Full Year Statutory Accounts
Two diamond drills rig are now turning on Pad 3, aka Block 2 "Starter Pit* area of the Korbel Deposit (Figure 2 and 4*). The objective for 2020 is unchanged and remains to significantly increase the current 2.5Moz resource in both size and confidence.
Most importantly, the 2.5Moz Inferred Resource was achieved using an average drill depth of less than 100m. Induced Polarisation chargeability results show that the mineralization is present to at least 300m below surface and remains open.
The current program will test down to 500m level or 5 times the current depth of the existing Resource area. To date, all holes have returned Continuous Gold Mineralisation from Surface above the Company's expectation. These results continue to support the potential for a massive, bulk-tonnage, heap leachable resource.
The resource development drilling program will initially target the "Starter Pit" at Korbel Block B's Pads 3 and 4 (Figure 4*). The location of Pad 3 is within the vicinity of a high grade intercept of 27.6 g / t Au over 1.5 metres returned from hole OX-RC-16 drilled in the summer of 2019. In addition, re-sampling of hole SE12-004, also in the vicinity of Pad 3, returned a broad intercept of 1.20 g/t Au over 70.1m. Drilling from Pad 3 will continue to expand the Resource laterally and at depth by targeting mineralisation down to 500m. The additional data density from drilling Pad 3 and 4 will also increase confidence of the Resource and shift tonnes from Inferred into the Measured & indicated categories. The global objective is to push the "Starter Pit" towards a feasibility study in 2021 on the path to production.
*To view the Annual Report, please visit:
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