Officer Hill Gold Joint Venture 2018 Exploration Program
Melbourne, Aug 30, 2018 AEST (ABN Newswire) - Following the decision by Newmont Tanami Pty Ltd (Newmont) (a wholly owned subsidiary of Newmont Mining Corporation) to form a joint venture with Nova Minerals Limited (Nova or Company) (
ASX:NVA) (QM3:FRA) in relation to the Officer Hill Gold Project (Project), the directors of Nova are pleased to provide details of the proposed exploration program for the remainder of 2018.
The Officer Hill Project on EL23150 covers 206km2 and is located 34km south west of the Callie deposit which is part of Newmont's Tanami Operations. The exploration program is targeting Callie-style mineralisation within EL23150.
Newmont has successfully completed its sole funding commitments pursuant to the terms of the Officer Hill Joint Venture Agreement. Newmont has earned a 70% interest in EL23150 whilst Nova retains a 30% interest in the tenement. The operating committee for the Project has approved exploration activities including follow up diamond drilling (see Figure 1 in link below), an airborne gravity gradiometry survey and follow up geochemistry around the Paris prospect in the western portion of EL23150. The Paris prospect was identified in 2017 using Newmont's Proprietary Deep Sensing Geochemistry (DSG) (Table 1).
Approvals have been received for the current Mining Management Plan and an Exploration Works Program submitted to DPIR and the Central Land Council respectively. Newmont is responsible for managing the Project.
Table 1: Program and activities approved-----------------------------------------------------------------Proposed Program 2018 (H2) Units -----------------------------------------------------------------DSG Infill samples at Paris Prospect (Phase 1) 249 Airborne Gravity Gradiometry (CGG) (Phase 1)Diamond Drilling 4,100m 3x 700m (Phase 1) 2,100m 2x 1,000m Phase 2) 2,000m -----------------------------------------------------------------
NVA Managing Director, Mr. Avi Kimelman said:
"We are excited with the commencement of the Joint Venture and approval of the program as it is the first major step in advancing the Officer Hill Gold Project. This is an exciting phase for Nova across the project as it is located within the ~13 million ounce Tanami endowment and within close proximity to Newmont's Tanami Gold Mine".
"Newmont's involvement brings valuable technical expertise and insights to the Project, and provides further endorsement of Nova's exploration package at the Officer Hill gold project."
"Concurrent with Officer Hill exploration program, Nova is fast tracking its Estelle Gold Copper project exploration and development activities in Alaska and Thomson brothers lithium project operations and corporate development strategy which will deliver a parallel approach to enhance shareholder value across our company's project portfolio as quickly as possible."
To view tables and figures, please visit:
http://abnnewswire.net/lnk/AIN6GVV3
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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