NSRPF Novo Res Corporation (QX)

Novo Resources Corp.

Suite
1980 – 1075 West Georgia Street

Vancouver,
BC V6E 3C9

 

Initial Resource Estimate for Novo’s Beatons
Creek Gold Project, Western Australia

 

VANCOUVER, May
1, 2013 - Novo
Resources Corp. (the “Company”) (CNSX: NVO; OTCQX: NSRPF) is pleased to announce
the first ever National Instrument (NI) 43-101 compliant resource estimate for
its Beatons Creek Gold Project, Western Australia. This resource estimate is
based on 16,107 meters of reverse circulation (RC) drilling and 478 meters of
diamond core drilling completed in 2011-12. 
The effective date of this resource estimate is April 30, 2013.

Highlights:

• 
  
• Inferred resource of 421,000 troy ounces gold contained
  in 8.9 million tonnes at a grade of 1.47 grams gold per tonne.
• 
  
• This inferred resource was defined by 16,107 meters of
  vertical RC drilling. Specific gravity measurements were taken from core
  samples from eight recently completed diamond drill holes totaling 478
  meters. Costs related to drilling total approximately $2.5 million making
  the cost of discovery about $6/troy ounce gold.
• 
  
• Most of this resource is contained within two shallow,
  sub-horizontal gold-bearing conglomerate horizons (reefs) displaying
  strong lateral continuity.
• 
  
• Mineralization remains open to the north, west and
  south into the basin. There is a good potential for expanding this
  resource through further drilling given the strong sub-surface continuity of
  these reefs as demonstrated by drilling coupled with the Company’s recent
  success in tracing their surface expression along the northern and
  northwestern perimeter of the basin (see
  news release dated January 24, 2013).
• 
  
• This inferred resource enables undertaking of a
  preliminary economic assessment planned for later this year. It is
  expected that upgrading this resource to the indicated category can be
  accomplished by drilling approximately 3,710 meters more infill RC holes.
  Doing so would enable advancement toward a prefeasibility study.  
• 
  

"We
are very proud that in a few short months, and for a modest budget, we have
advanced Beatons Creek from a conceptual target to a sizeable inferred gold
resource," commented Dr. Quinton Hennigh, President, CEO and Director of
Novo Resources. “We are off to a strong start, and from here, we see a straightforward
path toward upgrading and expanding this resource as well as commencing a
preliminary economic assessment.”

 

 Beatons
Creek NI 43-101 resource estimate is summarized below:

Classification	Au Cut-off (grams per tonne)	Tonnage (million metric tonnes)	Au Grade (grams per tonne)	Contained Au (troy ounces)
Inferred	0.20	9.2	1.44	424,000
	0.30	9.2	1.44	424,000
	0.50	8.9	1.47	421,000
	0.60	8.6	1.5	415,000
	0.80	7.1	1.67	381,000
	1.00	5.5	1.89	334,000
	1.50	3.0	2.43	236,000
	2.00	1.6	3.02	160,000
	2.50	0.9	3.71	106,000
	3.00	0.6	4.22	78,000

 

1 troy ounce = 31.1035 grams

Resource
Modeling

Mineral
resources were estimated by Ordinary Kriging (OK), Inverse Distance Squared
(ID2) and Nearest Neighbor (NN) methods. 
The OK estimation was selected as the preferred method and a cut-off
grade of 0.5 g/t Au was applied. 
Mineralization is currently defined in 3 domains containing 23
individual mineralised bodies, all of which are considered to be primary in
origin, despite the shallow weathering profile.

The majority
of assays used for the estimate were determined using LeachWELL® methodology,
which was statistically determined to be the most reliable method for the
nuggety gold distribution in this deposit. 
Acceptable statistical verification and comparisons of LeachWELL® assays
with equivalent Screen Fire Assays and Fire Assays supported this assessment.  Assays were not capped but higher values were
given a restricted search range.  All resource
blocks in the block model were estimated in one pass with any blocks that were
estimated flagged as Inferred Resources, based on the variography and Quantitative
Kriging Neighborhood Analyses.

Mineral
resources that are not mineral reserves do not have demonstrated economic
viability. The estimate of mineral resources may be materially affected by
environmental, permitting, legal, title, taxation, sociopolitical, marketing,
or other relevant issues. The quantity and grade of reported inferred resources
in this estimation are uncertain in nature and there has been insufficient
exploration to define these inferred resources as an indicated or measured
mineral resource and it is uncertain if further exploration will result in
upgrading them to an indicated or measured mineral resource category. The
mineral resources in this news release were estimated using current Canadian
Institute of Mining, Metallurgy and Petroleum (CIM) standards, definitions and
guidelines.

Patrick
Huxtable of Tetra Tech, Perth, Australia, has prepared the Mineral Resource
Estimate for the Beatons Creek Gold Project, and is independent of Novo
Resources Corporation for purposes of National Instrument 43-101 - Standards
of Disclosure for Mineral Projects ("NI 43-101"). Mr. Huxtable (RPGeo MAIG) is a Qualified Person
as defined by NI 43-101.

Mr.
Huxtable is preparing a NI 43-101 compliant technical report in respect of the
resource estimate discussed in this news release, which the Company is
obligated under NI 43-101 to file on SEDAR within 45 days of the date this news
release was disseminated.

Quinton
Hennigh (Ph.D., P.Geo.) is the Qualified Person pursuant to National Instrument
43-101 responsible for, and having reviewed and approved, the technical
information contained in this news release. Dr. Hennigh is President, CEO and
Director of Novo Resources Corporation.

About Beatons
Creek

The Beatons Creek Tenements
cover extensive exposures of the Beatons Creek conglomerates, a series of
Archaean age pyritic conglomerates hosting gold mineralization similar to that
of the Witwatersrand Basin in the Republic of South Africa.  Shallow gold reefs were first identified and
mined in this area beginning in the late 1800’s.  Novo Resources’ current drill program is the
first modern, systematic exploration on the property. Tenements comprising the
Beatons Creek Gold project include three mining leases in which Novo Resources
is earning a 70% interest from Millennium Minerals Ltd., 560 square kilometers
of prospecting and exploration tenements in which Novo Resources is earning a
70% interest from the Creasy Group Pty. Ltd. and three prospecting tenements in
which Novo Resources holds a 100% interest.

 

About Novo Resources Corp.

Novo’s focus is to evaluate, acquire and
explore gold properties. The Company presently has joint ventures earning a 70%
interest two exploration properties, Beatons Creek and Marble Bar, situated in
Western Australia. For more information, please contact Leo Karabelas at (416)
543-3120 or e-mail 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 statements as to the potential, through further drilling, to
expand and upgrade to the indicated category the inferred resource described in
this news release, and that a preliminary economic assessment will be
undertaken later 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, the ability to complete the
drilling program as currently contemplated, the receipt of successful results
as drilling proceeds, customary risks of the mineral resource exploration
industry as well as Novo Resources having sufficient cash to fund the planned
drilling and other activities.

Cautionary Note to U.S. Readers Regarding Estimates
of Inferred Resources

This news release uses the term "inferred
resources." We advise U.S. investors that while this term is recognized
and required by Canadian regulations, it is not recognized by the U.S.
Securities and Exchange Commission. "Inferred resources" have a great
amount of uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or any part of an
"inferred mineral resource" will ever be upgraded to a higher
category. Under Canadian rules, estimates of "inferred mineral
resources" may not form the basis of a feasibility study or prefeasibility
studies. U.S. investors are cautioned not to assume that any part or
all of an inferred resource exists or is economically or legally mineable.

On Behalf of the Board of Directors,

 

Novo Resources Corp.

 

“Quinton
Hennigh”                            

Quinton Hennigh

CEO and President

 

The Canadian National Stock Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of the
content of this news release.