Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) has delivered further broad zones of continuous high-grade gold hits, including 78 metres at 16 metres from its resource drilling program at the RPM North Deposit, situated within the company’s flagship 10 million ounce resource Estelle Gold Trend in the prolific Tintina Gold Belt in Alaska.
The latest results continue to not only prove up, but now also extend the areas of high-grade gold mineralisation at the RPM North resource area, with the best intersections including:
- 161 metres at 8.1 g/t gold from surface;
- 117 metres at 11.1 g/t from 50 metres; and
- 78 metres at 16.0 g/t from 50 metres.
Notably, the company’s exploration efforts are focused on identifying large-scale resource extensions and new large-scale discoveries, within more than 50 holes drilled at RPM and Korbel yet to be reported.
The 10-million-ounce gold resource at Estelle is hosted within the Korbel Main and RPM North Deposits, two of 21 major prospects in what is quickly developing into a prospective major gold trend.
Towards commercial production
Nova CEO Christopher Gerteisen said: “I am pleased to report more shallow high‐grade broad mineralisation from our drilling at RPM.
“This program is part of a targeted program designed to allow for further increases to potential measured and indicated resources in the next MRE on the high-grade RPM deposit.
“As we continue with our aggressive 2022 diamond drilling program, we are mindful of the extensive delays currently being experienced in the laboratory assay turnaround times, and while we are still hoping to deliver the Phase 2 scoping study on time, the latest results show that it is important that we include as many of the drill results from the current program as we can in the upcoming MRE.
“In light of this, PFS level trade off studies will now commence in tandem which aims to optimize the project with a view to increasing the gold production schedule and NPV significantly across the Estelle Gold Trend, as we continue on our path towards commercial production.”
Drill program
Nova’s infill and extensional resource drilling at RPM are currently ongoing with drill rigs at both RPM North and RPM South.
Drill holes RPM-015 and RPM-018 were completed as step-out holes to test the continuity of high-grade mineralisation around hole RPM-005 to prove up and extend the resource beyond the current RPM North Deposit.
Consequently, the ongoing drilling program continues to provide high-quality geological data that is being collated and interpreted to provide greater deposit knowledge.
The nature and geometry of the intrusive units and interplay with structures are key to controls on gold mineralisation.
These geological and interpretative insights are invaluable in developing further targets for the ongoing exploration programs within the RPM area as well as the greater Estelle Gold Trend.
Forward plan
Exploration is ongoing across the wider RPM area and drilling continues to test the RPM South zone, with further drill results to be reported as they become available from the laboratory.
The company has contended with slow assay turnaround times due to the volume of assays submitted to the laboratory during the current high season.