Quarterly Activities and Cashflow Report
In addition, At the Estelle Oxide project Nova's 2018 mapping campaign conducted by Pacific Rim Geological Consulting of Fairbanks Alaska demonstrated that higher gold values are associated with bismuth telluride and arsenopyrite mineral phases and this mineralogy is hosted by sheeted quartz veins containing narrow alteration selvages (Figure 1). These geological observations are consistent with observations in the published research (Goldfarb et al., 2007) for gold mineralization that fits the Intrusive-Related Gold Systems (IRGS) genetic model. Similar IRGS deposits in the region is the 9.2 million oz Au Fort Knox mine or the 6.0 million oz Au Dublin Gulch project both located within the Tintina Gold Province (ASX 19 June 2019)
Furthermore in relation to our gold portfolio, Newmont Goldcorp ran a heritage survey that was completed over the Officer Hill and Paris prospects in April 2019. Newmont Goldcorp received the Sacred Site Clearance Certificate from the Central Land Council (CLC) in June. Drilling commencement was subsequently announced to the ASX on the 17 July 2019.
The Company is also at the backend of the Snow Lake Resources Ltd. Listing on the CSE. The Snow Lake team continued to progress with desktop works and initial discussions with strategic investor, off-take and project development partners, with the Company executives attending strategic meetings, to further advance interest from such strategic partners for the potential full project development in the quickest time as practical.
Nova has mandated KPG Capital & Co to act as advisor in negotiating the potential sale or Joint Venture with interested parties to achieve maximum value from Windy Fork REE Project to enhance the company's shareholder value.
The Nova board is currently in discussions with the Halcyon Resources Pty Ltd in relation to extracting value from its interest the Tambellup Kaolin Deposit, which is High Purity Alumina (HPA) and high purity silica from kaolin clay using their innovative production method, the Griffin Process.
In addition to the placement of $500,000 to professional and sophisticated investors in early July 2019, the Company subsequently announced that it had accepted $2,508,000 million from a a significantly oversubscribed Share Purchase Plan, which after much work has taken place now puts Nova in a strong financial position to fast track its project portfolio. Shares under the placement and SPP were offered at 2 cents per share.
The milestones achieved this Quarter reinforces the Company is genuinely on track and continues delivering on its strategy of creating value for shareholders. Nova remains confident that key upcoming milestones will prove successful to demonstrate the resource and exploration scale of the District Scale Estelle Gold Project and the further potential to maintain its fast track strategy to near term cash flow through Snow Lake on the Thompson Brothers Lithium Project.
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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.
Nova Minerals Ltd