Drilling Recommences West of RPM 132m @ 10.1g/t Intercept
Melbourne, June 16, 2022 AEST (ABN Newswire) - Nova Minerals Limited (ASX:NVA) (QM3:FRA) (NVAAF:OTCMKTS) is excited to announce that following the construction of drill pads over the last few weeks, drilling has now recommenced at the high-grade RPM deposit as the Company progresses the development of its flagship Estelle Gold Project in Alaska.
Growing and converting the current high-grade RPM 1.5 Moz @ 2g/t resource (Table 1*) into the higher confidence Indicated category, to feed into the Company's Phase 2 Scoping Study scheduled for delivery later this year, the Company's absolute focus together with increasing the current resource.
- Initial drilling has commenced west of the major discovery hole (Figure 1*) RPM-005 where in September 2021 the Company hit an incredible intercept of 132m @ 10.1g/t (ASX Announcement: 11 September 2021). Important to note, RPM-005 was the western most hole in the 2021 drill program and we are continuing our drill efforts on from this bonanza grade zone.
- Additional drill rigs are currently being mobilised to RPM with a 2nd rig expected to commence drilling next week and a 3rd rig to commence by the end of June 2022.
- The various mine and process optimisation, material haulage and environmental studies for the Phase 2 Scoping Study, which data will also be incorporated into the PFS, and which will include both the Korbel and RPM deposits, continue to progress on budget and on time
- Continuous flow of drill results from the ongoing Korbel and RPM programs to be reported throughout the year, as assay results become available
Nova CEO, Mr Christopher Gerteisen commented: "We are extremely excited to recommence drilling at the high-grade RPM deposit, which continues to amaze us. It is very gratifying to start from scratch in a new frontier doing what we do best and make such a significant discovery as we already have at the RPM deposit. With RPM showing all the signatures for over 1.4km in strike length we expect to rapidly increase both the size and confidence of the deposit in the current drill campaign.
Nova is in an ideal position to achieve our goal of progressing both Korbel Main and RPM into production, whilst concurrently unlocking the Estelle Gold Trend. By implementing our dual exploration and development strategy, we will seek to maximise our ability to create value for shareholders through both resource growth and project development."
*To view tables and figures, please visit:
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.
Nova Minerals Limited