Continued Exploration Success on the Estelle Gold Property
Nova Minerals Managing Director Mr Avi Kimelman said: "After announcing our maiden 2.5 Moz Gold JORC Inferred Resource as a starting point at Oxide Korbel just a week agowe are excited by these results from the RPM Prospect which clearly demonstrate the scale, size and robustness of our project's exploration upside. We are now looking at the possibility of delineating multiple deposits on the Estelle Property.
Oxide Korbel 2.5Moz Gold JORC Inferred Resource occurs on less than 1% of the project area and we are fortunate to have multiple gold occurrences located elsewhere on the property requiring further work, RPM being one of them.
These continued positive results provide strong encouragement to Nova and is a testament to the exploration teams ability to effectively and efficiently evaluate the tenement area in such a short period. Our simple yet highly effective prioritised systematic exploration approach is designed to delineate gold resources while minimizing costs and we will maintain this strategy throughout our exploration efforts.
The recent exploration success at RPM positions these efforts firmly on the path to our ultimate goal of creating shareholder value through further discovery and building on 2.5Moz Maiden Resource."
Table 1. Hole intercepts from recent Diamond Drilling and historic diamond drilling
SE12-008 From (m) To (m) Grade g/t Width Intersection 4.27 180.78 0.79 177.39 Includes 26.00 146.40 1.02 120.40 Includes 75.19 125.36 1.76 50.17
Historical diamond drill hole SE12-008 completed in 2012 was re-sampled by Nova as part of the 2019 field program. In the 2020 field season an aggressive program of follow up drilling, prospecting, mapping, and geophysical surveys will be conducted to further define the foot print of the mineralization. If next seasons drilling confirms the SE12-008 results, and full scale Resource Drill out will be initiated on the prospect.
Internal prioritised systematic exploration strategy
The Company's ranked and prioritised systematic exploration strategy and activities at Estelle are guided by an exploration "Project Pipeline" process to maximise the probability of multiple major discoveries (Table 1). Each Milestone is defined by a specific deliverable and has each criteria needs to be ticked to determine which prospect must pass through before moving to the next Milestone. Economic criteria and probability of success increase as projects move along the pipeline. The methodology helps to ensure work is carried out across all stages of the process, cost are kept minimal and that focus is kept on the best quality targets and that the pipeline is kept full with early Milestone projects.
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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