Korbel Resource Definition Drilling Update
The Korbel Prospect has been tested with two diamond drills with eight holes drilled to date on Block B; initial holes KBDH-001 and KBDH-002 demonstrate continuation of grade at over 200 metres below the existing 2.5Moz inferred resource. A significant increase in thickness and continuation of IRGS with depth starting near surface. Drill intercept highlights include:
o KBDH-001 399.56m @ 0.34g/t gold from 1.86 metres (135 gram-meters)
o incl 36.58m @ 0.78g/t gold from 11.58 metres
o incl 48.77m @ 0.55g/t gold from 96.93 metres
o also 60.96m @ 0.40g/t gold from 176.17 metres
o KBDH-002 539.68m @ 0.27g/t gold from 2.26 metres (145 gram-meters)
o incl 235m @ 0.44g/t gold from 14.63 metres
o incl 158m @ 0.50g/t gold from 14.63 metres
o incl 85.65m @ 0.60g/t gold from 14.63 metres
o incl 15.54m @ 1.05g/t gold from 14.63 metres
o incl 19.20m @ 0.78g/t gold from 230.43 metres
o also 1.98m @ 4.34g/t gold from 230.43 metres
Current drilling focused on Block B (Starter Pit) in Figure 1 with the goal of expanding and upgrading the Resource to expedite project feasibility studies The drilling is part of a 20,000 metre diamond core drilling exploration program to test the depth and strike extensions of the Established 2.5Moz inferred gold resource at Korbel Blocks A and B (one of fifteen known occurrences) (ASX 11 September 2019) Exceptional gold leach recoveries averaging 76% at the Korbel Deposit (ASX 30 December 2019) Second Diamond drill rig now in operation on Pad 4 optimising cost efficiencies.
NVA CEO, Mr. Christopher Gerteisen said: "The KBDH-001 and KBDH-002 assay results demonstrate strong potential for significant extensions to the Korbel deposit and the world-class nature of the system, with the continuation of grade at depth and the consistency of mineralisation starting from under 2m from surface.
In addition, we are starting to identify where the higher-grade pods are within the deposit as we look to input this data into our feasibility models on our path to production at the Estelle Gold Camp.
Nova is continuing with follow up drilling. The second Diamond drill rig is now in operation on Pad 4 with further results to follow in the short term. The additional rig now turning brings greater efficiencies, with the view of keeping the resource discovery cost extremely low. We look forward to bringing shareholders further results as they become available."
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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