Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) has bulked up its total gold resource estimate by 54.9% to 9.6 million ounces for its flagship Estelle Project in Alaska’s prolific Tintina Gold Province.
The 9.6-million-ounce resource at Estelle is hosted at the primary Korbel and RPM deposits, two of 15 major prospects over a 324 square metre exploration tenement, with JORC-compliant resources distributed as follows:
- Korbel Main Deposit - Indicated 286 million tonnes at 0.3 g/t for 3.0 million ounces (cut-off 0.15 g/t);
- Korbel Main Deposit - Inferred 583 million tonnes at 0.3 g/t for 5.1 million ounces (cut-off 0.15 g/t)
- RPM Deposit - Inferred 23 million tonnes at 2.0 g/t for 1.5 million ounces (cut off 0.30 g/t).
Ongoing infill and extensional drilling contributed to the company’s 3-million-ounce maiden indicated resource for Korbel Main deposit in the tenement’s north. Inferred resources at Korbel Main increased from 4.7 million ounces to 5.1 million ounces.
The RPM deposit in the tenement’s south maintains an inferred resource of 1.5 million ounces after Phase 1 resource drilling in October highlighted high grades present at the deposit, including 132 metres at 10.1 g/t.
“We’re only getting started”
Nova Minerals chief executive Christopher Gerteisen said the upgrade supported his high confidence in the Estelle Project, which shares geological characteristics analogous to other major Alaskan gold mines including Victoria Gold’s Eagle Mine and Kinross Gold Corporation (TSX:K)’s Fort Knox Gold Mine.
“Korbel Main at our Estelle Gold Project is a ‘company-making’ deposit with high grades continuing to highlight the massive upside potential that remains,” Gerteisen said.
“Korbel Main changes the future for Nova and our shareholders. It only represents a small area of the extensive local mineralised system.
“Nova’s management, with much credit to our team on the ground, has taken the Estelle Gold Project from discovery to a multi-deposit gold district in a short timeframe and on relatively limited funding and the exciting point is that we’re only getting started,” he said.
Shares higher
Shares have been as much as 17.7% higher intraday to A$1.20 and the company market cap is approximately A$183.8 million.
Assays are still pending for more than 8,000 metres of drilling at Korbel Main and multiple diamond drill rigs will be mobilised to the RPM deposit prior to the company’s next mineral resource update, planned for 2022.
“At Estelle, we currently have five drill rigs focused on growing the Korbel and RPM resource deposits with more rigs to follow,” Gerteisen said.
“At Korbel, we’re targeting intrusive contact. With this, and no shortage of further targets, including the recently discovered mineralisation at our Train-Shoeshine and Stoney prospects, there is no doubt that our global resource inventory will continue to grow for many years to come as we continue to unlock Estelle’s potential as a world-class trend,” he said.
Pre-feasibility study level project works, including metallurgy, geotechnical, mining, environmental, infrastructure and hydrogeology, are continuing in parallel with the resource development drilling.
About Nova Minerals
Nova Minerals is focused on gold exploration in the Tintina Gold Province in Alaska.
As well as its gold assets, Nova has established a diversified portfolio of interest in other minerals, including a stake in aspiring lithium developer Snow Lake Resources Ltd and fellow ASX-listed gold explorer Torian Resources Ltd (ASX:TNR).