GlobeNewswire Inc | Jan 21, 2022 09:26AM EST

January 21, 2022

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, and8 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, 2022The 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.

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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 Companys 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 Companys 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/tgold 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 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, 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 Novos managements discussion and analysis for the nine-month period ended September 30, 2021, 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, collar table of all holes drilled to date

HOLE ID COORDSYS EASTING NORTHING HEIGHT AZI DIP TYPE DEPTH LEASE GRID21NU0153 MGA94_51 241102.657 7584163.415 388.292 20 -55 RC 54 M46/52721NU0154 MGA94_51 241089.817 7584125.188 385.508 20 -55 RC 72 M46/52721NU0155 MGA94_51 241132.708 7584153.606 389.503 20 -55 RC 54 M46/52721NU0156 MGA94_51 241126.52 7584135.836 387.203 20 -55 RC 54 M46/52721NU0157 MGA94_51 241119.585 7584113.086 386.179 20 -55 RC 78 M46/52721NU0158 MGA94_51 241171.268 7584139.014 390.099 20 -55 RC 54 M46/52721NU0159 MGA94_51 241164.727 7584122.37 387.816 20 -55 RC 54 M46/52721NU0160 MGA94_51 241155.989 7584099.711 386.639 20 -55 RC 72 M46/52721NU0161 MGA94_51 241150.265 7584082.431 388.577 20 -55 RC 84 M46/42621NU0162 MGA94_51 241095.94 7584144.73 390 20 -55 RC 54 M46/52721NU0163 MGA94_51 241207.643 7584126.922 390.423 20 -55 RC 54 M46/52721NU0164 MGA94_51 241201.647 7584108.868 387.985 20 -55 RC 60 M46/52721NU0165 MGA94_51 241192.522 7584082.147 387.827 20 -55 RC 72 M46/52721NU0166 MGA94_51 241296.684 7584132.045 391.871 20 -55 RC 54 M46/52721NU0167 MGA94_51 241287.561 7584113.379 389.677 20 -55 RC 54 M46/52721NU0168 MGA94_51 241281.151 7584095.568 387.696 20 -55 RC 54 M46/52721NU0169 MGA94_51 241274.333 7584077 388.059 20 -55 RC 54 M46/52721NU0170 MGA94_51 241267.686 7584058.403 388.542 20 -55 RC 72 M46/42621NU0171 MGA94_51 241260.893 7584039.838 389.808 20 -55 RC 84 M46/42621NU0178 MGA94_51 241371.821 7584109.808 389.868 20 -55 RC 54 M46/52721NU0179 MGA94_51 241364.378 7584089.821 388.733 20 -55 RC 54 M46/52721NU0180 MGA94_51 241355.952 7584067.665 388.413 20 -55 RC 54 M46/52721NU0181 MGA94_51 241349.571 7584051.224 388.978 20 -55 RC 54 M46/52721NU0182 MGA94_51 241342.981 7584033.664 390.309 20 -55 RC 72 M46/42621NU0183 MGA94_51 241442.282 7584074.733 390.393 20 -55 RC 54 M46/52721NU0184 MGA94_51 241435.649 7584056.883 390.92 20 -55 RC 54 M46/52721NU0185 MGA94_51 241428.546 7584037.402 390.719 20 -55 RC 54 M46/52721NU0186 MGA94_51 241422.145 7584018.315 390.185 20 -55 RC 54 M46/52721NU0187 MGA94_51 241415.856 7584001.066 391.413 20 -55 RC 72 M46/42621NU0188 MGA94_51 241409.872 7583981.141 392.928 20 -55 RC 90 M46/42621NU0189 MGA94_51 241518.391 7584050.74 392.657 20 -55 RC 54 M46/52721NU0190 MGA94_51 241512.401 7584032.65 393.151 20 -55 RC 54 M46/52721NU0191 MGA94_51 241505.442 7584013.681 393.377 20 -55 RC 78 M46/52721NU0192 MGA94_51 241498.661 7583994.874 393.707 20 -55 RC 60 M46/52721NU0193 MGA94_51 241492.061 7583975.735 393.509 20 -55 RC 72 M46/42621NU0194 MGA94_51 241487.622 7583962.907 392.934 20 -55 RC 84 M46/42621NU0195 MGA94_51 241573.298 7583960.428 398.341 20 -55 RC 72 M46/52721NU0196 MGA94_51 241566.956 7583943.681 396.229 20 -55 RC 84 M46/42621NU0197 MGA94_51 241590.747 7583950.441 398.514 20 -55 RC 72 M46/52721NU0198 MGA94_51 241587.36 7583938.799 397.01 20 -55 RC 90 M46/42621NU0199 MGA94_51 241609.571 7583947.275 397.882 20 -55 RC 72 M46/52721NU0200 MGA94_51 241603.468 7583931.345 396.59 20 -55 RC 84 M46/42621NU0201 MGA94_51 241624.481 7583937.163 397.169 20 -55 RC 72 M46/42621NU0202 MGA94_51 241639.804 7583974.596 397.697 20 -55 RC 54 M46/52721NU0203 MGA94_51 241689.284 7584055.528 394.643 20 -55 RC 54 M46/52721NU0204 MGA94_51 241682.225 7584034.409 395.126 20 -55 RC 72 M46/52721NU0205 MGA94_51 241677.202 7584017.522 394.88 20 -55 RC 84 M46/52721NU0206 MGA94_51 241797.643 7583972.516 402.059 20 -55 RC 54 M46/52721NU0207 MGA94_51 241790.682 7583955.216 400.928 20 -55 RC 72 M46/52721NU0208 MGA94_51 241782.944 7583934.55 401.595 20 -55 RC 54 M46/52721NU0209 MGA94_51 241776.061 7583914.106 401.157 20 -55 RC 54 M46/52721NU0210 MGA94_51 241826.679 7583961.085 402.982 20 -55 RC 54 M46/52721NU0211 MGA94_51 241816.073 7583948.444 402.522 20 -55 RC 72 M46/52721NU0212 MGA94_51 241810.585 7583920.195 403.255 20 -55 RC 54 M46/52721NU0213 MGA94_51 241805.417 7583906.187 402.44 20 -55 RC 54 M46/52721NU0214 MGA94_51 241799.288 7583886.997 403.562 20 -55 RC 72 M46/52721NU0215 MGA94_51 240690.046 7584259.466 385.551 210 -50 RC 54 M46/42621NU0216 MGA94_51 240699.858 7584275.457 386.273 210 -50 RC 54 M46/42621NU0217 MGA94_51 240710.979 7584293.934 387.288 210 -50 RC 54 M46/42621NU0218 MGA94_51 240721.038 7584311.98 386.623 210 -50 RC 54 M46/42621NU0219 MGA94_51 240731.366 7584329.776 387.062 210 -50 RC 84 M46/42621NU0220 MGA94_51 240740.661 7584346.642 387.108 210 -50 RC 54 M46/42621NU0221 MGA94_51 240665.899 7584296.424 385.045 210 -50 RC 54 M46/42621NU0222 MGA94_51 240675.809 7584313.227 386.039 210 -50 RC 54 M46/42621NU0223 MGA94_51 240685.546 7584329.684 385.822 210 -50 RC 54 M46/42621NU0224 MGA94_51 240696.655 7584349.284 385.907 210 -50 RC 54 M46/42621NU0225 MGA94_51 240706.331 7584365.897 386.074 210 -50 RC 54 M46/42621NU0226 MGA94_51 240716.124 7584382.575 386.974 210 -50 RC 84 M46/42621NU0227 MGA94_51 240724.983 7584398.074 387.66 210 -50 RC 54 M46/42621NU0228 MGA94_51 240673.321 7584390.563 386.935 210 -50 RC 54 M46/42621NU0229 MGA94_51 240681.247 7584404.148 387.378 210 -50 RC 54 M46/42621NU0230 MGA94_51 240690.323 7584420.965 388.316 210 -50 RC 54 M46/42621NU0231 MGA94_51 240701.86 7584440.337 389.138 210 -50 RC 84 M46/42621NU0232 MGA94_51 240646.8 7584424.125 387.49 210 -50 RC 54 M46/42621NU0233 MGA94_51 240656.929 7584440.846 391.511 210 -50 RC 54 M46/42621NU0234 MGA94_51 240668.378 7584458.307 390.53 210 -50 RC 54 M46/42621NU0235 MGA94_51 240678.186 7584475.581 390.304 210 -50 RC 84 M46/42621NU0236 MGA94_51 240602.903 7584426.905 387.291 210 -50 RC 54 M46/42621NU0237 MGA94_51 240612.729 7584444.263 387.578 210 -50 RC 54 M46/42621NU0238 MGA94_51 240623.145 7584461.986 387.704 210 -50 RC 54 M46/42621NU0239 MGA94_51 240633.731 7584480.114 387.677 210 -50 RC 54 M46/42621NU0240 MGA94_51 240641.921 7584494.857 387.603 210 -50 RC 54 M46/426

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 ID FROM TO Au ppm WIDTH GRAM*METRES21NU0216 11 19 10.02 8 80.1621NU0198 31 38 7.75 7 54.2521NU0196 31 35 10.19 4 40.7621NU0156 21 34 2.5 13 32.521NU0204 29 35 5.28 6 31.6821NU0156 4 12 3.14 8 25.1221NU0161 71 73 9.93 2 19.8621NU0207 0 7 2.67 7 18.6921NU0169 27 29 8.59 2 17.1821NU0165 2 9 2.38 7 16.6621NU0154 49 51 8.1 2 16.221NU0208 28 32 3.94 4 15.7621NU0162 14 17 4.24 3 12.7221NU0199 18 31 0.94 13 12.2221NU0170 30 36 1.81 6 10.8621NU0195 21 29 1.22 8 9.7621NU0200 34 36 4.86 2 9.7221NU0197 25 38 0.67 13 8.7121NU0157 68 70 4.13 2 8.2621NU0196 40 50 0.72 10 7.221NU0216 26 28 3.43 2 6.8621NU0187 59 61 3.31 2 6.6221NU0205 34 37 2.16 3 6.4821NU0159 28 36 0.73 8 5.8421NU0153 24 30 0.95 6 5.721NU0156 43 46 1.63 3 4.8921NU0154 59 65 0.67 6 4.0221NU0205 2 4 1.88 2 3.7621NU0192 33 36 1.22 3 3.6621NU0160 18 20 1.77 2 3.5421NU0180 9 14 0.67 5 3.3521NU0190 10 12 1.62 2 3.2421NU0207 17 19 1.53 2 3.0621NU0153 1 3 1.42 2 2.8421NU0166 35 37 1 2 221NU0169 12 15 0.66 3 1.9821NU0202 6 8 0.93 2 1.8621NU0164 51 53 0.92 2 1.8421NU0198 48 50 0.82 2 1.6421NU0203 10 12 0.82 2 1.6421NU0188 58 60 0.77 2 1.5421NU0184 1 3 0.76 2 1.5221NU0160 27 29 0.75 2 1.521NU0201 24 26 0.75 2 1.521NU0171 80 82 0.73 2 1.4621NU0198 82 84 0.7 2 1.421NU0196 81 83 0.6 2 1.221NU0157 50 52 0.55 2 1.121NU0169 1 3 0.53 2 1.0621NU0207 38 40 0.5 2 1

________________________1 Refer to the Companys news release dated November 19, 2021.2 Refer to the Companys news release dated May 18, 2021.