Nova Minerals Limited (
- Exceptional broad high-grade gold intersections continue at RPM North and mineralization remains open. Significant results at 0.3g/t cutoff grade include:
- 161m @ 8.1 g/t Au from surface including;
- 117m @ 11.1 g/t Au from 50m
- 78m @ 16.0 g/t Au from 50m
- 45m @ 25.3 g/t Au from 81m
- 14m @ 51.2 g/t Au from 112m
(RPM-015 returned an overall average grade of 5.1 g/t Au over 258m (1,316 gram meters) from surface within the RPM North mineralized zone at 0.1g/t cutoff)
- 113m @ 1.4 g/t Au from 8m including;
- 82m @ 1.7 g/t Au from 32m
- 55m @ 2.1 g/t Au from 49m
- 11m @ 4.5 g/t Au from 53m
(RPM-018 returned an overall average grade of 1.0 g/t Au over 169m (169 gram meters) from 8m within the RPM North mineralized zone at 0.1g/t cutoff)
- Holes are stepping out towards the west at the RPM North zone. RPM is located on a topographic high with mineralization starting at surface and daylighting throughout the deposit area
- Results continue to prove up the broad zone of high-grade gold at RPM North which includes previous significant drill results of:
o RPM-005 400m @ 3.5 g/t Au (1,400 gram meters), including 132m @ 10.1 g/t Au (ASX Announcement: 11 October 2021) and;
o RPM-008 260m @ 3.6 g/t Au (936 gram meters), including 140m @ 6.5 g/t Au (ASX Announcement: 8 August 2022)
- Infill and step-out drilling continues to prove up and extend the high grade (+2g/t) material within and beyond the existing 1.5Mozs @ 2.0g/t Inferred resource (ASX Announcement: 27 October 2021) at RPM North, to be included in the Phase 2 Scoping Study
- Exploration efforts are focused on identifying large scale resource extensions and new large scale discoveries, with in excess of 50 holes drilled at RPM and Korbel yet to be announced
- Exploration is ongoing across the wider RPM area and drilling continues to test the RPM South zone, with further drill results to be reported as they become available from the laboratory, which has seen slow assay turn around times due to the volume of assays submitted to the laboratory during the current high season
Nova CEO, Mr Christopher Gerteisen commented: "I am pleased to report more shallow high-grade broad mineralization from our drilling at RPM. This program is part of a targeted program designed to allow for further increases to potential Measured and Indicated Resources in the next MRE on the high-grade RPM deposit.
As we continue with our aggressive 2022 diamond drilling program, we are mindful of the extensive delays currently being experienced in the laboratory assay turnaround times, and while we are still hoping to deliver the Phase 2 Scoping Study on time, the latest results show that it is important that we include as many of the drill results from the current program as we can in the upcoming MRE. In light of this, PFS level trade off studies will now commence in tandem which aims to optimize the project with a view to increasing the gold production schedule and NPV significantly across the Estelle Gold Trend, as we continue on our path towards commercial production."
RPM Drilling Summary
Infill and extensional resource drilling at RPM is currently ongoing with drill rigs at both RPM North and RPM South. The latest results continue to not only prove up, but now also extend, the areas of high-grade gold mineralization (+2g/t) at the RPM North resource area.
Drill holes RPM-015 and RPM-018 were completed as step out holes to test the continuity of high grade mineralization around hole RPM-005 to prove up and extend the resource beyond the current RPM North Deposit. Results from both RPM-015 and RPM-018 extend out from previous results from RPM-005 (ASX Announcement: 11 October 2021 - 400m @ 3.5 g/t Au, including 132m @ 10.1 g/t Au) and RPM-008 (ASX Announcement: 8 August 2022 - 260m @ 3.6 g/t Au, including 140m @ 6.5 g/t Au) which confirms continuity of the high-grade gold zone from surface to a depth of over 250m tested thus far, and remains open at depth (Figure 1). The ongoing drilling program continues to provide high quality geological data that is being collated and interpreted to provide greater deposit knowledge. The nature and geometry of the intrusive units and interplay with structures are key to controls on gold mineralization. These geological and interpretative insights are invaluable in developing further targets for the ongoing exploration programs within the RPM area as well as the greater Estelle Gold Trend.
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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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