GlobeNewswire Inc | Sep 27, 2021 08:02AM EDT

September 27, 2021

HIGHLIGHTS

-- Reverse Circulation (RC) drilling program intersects high-grade mineralization at Novos Talga Talga Gold Project (Talga Gold Project) in the Pilbara region of Western Australia -- Results include 3 m at 25.5 g/t Au from 28 m, and 3 m at 23.3 g/t Au from 11 m at the NW Australian prospect -- These are significant drilling results from Novos expanded orogenic and brownfields exploration program -- A corridor of mineralized structures approximately three kilometres long has been defined, with the majority of the trend ready to be tested by drilling -- Follow up drilling program planned for early 2022

VANCOUVER, British Columbia, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on recent exploration work conducted at its 100% controlled Talga Gold Project.

Summary

The Talga Gold Project is located approximately 110 km north of the Companys flagship Beatons Creek conglomerate gold project (the Nullagine Gold Project).

During July and August 2021, sixty-five shallow RC holes were drilled for a total of 3,240 m, testing three targets along the mineralized corridor. This program constitutes the first phase of drilling, with holes spaced 80 m x 20 m on sections along the mineralized corridor, and with most holes only targeting the first (shallowest) shear.

Drilling at the NW Australian prospect, within the Talga Gold Project, intersected 3 m at 25.5 g/t Au from 28 m and 3 m at 23.3 g/t Au from 11 m in the upper shear horizon in two adjacent sections. The high-grade gold results are supported up and down dip with intersections showing the same target position.

Elevated intersections at McPhees NE and McPhees Reward, both prospects within the Talga Gold Project, confirm and extend historical intersections. Of note is the intersection of 2 m at 7.4 g/t Au in 21TT0053 from 38 m.

These results are not necessarily representative of all of the mineralization at Talga Gold Project.

Follow up drilling, planned for early 2022, will now directly target these high-grade gold plunging shoots to better determine strike extent and depth potential.

Samples were submitted to the Intertek Testing Services (Australia) Pty Ltds (Intertek) lab for PhotonAssay providing rapid turnaround time for exploration assay results, with all assays received within two weeks of sample submission. Novos use of this technology is a powerful tool to expedite exploration and discovery.

We are excited by these promising results from the Talga Gold Project, commented Dr. Quinton Hennigh, the Companys Non-Executive Co-Chairman and a director. Since committing to an A$14.5 million exploration budget through the end of 2021 and accelerating exploration efforts, Novo has been able to target near-mine and regional prospects in an effort to develop its exploration and production pipeline, including additional work anticipated to commence at the Genie and Parnell-Vulture prospects in the coming weeks.

Detail

The Talga Gold Project is one of Novos East Pilbara assets and is located approximately 110 km north of the Nullagine Gold Project (Figure 1). Gold occurs in lode quartz veins hosted by metamorphosed volcanic and sedimentary rocks of the Warrawoona Supergroup, the same Formation that hosts Calidus Resources Limiteds (ASX: CAI) Warrawoona gold project approximately 35 km south of the Talga Gold Project which is currently being developed and is expected to go into production during H1 20221.

Figure 1is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/21c3b3be-004f-4d8b-ab49-1f77d15acf14

High grade rock samples collected by previous operators and by Novo (refer to the Companys news release dated December 13, 2018), combined with detailed mapping, define a corridor of mineralized structures approximately three kilometres long, with the majority of the trend untested by drilling.

During July and August 2021, sixty-five shallow RC holes were drilled for a total of 3,240 m, testing three targets along the mineralized corridor (Figure 2). Holes were drilled using a track mounted L8 rig that is particularly suited for small footprint drilling in difficult terrain, with the only limitation being the depth penetration. This program constitutes the first phase of drilling, with holes nominally 80 m x 20 m spaced on sections along the mineralized corridor, and with most holes only targeting the first (shallowest) shear.

Drilling at the NW Australian prospect, within the Talga Gold Project, intersected 3 m at 25.5 g/t Au from 28 m and 3 m at 23.3 g/t Au from 11 m in the upper shear horizon in two adjacent sections (Figure 3). The high-grade gold results are supported up and down dip with intersections showing the same target position. The position of the high-grade gold results appears to be related to the cross-cutting fault (Figure 4) with the western intersection lining up with high-grade gold rock samples at surface providing a plunge direction to mineralization. Furthermore, historical workings are located in a similar plunge direction in relation to the eastern intersection. For additional results, refer to Table 1. These results are not necessarily representative of all of the mineralization at Talga Gold Project.

Figure 2is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1d5321b4-6965-4741-916b-82698aa58d66

Mapping and drilling data interpreted to date suggests that the cross-cutting structures are critical in forming the high-grade gold components to mineralization at the Talga Gold Project, with all historical workings and elevated rock sample results related to thicker quartz near cross cutting structures.

Follow up drilling can now directly target these high-grade gold plunging shoots to better determine strike extent and depth potential and is planned for early 2022.

Elevated intersections at McPhees NE and McPhees Reward, both prospects with the Talga Gold Project, confirm and extend historical intersections. Of note, is the intersection of 2 m at 7.4 g/t Au from 38 m in hole 21TT0053. This hole was extended as a test of the second shear, which has never been drilled and is only recently recognized from mapping and rock sampling (Figure 5).

Samples were submitted to the Intertek lab for PhotonAssay (refer to the Companys news release dated May 18, 2021), providing rapid turnaround time for exploration assay results, with all assays received within two weeks of sample submission. Novos use of this technology is a powerful tool to expedite exploration.

Figure 3is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/859f25f2-7de8-43b8-b15b-6eee8cc89828

Figure 4is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/451a05bc-2ab9-4265-ad14-d23bb27d0ec0

Figure 5is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/be3bde29-2992-45e8-b85e-3b3767ff17a9

Sample Collection and Analytic Methodology

Drill hole location details are listed in Table 2. All holes were angled to be perpendicular to the intersected mineralization, with the intersected widths representative of the true width of the mineralised zone. Samples were taken as one metre intervals from RC chips using a cone splitter. This generates an approximately 3 5 kg sample. All samples were dry with a sample recovery of 100%. When significant water was intersected, the hole was abandoned.

RC samples from the Talga Gold Project were submitted to Intertek Laboratory in Perth, Australia. Intertek is an independent and accredited lab. 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 the laboratory. 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 is commissioning 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 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-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, planned exploration activities, determination of Talga strike extent and depth potential via additional drilling, and the expected timing of receipt of assay results. 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 Novos annual information form for the 11-month fiscal year ended December 31, 2020, which is available under Novos 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: Significant intercept table for all results from this phase of drilling at the Talga Gold Project. The table is generated using a 1 g/t cut-off grade and allowing 2 m of internal dilution.

Prospect Hole ID From To Interval Grade Gram*metresNW Australian 21TT0012 28 31 3 25.5 76.5NW Australian 21TT0015 11 14 3 23.3 69.9McPhees NE 21TT0040 65 68 3 5.93 17.8McPhees Reward 21TT0053 38 40 2 7.36 14.7NW Australian 21TT0011 16 18 2 5 10NW Australian 21TT0010 14 16 2 3.92 7.84McPhees Reward 21TT0052 17 19 2 3.53 7.06NW Australian 21TT0016 17 18 1 6.09 6.09NW Australian 21TT0019 16 17 1 4.52 4.52NW Australian 21TT0013 38 39 1 4.12 4.12McPhees Reward 21TT0057 14 15 1 4.06 4.06NW Australian 21TT0004 37 38 1 3.62 3.62NW Australian 21TT0029 10 12 2 1.77 3.53McPhees NE 21TT0047 24 25 1 3.23 3.23McPhees NE 21TT0042 44 45 1 3.22 3.22NW Australian 21TT0002 24 25 1 3.04 3.04McPhees Reward 21TT0053 8 9 1 2.73 2.73McPhees Reward 21TT0059 40 41 1 2.48 2.48McPhees NE 21TT0042 62 64 2 1.19 2.38NW Australian 21TT0017 27 28 1 2.21 2.21McPhees Reward 21TT0049 25 26 1 2.13 2.13McPhees NE 21TT0038 46 47 1 1.73 1.73NW Australian 21TT0013 24 25 1 1.49 1.49NW Australian 21TT0007 19 20 1 1.48 1.48McPhees Reward 21TT0058 41 42 1 1.16 1.16NW Australian 21TT0006 11 12 1 1.11 1.11McPhees Reward 21TT0051 51 52 1 1.11 1.11NW Australian 21TT0020 30 31 1 1.02 1.02McPhees NE 21TT0041 32 33 1 1.01 1.01Marzipan 21TT0033 43 44 1 1 1

Table 2: Collar details for all holes from this phase of drilling at the Talga Gold Project.

Hole ID Drill Prospect Total Date Tenement Easting Northing RL Azi Dip Type Depth completed21TT0001 RC NW 48 17/07/ P45/3134 795533 7676322 161 130 -55 Australian 202121TT0002 RC NW 54 17/07/ P45/3134 795523 7676339 159 130 -55 Australian 202121TT0003 RC NW 60 18/07/ P45/3134 795454 7676274 162 150 -55 Australian 202121TT0004 RC NW 48 18/07/ P45/3134 795444 7676291 161 150 -55 Australian 202121TT0005 RC NW 36 23/07/ P45/3134 795463 7676290 162 110 -60 Australian 202121TT0006 RC NW 54 23/07/ P45/3134 795410 7676203 175 150 -55 Australian 202121TT0007 RC NW 36 23/07/ P45/3134 795400 7676220 171 150 -55 Australian 202121TT0008 RC NW 36 23/07/ P45/3134 795390 7676238 166 150 -55 Australian 202121TT0009 RC NW 48 24/07/ P45/3134 795380 7676255 163 150 -55 Australian 202121TT0010 RC NW 66 24/07/ P45/3134 795340 7676163 171 150 -55 Australian 202121TT0011 RC NW 30 24/07/ P45/3134 795330 7676180 166 150 -55 Australian 202121TT0012 RC NW 42 25/07/ P45/3134 795320 7676198 166 150 -55 Australian 202121TT0013 RC NW 54 25/07/ P45/3134 795310 7676215 165 150 -55 Australian 202121TT0014 RC NW 72 25/07/ P45/3134 795271 7676123 179 160 -55 Australian 202121TT0015 RC NW 30 26/07/ P45/3134 795261 7676140 172 160 -55 Australian 202121TT0016 RC NW 36 26/07/ P45/3134 795251 7676158 167 160 -55 Australian 202121TT0017 RC NW 54 26/07/ P45/3134 795241 7676175 165 160 -55 Australian 202121TT0018 RC NW 30 28/07/ P45/3134 795202 7676083 183 150 -55 Australian 202121TT0019 RC NW 48 28/07/ P45/3134 795192 7676100 176 150 -55 Australian 202121TT0020 RC NW 42 28/07/ P45/3134 795182 7676118 171 150 -55 Australian 202121TT0021 RC NW 66 28/07/ P45/3134 795172 7676135 169 150 -55 Australian 202121TT0022 RC NW 42 29/07/ P45/3134 795112 7676078 177 150 -55 Australian 202121TT0023 RC NW 24 29/07/ P45/3134 795132 7676043 184 150 -55 Australian 202121TT0024 RC NW 30 29/07/ P45/3134 795122 7676060 181 150 -55 Australian 202121TT0025 RC NW 54 29/07/ P45/3134 795102 7676095 182 150 -55 Australian 202121TT0026 RC NW 30 30/07/ P45/3134 795068 7675994 181 150 -55 Australian 202121TT0027 RC NW 42 30/07/ P45/3134 795048 7676029 171 150 -55 Australian 202121TT0028 RC NW 72 30/07/ P45/3134 795038 7676046 169 150 -55 Australian 202121TT0029 RC NW 36 31/07/ P45/3134 794989 7675972 178 150 -55 Australian 202121TT0030 RC NW 36 31/07/ P45/3134 794979 7675989 170 150 -55 Australian 202121TT0031 RC NW 54 31/07/ P45/3134 794969 7676006 166 150 -55 Australian 202121TT0032 RC Marzipan 54 1/08/2021 P45/3134 795595 7676082 168 220 -6021TT0033 RC Marzipan 54 1/08/2021 P45/3134 795664 7676050 161 220 -6021TT0034 RC Marzipan 30 1/08/2021 P45/3134 795652 7676035 160 225 -6021TT0035 RC Marzipan 42 2/08/2021 P45/3134 795738 7676014 157 225 -6021TT0036 RC Marzipan 36 2/08/2021 P45/3134 795725 7675997 156 225 -6021TT0037 RC McPhees NE 54 3/08/2021 M45/618 794484 7675449 191 140 -5521TT0038 RC McPhees NE 84 3/08/2021 M45/618 794457 7675488 182 140 -5521TT0039 RC McPhees NE 90 4/08/2021 M45/618 794563 7675624 193 140 -9021TT0040 RC McPhees NE 84 6/08/2021 M45/618 794423 7675510 188 140 -5521TT0041 RC McPhees NE 60 6/08/2021 M45/618 794427 7675452 186 140 -5521TT0042 RC McPhees NE 72 7/08/2021 M45/618 794493 7675506 187 140 -5521TT0043 RC McPhees NE 102 7/08/2021 M45/618 794448 7675536 179 140 -5521TT0044 RC McPhees NE 54 9/08/2021 M45/618 794280 7675358 208 140 -5521TT0045 RC McPhees NE 54 9/08/2021 M45/618 794216 7675312 199 140 -5521TT0046 RC McPhees NE 30 10/08/ M45/618 794190 7675275 193 140 -60 202121TT0047 RC McPhees NE 48 11/08/ M45/618 794162 7675296 198 140 -60 202121TT0048 RC McPhees 18 11/08/ M45/618 793830 7674948 262 140 -60 Reward 202121TT0049 RC McPhees 30 11/08/ M45/618 793853 7674994 261 140 -60 Reward 202121TT0050 RC McPhees 60 11/08/ M45/618 793824 7675025 272 140 -60 Reward 202121TT0051 RC McPhees 78 12/08/ M45/618 793796 7675055 266 140 -60 Reward 202121TT0052 RC McPhees 24 13/08/ M45/618 793303 7674823 195 130 -60 Reward 202121TT0053 RC McPhees 60 13/08/ M45/618 793317 7674811 200 130 -60 Reward 202121TT0054 RC McPhees 48 20/08/ M45/618 793257 7674810 189 130 -60 Reward 202121TT0055 RC McPhees 54 20/08/ M45/618 793223 7674841 186 130 -60 Reward 202121TT0056 RC McPhees 42 20/08/ M45/618 793237 7674775 187 130 -60 Reward 202121TT0057 RC McPhees 60 20/08/ M45/618 793253 7674761 191 130 -60 Reward 202121TT0058 RC McPhees 54 21/08/ M45/618 793206 7674803 185 130 -60 Reward 202121TT0059 RC McPhees 60 21/08/ M45/618 793194 7674706 186 130 -60 Reward 202121TT0060 RC McPhees 66 22/08/ M45/618 793151 7674691 186 130 -60 Reward 202121TT0061 RC McPhees 54 22/08/ M45/618 793164 7674733 184 130 -60 Reward 202121TT0062 RC McPhees 84 23/08/ M45/618 793146 7674769 188 130 -60 Reward 202121TT0063 RC McPhees 24 23/08/ M45/618 793234 7674724 194 130 -60 Reward 202121TT0064 RC McPhees 12 24/08/ M45/618 793190 7674671 183 130 -60 Reward 202121TT0065 RC McPhees 54 24/08/ M45/618 793212 7674637 183 130 -60 Reward 2021

_______________

1 Refer to Calidus public disclosure at https://www.calidus.com.au/.