Significant Lithium-Tantalum Mineralization Identified in the "Kurrana Pegmatite Swarm" Nullagine, Western Australia

HIGHLIGHTS

• A sixteen (16) kilometre long swarm of lithium-cesium-tantalum (“LCT”) pegmatites (the “Kurrana Pegmatite Swarm”) has been confirmed some 2 km to 5 km north of the Kurrana Granitic Complex along the contact with the Mosquito Creek Basin.
• Recent reconnaissance exploration programs defined over 200 pegmatites with numerous geometries and various sizes, some with up to 40% lepidolite.
• Peak results from Novo rock chip sampling are 1.54% Li2O and 1992 ppm Ta2O5.
• Historical rock chip sampling by the Creasy Group returned peak high-grade results of 3.36% Li2O, 22 ppm Ta2O5 and 1.14% Li2O, 916.8 ppm Ta2O5.
• Kurrana Pegmatite Trend is open to the southwest and to the east of the currently defined 16 km prospective zone, potentially covering over 25 km of strike length.
• Novo’s lithium holdings across its Pilbara tenure are considered non-core and a strategic review process is underway.

VANCOUVER, British Columbia, May 24, 2022 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to report significant lithium assay results from reconnaissance mapping and sampling of the Kurrana Pegmatite Swarm in the Nullagine District of Western Australia. Results are not necessarily representative of mineralization across the district.

https://www.globenewswire.com/NewsRoom/AttachmentNg/bf9cfa0e-8101-4e66-8735-6f80efeba7eb
(Figure 1: Location Map showing mapped pegmatite bodies (red polygons), contact of the Kurrana Granitic Complex (pink polygon) and granted Novo tenements in the western sector of the Kurrana Pegmatite Trend, over regional topography image.)

The Kurrana Pegmatite Swarm is a 16 kilometre trend hosting LCT pegmatites some 2 km to 5 km north of the Kurrana Granitic Complex (comprising 3.38 - 3.18 Ga Golden Eagle Orthogneiss and a monzogranite of the 2.89 – 2.83 Ga Bonney Downs Granite) along the contact with the Mosquito Creek Basin. Significant Li-Ta potential has been identified along this trend within the Kurrana Pegmatite Swarm, with recently completed reconnaissance exploration programs defining over 200 pegmatites with numerous geometries and various sizes, some with up to 40% lepidolite.

https://www.globenewswire.com/NewsRoom/AttachmentNg/510eadff-898b-41cf-8069-cfe5b2b31de2
(Figure 2: Field photos of lepidolite rich pegmatite sampled during mapping and rock chip reconnaissance.)

Historical Exploration

The Quartz Hill project was acquired from the Creasy Group in 20201 and is located south of Novo’s Nullagine gold project. Early exploration programs completed by the Creasy Group on Li-Ta prospectivity identified two zones of anomalism in soil sampling and stream sediment sampling across an approx. 16 km trend. Peak rock chip results returned high grades in lepidolite rich samples including 3.36% Li2O, 22 ppm Ta2O5 and 1.14% Li2O, 916.8 ppm Ta2O5.

The western sector of the coincident Li - Ta trend was tested by the Creasy Group with RC drilling in 2019. However, the program of 25 holes scattered over 11km of strike returned disappointing results, in 4 m composite sampling, with the best assay results of 4m @ 0.4 % Li2O from 72-76 m.

The Creasy Group’s results and technical information referred to in this news release (the “CG Data”) are not necessarily representative of mineralization throughout the district. The CG Data was acquired by Novo1 as part of its acquisition of the Quartz Hill project from the Creasy Group in 2020.

A qualified person (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”)) has not verified the technical information contained in the CG Data, and Novo is unaware of the existence of any technical report prepared in accordance with NI 43-101 or the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves in connection with the technical information contained in the CG Data. Novo is unable to comment on the reliability of the technical information contained in the CG Data and therefore, reliance should not be placed on such technical information.

__________________________________
1 Refer to the Company’s news releases dated June 15, 2020 and September 15, 2020.

https://www.globenewswire.com/NewsRoom/AttachmentNg/9e1b79fb-3700-4bda-9bae-3cf727b446fa
(Figure 3: Creasy Group regional soil sampling results gridded for Li; magenta box delineates ‘western sector’ area presented in Figures 1 and 4.)

Novo Exploration

In Q4 2021, Novo completed a 10-day mapping and surface sampling program (both heli-support and ground access) across the Quartz Hill project area, focussing on Li-Ta prospectivity of the LCT pegmatite trend, defining over 200 pegmatites in numerous geometries and various sizes, some with up to 40% lepidolite.

https://www.globenewswire.com/NewsRoom/AttachmentNg/7bf0b4a3-79ad-4b92-b19a-27b7264977e7
(Figure 4: Creasy Group soil sampling results and Novo mapped pegmatites across the western sector of the Kurrana Pegmatite Trend; black polygons are mapped pegmatites, pink polygon delineates the Kurrana Granitoid Complex.)

Stream sediment samples taken by Novo highlight an extension of the lepidolite-rich pegmatite trend by 700 m further east and importantly, this trend also remains open to the east. The LCT pegmatite trend appears to change orientation from NE-SW to E-W and has not been previously tested by geochemical sampling in this region. Newly returned results from exploration programs completed by Novo in December 2021 include peak stream sediment results of 148 ppm Li and 64 ppm Ta.

https://www.globenewswire.com/NewsRoom/AttachmentNg/4339ac28-e04f-4eef-b82c-512ebebfdb80
(Figure 5:Rock Chip and stream sediment surface sampling results from Novo 2021 reconnaissance mapping program.)

Forward Work Program 2022
Exploration throughout the Kurrana Pegmatite Trend is at an early stage and programs of additional mapping and sampling are in plan to further test the Li-Ta prospectivity to the east, utilising known trends and methodologies developed during recent programs.

Novo’s lithium holdings across its Pilbara tenure are considered non-core and a strategic review process is underway.

Sampling & Analytic Methodology

Rock chip samples collected by Novo were approximately 3kg and were crushed and pulverized (lab code SP64) and assayed by sodium peroxide fusion (lab code FP1/OM) for Be, Cs, Fe, K, Li, Nb, Rb, Ta. From 149 rock samples, 5 QAQC samples were taken.

Stream sediment samples collected by Novo were approximately 1.5kg sieved to -0.9mm and +0.9mm to -4.7mm. Samples were pulverized (lab code SP64) and assayed by four acid digest MS (lab code 4A/MS48) for 48 multielements. 83 samples included 10 QAQC samples.

All Novo assays were dispatched to Intertek Laboratories in Maddington, Western Australia for processing.

All Novo data was verified without limitation by a qualified person by reviewing analytical procedures undertaken.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under NI 43-101, responsible for, and having reviewed and approved, the technical information contained in this news release other than the technical information extracted from the CG Data. 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 12,000 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 Mike Spreadborough at (61) 419 329 697 or e-mail mike.spreadborough@novoresources.com or 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 and Acting CEO

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that mapping and sampling programs described in the news release will be undertaken at the Kurrana Pegmatite Trend this year. 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 Novo’s management’s discussion and analysis for the three-month period ended March 31, 2022, 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.

Appendix

Table 1: rock chip sample results >0.5 g/t Au

Table 2: full rock chip sample results.

Table 3: stream sediment results