Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) has confirmed continuous mineralisation and visible gold at the RPM gold camp, part of the cornerstone Estelle Gold Project in Alaska.
The precious metals explorer is progressing a resource drilling campaign at the RPM North deposit and has encountered continuous mineralisation both up and down dip of drill hole RPM-005 that returned a 132-metre gold hit.
In addition to visible gold hits, selective veins sampling across the drill core returned up to 1,330 g/t gold.
Drilling has since begun to test the RPM South zone, which exhibits the same geological characteristics and a larger surface sample anomaly footprint than RPM North.
Next on the agenda
Alongside Nova’s resource drilling campaign, infill and step-out drilling continues off the RPM Pad 1. Essentially, this program is designed to prove up and expand the existing 1.5-million-ounce, 2 g/t inferred resource at the RPM North deposit.
Step-out drilling has also started up at RPM Pad 2, where Nova hopes to expand the existing resource along strike to the west by several hundred metres.
The explorer has fielded further encouraging results from a diamond drill campaign, which follows in the footsteps of a previous wide-spaced program.
Follow-up work continues to the west after hole RPM-005 fielded a 132-metre gold intersection, grading at 10.1 g/t.
There’s more news to come from the Korbel and RPM projects this year and Nova will report on results as they’re made available.
RPM “continues to deliver”
Nova CEO Christopher Gerteisen said: “The RPM deposit continues to deliver, with a similar style of strong gold mineralisation now being observed in the core from the new holes RPM007 and RPM-008, drilled up and down dip respectively of RPM-005.
“We are very encouraged by initial geological observations and are now anticipating positive assay results to be returned, which will show the potential for down dip continuity of the mineralisation which starts at surface to a depth of more than 300 metres.
“Early indications from these first infill holes certainly support our main objective this year of proving up the existing 1.5 million ounces at 2 g/t inferred resource to indicated status.
“We are also now drilling at Pad 2 to step out from the existing resource area, which is aimed at expanding the resource along strike to the west of the existing resource centred around RPM-005.
“Anomalous magnetics, which are picking up the gold-associated minerals in the ground, show a potential strike length at RPM North of 1.4 kilometres.
“We can’t cover it all this year, but the current drill programs intend to test some of that near resource strike potential with plenty of further upside remaining moving forward," he said.
Drilling “full steam ahead”
Nova is manning all stations as it advances exploration over the RPM project.
Gerteisen continued: “Drilling has also commenced at RPM South on Pad 6, which has the potential to open up a new gold zone of similar size and tenor to RPM North.
“All of this bodes well for proving up and expanding the resource at RPM which will be included in our phase two scoping study to be completed later this year.
“For the time being, drilling continues full steam ahead at RPM with three rigs currently operating.
“In addition, reconnaissance exploration is now underway across the wider Estelle Gold Trend.
“In line with our high-grade discoveries at Train and Stoney last year, we expect to report further significant discoveries this year as well.”
Shares higher
NVA shares have been as much as 13.92% higher to A$0.655 and the company's market cap is approximately A$117.13 million.