Nova Minerals Ltd (ASX:NVA) continues to confirm higher grade gold in the feeder structure at its Korbel Main Deposit, within the flagship Estelle Gold Project in Alaska’s prolific Tintina Gold Belt.
The company’s latest infill drilling further confirms continuity of mineralisation within the 4.7-million-ounce Korbel main resource with results including:
- 311 metres at 0.5 g/t gold;
- 128 metres at 0.5 g/t; and
- 85 metres at 0.5 g/t.
Importantly, infill drilling is a key focus with the aim of upgrading the majority of the inferred resource to the indicated category which will de-risk the project, enabling Nova to advance funding options.
Shares have been as much as 26% higher on the news to A$0.145 while NVA's market cap before the opening was approximately A$193.3 million.
“Continuity of mineralisation”
Nova CEO Christopher Gerteisen said: “The infill diamond drilling at Korbel is showing strong support and confidence in the consistency and continuity of gold mineralisation in Korbel’s large mineralised system.
“The significant intercepts we continue to intersect within the high-grade feeder zone are very encouraging indeed.
“We have almost 30 holes in the lab awaiting assays and with drilling ongoing at a fierce pace more results will continue to stream in every week.”
Korbel drill plan.
Drill results
Drill hole KBDH-082 returned an overall average grade of 0.4 g/t gold over 324 metres from the surface within the Korbel mineralised intrusive containing multiple high-grade zones, with other strong results including:
- 9 metres at 1.0 g/t gold;
- 9 metres at 1.1 g/t;
- 34 metres at 1.1 g/t;
- 12 metres at 1.3 g/t; and
- 3 metres at 2.1 g/t.
Additionally, drill hole KBDH-076 returned an overall average grade of 0.3 g/t gold over 349 metres from the surface within the Korbel mineralised intrusive and contained multiple higher-grade zones, with other results including:
- 18 metres at 1.0 g/t gold;
- 15 metres at 1.0 g/t; and
- 3 metres at 3.9 g/t.
Furthermore, drill hole KBDH-073 returned an overall average grade of 0.3 g/t gold over 211 metres from the surface within the Korbel mineralised intrusive containing multiple high-grade zones with another result of 12 metres at 1.0 g/t gold.
Robust resource
These results continue to show that the Korbel Main deposit has significant scale with high-grade ‘blow out’ zones within the continuous mineralisation.
Notably, strong infill drilling results continue to confirm robust resources at the Korbel deposit.
The mineralisation remains open along strike to the northwest and southeast with a predicted strike length of over 3 kilometres of continuous gold mineralisation.
Strong infill drilling results continue to confirm robust resources at the Korbel deposit.
“Multi-pronged drilling strategy”
Gerteisen added: “Nova believes that recent results, which include higher-grade material, will reflect an upgrade in the next mineral resource estimate later this year.
“As these results are also located in the starter zone, there may also be a potentially positive impact on the early-stage mine schedule.
“This will be confirmed and outlined in the scoping study to be released post the Korbel resource update in the fourth quarter of 2021.
“Nova’s multi-pronged drilling strategy is designed to advance the Korbel Main deposit towards being a bankable project by 2023.
“We are focusing on proving up the resource to indicated status, which can then translate into reserve ounces for our planned starter operation.”
Forward plan
Korbel drilling is ongoing with further assay results pending for over 10,000 metres of drilling across Korbel Main and RPM.
The company is using the on-site sample prep-lab facility which will result in reduced cost per assay and faster turnaround.
Aggressive infill and extension (step-out) drilling is ongoing at Korbel Main, focused on the high-grade southeast feeder zone to increase the 4.7 million ounces resource and upgrade the resource in size and confidence to expedite project feasibility studies.
In addition, RPM remains on track for a maiden resource by late 2021 with initial results now in the fire assay stage at the lab.
“Bring forward production schedule”
Gerteisen adds: “At the same time, we are pushing forward the resource development program at the RPM prospect and unlocking the wider Estelle Gold District, with additional prospects rapidly coming online.
“We aim to grow the global resource inventory and advance the Korbel project in parallel.
“This approach will maximise our ability to more rapidly monetise this world-class asset and bring forward the production schedule along with cash flow, allowing us to ramp up future operations in short order across the Korbel Valley and the wider Estelle Gold District.”
- Ephrems Joseph