Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) continues to deliver excellent results at its flagship Estelle Gold Project, this time announcing high-grade extensions at RPM North.
The project can be found in the prolific Tintina Gold Belt and is just 100 miles (160 kilometres) from a major US city and port.
“These latest results at RPM North further confirm the discovery of another massive Intrusive Related Gold System within the Estelle Gold Project. Nova now has two: Korbel and RPM, and we believe there are many more to come as we continue to unlock the district,” Nova CEO Christopher Gerteisen said.
Today’s results come just days after Nova reported bonanza grades at RPM North Including 132 metres at 10.1 g/t gold.
The company’s shares surged 64% on the back of the bonanza grades, highlighting investor interest in the company’s movements at Estelle.
High grade intercepts
Today’s results complement the impressive results that demonstrated the high-grade nature of the prospect from surface.
Highlights include:
RPM-006 - returned an overall average grade of 1.0 g/t gold over 220 metres from surface within the RPM North mineralized zone.
- 175 metres at 1.3 g/t gold from surface;
- 144 metres at 1.5 g/t from surface;
- 115 metres at 1.8 g/t from 14 metres;
- 101 metres at 2.0 g/t from 34 metres;
- 95 metres at 2.1 g/t from 34 metres;
- 80 metres at 2.4 g/t from 37 metres;
- 61 metres at 2.9 g/t from 56 metres;
- 29 metres at 3.1 g/t from 56 metres;
- 18 metres at 4.5 g/t from 99 metres;
- 6 metres at 10.3 g/t from 56 metres; and
- 3 metres at 17.2 g/t from 108 metres.
RPM-004 - returned an overall average grade of 0.4 g/t gold over 405 metres from surface within the RPM North mineralized zone.
- 259 metres at 0.5 g/t gold from surface;
- 34 metres at 0.7 g/t from 205 metres;
- 78 metres at 0.8 g/t from 287 metres;
- 43 metres at 1.0 g/t from 287 metres; and
- 3 metres at 2.4 g/t from 290 metres.
RPM-005 - returned an overall average grade of 3.5 g/t gold over 400 metres from surface within the RPM North mineralized zone.
- 373 metres at 3.8 g/t gold from 7 metres;
- 287 metres at 4.8 g/t from 7 metres;
- 241 metres at 5.7 g/t from 7 metres;
- 187 metres at 7.3 g/t from 34 metres;
- 153 metres at 8.8 g/t from 68 metres;
- 132 metres at 10.1 g/t from 89 metres;
- 123 metres at 10.8 g/t from 95 metres;
- 98 metres at 12.6 g/t from 95 metres;
- 86 metres at 14.1 g/t from 123 metres;
- 3 metres at 32.8 g/t from 181 metres;
- 2.6 metres at 35.6 g/t from 128 metres;
- 2.4 metres at 41.8 g/t from 125 metres;
- 2.4 metres at 50.3 g/t from 161 metres; and
- 3 metres at 97.8 g/t from 169 metres.
RPM-002 - returned an overall average grade of 0.6 g/t gold over 274 metres from surface within the RPM North mineralised zone.
- 128 metres at 1.0 g/t gold from 31 metres;
- 42 metres át 1.5 g/t from 74 metres;
- 12 metres at 2.0 g/t from 102 metres;
- 6 metres at 2.7 g/t from 108 metres;
- 3 metres at 3.0 g/t from 86 metres; and
- 3 metres at 4.1 g/t from 108 metres.
RPM-001 - returned an overall average grade of 0.3 g/t gold over 326 metres from surface within the RPM North mineralized zone.
- 37 metres 1.0 g/t gold from 224 metres;
- 6 metres at 4.2 g/t from 224 metres; and
- 3 metres at 7.0 g/t from 227 metres.
Speaking of the overall results Gerteisen said, “These broad zones of extremely high-grade are believed to be just a glimpse of the geological potential at RPM.
“The mineralisation at RPM is hosted along the intrusive contact with hornfels sediment country rocks. This contact zone appears be an ideal structural corridor where the important litho geochemical reactions are focused, enabling high-grade gold deposition. It is encouraging that we can follow these intrusive contacts in mapping for quite a distance along strike at RPM North and at the RPM South zone.
“RPM remains wide open, and we are confident in further intersecting this high-grade zone by stepping out in a series of 200m spaced lines to the west of holes RPM-005 and 006 as a priority in the next phase of drilling. The continuity and tenor of these drilling intersections at RPM are certainly world-class by any measure. We are now in a position to send all of the data to independent consultants to prepare our Maiden Inferred Resource for RPM north.”
MRE on its way
RPM’s maiden resource estimate (MRE) is expected later this year.
“We currently have 4.7 million ounces at the Korbel Main deposit which is expected to grow and the RPM maiden resource is to be added in the short term, representing just the beginning of our Estelle journey with our global resource base set to increase significantly in Q4 this year,” Gerteisen said.
The focus now is to design the next next phase of drilling programs to commence as soon as possible in 2022.
Nova expects to have at least two drill rigs at RPM to follow up the RPM North Zone and begin to target what looks to be the much larger RPM South Zone which may converge at depth.
“This intrusive-hornfels contact zone seems to be a critical site for hosting super high-grade gold mineralisation, so we will also be employing the same ore deposition model at the Korbel deposit which currently is hosted entirely within the intrusive, but several similar contact zone targets have already been identified and will be followed up as a matter of priority,” Gerteisen said.
“Korbel is already a very large bulk IRGS system in its own right, so adding a few extra high-grade sweetener zones would be an added bonus in a mining scenario. The drill program at Korbel will continue at full pace into the foreseeable future, and we look forward to bringing shareholders results as they become available.
“In time, we expect to define multiple new shallow gold resources that will further support our goal of aggressively growing the resource inventory as we continue to move towards gold production at the Estelle Gold Project. Remember, we are on the fast-track towards production, that is our goal.”
What to expect
In short, Nova isn’t resting on its laurels. There is a great deal of work to do and results to come from that work program:
- 2021 maiden drill program completed at RPM with all rigs moved back to Korbel Main to continue drilling for the upcoming MRE update;
- Work program including infrastructure now being scheduled, with Nova designating at least two rigs at RPM for the next round of drilling to expand and prove-up RPM North and the geologically interpreted, much larger RPM South zone;
- Aggressive infill and extension drilling are ongoing at Korbel Main with the goal of substantially increasing the 4.7 million ounce resource and upgrading the resource in size and confidence to expedite project feasibility studies;
- Geological reconnaissance crew completed field and unlocked further large high-grade targets within the Estelle Gold District; and
- Assay results pending for over 10,000 metres of drilling from Korbel Main Snow Lake Resources moving along at a rapid pace, update now due shortly.