The Directors of Nova Minerals Limited (ASX:NVA) (ETR:QM3) (OTCMKTS:QTRPF) are pleased to the engagement of DRA Global ("DRA") to conduct Phase 1 and 2 ore sorting test-work to continue its progression of the Korbel deposit towards a future low strip, bulk minable, heap leach peration (ASX 17 January 2018).

The objective of the study through 2020 is to assess the suitability of sorting applicable to the specific style of mineralization contained at Korbel. It will also involve test work, design, management and supervision to determine ore sorting amenability. Additionally, the study will assess the overall impact of the ore sorting circuit in a future flowsheet. This will include completion of a dynamic simulation in phase 2 to establish ore sorting stockpile and ore sorting requirements for the optimal CAPEX, OPEX, Operability and Maintainability of the overall process plant. High level deliverables will include generation of process mass and water balances, mechanical equipment list, and a concept level (AACE Class 5) CAPEX estimate for the entire plant. Nova recognizes the need for sorting studies early on in the mine development cycle. These kinds of studies help to keep moving the project towards Pre-Feasibility. In addition the sorting study will run concurrently with the 2020 Resource drilling programme.

Subject to drilling and positive results, Nova sees various processing options at Korbel. These options include 1) heap leach, 2) carbon-in-pulp (CIP) circuit or 3) a combination of the two.

NVA Managing Director, Mr. Avi Kimelman said: "We are very pleased with the progress that the Company is making towards delivering on its plan to rapidly unlocking the Estelle Gold District through both Significantly increasing resources and fast tracking the Block B "Starter Pit" to development. This sorting test work commencing simultaneously with our drilling maintains our strategy of saving time, resources and money by streamlining data and productivity to deliver strong shareholder returns in as short a timeframe as possible whilst still ensuring that the technical and economic possibilities are fully understood and progressed.

Nova's greatest accomplishment in 2019 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.

We are unlocking a district at the Estelle gold project with a 10-year plus run way of exploration targets to cover and upside in resource growth across the Estelle Gold district and have a plethora of highly prospective immediate targets such as Cathedral, RPM and Shoeshine that we will drill later in 2020. We also anticipate that these prospects will add significantly to Nova's Resource base and solidify the Estelle Project as the next emerging major gold camp. Stand by; we are only getting started, the best is yet to come."

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About Nova Minerals Ltd

Nova Minerals Limited (ASX:NVA) (FRA:QM3) is an ASX-listed minerals explorer focused on lithium, gold and mineral exploration in Canada, Alaska and Australia.

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.

  

Contact

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



Link: DRA engaged for Ore Sorting studies at Estelle Gold



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