Growth Continues at the Estelle Gold Project
Korbel Interim Gold Mineral Resource increases to 3.3Moz
Melbourne, Oct 5, 2020 AEST (ABN Newswire) - Nova Minerals Limited (
ASX:NVA) (QM3:FRA) (NVAAF:OTCMKTS) is pleased to provide an update on its resource estimate, within the Company's flagship Estelle Gold Project located in the prolific Tintina Gold Belt.
- Interim Mineral Resource for Korbel (drilling to 30 June 2020) - 3.3Moz Inferred JORC Mineral Resource Estimate ("MRE")
o "Snap-shot in time" Interim Mineral Resource Estimate established
o Resource mineralization from surface
o Global resource for Blocks A and B due in 2021
o Results due for remainder of Blocks B and Block A with over 95% of initial drilling program (48 holes total) now completed
- 61% increase in tonnes from 7,200m Diamond to 30 June 2020 of up to 40,000m planned for 2020
- Results for further 32 drill holes in Korbel Blocks A and B submitted to lab and now forthcoming
- Additional drilling planned on new high grade Block B Southeast extension zone (Pad 6) next to hole KBDH-012 101m @ 1.3 g/t incl. 82m @ 1.5 g/t, 30m @ 2.4 g/t, 3m @ 7.7 g/t, 6m @ 4.7 g/t and 3m @ 8.2 g/t
o KBDH-012 returned an overall average grade of 0.6 g/t Au over 429m from 3m within the Korbel intrusive with multiple high-grade zones (ASX 19 August 2020)
- RC drilling commenced on Block C and D and infill of Block B with 10 holes completed to date.
- Diamond and RC drilling continue unabated with increase from initial 25,000m up to 40,000m for 2020 and up to 80,000m planned for 2021
** Remainder of Block A and Block B, Block B Southeast Extension, Blocks C and D, Cathedral, You Beauty, Izabela and Sweet Jenny is not included in this new resource upgrade and provides substantial resource upside**
NVA CEO, Mr. Christopher Gerteisen commented:
"We are very pleased with the results of this Interim Mineral Resource Estimate which represents a "snap-shot in time" and is based on very few of the additional drill results of the total planned drill program. Importantly, the thickness of mineralisation at Korbel Blocks A and B is consistent throughout, which provides an exciting opportunity to significantly grow our resources beyond this point. One of the key objectives this year was to begin to determine the extent of Korbel and in the process capture more tonnes, as tonnage is king with these IRGS deposits. We are very encouraged by the consistent significant increase in tonnes as we drill. The extent of the system remains elusive as the deposit is still wide open. It is important to note the resource mineralization at Korbel starts at surface making it readily amenable to open pit bulk mining methods. This coupled with exceptional metallurgical recoveries from test work thus far will reflect positively in the economic studies now underway.
In terms of further upside in the Korbel system, Blocks C and D, Cathedral, You Beauty, Izabela and Sweet Jenny are exciting high value targets in the list of drill priorities, with drilling having now commenced on Blocks C and D. This RC program is now generating targets for subsequent follow up resource diamond drilling which we expect to continue to grow the global resource at Korbel. With these positive developments, additional drilling has been planned and we will continue unabated, now increasing the drilling from the current 25,000m up to 40,000m for 2020 and up to 80,000m is planned for 2021. The additional 2020 drilling will also be included in the global resource upgrade planned for 2021, where we will also be looking at proving up a significant portion of the resource to the higher confidence Measured & Indicated categories. This upcoming global resource will be a key input to the economic studies which have now commenced on Blocks A and B with activities including detailed metallurgical test work, including ore sorting, and other long lead study items.
Several high-grade areas have been intersected within the Korbel deposit through drilling to date, a highlight being the newly discovered Block B southeast extension zone. While increasing resource volume has been our primary focus until now, we will begin to follow-up and delineate these zones with the additional drilling planned through 2021 and beyond.
We are continuing to develop the Estelle Gold Project in a world-class district. We are focussed on increasing our total resource inventory whilst executing our path to production with urgency."
Mineral Resource Estimate
Total Mineral Resource for Block B (drilling to 30 June 2020) - 291mt @ 0.4g/t for 3.3Moz Inferred JORC Mineral Resource Estimate (MRE).
To view tables and figures, please visit:
https://abnnewswire.net/lnk/D5G02236
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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