Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) is continuing to report positive results from infill drilling aimed at expanding the gold resources at the Korbel Main deposit within Nova’s flagship Estelle Gold Project in Alaska.
Korbel drill plan view
The company’s key focus is to upgrade the majority of the inferred resource to the indicated category.
This will significantly de-risk the project, enabling Nova to advance funding options.
Recent infill drilling has further confirmed continuity of mineralisation within the 4.7 million ounces Korbel Main inferred resource, with highlight results including:
- KBDH-081
- 277 metres at 0.5 g/t gold
- 94 metres at 1.0 g/t
- 30 metres at 1.9 g/t
- 9 metres at 4.4 g/t
- 3 metres at 5.1 g/t
- 3 metres at 12.1 g/t
(KBDH-081 returned an overall average grade of 0.4 g/t over 367 metres from surface within the Korbel mineralized intrusive containing multiple high-grade zones)
- KBDH-084
- 250 metres at 0.5 g/t gold
- 43 metres at 1.0 g/t
- 3 metres at 2.6 g/t
(KBDH-084 returned an overall average grade of 0.4 g/t over 385 metres from surface within the Korbel mineralized intrusive containing multiple high-grade zones)
Korbel Drilling is ongoing with further results to follow in the near term.
Geologically, some of these samples are showing gold grade indicators in terms of mineralogy and high vein densities.
Nova is currently using the on-site sample prep-lab facility which will result in reduced cost per assay and faster turnaround.
Cross Section Line 14 for KBDH-089, 87, 90 and 92
Nova Minerals 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 the massive Korbel mineralised system.
“The significant intercepts we continue to intersect within the high grade feeder zone are very encouraging indeed.
“We have almost 30 more holes in the lab awaiting assays and with drilling ongoing at a fierce pace more continue to stream in every week.
“With these recent results, we believe the broad zones of higher-grade material we are seeing now will reflect an upgrade in the next MRE later this year.
“As these results are also located in the starter zone this will have a potentially positive impact on the early stages of the mine schedule.
“This will be confirmed and outlined in the scoping study to be released post the Korbel Resource update.
Bankable project by 2023
Gerteisen added: “Nova’s multi-pronged drilling strategy is designed to advance the Korbel Main deposit towards being bankable project by 2023.
“A focus on proving up the resource to Indicated status, which can then translate into reserve ounces for our planned starter operation, while at the same time pushing forward the resource development program at the RPM prospect and unlocking the wider Estelle Gold District with additional discoveries now being made, will all bring value to the Company.
“We aim to grow the global resource inventory with RPM and some of these other high priority targets, while we advance the Korbel Deposit in parallel.
“This approach will more rapidly monetize this world-class asset and bring forward the production schedule along with cashflow, which will allow us to ramp up future operations in short order across the Korbel Valley and the wider Estelle Gold District.
“Drilling related news and results will continue to flow throughout 2021 and beyond, as we unlock the Estelle Gold district with our planned Maiden Resource for RPM, and the next resource update for Korbel Main in the coming months as we progress Korbel Main on its path to production.”