Drill Rig Mobilised at RPM and Korbel Update
Nova continues to unlock the Estelle Gold District with a drill program at the RPM prospect to delineate a Maiden Resource Estimate in 2021.
- Drilling program begins at RPM with the goal of delineating a Maiden Resource Estimate by late 2021
- High-grade reconnaissance rock chip samples define an expanded footprint of the high priority targets within the RPM Prospect (ASX 22 October 2020)
Rock samples returned high-grade gold results: 291 g/t, 103 g/t, 13.1 g/t, 9.3 g/t, 9.0 g/t, 8.8 g/t and 5 g/t
Historical (2012) diamond drill hole SE12-008 re-sampled returned results of:
o 178m @ 0.8g/t
o incl.120m @ 1.0g/t
o and 50m @ 1.8g/t at RPM
- Drilling Continuing at Korbel Main North (Block A, Isabella) and South (Block B) with infill and step-out along the SE strike extension with the goal of substantially increasing the 4.7Moz Resource (ASX 7 April 2021) and to upgrade the Resource to Measured & Indicated status with a view towards expedited project feasibility studies.
- Near term opportunity to increase resource tonnages outside the current 4.7Moz Resource Drilling at Korbel Main (Blocks A and B) and Korbel Blocks C, D, Isabella, You Beauty, and Cathedral.
- Field exploration work to commence in coming months to advance the pipeline of additional high priority prospects across the Estelle Project area;
- "interim' scoping study nearing completion on Korbel Main alone
- Continuous flow of drill results from ongoing Korbel and RPM programs to be reported throughout the year
NVA CEO, Mr. Christopher Gerteisen commented:
"The spectacular grades obtained from RPM rock chip sampling in both RPM1 and the newly discovered RPM2 zone alongside the encouraging drill results from the re-sampled historical 2012 diamond drill hole SE12-008 open up another Estelle target outside of the Korbel Valley prospects. This is in line with our plans to unlock a district containing multiple, large-scale gold deposits.
Nova commenced exploration in 2018 and since then has grown the resource at Korbel Main alone to 4.7Moz which remains wide open to the North-West and South-East with drilling ongoing on these extensions to increase resource both in size and confidence. We have a highly qualified local field crew and consultants in place to fast track our field, economic and environmental programs as we drive forward with our plan to progress the Korbel Main prospect through to production. Being one of 15 other high priority exploration targets within the Estelle gold district, RPM is presenting surface features indicative of a much larger footprint than first thought, with a second much larger, high-grade zone now identified. We believe there is a possibility that the RPM1 and RPM2 zones converge at depth, and this drilling program is designed to test this theory. The team is confident as it continues to advance a pipeline of prospects within the Estelle Gold District. The commencement of drilling at RPM marks the start of Nova's next stage of growth, for the benefit of all stakeholders.
In time, we expect to define multiple new shallow gold resources that will further support our goal of aggressively growing the resource inventory as we continue to move towards gold production at the Estelle Gold District. We will keep the market updated on the results of these programs as we progress. We currently have 4.7Moz at the Korbel Main deposit, which represents just the beginning of our Estelle journey, one that is fuelled by much larger ambitions."
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About Nova Minerals Limited
Nova Minerals Limited (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) is a dynamic explorer and developer of its flagship Estelle Gold district in the Tintina gold belt. Nova's strategy is to substantially increase the current 4.7Moz resource on the Korbel prospect. Subsequently to continue to lock in value through moving Korbel towards production whilst increasing the resource base across the pipeline of targets within the Estelle gold district. Nova Minerals also holds strategic investments in Snow Lake Resources Ltd (Thompson Brothers Lithium Project), Torian Resources Ltd (ASX:TNR) and RotorX Aircraft Manufacturing Co.
Nova Minerals Limited