Newmont Elects to Proceed with Officer Hill Joint Venture
NVA's Officer Hill Project, is highly prospective for gold. The prospect is thought to host steeply plunging shoots, such as those at the Tanami Gold Mine and the apparent fold closure to the east offers the possibility of the discovery of Callie-style mineralisation at depth. The total area covered by the lease is 206.08km2. The Callie gold mine, which is, located 34km northeast of Officer Hill had, at the end of 2015, 5.6 million ounces of gold resource and produces 419,000 ounces gold per year.
Newmont has successfully completed its sole funding commitments pursuant to the terms of the Officer Hills Joint Venture Agreement. Nova retains a 30% working interest whilst Newmont to retain a 70% interest. Nova and Newmont will now form an operating committee to progress the project. The project is managed by Newmont Tanami Pty Ltd.
NVA Managing Director, Mr. Avi Kimelman said:
"The decision by Newmont to proceed with the Joint venture agreement is a ringing endorsement of the quality of the Officer Hill Gold Project and its exploration upside in the Tanami region of Northern Territory, particularly with the projects close proximity to the 400Koz per year Tanami Gold Mine and located within the ~13 million ounce Tanami endowment."
"Newmont's commitment to the joint venture brings valuable technical expertise and insights to the Project."
Nova will separately release the proposed 2018/19 Exploration programme for the Officer Hill Gold Project in due course.
About Nova Minerals Ltd
The company plans to create shareholder value through two-pronged strategy:
- Capitalise on the growing demand for energy storage and the resulting demand for lithium, cobalt and nickel by fast-tracking exploration and development activities in our North American assets with particular focus on our flagship lithium project and prospective Chip-Loy Nickel Cobalt Sulphides project.
- Diversification by gaining exposure to base and precious metals through our farm-in JV at our district scale Estelle gold copper silver project and our Northern Australian gold exploration assets.
Nova Minerals Ltd