Continuous Gold Mineralisation from Surface at Korbel
Melbourne, July 15, 2020 AEST (ABN Newswire) - The Directors of Nova Minerals Limited (
ASX:NVA) (QM3:FRA) (NVAAF:OTCMKTS) are pleased to provide an update on the drilling results of Holes KBDH-003 and KBDH-004 and the progress of drilling at the Korbel prospect, within the Company's flagship Estelle Gold Project.
HIGHLIGHTS:
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):
o KBDH-003
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
o KBDH-004
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:
https://abnnewswire.net/lnk/A61Y37AW
About Nova Minerals Limited
Nova Minerals Limited (ASX:NVA) (FRA:QM3) is a Gold, Antimony and Critical Minerals exploration and development company focused on advancing the Estelle Project, comprised of 514 km2 of State of Alaska mining claims, which contains multiple mining complexes across a 35 km long mineralized corridor of over 20 advanced Gold and Antimony prospects, including two already defined multi-million ounce resources, and several drill ready Antimony prospects with massive outcropping stibnite vein systems observed at surface. The 85% owned project is located 150 km northwest of Anchorage, Alaska, USA, in the prolific Tintina Gold Belt, a province which hosts a >220 million ounce (Moz) documented gold endowment and some of the world's largest gold mines and discoveries including, Barrick's Donlin Creek Gold Project and Kinross Gold Corporation's Fort Knox Gold Mine. The belt also hosts significant Antimony deposits and was a historical North American Antimony producer.
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