Continuous Gold Mineralisation from Surface at Korbel
The Korbel Prospect has been tested with two diamond drills rigs, sixteen holes have been drilled to date on Block B Initial holes KBDH-001, KBDH-002 (ASX 22 June 2020) KBDH-003 and KBDH-004 further demonstrate continuation of mineralization at over 200 metres below the existing 2.5Moz inferred resource Impending increase to the current 2.5Moz stage 1 Mineral Resource Estimate planned for the current quarter All drill holes intersected thick zones of significant gold mineralisation above the nominal cut-off grade Exceptional gold leach recoveries averaging over 76% at the Korbel Deposit (ASX 30 December 2019) A significant increase in thickness and continuation of IRGS mineralization starting at surface.
Significant drill intercept highlights include (see Table 1):
241.28m @ 0.39 g/t gold from 4.69 metres
118.87m @ 0.42 g/t gold from 17.68 metres
6.10m @ 1.27 g/t gold from 130.45 metres
21.34m @ 0.91 g/t gold from 224.94 metres
6.10m @ 1.70 g/t gold from 224.94 metres
130.45m @ 0.61 g/t gold from 6.4 metres
106.07m @ 0.66 g/t gold from 6.4 metres
9.14m @ 2.06 g/t gold from 106.38 metres
3.05m @ 5.5 g/t gold from 109.42 metres
516.61m @ 0.28 g/t gold from 1.24 metres
Current drilling focused on Block B (Starter Pit) in Figure 1* with the goal of expanding and upgrading the Resource to expedite project feasibility studies The drilling is part of a 20,000-metre diamond core drilling exploration program to test the depth and strike extensions of the Established 2.5Moz inferred gold resource at Korbel Blocks A and B (one of fifteen known occurrences) (ASX 11 September 2019) A further 14 holes now nearing completion, on-route to lab and awaiting assay
NVA CEO, Mr. Christopher Gerteisen said: "We are pleased to report more thick drill intercepts which are an exciting and significant development in our phase 1 resource upgrade with all holes hitting extensive mineralisation. The broad mineralisation announced today is particularly encouraging, demonstrating the potential to rapidly add significant rock volume to the Korbel gold endowment. Similar potential remains at block A which the rigs will be moving over to for testing in the coming weeks.
*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