Minerals explorer and developer Nova Minerals Limited (
Nova Minerals Managing Director Mr Avi Kimelman said: "After announcing our maiden 2.5 Moz Gold JORC Inferred Resource as a starting point at Oxide Korbel just a week agowe are excited by these results from the RPM Prospect which clearly demonstrate the scale, size and robustness of our project's exploration upside. We are now looking at the possibility of delineating multiple deposits on the Estelle Property.
Oxide Korbel 2.5Moz Gold JORC Inferred Resource occurs on less than 1% of the project area and we are fortunate to have multiple gold occurrences located elsewhere on the property requiring further work, RPM being one of them.
These continued positive results provide strong encouragement to Nova and is a testament to the exploration teams ability to effectively and efficiently evaluate the tenement area in such a short period. Our simple yet highly effective prioritised systematic exploration approach is designed to delineate gold resources while minimizing costs and we will maintain this strategy throughout our exploration efforts.
The recent exploration success at RPM positions these efforts firmly on the path to our ultimate goal of creating shareholder value through further discovery and building on 2.5Moz Maiden Resource."
Table 1. Hole intercepts from recent Diamond Drilling and historic diamond drilling
SE12-008 From (m) To (m) Grade g/t Width Intersection 4.27 180.78 0.79 177.39 Includes 26.00 146.40 1.02 120.40 Includes 75.19 125.36 1.76 50.17
Historical diamond drill hole SE12-008 completed in 2012 was re-sampled by Nova as part of the 2019 field program. In the 2020 field season an aggressive program of follow up drilling, prospecting, mapping, and geophysical surveys will be conducted to further define the foot print of the mineralization. If next seasons drilling confirms the SE12-008 results, and full scale Resource Drill out will be initiated on the prospect.
Internal prioritised systematic exploration strategy
The Company's ranked and prioritised systematic exploration strategy and activities at Estelle are guided by an exploration "Project Pipeline" process to maximise the probability of multiple major discoveries (Table 1). Each Milestone is defined by a specific deliverable and has each criteria needs to be ticked to determine which prospect must pass through before moving to the next Milestone. Economic criteria and probability of success increase as projects move along the pipeline. The methodology helps to ensure work is carried out across all stages of the process, cost are kept minimal and that focus is kept on the best quality targets and that the pipeline is kept full with early Milestone projects.
To view tables and figures, please visit:
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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.
Contact
Nova Minerals LtdP: +61-3-9614-0600
F: +61-3-9614-0550
WWW: novaminerals.com.au
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