Half Yearly Report and Accounts
In July, Nova appointed Colin Belshaw FIMMM to the Board as a Non-Executive Director. Colin is a highly experienced mining executive, having worked with Kinross Gold Corporation, Banro Corporation and Navan Mining. Until recently, he was a Non- Executive Director of Highland Gold Mining Ltd.
On 1 September 2020, the Company announced that ~486.8 million quoted options exercisable at $0.0325 (ASX NVAO) (Options) had been exercised since January 2020, before the Options expired on 31 August 2020. Total funds raised from the exercise of the Options amounted to ~$15.8m. The remaining 3,296,099 Options that were not exercised, were cancelled on 3 September 2020.
Nova raised AUD $21 Million to accelerate drilling at Estelle (ASX 25 November 2020). The Placement was offered to sophisticated and institutional investors in Australia and offshore.
Drilling continued throughout the half year, resulting in substantial mineralization being identified within Blocks A and B, potentially converging the areas into Korbel Main (ASX 16 October 2020) (Figure 3*).
Further drill results have shown extensive mineralisation in the area South-East of Korbel Main, potentially increasing Korbel's footprint by 30% or more (Figure 2*).
Field operations are ahead of schedule and on budget. The unforeseen bottleneck has been slow returns from the assay laboratory, it having to operate under severe COVID protocols and restrictions. In mitigation, a second assay laboratory was engaged. As a result, Nova is expecting improved rates of release of assay results.
Nova has commenced economic and environmental assessment work, as part of an interim scoping study.
The Company has engaged Forte Dynamics (US) and MPH Minerals Consultants (UK) to assist with the engineering and metallurgical test work required.
The Company has also engaged Jade North LLC, a consulting firm specialising in Alaskan mining, to provide permitting guidance for the Estelle Gold project.
The Company expects to announce an updated resource estimate in April 2021.
*To view the full half year report, please visit:
About Nova Minerals Ltd
Nova Minerals Limited (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) is a dynamic explorer and developer of its flagship Estelle Gold district in the Tintina gold belt. Nova's strategy is to substantially increase the current 4.7Moz resource on the Korbel prospect. Subsequently to continue to lock in value through moving Korbel towards production whilst increasing the resource base across the pipeline of targets within the Estelle gold district. Nova Minerals also holds strategic investments in Snow Lake Resources Ltd (Thompson Brothers Lithium Project), Torian Resources Ltd (ASX:TNR) and RotorX Aircraft Manufacturing Co.
Nova Minerals Ltd