GlobeNewswire Inc | Dec 16, 2020 08:39AM EST

December 16, 2020

VANCOUVER, British Columbia, Dec. 16, 2020 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce that it has, in conjunction with Sumitomo Corporation of Tokyo, Japan, completed its earn-in obligations and earned a 70% interest in precious metals rights on Essential Metals Limiteds (formerly Pioneer Resources Limited) (Essential) (ASX: ESS) Kangan project. The Kangan project comprises a portion of the Companys Egina project (see figure 1 below). Please see the Companys news releases dated September 17, 2018, and June 7, 2019 for further details.

We are excited to continue progressing exploration efforts and align the parties strategic objectives to maximize the potential of the prospective Egina project, commented Quinton Hennigh, Chairman and President of Novo. We look forward to partnering with Sumitomo and our new joint venture partner, Essential, in order to advance the Kangan project and the broader Egina project.

About Novo Resources Corp.

Novo is advancing its flagship Beatons Creek gold project to production while exploring and developing its highly prospective land package covering approximately 14,000 square kilometres in the Pilbara region of Western Australia. In addition to the Companys 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-mailleo@novoresources.com

On Behalf of the Board of Directors,

Novo Resources Corp.

Quinton Hennigh

Quinton Hennigh

Chairman and President

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

PDFs accompanying this announcement are available at: http://ml.globenewswire.com/Resource/Download/eba1b984-08d8-4c79-af19-5e9beb9d0ab5