3D modelling confirms large IRGS target at Estelle Gold
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 Ltd
The company plans to create shareholder value through two-pronged strategy:
- Capitalise on the growing demand for energy storage and the resulting demand for lithium, cobalt and nickel by fast-tracking exploration and development activities in our North American assets with particular focus on our flagship lithium project and prospective Chip-Loy Nickel Cobalt Sulphides project.
- Diversification by gaining exposure to base and precious metals through our farm-in JV at our district scale Estelle gold copper silver project and our Northern Australian gold exploration assets.
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