Quarterly Activities Report
Quarterly Activities Report

Melbourne, Oct 26, 2020 AEST (ABN Newswire) - Nova Minerals Limited (googlechartASX:NVA) (googlechartQM3:FRA) (googlechartNVAAF:OTCMKTS) continued its fast-track exploration strategy at the district scale Estelle Gold Project in Alaska, achieving a significant milestone with the subsequent "Snap shot in time" release of a JORC compliant 3.3Moz maiden inferred interim resource at its Korbel Main prospect in the September quarter (ASX 05 October 2020).

HIGHLIGHTS

- 3.3 Million Ounce Maiden Gold Resource at Estelle

- Phase 1 Leach studies demonstrates Exceptional Gold Leach Recoveries Averaging 76% at the Korbel Deposit

- Continued Exploration Success with priority targets set on the Estelle Gold Property to increase ounces significantly

- Convergence of Blocks A and B into one zone- Korbel Main

- Strong indications for Blocks C, D, Connex and Isabella to converge into the Korbel Main deposit

- Additional results are forthcoming in current quarter with a further 38 holes now nearing completion, on-route to lab and awaiting assay

- Pad 6 south-east extension high-grade feeder system now being drilled (figure 3)

- Diamond and RC drilling to continue unabated with plans to increase from the initial 25,000m to 40,000m for 2020 and up to 80,000m for 2021

- Ore Sorting test work ongoing with commencement of Preliminary Economic Assessment (PEA) study

- Investment in Torian Resources Ltd (googlechartASX:TNR) holding includes 12.94% interest in TNR and 49.9 million listed options @ 2c expiring 7 Feb 2022 (googlechartASX:TNRO).

- NVA maintains a 73.8% holding in Snow Lake Resources Ltd (Thompson Brothers Lithium project)

SUBSEQUENT EVENTS

- Increase to 3.3Moz Stage 1 Interim Mineral Resource Estimate

- All drill holes intersected thick zones of significant gold mineralisation above the nominal cut-off grade at Korbel Main

- Encouraging Mineralisation opens up a new area at Block D within the Korbel Prospect (Assays Pending)

- Drilling at Block D has commenced and is encountering Arsenopyrite-Quartz veining
- Hole KBDH-022 from Pad 2 demonstrates the continuity of mineralisation from Block B into Block A

- On 1 October 2020, the Prepayment Funding Facility (Notes) were converted to Ordinary Shares in accordance with the terms of the Issue.

To view the Quarterly Report, please visit:
https://abnnewswire.net/lnk/A16X3NM2


About Nova Minerals Limited

Nova Minerals LtdNova 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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Contact

Nova Minerals Ltd
P: +61-3-9614-0600
F: +61-3-9614-0550
WWW: novaminerals.com.au



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