Novo Resources : Provides Update from Malmsbury Project in Victoria, Australia

VANCOUVER - Novo Resources Corp. is pleased to provide an update from the Malmsbury project pursuant to its planned joint venture with ASX-listed GBM Resources Limited.

GBM recently announced initial exploration results from the Project which are available here.

The Company expects to formally initiate its joint venture with GBM once certain conditions precedent are satisfied in Q1 2021. In the meantime, exploration efforts by both GBM and Novo personnel continue unhindered.

'We are delighted to be working closely with the technically savvy GBM exploration team at Malmsbury,' commented Quinton Hennigh, Chairman and President of Novo. 'Early stage work is already resulting in very encouraging results that support our thesis that Malmsbury hosts a high-grade epizonal orogenic gold system like that at Fosterville approximately 58 km to the north. Recent rock chip sampling is not only turning up high-grade gold assays in vein material but importantly, in disseminated form in mineralized host rocks, a characteristic of the high-grade Fosterville lodes. Although early days, we anticipate working with GBM to ramp up the level of exploration at this very exciting project.'

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.

Contact:

Leo Karabelas

Tel: [phone]

Email: [e-mail]

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, Novo's thesis that Malmsbury hosts a high-grade epizonal orogenic gold system like that at Fosterville, and that all conditions precedent will be satisfied in Q1 2021. 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, successful exploration results, receipt of approvals from various regulatory bodies, and customary risks of the resource industry.

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