Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) has released its maiden, 1.5-million-ounce inferred gold mineral resource estimate (MRE) for the RPM North target — one of two key deposits within the Estelle Gold District in Alaska.
RPM North is reported to contain 23.1 million tonnes of ore at 2 g/t gold for 1.5 million ounces, adding to the 4.7-million-ounce resource established for the Korbel main property in April.
The maiden MRE brings the total global resource for the Estelle Gold District within Alaska’s prolific Tintina Gold Belt to 6.2 million ounces and counting.
It seems this resource is only the beginning, with RPM remaining open in all directions and to depth, while the much larger RPM South zone is yet to be drill tested.
What’s more, the Korbel Main deposit is scheduled for a resource upgrade before year’s end, meaning it won’t be long before the 6.2-million-ounce global resource increases yet again.
Company shares are up 6.67% in intraday trade to A$0.16.
From discovery to gold district
Commenting on the maiden MRE for the key deposit, Nova CEO Christopher Gerteisen said: “RPM North is an exceptional new gold discovery within the Estelle Gold District, which highlights the massive upside potential of this project.
“This has really changed the future for Nova and our shareholders.
“Nova’s management, with much credit to our team on the ground, has taken Estelle Gold Project from discovery to a multi-deposit, tier-one-scale, 6.2-million-ounce gold district in a short timeframe and on relatively limited funding.
“Five drill rigs are currently focused on growing Korbel and RPM with more rigs to follow.
“In addition, we will be testing numerous targets within the large Estelle Gold District as rigs and time permit, including the recent discoveries at the Train-Shoeshine intrusion-related gold system prospects and at the Stoney Polymetallic Stacked gold-silver-copper vein system.
Maiden resource at RPM North
With resources now set for the Korbel Main and RPM North properties, Nova has reported on just two of the 15 known gold occurrences at the Estelle Gold Project.
The deposit’s resource area starts from less than two metres from the surface and covers under 0.5% of the total project area.
To better understand Estelle’s extensive tenure, Nova plans to keep drill rigs turning the soil 24/7.
Multiple diamond rigs will hit the ground as soon as possible in a bid to expand and prove up the maiden resource, as well as kickstart drill testing at RPM South.
Exploration will focus on both increasing the drill density of the maiden resource, as well as further expanding the 6.2-million-ounce global resource.
Additional drill testing across the RPM prospect is now being planned.
What lies ahead?
RPM isn’t the only prospect with near-term drill potential.
Nova is currently executing an aggressive infill and extensional drilling campaign over the Korbel Main deposit, focused on exploring the higher grade feeder zone to the southeast.
The company hopes this activity will underpin a mineral resource upgrade, bolstering the deposit’s size and confidence before year’s end.
What’s more, an MRE update would fast-track Nova to the feasibility study stage and expedite project development.
Assay results remain pending for more than 10,000 metres of drilling at the Korbel Main deposit.
Speaking to Nova’s forward work program, Gerteisen continued: “I have no doubt we will be drilling and growing our total global resource inventory for many years to come. We now look forward to a resource upgrade for Korbel Main, incorporating the high-grade feeder zones, in quarter four.
“This is a transformational period for Nova. We are truly just getting started at Nova and are excited with what lies ahead for our shareholders.”