Estelle Gold Landholding Increased and Milestones Confirmed
- Additional 101.65 km2 tenement secured adjoining the current Estelle Gold Project area in Tintina Gold Belt, Alaska
- Established 2.5Moz maiden inferred gold resource on a very small area of total district-scale landholding
- New tenements contain highly prospective geology and will be explored in conjunction with ongoing exploration and resource development at the Project.
This major increase in landholding (Figure 1) remains relatively unexplored with the majority of previous exploration within the Estelle Project area being focused at the Oxide Korbel, RPM and the Shoeshine prospects. Highly prospective mineralization controlling structures and rock types, known to host the numerous other prospects and gold occurrences throughout the Project, show strong continuity into the increased landholding areas. This scenario adds significantly to the number of high priority targets the company plans to focus on in its upcoming work programs.
This brings Nova's total landholding in the region to 220km2 of high-quality prospective gold ground. The Company advises that it has commenced target generation activities, and will update the market as new priority drill targets are confirmed.
NVA Managing Director, Mr Avi Kimelman said: "The Company's maiden 2.5Moz inferred gold resource, confirmed at Blocks A and B which remains open at length and depth within the Oxide Korbel prospect last month, represents less than 1% of the Project area. Blocks C and D at Oxide Korbel host larger and stronger chargeability anomalies, and will be subject of targeted drilling together with Blocks A and B in our next phase of fieldwork - and have the potential to significantly expand the Project's resource, In addition, the expansion of the Estelle project area reinforces Nova's commitment to expand our resource ounces and fast track development across the Project area. This will allow us to enact much broader exploration and a discovery vision via the exploration of what we believe to be a regionally significant land package in the world-class Tintina Gold Belt.
We plan to fast tracking drilling with results and resource upgrades to shadow our critical path to meet these objectives across a number of prospects.
The 107Moz Au Pebble Project to the south and the 45Moz Au Donlin Creek Project to the west, provide just two examples of the large-scale gold endowment in the region, and highlights the potential upside for Nova at the Estelle Project."
Indicative exploration and development timetable for Estelle Gold Project
As outlined above, after successfully confirming its maiden resource at the Estelle Project, the Company plans to fast track exploration at the Project, with a view to progressively upgrade and expand the resource base. The Company's funds will be invested in a series of ongoing exploration campaigns - including targeting, mapping, geophysics and drilling programs - across the district-scale Estelle Project.
Immediate priorities will include a resource upgrade at Oxide Korbel Block A and B, a resource expansion to include Oxide Korbel Block C and D, and a project-wide resource statement to build on the maiden 2.5Moz inferred gold resource (ASX 11 September 2019). The Company will update the market on its exploration progress and results, and will also seek to fast track preliminary economic assessment (PEA) studies on the Oxide Korbel resource area. See Table 1, below, for an indicative timeline of key upcoming activity planned for the Estelle Gold Project.
To view tables and figures, please visit:
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