Melbourne, Australia - The Directors of
Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) are pleased to report that as a result of the acceleration of this year's drilling program, the Company has made significant inroads towards reporting an interim JORC Mineral Resource Estimate ("MRE") for its Estelle Gold project in Alaska that includes areas outboard from the current 2.5Moz Resource block.
The Company is confident that it has sufficient data to allow for the estimation of an interim Stage One JORC Inferred Resource in August 2020 for the Block B resource block. The study will capture R/C drilling and re-sampled historic holes from 2019 and as many as 12 holes from Block B from the current drill program. Furthermore, a further 36 holes from the 2020 program and further QA/QC works will be taken into account to further increase tonnages and most importantly, to boost confidence to the Indicated Category. The current plan calls for the Indicated Study to be completed by December 2020, with ore sorting, feasibility and baseline environmental studies to commence simultaneously.
Since defining the large Korbel gold system in late 2017, the Company has moved rapidly to better refine the dimensions and controls on mineralisation through a continuous drill campaign, which was accelerated in April 2020 of this year via the addition of two diamond drill rigs to the project.
To date the Company has confirmed that Blocks A and B of the Korbel Project span over 1,100 metres of strike with an average width of 500m. Mineralisation has been consistently traced to a vertical depth of at least 350m and generally starts from surface (refer Figures 1, 2, 3 and 4 below*). Importantly, Korbel's mineralisation remains open and the drilling program is ongoing.
NVA CEO, Mr. Christopher Gerteisen said: "Having 12 further holes to be integrated into the interim MRE of the planned 48 diamond drill holes, together with the 2019 drill campaign, the Company is establishing a comprehensive database of information that our Project Technical Manager and Chief Geologist, Mr Dale Schultz with his team of independent consultants, will work through to form an Interim JORC Mineral Resource Estimate that will include areas outboard of the current 2.5Moz Resource block. This work is vital for management to understand where to target the next round of infill holes upon completion of Pad 1 to 4 thereby continuing to build tonnage at the Korbel deposit.
We expect to be in a position to deliver this interim JORC Inferred Resource Estimate for Block B "Starter Pit" in August 2020. Results from the remaining 36 holes are to be incorporated into our Stage Two JORC Resource Estimate - including Indicated tonnes - for both Blocks A and B to be completed in December 2020. In anticipation of generating an Indicated Resource on which economic studies can be built, the Company is planning to commence feasibility and other studies in Q4, thereby moving the Estelle Gold Project one vital step closer to production.
In addition, we are yet to drill test Blocks C and D, Cathedral, You Beauty, Isabella and Sweet Jenny targets, all within the Korbel prospect as well as the outer line advanced prospects at RPM and Shoeshine."
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/QY7U2Y0U
About Nova Minerals Ltd:
Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) is an ASX-listed minerals explorer focused on lithium, gold and mineral exploration in Canada, Alaska and Australia.
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.
Source:
Nova Minerals Ltd.
Contact:
Nova Minerals Ltd. P: +61-3-9614-0600 F: +61-3-9614-0550 WWW: novaminerals.com.au
