Quarterly Activities Report
Melbourne, Jan 23, 2023 AEST (ABN Newswire) - Nova Minerals Limited (ASX:NVA) (QM3:FRA) (NVAAF:OTCMKTS) announce resource updates for RPM and the Korbel Valley now underway with 30,000m additional drilling to be added for the Phase 2 Scoping Study.
Estelle Gold Project
- During the quarter Nova completed its transformational drill program with the aim being to increase the size and confidence of both the Korbel and RPM Deposits, for inclusion in the upcoming Phase 2 Scoping Study due out upon completion of resource updates for RPM North, RPM South, Korbel Main, and Cathedral.
- The 2022 highly targeted ~ 30,000m diamond drill program included:
o RPM North - 24 holes ~ 9,000m drilled - All assays received and reported
o RPM South - 8 holes ~ 3,000m drilled - All assays received and reported
o Cathedral - 12 holes ~ 5,000m drilled - All assays pending
o Korbel Main - 30 holes ~ 10,000m drilled - All assays pending
o Hydro Wells - 12 holes ~ 1,000m drilled - All assays pending
- Maiden drilling at Cathedral and infill drilling at Korbel Main, in the saddle area within the proposed conceptual Korbel Main pit zone with the goal being to convert additional Inferred resources from the 8.1 Moz total gold resource (3.0 Moz Indicated | 5.1 Moz Inferred - ASX Announcement: 23 December 2021) into the higher Indicated category, was completed during the quarter with assays pending (Assays results for Korbel are taking even longer as they are on standard order).
- RPM North infill and extensional drilling along strike from the major discovery hole RPM-005 at RPM North, where the Company hit an incredible intercept of 132m @ 10.1g/t (ASX Announcement: 11 September 2021) was completed during the quarter and all assay results have now been received and reported. Significant new high grade drill results received over the quarter.
Nova CEO, Mr Christopher Gerteisen commented: "It has been another very busy quarter for the Nova team with an additional 30,000m of definition and extensional drilling conducted in 2022, the global resource is set to grow in size and confidence from the current 9.6 Moz and we look forward to its delivery in the coming weeks. Following that, the Phase 2 Scoping Study will be completed with PFS level drilling focused mainly on RPM and now the Train areas commencing soon after.
With long-term opportunity and the prospect of multiple mining complexes and processing plants across the single project as outlined in figure 5*, we continue on our path to becoming a world class, global gold producer."
*To the full quarterly report, 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