Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) has completed a starter pit mine plan and pit optimisation program at its Korbel Gold Project in Alaska ahead of a scoping study, scheduled for release in the coming weeks.
Korbel lies at the northern end of the company’s Estelle Gold Trend development, a 35-kilometre-long corridor of 21 identified gold prospects bracketed by the high-grade RPM Project in the south.
Currently, these two flagship projects have a combined estimated JORC gold resource of 9.6 million ounces — 3 million of which lies in the indicated category.
The starter pit scoping study is focused around Korbel’s 3-million-ounce indicated resource and remains on track for completion in the coming weeks.
Late last year, Nova also commenced next stage, pre-feasibility study (PFS)-level test-work programs on ore-sorting, metallurgical, environmental, engineering and power components at both the Korbel and RPM Projects.
As part of these PFS-level works, Nova is also evaluating the viability of a slurry pipeline to transport high-grade ore from the RPM Project to the Korbel Project’s centralised mill.
The company expects to complete this work in 2023 and move towards a definitive feasibility study (DFS) thereafter.
Nova’s Estelle Gold Trend hosts 21 targets bracketed by the company’s two flagship projects, Korbel in the north and RPM in the south.
Developing North America’s next major gold trend
Speaking to work at the Alaskan Gold projects, Nova Minerals chief executive Christopher Gerteisen said: “While the ultimate objective is to develop Korbel into a tier-one gold mine, it could just be the start of things to come, representing only one of many prospective developments across Estelle.
Nova’s Estelle Gold Trend lies within Alaska’s prolific Tintina Gold Belt, a province that hosts a 220-million-ounce documented gold endowment and some of the world’s largest gold mines and discoveries, including Victoria Gold’s Eagle Mine and Kinross Gold Corporation (TSX:K)’s Fort Knox Gold Mine.
Gerteisen emphasised that the company’s upcoming scoping study was only contained to its Korbel Main prospect and did not include other major targets in close proximity, including the Cathedral, Isabella, Blocks C&D, Portage, You Beauty and NK prospects.
“Ongoing resource development drilling programs and PFS-level test-work at Estelle, which includes the high-grade deposit at the RPM Project and our additional prospects in-between, offer massive future potential upside,” he said.
“Nova’s vision is to develop North America’s next major gold trend, akin to Nevada’s Carlin Trend, with a focus on low-strip, open-pit developments that are low cost, and large and serviced by common infrastructure.”
He concluded by saying the company is well capitalised with cash and cash equivalents for the foreseeable future to further these studies.
Exploring the Estelle Gold Trend
Nova has been focused on growing its delineated, global gold resource inventory at Estelle since 2018.
Specifically, the gold explorer and project developer has bolstered its resource 190% in the last two years.
Nova has increased its estimated gold resource considerably since 2018.
Nova hopes to further curb exploration expenses in the new year, with fewer helicopters required and an independent sample preparation facility ready to receive samples.
The company’s discovery cost per ounce is less than $3.50 per ounce, which is well below the industry average of over $20 per ounce.