Extensive Polymetallic Vein System Discovered at Estelle
Melbourne, Sep 20, 2021 AEST (ABN Newswire) - Nova Minerals Limited (
ASX:NVA) (QM3:FRA) (NVAAF:OTCMKTS) announces another major mineralised zone identified within Estelle, within the Company's flagship Estelle Gold Project located in the prolific Tintina Gold Belt.
Stoney Prospect delivers high grade Au, Ag, and Cu results in rock samples along an extensive outcropping mineralized zone within the Estelle Gold District
- High-grade reconnaissance rock chip samples from the Polymetallic Stoney Prospect include values up to:
48.4g/t Au, 2720g/t Ag, 2.4% Cu
- Exploration mapping and sampling campaign defines massive polymetallic mineralized vein at Stoney Prospect observed along ~4km of strike length, up to 10 meters wide, and >300m of vertical extent. Several stacked parallel vein structures and/or splays were also observed and sampled in the surrounding area, eg Rainy Day Vein (Figures 1,2,3*).
- Follow up geophysics and drill program planning underway for Stoney Prospect and surrounds to commence in 2022
- RPM remains on track for a Maiden Resource in late 2021 advancing the prospect through the development pipeline Korbel Main remains on track for resource upgrade in Q4 with maiden scoping study to follow Assay results pending for over 10,000m of drilling from both Korbel Main and RPM
- Update on Snow Lake Resources due shortly
NVA CEO, Mr. Christopher Gerteisen commented: "The success of the 2021 reconnaissance exploration program further confirms the depth and scale of the Estelle Gold Project. These rock chip sample results, which include high grade silver, copper, as well as gold, open up another dimension for Estelle with the discovery of an extensive polymetallic vein system. The Stoney vein was mapped along almost 4km of mineralized strike (Figures 1,2,3) which represents more than 300m of vertical extent. The vein is exposed and outcropping along significant portions of this distance with widths of 10-15m observed in places. The geologists also mapped numerous parallel stacked veins and splays, such as the Rainy Day Vein, which returned high grade results and is part of the same mineralized system. The Stoney prospect discovery highlights further potential of another large-scale mineralized system within the Estelle Gold Project, now with silver and copper upside as well.
The Stoney Prospect is situated between the current 4.7Moz Korbel deposit and the RPM deposit to the south as outlined in Figure 4*.
Stoney, Rainy Day, and T5 occur are located in the central portion of the claim block between Portage Creek and Muddy Creek (Figure 4*). They are all hosted in a granodiorite phase of the Estelle Pluton. The goals of these sampling traverses were to collect representative chip samples of what appeared to be high grade mineralization on the Stoney Vein, identify the colour anomaly at what is now referred to as the Rainy Day Vein, and determine the source of the magnetic anomaly at T5. The extent of mineralization on Figures 1,2, and 3* shows an inferred strike length of the Stoney Vein of almost 4km. The Rainy Day Vein occurrence is likely a parallel vein or splay to the west of Stoney.
Nova Minerals sampled the massive polymetallic Stoney Vein during the 2021 reconnaissance program and discovered an inferred strike length of 3.8km yielding anomalous Au, Ag, and Cu results. Geophysical programs will be planned to better define the extent of Stoney and nearby splays, as Stoney warrants drilling in 2022. With thicknesses ranging from three to ten meters and a vertical relief of 300 meters, this massive to semi-massive sulfide vein is quite extensive and initial sampling results look promising. Stoney strikes roughly to the south (180), dips steeply to the west (75) and intrudes the granodiorite phase of the Estelle Pluton. The intrusive is altered at the margins of the vein and occurs in altered blocks within the vein as well. Mineralization is dominated by pyrrhotite, chalcopyrite, arsenopyrite, and quartz.
26 rock samples were collected at Stoney, T5, and the newly discovered Rainy Day Vein (Table 1*).
T5 is a magnetic anomaly thought to be associated with Stoney, however, small outcrops beneath a rock glacier revealed a strongly magnetic mafic dike and intermediate intrusive with little to no mineralization.
While working in the vicinity of Stoney, crews discovered the Rainy Day Vein, another massive polymetallic vein to the northwest of the main Stoney occurrence. This vein is similar in nature to Stoney with massive pyrrhotite plus chalcopyrite and arsenopyrite, and is likely a splay off of the main Stoney Vein. It measured two to five meters thick, with at least ten meters of vertical relief and 100 meters of strike length exposed. A representative chip sample across 3 meters of the vein ran 8.12 g/t Au and 1.7% Cu. A select outcrop sample ran 5.39 g/t Au and 0.5% Cu. This was a significant discovery and warrants further exploration.
Figures 1,2 and 3* highlight the extent of Au, Ag, and Cu at the Stoney Vein and the Rainy Day Vein, as well as show the magnetic signature of the T5 magnetic anomaly. More news to follow as results of the 2021 reconnaissance program continue to come in.
*To view tables and figures, please visit:https://abnnewswire.net/lnk/9GJD9RFQ
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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