HIGHLIGHTS

  • First phase of a 15,000 metre reverse circulation (“RC”) drilling program across shallow oxide mineralization on granted mining leases at the Parnell-Vulture Trend was completed prior to the 2021 holiday period, with 83 holes drilled for a total of 5,200 metres
  • PhotonAssay gold results from Parnell have been received, with significant assays including:
    • 7 m at 7.75 g/t gold from 31 m in 21NU0198,
    • 4 m at 10.19 g/t gold from 31 m in 21NU0196,
    • 13 m at 2.51 g/t gold from 21 m in 21NU0156, and
    • 8 m at 3.14 g/t gold from 4 m in 21NU0156
  • Initial results received from Vulture include:
    • 8 m at 10.02 g/t gold from 11 m in 21NU0216
  • Further results from holes drilled prior to the holiday period will be released in coming weeks
  • Drilling on the Parnell - Vulture trend is scheduled to recommence on January 24, 2022

    The above results are not necessarily representative of mineralization throughout the Parnell-Vulture Trend. Refer to Table 1 for drill results for all holes drilled to date at Parnell – Vulture.

_________________________________________________________________________

VANCOUVER, British Columbia, Jan. 21, 2022 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide a drilling update for the Parnell-Vulture trend in Western Australia. The RC drilling planned at Parnell and Vulture is part of the Nullagine Gold Project (“NGP”) exploration program ramp-up, with forward programs currently being generated at several priority basement targets (figure 1). Parnell – Vulture is located some 45 kms from the Company’s Golden Eagle processing facility (“Golden Eagle Plant”) and is accessed by a robust, reliable haul road and associated infrastructure.

https://www.globenewswire.com/NewsRoom/AttachmentNg/29300a6a-ac54-4be5-84f5-a0fe8d5b48f5
(
Figure 1: Location map for NGP showing Novo tenure and priority prospects.)

Drilling completed before the holiday period comprised 83 RC holes for 5,200 metres (figure 4), drilled by experienced contractor Stark Drilling using a truck mounted Schramm 450. The initial program at Parnell focussed on every alternate planned drill line, in order to fast track strike coverage. The quick assay turnaround means that best drilling intersections can be followed up immediately whilst the remainder of the program is ongoing.

Parnell - Vulture covers a strike length of approximately 2 kms and contains a series of vein-hosted targets with historical drill intercepts including 9 m at 8.4 g/t gold from 7 m, 12 m at 14.6 g/t gold from 40 m and 7 m at 6.1 g/t gold from 40 m1. These results are not necessarily representative of mineralization throughout the district. Refer to Table 2 for drill results for all holes drilled to date at Parnell - Vulture.

Recent results for Parnell - Vulture, received via the Company’s priority arrangement with Intertek2, show similar width and grade tenor as historical drilling intersections, improving confidence in historical data and potential strike extent.

Most significant results are located around the historic workings at Parnell, including 4 m at 10.19 g/t gold in hole 21NU0196 (figure 2). The main target is a ~ 10m wide E-W to WNW trending shear variably intruded by porphyry. Mineralization dips moderately to steeply to the south (generally 70 degrees). Sandstone and interbedded siltstone-sandstone sequences adjacent to the main shear are extremely bleached in the weathering profile, indicating likely sericite alteration of the original rock. Alteration is up to 50 m wide. Several other dykes are present in the area, mainly sub-parallel to stratigraphy, including a 6 m thick dolerite dyke and a hornblende porphyritic gabbro.

Results show good continuity along strike (figure 3), and on section show numerous small but frequent high-grade shoot like components. Further infill and extensional drilling will be designed to test this area.

https://www.globenewswire.com/NewsRoom/AttachmentNg/8591dd69-a2ef-4475-92d4-e5392323a2f1
(Figure 2, section at Parnell showing 21NU0196 results in relation to the main shear zone)

Importantly a series of significant drill intersections are located approximately 550 m along strike to the north-west including 13 m at 2.51 g/t gold from 21 m in 21NU0156, and 8 m at 3.14 g/t gold from 4 m in 21NU0156 (figure 3). This shows the complexity of the system at Parnell and the scale potential of the system along strike.

In addition, the 6 m at 5.28 g/t gold from 29 m in 21NU0204 is located to the north of Parnell in one of the mapped vein swarms. The vein swarm was identified from rock sampling and anomalous results in historical drilling and was tested with a single line of drilling.

Assays received to date also included the first batch from Vulture, including 8 m at 10.02 g/t gold from 11 m in 21NU0216 drilled adjacent to a historical working and in an area of complex quartz veining. Historical results in this area are sparse, and include a best result of 12 m at 2.76 g/t. These results are not necessarily representative of mineralization throughout Vulture. All other results from Vulture are pending and are anticipated within the next three to four weeks.

https://www.globenewswire.com/NewsRoom/AttachmentNg/5cb1a965-7325-4702-9ce8-07ae79484a40
(Figure 3: Map of historical and Novo significant intercepts at Parnell and Vulture prospect to date.)

https://www.globenewswire.com/NewsRoom/AttachmentNg/4f132c15-5952-41b9-ab6f-b17d1983ad48
(Figure 4: RC drilling status at Parnell and Vulture.)

Analytic Methodology

Drilling was based on detailed mapping and targeted to be perpendicular to mineralization as much as practical. In some areas, the geology is complex and due to the explorative nature of the work, the true width of mineralization cannot yet be precisely determined.

RC samples from Parnell and Vulture were submitted to Intertek in Perth, Australia. Samples are crushed to -2 mm and RSD split into a single 500-gram jar for PhotonAssay. To test for gold variability and potential coarse gold effect, field duplicates and crushed duplicates were analysed. Standards and blanks are inserted in the sample sequence to test for lab performance.

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 by reviewing analytical procedures undertaken by the various laboratories. Dr. Quinton Hennigh (P. Geo.) is the qualified person 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

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 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, that forward programs are currently being generated at several priority basement targets at the NGP, that further infill and extensional drilling will be designed to test the Parnell area, and that all other results from Vulture are anticipated within the next two weeks. 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, the actual time required by Intertek Laboratory to process samples, 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.

Table 1, collar table of all holes drilled to date

HOLE IDCOORDSYSEASTINGNORTHINGHEIGHTAZI GRIDDIPTYPEDEPTHLEASE
21NU0153MGA94_51241102.6577584163.415388.29220-55RC54M46/527
21NU0154MGA94_51241089.8177584125.188385.50820-55RC72M46/527
21NU0155MGA94_51241132.7087584153.606389.50320-55RC54M46/527
21NU0156MGA94_51241126.527584135.836387.20320-55RC54M46/527
21NU0157MGA94_51241119.5857584113.086386.17920-55RC78M46/527
21NU0158MGA94_51241171.2687584139.014390.09920-55RC54M46/527
21NU0159MGA94_51241164.7277584122.37387.81620-55RC54M46/527
21NU0160MGA94_51241155.9897584099.711386.63920-55RC72M46/527
21NU0161MGA94_51241150.2657584082.431388.57720-55RC84M46/426
21NU0162MGA94_51241095.947584144.7339020-55RC54M46/527
21NU0163MGA94_51241207.6437584126.922390.42320-55RC54M46/527
21NU0164MGA94_51241201.6477584108.868387.98520-55RC60M46/527
21NU0165MGA94_51241192.5227584082.147387.82720-55RC72M46/527
21NU0166MGA94_51241296.6847584132.045391.87120-55RC54M46/527
21NU0167MGA94_51241287.5617584113.379389.67720-55RC54M46/527
21NU0168MGA94_51241281.1517584095.568387.69620-55RC54M46/527
21NU0169MGA94_51241274.3337584077388.05920-55RC54M46/527
21NU0170MGA94_51241267.6867584058.403388.54220-55RC72M46/426
21NU0171MGA94_51241260.8937584039.838389.80820-55RC84M46/426
21NU0178MGA94_51241371.8217584109.808389.86820-55RC54M46/527
21NU0179MGA94_51241364.3787584089.821388.73320-55RC54M46/527
21NU0180MGA94_51241355.9527584067.665388.41320-55RC54M46/527
21NU0181MGA94_51241349.5717584051.224388.97820-55RC54M46/527
21NU0182MGA94_51241342.9817584033.664390.30920-55RC72M46/426
21NU0183MGA94_51241442.2827584074.733390.39320-55RC54M46/527
21NU0184MGA94_51241435.6497584056.883390.9220-55RC54M46/527
21NU0185MGA94_51241428.5467584037.402390.71920-55RC54M46/527
21NU0186MGA94_51241422.1457584018.315390.18520-55RC54M46/527
21NU0187MGA94_51241415.8567584001.066391.41320-55RC72M46/426
21NU0188MGA94_51241409.8727583981.141392.92820-55RC90M46/426
21NU0189MGA94_51241518.3917584050.74392.65720-55RC54M46/527
21NU0190MGA94_51241512.4017584032.65393.15120-55RC54M46/527
21NU0191MGA94_51241505.4427584013.681393.37720-55RC78M46/527
21NU0192MGA94_51241498.6617583994.874393.70720-55RC60M46/527
21NU0193MGA94_51241492.0617583975.735393.50920-55RC72M46/426
21NU0194MGA94_51241487.6227583962.907392.93420-55RC84M46/426
21NU0195MGA94_51241573.2987583960.428398.34120-55RC72M46/527
21NU0196MGA94_51241566.9567583943.681396.22920-55RC84M46/426
21NU0197MGA94_51241590.7477583950.441398.51420-55RC72M46/527
21NU0198MGA94_51241587.367583938.799397.0120-55RC90M46/426
21NU0199MGA94_51241609.5717583947.275397.88220-55RC72M46/527
21NU0200MGA94_51241603.4687583931.345396.5920-55RC84M46/426
21NU0201MGA94_51241624.4817583937.163397.16920-55RC72M46/426
21NU0202MGA94_51241639.8047583974.596397.69720-55RC54M46/527
21NU0203MGA94_51241689.2847584055.528394.64320-55RC54M46/527
21NU0204MGA94_51241682.2257584034.409395.12620-55RC72M46/527
21NU0205MGA94_51241677.2027584017.522394.8820-55RC84M46/527
21NU0206MGA94_51241797.6437583972.516402.05920-55RC54M46/527
21NU0207MGA94_51241790.6827583955.216400.92820-55RC72M46/527
21NU0208MGA94_51241782.9447583934.55401.59520-55RC54M46/527
21NU0209MGA94_51241776.0617583914.106401.15720-55RC54M46/527
21NU0210MGA94_51241826.6797583961.085402.98220-55RC54M46/527
21NU0211MGA94_51241816.0737583948.444402.52220-55RC72M46/527
21NU0212MGA94_51241810.5857583920.195403.25520-55RC54M46/527
21NU0213MGA94_51241805.4177583906.187402.4420-55RC54M46/527
21NU0214MGA94_51241799.2887583886.997403.56220-55RC72M46/527
21NU0215MGA94_51240690.0467584259.466385.551210-50RC54M46/426
21NU0216MGA94_51240699.8587584275.457386.273210-50RC54M46/426
21NU0217MGA94_51240710.9797584293.934387.288210-50RC54M46/426
21NU0218MGA94_51240721.0387584311.98386.623210-50RC54M46/426
21NU0219MGA94_51240731.3667584329.776387.062210-50RC84M46/426
21NU0220MGA94_51240740.6617584346.642387.108210-50RC54M46/426
21NU0221MGA94_51240665.8997584296.424385.045210-50RC54M46/426
21NU0222MGA94_51240675.8097584313.227386.039210-50RC54M46/426
21NU0223MGA94_51240685.5467584329.684385.822210-50RC54M46/426
21NU0224MGA94_51240696.6557584349.284385.907210-50RC54M46/426
21NU0225MGA94_51240706.3317584365.897386.074210-50RC54M46/426
21NU0226MGA94_51240716.1247584382.575386.974210-50RC84M46/426
21NU0227MGA94_51240724.9837584398.074387.66210-50RC54M46/426
21NU0228MGA94_51240673.3217584390.563386.935210-50RC54M46/426
21NU0229MGA94_51240681.2477584404.148387.378210-50RC54M46/426
21NU0230MGA94_51240690.3237584420.965388.316210-50RC54M46/426
21NU0231MGA94_51240701.867584440.337389.138210-50RC84M46/426
21NU0232MGA94_51240646.87584424.125387.49210-50RC54M46/426
21NU0233MGA94_51240656.9297584440.846391.511210-50RC54M46/426
21NU0234MGA94_51240668.3787584458.307390.53210-50RC54M46/426
21NU0235MGA94_51240678.1867584475.581390.304210-50RC84M46/426
21NU0236MGA94_51240602.9037584426.905387.291210-50RC54M46/426
21NU0237MGA94_51240612.7297584444.263387.578210-50RC54M46/426
21NU0238MGA94_51240623.1457584461.986387.704210-50RC54M46/426
21NU0239MGA94_51240633.7317584480.114387.677210-50RC54M46/426
21NU0240MGA94_51240641.9217584494.857387.603210-50RC54M46/426

Table 2, Significant intercept table for all results from this phase of drilling with a gram * metre intersection greater than 1. The table is generated using a 0.5 g/t gold cut off and no more than two metre internal waste.

HOLE IDFROMTOAu ppmWIDTHGRAM*METRES
21NU0216111910.02880.16
21NU019831387.75754.25
21NU0196313510.19440.76
21NU015621342.51332.5
21NU020429355.28631.68
21NU01564123.14825.12
21NU016171739.93219.86
21NU0207072.67718.69
21NU016927298.59217.18
21NU0165292.38716.66
21NU015449518.1216.2
21NU020828323.94415.76
21NU016214174.24312.72
21NU019918310.941312.22
21NU017030361.81610.86
21NU019521291.2289.76
21NU020034364.8629.72
21NU019725380.67138.71
21NU015768704.1328.26
21NU019640500.72107.2
21NU021626283.4326.86
21NU018759613.3126.62
21NU020534372.1636.48
21NU015928360.7385.84
21NU015324300.9565.7
21NU015643461.6334.89
21NU015459650.6764.02
21NU0205241.8823.76
21NU019233361.2233.66
21NU016018201.7723.54
21NU01809140.6753.35
21NU019010121.6223.24
21NU020717191.5323.06
21NU0153131.4222.84
21NU01663537122
21NU016912150.6631.98
21NU0202680.9321.86
21NU016451530.9221.84
21NU019848500.8221.64
21NU020310120.8221.64
21NU018858600.7721.54
21NU0184130.7621.52
21NU016027290.7521.5
21NU020124260.7521.5
21NU017180820.7321.46
21NU019882840.721.4
21NU019681830.621.2
21NU015750520.5521.1
21NU0169130.5321.06
21NU020738400.521

________________________
1 Refer to the Company’s news release dated November 19, 2021.
2 Refer to the Company’s news release dated May 18, 2021.


Primary Logo

Figure 1

Location map for NGP showing Novo tenure and priority prospects.
Figure 2

Section at Parnell showing 21NU0196 results in relation to the main shear zone
Figure 3

Map of historical and Novo significant intercepts at Parnell and Vulture prospect to date.
Figure 4

RC drilling status at Parnell and Vulture.