NVO Novo Resources Corp

Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to provide a further operational update, including from its Beatons Creek gold project (“Beatons Creek”) on which development activities continue, and from refurbishment works at the Nullagine processing facility and associated infrastructure which are proceeding on schedule (please see the Company’s news release dated October 15, 2020 for the Company’s previous operational update).

Development activities at Beatons Creek:

Civil works:

• Works at Beatons Creek are progressing to plan with the development of site road infrastructure, stripping of topsoil and the recent commencement of the first RC grade control drilling program (see figure 1 below). Topsoil has been removed and stockpiled appropriately and roads interlinking the various planned development areas have been substantially upgraded to suitable operations standards.

Grade control program:

• A high density (10m x 10m drillhole spacing and 0.5m sample interval) RC drilling program has been designed to test the first three months of planned operational areas. This high resolution work will provide detailed information allowing interpretation of the deposit’s lode systems thus providing an opportunity for optimization of the anticipated mining process. The drill contractor, Castle Drilling, has a history of successful resource drilling at Beatons Creek and has been retained to undertake the works, supported by the Novo geological team.
• Samples are being dispatched to MinAnalytical’s Kalgoorlie laboratory where they will be assayed using the Chrysos technology. Over the past two years, Novo has tested the Chrysos technology on material from Beatons Creek demonstrating high confidence in the analytical method.

Refurbishment works on the Nullagine Processing Facility:

Plant refurbishment:

• Works continue on the Nullagine processing plant maintenance and upgrades. Key componentry has been removed and sent to Perth for refurbishment to return the plant to a reliable, high standard (see figure 2 below). These works include the refurbishment of screens, cyclone underpan, pumps and other minor componentry.
• Work in the leach tanks continues with water blasting, sandblasting, with tank repair and baffle replacement, as required (see figure 3 below). Painting has now commenced with the application of high quality paint which is expected to significantly extend the life of the tanks (see figure 4 below).
• Electrical services and control systems are being upgraded to rectify minor defects, improve plant control and to comply with current standards.
• Water services are being brought back to operational readiness with the removal of older corroded or damaged pipework and replacing it with new fit for purpose pipework.

Overall works are on schedule with no material issues or problems encountered. Whilst early in the refurbishment works program, costs continue to track in line with budget expectations.

Long lead items have all been ordered and arrival dates identified to fit with the refurbishment schedule.

Personnel:The senior management team for the Nullagine Gold Project is now complete with the recruiting of Processing Manager Mr. Barend Knoetze. Barend presents as a great cultural fit and the Company welcome him to the team. Mr. Knoetze brings a wealth of gold and precious metals processing and general management experience across multiple operations throughout Africa and Asia, with the bulk of his career spent in Australia.

Major tenders currently under negotiation:

• Conforming tenders have now been received from three primary mining contract candidates, with tender comparison and assessment well underway. The contract is expected to be awarded in early November.
• The Nullagine camp management services contract is being tendered with submissions expected by early November 2020.
• Other commercial agreements are in progress for fuel supply, processing reagents, assay laboratory services, flights, and haulage.

Novo CEO and director Rob Humphryson commented, “Novo’s site team are making great progress, with works progressing according to plan on all fronts. With the addition of Mr. Barend Knoetze to the team in the role of Processing Manager, the senior management team is now complete, allowing them time to wrap their minds around the unique challenges associated with the Beatons Creek conglomerate gold deposit. The Company has received very favourable responses from experienced primary mining contractor candidates who appear very aware of the importance of winning the first contract and building a relationship with a company with such strong growth prospects.”

Dr. Quinton Hennigh (P.Geo.) is the qualified person pursuant to NI 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is President, Chairman, and a director of Novo.

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 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.

“Quinton Hennigh”Quinton Hennigh President and Chairman

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.

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, the successful completion of development and plant refurbishments works on time and on budget and that Novo’s board of directors will make the decision to commence production at Beatons Creek. Forward-looking 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 successful completion of site establishment works at Beatons Creek, the successful completion of grade control drilling works by Castle Drilling, MinAnalytical’s ability to assay the Company’s drill samples in a timely and cost-effective manner, the successful completion of mining, camp management, fuel supply, processing reagents, assay laboratory services, flights, and haulage services contracts, and customary risks of the resource industry.

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