Nova Confirms Priority Targets for Drilling at the Estelle Gold Project to increase Resource Size and Confidence
Nova Confirms Priority Targets for Drilling at Estelle
- Established 2.5Moz inferred gold resource at Korbel Blocks A and B
- Drill holes layouts completed with the view of increasing the resource and upgrading the confidence level to Measured or Indicated at Korbel Blocks A and B
- Exploration properties will be focused on Korbel Blocks C and D, the RPM occurrence and earl stage exploration shoeshine
- Permits are in the final stages and formalities are being finalized to engage the snow road builder.
- Permanent Camp procurement underway
- Drill contract to be awarded over the coming weeks
Planning is fully underway for the 2019/20 Resources Drilling and Exploration Campaign at the Estelle Gold Camp with contractor procurement in an advanced stage. Following the awarding of contracts, the focus will be on constructing a snow road and establishing a permanent camp. Shortly thereafter the drill contractor will be mobilising to site. The diamond drill campaign is designed to test the quality and size of known gold mineralisation and seek to add mineral resources at Blocks A and B with IP chargeability running to 300m depth which remains open and hole SE11-001 intercept of 0.40 g/t Au over 460 metres (ASX Announcement: 16 July 2019) goes beyond the lower iso-surface boundary demonstrating that the mineralization may go to 400 metres and beyond as outlined in Figure 1, 2 and 3 below*.
The immediate focus is to attempt to add additional ounces to the current resource at Targets A and B (Figure 1*) and to move the resource to a higher level of confidence to Measured and Indicated to allow the Korbel deposit to move into pre-feasibility level. Further exploration activities will be focused on advancing the RPM prospect to resource drilling level (Figure 3*) and completing first pass diamond drilling on chargeability anomalies C and D (Figure 2*) defined during the 2019 summer field campaign.
NVA Managing Director, Mr. Avi Kimelman said:
"Not all that many opportunities come around to drill a system this large such as what we have at Estelle, with an established 2.5Moz inferred gold resource on a small area and open significantly in all directions. Our exploration efforts to date have produce results at an extremely low cost per discovered ounce and we intend to maintain this run rate.
We are excited to be ramping up our exploration efforts to increase the resource both in size and confidence to commence our preliminary economic studies as part of the projects natural progression to the next level.
In addition to the drilling, we anticipate to aggressively explore the property with new work programs to also consist of mapping and IP surveys across the project area.
We are particularly excited with the potential opportunity to uncover another giant deposit in Alaska. The project sits amongst some of the largest gold deposits on the planet within the Tintina Gold Belt with very large and exciting known prospects on the 220km2 Estelle Gold Project, and Nova is ready to meet the challenge of exploring each of them. I'll say it again, Stand by; we are only getting started, the best is yet to come."
*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