Snapshot in time Global Mineral Resource for Korbel Main (Blocks A and B) (drilling to 31 December 2020) - 4.7Moz Inferred JORC Mineral Resource Estimate (MRE).
The resource update includes an additional 48 Diamond Core holes drilled in 2020. Resource was calculated by independent consultants Resource starts from surface Open along strike to the North-West and South-East.
Drilling to continue at Korbel Main with one rig testing North-West and South-East extensions and another rig Infill drilling.
Nova marks its transition to project developer for Korbel Main and will continue to unlock the Estelle Gold district throughout 2021.
Ore Sorting Results show a substantial grade increase (ASX 15 March 2021) and helped lower the reported MRE gold cut-off grade to 0.15 g/t Au (previously reported at 0.18 g/t Au cut-off).
Interim scoping study is now well underway with flow sheet to emerge in the near term .
The resource is based on over 30,000m of drilling complete to December 2020. This includes 32 RC holes (2019-2020), 64 Diamond Core holes (2020) and 6 Historical Diamond Core holes (pre-2018). See Appendix 1* for the list of drill holes, old and new, included in this upgrade .
Drilling at RPM to commence in this Quarter
**Note: Korbel Blocks C and D, Cathedral, You Beauty, Isabella, Sweet Jenny as well as outlier priority targets at the RPM prospect are not included in this new resource upgrade and could potentially provide substantial resource growth across the Estelle Gold district**
NVA CEO, Mr. Christopher Gerteisen commented: "Korbel Main's Global Resource continues to grow. Our 2020 drilling proved successful, seeing an increase of over 2Moz from our 2019 Maiden Resource, bringing Korbel Main to 4.7Moz, which remains wide open in both directions along strike, to the west and at depth.
We have been extremely conservative in our approach with this resource in many ways as we move towards the scoping study, including continuing to classify Korbel Main as an Inferred resource. While we do have good data density near the surface at each drill pad, the distance between the pads remains wide at several hundred meters apart. The Korbel deposit has turned out to be so expansive that it will take further infill drilling to get closer drill spacing to provide the data density to more confidently define continuous Indicated level resources between the pads. This infill drilling as well as further step out drilling, is now a major focus in our ongoing 2021 drilling program.
The resource is amenable to pre-concentration using an XRT ore sorting whereby our test work to date has clearly shown a substantial increase in grade can be achieved (ASX 15 March 2021). This process involves separating the resource into a very high-grade product to be directed to the milling process circuit, and lower-grade to stockpile. With ore sorting now a definite component of the flow sheet, serious value could be created through a mill process route.
Our test work is demonstrating that through this circuit, at each concentration stage, i.e., ore sorting and gravity, we are able to reduce volume and significant increase grade. All of this will have positive impacts on energy requirements and tailings and will lower processing costs overall. The potential to improve these economic drivers for the project will also impact the cut-off grade in any operating scenario, and as such we report the resource at a 0.15g/t cut-off. As we have previously stated, volume and tonnage are an essential part of economising IRGS deposits. This Resource and upcoming test work will underpin the economic studies on the Korbel Main prospect, which are now well underway.
The completion of these studies will mark our transition to the project development phase, which we believe will demonstrate the technical and economic strengths which come from having a large, bulk tonnage project in a Tier-1 location.
Estelle is a district scale project, and Nova is on a mission to unlock it, with multiple exciting targets that offer huge potential to continue growing the overall resource inventory across the project area. Mineralisation remains open in multiple directions and we have numerous well-established targets, some with historic drilling such as RPM, which we plan to drill and release a Maiden Resource on this year. This will add serious depth to the Estelle Gold Project pipeline with two resource deposits to continue to grow on our path to production.
We are confident that the combination of economic and technical studies and significant resource growth will drive further increases in shareholder value over the short term as we unlock Estelle."
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About Nova Minerals Limited
Nova Minerals Limited's (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) vision is to develop North America's next major gold trend. The company is focused on exploration in Alaska's 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 Victoria Gold's Eagle Mine and Kinross Gold Corporation's Fort Knox Gold Mine. The company's flagship Estelle Project has a current total estimated JORC gold resource of 9.6Moz (3Moz Indicated and 6.6Moz Inferred). Estelle is a 45km long string of 15 identified gold prospects bracketed by the Korbel deposit in the north and the RPM deposit in the south. These two deposits are currently host to extensive exploration programs.
Additionally, Nova has an indirect interest in the Canadian Thompson Brothers Lithium Project through a substantial stake in Snow Lake Resources Ltd (NASDAQ:LITM) and holds a 12.99% interest in Torian Resources Limited (ASX:TNR), a gold exploration company based in Western Australia.
Nova Minerals Limited