp and Balla Gold Project identified, with follow-up work planned in 2024. Initial two diamond drill holes from ongoing six-hole 2,300 m program completed as planned at Belltopper Gold Project in Victoria.

Image 1 and 2: Diamond drilling photos from the Belltopper program in Victoria

VANCOUVER, British Columbia, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on current exploration programs and proposed 2024 drilling programs across its Western Australian and Victorian gold portfolio.

In Q4 2023, successful exploration work continued at the Egina Gold Camp in the Pilbara, Western Australia, with aircore (AC) and reverse circulation (RC) drilling programs completed at the Becher project and significant results received from shallow RC drilling in the maiden drill program at Nunyerry North (Figure 1).

At the Belltopper Gold Project in Victoria (Belltopper), diamond drilling continues on the planned six-hole program.

Figure 1: Novo Pilbara tenure showing main projects and significant prospects.

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 (Figure 1). 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 further south. These corridors trend towards De Grey Mining Limited’s 12.7 Moz Au (JORC 2012) Hemi Gold Project¹ to the north and northeast.