Quarterly Activities Report
Melbourne, April 29, 2022 AEST (ABN Newswire) - Nova Minerals Limited (
ASX:NVA) (QM3:FRA) (NVAAF:OTCMKTS) is pleased to provide the Quarterly Activity Report and attached Appendix 5B for the three-month period ended 31 March 2022.
Highlights
Estelle Gold Project
- Phase 1 Scoping Study completed, shows the potential for Korbel Main to support a large standalone, bulk tonnage open pit mining operation, with ideal ore body geometry that allows mining at a very low strip ratio
- The Study, while constrained by the amount of Indicated Resources available from a single ore source within a starter pit at Korbel Main, shows the project's overall economics is very sensitive to grade and gold price, with a Phase 2 Scoping Study which will also include the high-grade RPM ore, to be completed later this year
- Study provides a proof of concept for the proposed flow sheet with a Central Processing Facility to be located at Korbel, which is scaled to receive feed from multiple ore sources, including the high-grade RPM Deposit, and across the entire Estelle Gold Trend as the years progress
- Geophysics confirmed the extension of the RPM North high-grade gold deposit up to 1 km to the West with drilling to commence shortly to both increase the size and confidence of the current Inferred Resource of 23mt @ 2g/t for 1.5Moz (ASX Announcement: 27 October 2021)
- Haulage studies investigating 4 options to haul high-grade RPM ore back to the Korbel Central Processing Facility (KCPF) commenced as part of the Phase 2 Scoping Study
- Successful winter road operation brought in over 1 million pounds of supplies and equipment to the project this year
Snow Lake Lithium
- Drone mag survey identifies multiple extension anomalies and prospective pegmatite targets on the Sherritt Gordon claims
- 3 drill rigs all returned spodumene-bearing intersections with assay results expected shortly
- Snow Lake engaged SLR Consulting Canada to complete an Initial Assessment (IA) and Technical Report Summary (TRS) as per the S-K 1300 standard of disclosure
- Expanded land holdings by 100% to more than 86 square miles
Corporate
- Cash position at the end of March 2022 was $3.8M
- Subsequent to the quarter end, Nova sold 3,000,000 Snow Lake shares at US$6.00 each for a total of USD $18,000,000 to fund Estelle through to PFS
- The company is well capitalised with circa AUD$28,000,000 cash and further liquid investments
Next Steps
- Re-commence drilling at Korbel including maiden drill test at Cathedral
- Re-commence drilling at RPM
- Continue the various mine and process optimisation, material haul and environmental studies for the Phase 2 Scoping Study and PFS at Korbel and RPM
- Ore sorting results on RPM
- Continue to unlock the Estelle Gold Trend with ground truthing with RPM surrounds and Muddy Creek the company's prime focus
*To view full Quarterly Report, please visit:
https://abnnewswire.net/lnk/TKDS05F4
About Nova Minerals Limited
Nova Minerals Limited's (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) vision is to develop North America's next major gold trend. The company is focused on exploration in Alaska's prolific Tintina Gold Belt, a province which hosts a 220 million ounce (Moz) documented gold endowment and some of the world's largest gold mines and discoveries including Victoria Gold's Eagle Mine and Kinross Gold Corporation's Fort Knox Gold Mine. The company's flagship Estelle Project has a current total estimated JORC gold resource of 9.6Moz (3Moz Indicated and 6.6Moz Inferred). Estelle is a 45km long string of 15 identified gold prospects bracketed by the Korbel deposit in the north and the RPM deposit in the south. These two deposits are currently host to extensive exploration programs.
Additionally, Nova has an indirect interest in the Canadian Thompson Brothers Lithium Project through a substantial stake in Snow Lake Resources Ltd (NASDAQ:LITM) and holds a 12.99% interest in Torian Resources Limited (ASX:TNR), a gold exploration company based in Western Australia.
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