Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) demonstrated the prospectivity of its flagship Estelle gold Project in the Tintina Gold Province of Alaska, US, over the June quarter with an updated mineral resource estimate that increased the project’s gold reserves by 54.9% to 9.6 million ounces.
The company also announced a maiden resource estimate for the RPM deposit at the Estelle Project, saw its 57.52%-owned Snow Lake Lithium Ltd spinout list on the NASDAQ and loaned to Rotor X Aircraft, a US-based aviation company developing electric aircraft and drones.
Project updates
Two of 15 major prospects over the 450-square-kilometre Estelle Project have now received resource estimates, classified as follows:
- Korbel Main Deposit: indicated resource of 286 million tonnes at 0.3 g/t gold for 3.0 million ounces (cut-off 0.15 gold g/t) and an inferred resource of 583 million tonnes at 0.3 g/t gold for 5.1 million ounces (cut-off 0.15 gold g/t)
- RPM Deposit: inferred resource of 23 million tonnes at 2.0g/t gold for 1.5 million ounces (cut off 0.30 gold g/t)
The company has high confidence in the Estelle Project, which shares similar characteristics to other major Alaskan gold mines, including Victoria Gold’s Eagle Mine and Kinross Gold Corporation (TSX:K)’s Fort Knox Gold Mine.
The Korbel deposit represents only a small area of the extensive local mineralised system, but is already one of the largest and fastest-growing gold resources globally.
Assay results are still pending for more than 8,000 metres of drilling at Korbel, while multiple diamond drill rigs will soon be mobilised to the RPM deposit, ahead of the mineral resource update Nova has planned for 2022.
Before the end of the quarter, a 1-kilometre-long continuity of the mineralised intrusive contact — recently identified in drill hole RPM-005 — was confirmed with regional geophysical surveying, which identified the area as a magnetic anomaly.
The anomaly correlates directly with the high-grade mineralised intrusive contact and is further supported by drill hole structural data and surface geological observations.
Investment and corporate highlights
Snow Lake Lithium
Nova’s majority-owned Snow Lake Lithium subsidiary listed on the NASDAQ on November 19, 2021 (US time) under the ticker 'LITM'.
Snow Lake completed a successful IPO prior to listing, raising US$24 million before costs through the issue of 3.2 million shares at a price of US$7.50 each.
Snow Lake is committed to operating a fully renewable and sustainable lithium mine that can deliver ESG-compliant products to the electric vehicle and energy storage markets in North America.
Rotor X Aircraft
Nova made a strategic loan to Rotor X Aircraft Manufacturing, a US-based aviation company developing affordable electric aircraft and innovative low operating cost, heavy-lift drone technology.
Rotor X is 9.9% owned by Nova and is engaged in developing an electric version of the Phoenix A600 helicopter.
RotorX aims to revolutionise the electric vertical take-off and landing (eVTOL) market, by developing vehicles that outperform the competition in reliability, performance, maintainability and cost.
Corporate updates
Post-quarter end, non-executive director Colin Belshaw stepped down from his role to establish an in-house technical advisory panel, set up to provide independent technical, geological, and scientific advice to Nova’s board as it navigates ongoing exploration towards first production.
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).