Korbel Main Exploration Update
Integration of the new Block Model (ASX 05 October 2020) results with the 2019 IP Chargeability (ASX 16 July 2019) data shows a very strong correlation with gold mineralization. This together with the observation of Arsenopyrite-Quartz Veins associated with the Chargeability Anomaly (15 mV/V) at Block D (ASX 16 July 2019) suggests that the IP anomalies are a good predictor for gold mineralization in the Korbel system. As a result, the Company is planning an aggressive drilling campaign (3,000m) to follow up on the Isabella anomaly defined during the 2019 survey. A new platform (PAD9) will be constructed and one of the active Ruen drills will be deployed to this target once the Block D and C holes are completed (Figure 2*).
NVA CEO, Mr. Christopher Gerteisen commented: "We are extremely excited with the volume of prospective mineralisation at Korbel that has been recognised at Isabella Block. This has the potential to prove the mineralised system to be even larger.
Our corporate goal is to add significant tonnes and ounces in this current drill program and this further enhances the prospect of adding greatly to the resource inventory as these blocks start to converge into the Korbel Main deposit. During the rest of 2020 and into 2021 we will continue to drill Korbel Main, the South East Extension feeder system, Block C, Block D and the Isabella Block, as well as the other prospects within the Estelle district.
Drilling continues unabated with one diamond drill rig now at Pad 6 to test the high-grade southeast extension feeder zone of Korbel Main, and a second rig drilling at Pad 8 on Block D which has already yielded promising results. The rigs are scheduled to drill test Block C and Isabella at depth in due course. We have a very active winter season ahead of us. It is full steam ahead."
*To view tables and figures, 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