VANCOUVER - Novo Resources Corp. (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an exploration update on the Company's highly-prospective, multi-commodity portfolio of projects based in Western Australian and Victoria.

The Company completed several successful exploration programs in 2021 and has already commenced key programs in 2022.

Nullagine Gold Project Near-Mine/District Exploration

RC drill programs across NGP ramped-up in late 2021 (November and December) with two rigs testing high priority orogenic quartz vein-related gold ('lode gold') targets including Genie, the Parnell-Vulture trend, Red Ensign, Margies, Crossing and Linq.

Importantly, initial results from drilling at both Genie and Parnell-Vulture have been highly encouraging, with several holes intercepting high-grade gold from near-surface 1, 2.

Infill and extensional drilling in 2022 will follow up on the successful programs completed in 2021 and new drill programs will be developed to test additional priority targets which have already been approved from a compliance and heritage perspective.

The majority of Novo's high priority lode gold targets are positioned on granted Mining Leases and are easily accessible by established haul roads and associated infrastructure.

Genie

Genie is a near-mine oxide lode gold prospect that forms part of a broader +1.25 km long previously untested target located within 3 km of the Company's Golden Eagle processing facility.

A maiden 31-hole, 1,787 m RC drill program was completed at Genie in September 2021. The program successfully intersected a new style of gold mineralisation for the district, hosted by a swarm of intrusive dolerite dykes. Multiple zones of high-grade mineralization have now been identified 1.

ABOUT NOVO

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 12,500 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.

Contact:

Leo Karabelas

Tel: (416) 543-3120

Email: leo@novoresources.com

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that completion of the NGP near-mine 20,000 m RC drill exploration program is expected in H1 2022, that large-scale sampling programs will occur at Comet Well and Purdy's Reward in 2022, that new drill programs will be developed to test additional priority targets at NGP, including Genie and Parnell-Vulture, that mapping and 3D modelling continues at Station Peak in preparation for drilling in 2022, that RC drilling is scheduled in 2022 at Catia (Bellary Dome), that a series of 130 t large bulk samples are expected to be excavated and processed at Comet Well and Purdy's Reward via the Novo-Steinert mechanical sorter, that ground geophysical crews are being sourced for Q2 2022 to target massive sulphide and enable targeted drilling for budgeted 2022 drill programs, that exploration is planned for the highly prospective E47/1745 area in early 2022, and that the phase 1 program at Belltopper Hill consists of eight proposed diamond holes for 1,750 m initially. 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 Novo's management's discussion and analysis for the nine-month period ended September 30, 2021, 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.

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