High Grade Gold Intercepts Continue for Nova at RPM
Melbourne, Oct 4, 2022 AEST (ABN Newswire) - Nova Minerals Limited (ASX:NVA) (QM3:FRA) (NVAAF:OTCMKTS) is pleased to announce further broad, shallow, and high-grade gold results at the RPM North Deposit, within the Company's flagship Estelle Gold Trend, located in the prolific Tintina Gold Belt in Alaska.
Further Broad Zones of Continuous High-Grade Gold Intersected at RPM North in Step Out Drill Holes
- Exceptional broad high-grade gold intersections continue at RPM North and mineralization remains open. Significant results at 0.3g/t cutoff grade include:
o RPM-022 (Main zone)
- 67m @ 10.4 g/t Au from 112m including;
- 55m @ 12.5 g/t Au from 115m
- 43m @ 15.8 g/t Au from 118m
- 34m @ 19.4 g/t Au from 118m
(RPM-022 returned an overall average grade of 3.9 g/t Au over 193m (753 gram meters) from 4m within the RPM North mineralized zone at 0.1g/t cutoff)
o RPM-025 (Main zone)
- 62m @ 6.0g/t Au from 43m including;
- 30m @ 11.2 g/t Au from 56m
- 15m @ 19.2 g/t Au from 72m
(RPM-025 returned an overall average grade of 2.1 g/t Au over 198m (416 gram meters) from 8m within the RPM North mineralized zone at 0.1g/t cutoff)
RPM-025 also intersected several new zones at depth beyond the main RPM North zone further expanding the resource target area, results include:
o RPM-025 (Middle zone)
- 31m @ 0.7 g/t Au from 288m including;
- 66m @ 0.8 g/t Au from 289m
- 6m @ 4.5 g/t Au from 349m
(RPM-025 returned an overall average grade of 0.5 g/t Au over 171m from 227m within the RPM North mineralized zone at 0.1g/t cutoff)
o RPM-025 (Lower zone)
- 76m @ 1.2 g/t Au from 440m including;
- 43m @ 1.5 g/t Au from 474m
- 30m @ 1.7 g/t Au from 486m
(RPM-025 returned an overall average grade of 0.9 g/t Au over 107m from 413m within the RPM North mineralized zone at 0.1g/t cutoff)
- Holes are continuing to step out to the west at the RPM North Zone and at depth as evidenced in hole RPM-025. RPM is located on a topographic high with mineralization starting at surface and daylighting throughout the deposit area
- Results continue to prove up the broad zone of high-grade gold at RPM North which includes previous significant drill results of:
o RPM-005 400m @ 3.5 g/t Au (1,400 gram meters), including 132m @ 10.1 g/t Au (ASX Announcement: 11 October 2021)
o RPM-0015 258m @ 5.1 g/t Au (1,316 gram meters), including 161m @ 8.1 g/t Au (ASX Announcement: 22 August 2022) and;
o RPM-008 260m @ 3.6 g/t Au (936 gram meters), including 140m @ 6.5 g/t Au (ASX Announcement: 8 August 2022)
- Infill and step-out drilling continues to prove up and extend the high grade (+2g/t) material within and beyond the existing 1.5Mozs @ 2.0g/t Inferred resource (ASX Announcement: 27 October 2021) at RPM North, to be included in the Phase 2 Scoping Study
- Exploration is now complete at RPM with a large number of holes pending from both the RPM North and South zone, with further drill results to be reported as they become available from the laboratory, which has seen slow assay turnaround times due to the volume of assays submitted to the laboratory during the current high season.
- Cathedral and Korbel infill drilling continuing News Due in the Near Term
- Continuous results from both RPM and Korbel as they become available from the laboratory
- New results from the ongoing drilling at Cathedral
- Resource (MRE) updates from both RPM and Korbel
- Phase 2 scoping study to be produced soon after Global MRE complete
- PFS test work as it becomes available
- New discoveries across the wider Estelle Gold Trend - Assays pending
Nova CEO, Mr Christopher Gerteisen commented: "I am pleased to report more shallow high- grade broad mineralization from our drilling at RPM. This program is part of a targeted program designed to allow for further increases to potential Measured and Indicated Resources in the next MRE on the high-grade RPM deposit.
As we continue with our aggressive 2022 diamond drilling program, we are exciting with the drilling completed to date and how it is all coming together. We are also particularly excited with the geological crew potentially unlocking new RPM and Korbel style targets along the Estelle Gold Trend corridor. We remain mindful of the extensive delays currently being experienced in the laboratory assay turnaround times, and look forward to delivering the Phase 2 Scoping Study as soon as the Global MRE is complete and optimized pit models can be finalized. The latest results show that it is important that we include as many of the drill results from the current program as we can in the upcoming MRE. In light of this, PFS level trade off studies have now commence in tandem which aims to optimize the project with a view to increasing the gold production schedule and NPV significantly across the Estelle Gold Trend. We are only getting started as we continue on our path to increase resource size, confidence and towards commercial production."
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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