Significant Mineralisation Increases at Depth at Korbel
Melbourne, May 25, 2020 AEST (ABN Newswire) - The Directors of Nova Minerals Limited (
ASX:NVA) (QM3:FRA) (NVAAF:OTCMKTS) are pleased to confirm that the first hole (KBDH-002) contains the same mineralisation that was encountered in the 2.5Moz Inferred Resource that was drilled this past summer. This mineralisation consists of Quartz-Arsenopyrite veining hosted by intrusive lithologies of the Estelle Complex. In hole KBDH-002 Quartz-Arsenopyrite veinlets where observed starting near the collar and along the extents of the hole to over 200 metres below the current block model outline. Based on these observations, the Block B mineralisation continues to depths far below the 500 metre level design depth. Samples are being split and shipped to ALS Laboratory in Fairbanks for analysis. See cross section in Figure 1*, photos in Figure 2* and rock description in Table 1* for full details.
NVA Managing Director, Mr. Avi Kimelman said: "These drill results give us further encouragement that the Korbel prospect is a significant discovery with drilling ending in the same mineralisation at 542.1m and remains open at depth. The continuation of mineralisation at depth and the consistency of mineralisation are further evidence of the potential of a big intrusive related gold system in Block B alone on the Korbel prospect (one of 15 known prospects) and is much larger than first thought, remaining open well past design depth. The Tintina Gold Belt has a history of delivering large tonnage, long-life gold mines. Nova is continuing its drilling program on the next hole, the camp is established and the second rig is to start turning soon as we seek to determine the scale of the highly encouraging Korbel Prospect.
Nova's greatest accomplishment in 2019 on such small budgets was proving up 2.5Moz of gold in the Inferred Category in a very short period of time and demonstrating exceptional gold leach recoveries averaging 76% at the Korbel Gold Deposit (one of 15 known prospects). We look forward to amplifying our exploration and project development efforts in 2020 and are committed to keeping our shareholders constantly updated on our progress.
Furthermore, we have a clear objective across the Korbel project alone to push Block B "Starter Pit" towards a feasibility study in 2021 (ASX announcement: 02 September 2019 and 9 December, 2019) on the path to production."
Nova's Korbel deposit is a classic Intrusion Related Gold System (IRGS) type deposit. Economic IRGS type deposits such as Fort Knox and Dublin Gulch are bulk tonnage, near surface, low-grade multi-million-ounce open pit mines occurring in the Tintina Gold Belt.
IRGS deposits commonly form (See Figure 3*):
- In the carapace of smaller, multiphase plutonic bodies
- Mineralised gold zones may extend from the cupola through into the thermal aureole surrounding the pluton
- Conjugate sets of mineralised sheeted veins in late structures are typically emplaced coeval with the final stages of pluton crystallization
- Proximal and distal types of IRGS deposits may also form in favourable structures beyond the thermal aureole surrounding the pluton
- Pathfinder elements to intrusion related gold deposits and the Oxide deposit include As, Bi, Te, Mo and lesser Mo and Sb.
The mineralisation at Korbel is characterized by a conjugate sets of sub-centimeter scale, commonly sheeted quartz veins. These gold-bearing, veins are mineralized with arsenopyrite, pyrite and pyrrhotite and the host intrusive rocks to the veins are mineralized with disseminated sulfides. The mineralized bodies are similar in grade, style of mineralization, deposit type and tonnage potential to the Fort Knox and Eagle deposits which are also located in the Tintina Gold Belt of the Northern Cordillera (See Photo 1*).
Mineralization observed in KBDH-002 is consistent with the general observation of Quartz-Arsenopyrite veining on the ground at Korbel and similar to other deposits within the Tintina Gold Belt.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/R4V5HRK9
About Nova Minerals Limited
Nova Minerals Limited's (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) vision is to develop North America's next major gold trend. The company is focused on exploration in Alaska's prolific Tintina Gold Belt, a province which hosts a 220 million ounce (Moz) documented gold endowment and some of the world's largest gold mines and discoveries including Victoria Gold's Eagle Mine and Kinross Gold Corporation's Fort Knox Gold Mine. The company's flagship Estelle Project has a current total estimated JORC gold resource of 9.6Moz (3Moz Indicated and 6.6Moz Inferred). Estelle is a 45km long string of 15 identified gold prospects bracketed by the Korbel deposit in the north and the RPM deposit in the south. These two deposits are currently host to extensive exploration programs.
Additionally, Nova has an indirect interest in the Canadian Thompson Brothers Lithium Project through a substantial stake in Snow Lake Resources Ltd (NASDAQ:LITM) and holds a 12.99% interest in Torian Resources Limited (ASX:TNR), a gold exploration company based in Western Australia.
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