3D modelling confirms large IRGS target at Estelle Gold
Melbourne, July 16, 2019 AEST (ABN Newswire) - The directors of Nova Minerals Limited (
ASX:NVA) (QM3:FRA) are pleased to announce that the 3D Induced Polarization modelling has provided more firm evidence that the Oxide prospect on the Estelle Gold Project is a large scale Intrusion-Related Gold System (IRGS).
Results form the recently completed Inducted Polarization (IP) Survey shows that all of the previously drilled mineralization by Millrock is confined within a 10mV/V iso-surface (yellow solid - Figure 1 in link below). This iso-surface contains an approximate volume of 92 million cubic metres, and the data indicates that the Estelle Oxide mineralization may represents significantly rock volume that could host a large bulk minable gold deposit.
The majority of the IP survey was only read down to 150 metres in depth. The last line (48+50 N) was read a second time using different dipole array. This increased the depth penetration of the survey and demonstrates that the mineralization is still present at 300 m and beyond (Figure 2 in link below). This greater depth of mineralization suggests the rock volume of the deposit may be twice as large as initially suspected. This is further confirmed by Millrock drill hole SE11-001. This hole contains a very long intersection of 0.4 g/t Au over 460 metres (Az =50 Dip=-75 Dip). Figure 3 shows the drill hole going beyond the lower iso-surface boundary suggesting that the system could have a vertical depth in excess of 400 metres.
The results of the modelling, combined with the other key geological features established in earlier exploration are entirely consistent with the presence of a large IRGS target. Resource drilling is on going (Figure 4, 5, 6 in link below).
NVA Managing Director, Mr. Avi Kimelman said: "Every piece of exploration work we completes provides more evidence that the Oxide target is a compelling and large IRGS target. The combination of the geological mapping and the IP modeling with proximity to the historical results reported by previous explorers means that Oxide is shaping up as a text-book example of a large scale IRGS prospect.
"Our deposits shares geological similarities to that of Kinross' Fort Knox Gold and Victoria Gold's Dublin Gulch Eagles Gold Mine systems and we look to advance our deposit to a maiden Inferred JORC Resource in the near term."
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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.
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