Quarterly Activities Report
- 3.3 Million Ounce Maiden Gold Resource at Estelle
- Phase 1 Leach studies demonstrates Exceptional Gold Leach Recoveries Averaging 76% at the Korbel Deposit
- Continued Exploration Success with priority targets set on the Estelle Gold Property to increase ounces significantly
- Convergence of Blocks A and B into one zone- Korbel Main
- Strong indications for Blocks C, D, Connex and Isabella to converge into the Korbel Main deposit
- Additional results are forthcoming in current quarter with a further 38 holes now nearing completion, on-route to lab and awaiting assay
- Pad 6 south-east extension high-grade feeder system now being drilled (figure 3)
- Diamond and RC drilling to continue unabated with plans to increase from the initial 25,000m to 40,000m for 2020 and up to 80,000m for 2021
- Ore Sorting test work ongoing with commencement of Preliminary Economic Assessment (PEA) study
- Investment in Torian Resources Ltd (ASX:TNR) holding includes 12.94% interest in TNR and 49.9 million listed options @ 2c expiring 7 Feb 2022 (ASX:TNRO).
- NVA maintains a 73.8% holding in Snow Lake Resources Ltd (Thompson Brothers Lithium project)
- Increase to 3.3Moz Stage 1 Interim Mineral Resource Estimate
- All drill holes intersected thick zones of significant gold mineralisation above the nominal cut-off grade at Korbel Main
- Encouraging Mineralisation opens up a new area at Block D within the Korbel Prospect (Assays Pending)
- Drilling at Block D has commenced and is encountering Arsenopyrite-Quartz veining
- Hole KBDH-022 from Pad 2 demonstrates the continuity of mineralisation from Block B into Block A
- On 1 October 2020, the Prepayment Funding Facility (Notes) were converted to Ordinary Shares in accordance with the terms of the Issue.
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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