Nova Minerals Ltd has delivered a strong quarter and is well-funded to accelerate exploration at its Estelle Gold Project within the prolific Tintina Gold Belt in Alaska.
During the quarter, infill and extensional drilling at Korbel deposit demonstrated continuous high-grade gold mineralisation as the company is looking forward to delivering a resource upgrade to its existing 4.7-million-ounce resource this quarter.
Importantly, the company’s recently completed drill program at the RPM deposit intersected bonanza gold grades in drill hole RPM-005.
This is complemented with high-grade intersections across multiple holes with Nova targeting to deliver a maiden resource for RPM this quarter.
Drilling at Korbel
Nova is continuing to report positive results from infill drilling aimed at expanding the gold resources at the Korbel Main deposit.
The company’s key focus is to upgrade most of the inferred resource to the indicated category.
Recent infill drilling has further confirmed continuity of mineralisation within the 4.7 million ounces Korbel Main inferred resource.
Nova is currently using the on-site sample prep-lab facility which will result in reduced cost per assay and faster turnaround.
Drilling at RPM
Nova has recently intersected broad zones including bonanza grade gold hits from drilling at the RPM North Prospect.
Nova Minerals CEO Christopher Gerteisen said: “The tenor and continuity of these drilling intersections is most impressive indeed.
“These broad zones of high-grade confirm our geological interpretations which identified RPM as a high priority target.
“The RPM deposit is shaping up to be a very large high-grade IRGS style gold system that remains wide open with results from three drill holes to be reported in the coming weeks.”
Polymetallic Stoney Prospect
The company’s reconnaissance exploration program has identified high-grade rock chip samples from the polymetallic Stoney Prospect which includes values up to 48.4 g/t gold, 2,720 g/t silver and 2.4% copper.
Follow up geophysics and drill program planning are underway for the Stoney Prospect and surrounding areas scheduled to begin in 2022.
Snow Lake IPO
Nova’s 74%-owned Snow Lake Resources had filed its Amendment No 2 to Form F-1 on July 30, 2021, with the Securities and Exchange Commission (SEC) to raise to A$23 million in an initial public offering.
Its primary asset is the Thompson Brothers Lithium (TBL) Project, 20 kilometres east of Snow Lake, Manitoba, where the company is working on two lithium enriched pegmatite dyke clusters – with its most recent efforts focused on the TB-1 deposit.
ThinkEquity, a division of Fordham Financial Management Inc. is the sole book-runner for the offering.
Capital raising
Nova conducted a capital raising of A$12 million on September 27, 2021, to remain well capitalised and maintain its operational momentum.
The company is now well funded to continue its progression of infill and expansion drilling, metallurgical test-work, ongoing environmental test-work and complete a scoping study at Estelle.