Liatam Mining Makes Investment in Novo and Quartz Hill Joint Venture Formed

HIGHLIGHTS

• Subject to Toronto Stock Exchange (TSX) approval, Liatam Mining Pty Ltd (Liatam) has agreed to further invest A$1.8 million to obtain 9,000,000 shares at A$0.20 per share in Novo to increase their shareholding from ~3% to ~6%.
• Liatam has exceeded the required spend of A$1.75 million to form the 80%/20% Quartz Hill Joint Venture with Novo in the East Pilbara, Western Australia.
• Liatam has acquired legal title to the tenements included in the Quartz Hill Joint Venture and becomes the manager of the joint venture, with Novo retaining 20% ownership of battery mineral rights along with 100% of the gold and silver rights on the tenements.
• The Quartz Hill Joint Venture tenements are considered prospective for lithium-caesium-tantalum (LCT) style pegmatite mineralisation.
• Following the A$10 million transaction with SQM Australia in the Harding Battery Metals JV in the West Pilbara, and the investment made by Liatam, Novo is in a strong financial position to continue its aggressive exploration focus across key gold targets in the Pilbara, Western Australia and Victoria in 2024.

VANCOUVER, British Columbia, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (ASX: NVO) (TSX: NVO & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce an update to the Quartz Hill Project earn-in agreement with Liatam and also an additional investment by Liatam in Novo of A$1.8 million.

Liatam has now exceeded the required spend of A$1.75 million at the Quartz Hill Project, pursuant to the earn-in agreement announced by Novo on 15 December 2022¹. Quartz Hill is located in the Mosquito Creek Basin in the East Pilbara, Western Australia. Following completion of the earn-in requirement, the 80%/20% Quartz Hill Joint Venture (JV) between Liatam and Novo has now been formed.

Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said,

“Novo is continuing its strategy to JV its prospective battery minerals tenements with battery minerals specialists.  Novo is pleased that Liatam has quickly exceeded its minimum exploration spend to form the JV and Liatam will continue its strategy to explore for lithium bearing pegmatites at Quartz Hill.  Liatam’s additional investment of $1.8 million in Novo also further validates Novo’s continuing exploration strategy and helps boost Novo’s current cash reserves and exploration budget”.