Significant Early Results at Korbel Main South East Zone
Melbourne, June 8, 2021 AEST (ABN Newswire) - Nova Minerals Limited (
ASX:NVA) (QM3.F) (NVAAF:OTCMKTS) is pleased to announce that the significant grades at Korbel Main, within the Company's flagship Estelle Gold Project located in the prolific Tintina Gold Belt.
Korbel Drilling is ongoing with almost 10,000m drilled to date and further results to follow in the near term. Geologically, some of these samples are looking very promising, showing encouraging gold grade indicators in terms mineralogy and high vein densities as revealed in hole KBDH-066. We are currently establishing an on-site sample prep-lab facility which will result in reduced cost per assay and faster turnaround.
Infill drilling at Korbel Main SE returning impressive results which include:
KBDH-066
o 67m @ 1.0 g/t Au o 44m @ 1.5 g/t Au
o 13m @ 3.9 g/t Au o 6m @ 8.0 g/t Au
o 3m @ 12.3 g/t Au
(KBDH-066 returned an overall average grade of 0.4 g/t Au over 314m from 15m within the Korbel mineralized intrusive containing multiple high-grade zones)
KDBH-068
o 27m @ 0.6 g/t Au
o 6m @ 1.4 g/t Au
o 3m @ 2.3 g/t Au
Wide zones of mineralized intrusive containing internal higher grade "blow out" zones continue to be intersected in infill drilling South East of the Korbel Main deposit.
Infill and Extension drilling are ongoing at Korbel Main currently focusing on higher grade SE zone with the goal of substantially increasing the 4.7Moz Resource (ASX 7 April 2021) and upgrading the Resource confidence to expedite project feasibility studies.
Trade-off studies considering a range of potential processing options are progressing rapidly to determine capital and operating costs whilst allowing the greatest operational flexibility as part of the forthcoming interim scoping study.
Mobilization of the third diamond drilling rig to the RPM prospect is imminent.
NVA CEO, Mr. Christopher Gerteisen commented:
"The significance of these grades obtained this early in the infill program further confirms a higher-grade feeder zone within the SE Block B area of the Korbel Main deposit. Our expectation is that we will start to consistently intersect internal high-grade 'blow-out' zones, and that is exactly what these results show. This could mean a significant upgrade to the resource, with the next update to be released later this year. It will also have a major impact on our pit optimizations moving forward. As such, we see this upcoming interim scoping study as a 'snap-shot in time', a starting point, one which we are only set to grow from. The South East high-grade 'zone still remains wide open with drilling to continue on infill as well as extensional drilling stepping out further along strike, potentially extending the strike of Korbel Main an additional 500m further South of the South-East Zone. We are starting to get a clearer structure of the deposit, which bodes for our move into PFS after this interim scoping study, where we will continue to hone and improve our capital expenditure (CAPEX) and operating expenditure (OPEX) estimates.
These results and further from the ongoing drilling since April 2021 resource update will be included in the next resource update due for delivery later this year.
In addition to the exciting things happening at Korbel, another major milestone is in the cross hairs. The third diamond drill rig will be mobilised to the RPM prospect within days, commencing a drilling program which has the potential to add significant ounces to the Estelle Project resource inventory. We have plan to release a Maiden Resource Estimate for this program later this year.
These results are just the beginning of drilling related news flow for 2021. A consistent stream drilling samples are now coming through and will continue to be fed to the lab with results to follow in due course."
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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.
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