Significant Results Continue at Korbel Main
Korbel Drilling is ongoing with 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. We are currently ramping up the on-site sample prep-lab facility which will result in reduced cost per assay and faster turnaround.
Scoping study update Infill drilling at Korbel Main SE returning impressive results including:
o 113m @ 1.0 g/t Au
o 49m @ 1.5 g/t Au
o 30m @ 1.9 g/t Au o 21m @ 2.5 g/t Au
o 3m @ 11.7 g/t Au
o 70m @ 1.0 g/t Au
o 24m @ 1.5 g/t Au
o 9m @ 2.0 g/t Au
o 3m @ 3.4 g/t Au
o 3m @ 4.5 g/t Au
o 3m @ 5.4 g/t Au
(KBDH-072 returned an overall average grade of 0.7 g/t Au over 308m from surface within the Korbel mineralized intrusive containing multiple high-grade zones)
o 110m @ 0.5 g/t Au
o 21 m @ 1.2 g/t Au
o 6m @ 2.3 g/t Au
o 3m @ 2.8 g/t Au
o 3m @ 3.7 g/t Au
Scoping Study update
As these latest results are located within the optimized Stage One Starter Pit area, the engineers have advised us that this data has huge material upside implications to the Scoping Study's economics and have sought an extension of time to include all drilling until after the scheduled resource upgrade for Korbel Main later in the year with minimal additional cost. With the current Scoping Study 80% completed, the Board will consider this cost saving and extension request in line with the best interest of shareholders. The Korbel Main resource upgrade is scheduled to be completed in Q4 2021.
NVA CEO, Mr. Christopher Gerteisen commented: "Resource development Infill and Step-out drilling continues to intersect strong mineralisation with very encouraging gold grades over wide intervals. This drilling is being conducted to support the updated resource estimate due for delivery later this year.
The significance of these results obtained in the ongoing Infill program will no doubt have a major impact on our pit optimizations and project economics moving forward. In light of this, we need to consider how these new results are going to be incorporated into our Scoping Study. Critically, this data is centred directly within the guts of the early-stage pits as defined by our ongoing study work, which will drive the design and economics of the study.
Our lead engineers have strongly advised that these drilling results are likely very material and should ideally be included in our Scoping Study before release. As such they have requested an extension to the delivery of the study, which I have taken to the Board for deliberation and approval. I believe this to be the best course of action for the Company; we are obliged to present an accurate study to our shareholders, one that reflects the true value of the project upon release. In the meantime, we expect these higher-grade results to continue to flow from the ongoing drill program as we intersect more of these "blow out" zones which are being observed in drill core by the geologists. At this stage, the technical framework of the Scoping Study is already complete, including the metallurgical test work, flow sheet and process design, hence it will be a matter of taking that template and inputting an updated resource model and optimization which would hone in on these higher grade feeder zones for a much quicker payback, amongst other positive key economic outcomes.
These latest results are located within the South East high-grade feeder zone, which still remains wide open. Infill and Step-out drilling are providing the required data density to prove-up the resource, as well as potentially extending the strike of Korbel Main an additional 1000m with Pad 10 started to the SE and Pad 7 now complete to the NW. Our ore body knowledge is increasing as we start to get a clearer understanding of the structure of the deposit. This bodes well for our move into PFS after this Scoping Study is completed.
In addition to the exciting drilling at Korbel, another major milestone is in the cross hairs. Drilling at the RPM prospect is now in full swing with 3 holes completed for about 1500m. These holes have intersected the target, and wide zones of mineralization are being observed in the drill core. This is all very positive and encouraging as we open up a second resource deposit at RPM which has the potential to add significant ounces to the Estelle Gold Project's global resource inventory. Based on this drilling, we plan to release a Maiden Resource Estimate for RPM later this year. Concurrently, the regional recon exploration teams are now being mobilized to continue to advance the other high-priority targets across the project area as part of our mission to unlock the district and develop a pipeline of deposits.
Please note, an additional diamond drill rig has also now been ordered as we plan to ramp things up considerably. We expect this rig to be mobilized and start turning in the coming months. While assay lab turnaround times and supply chain disruptions continue to frustrate, we are closing in on commissioning our on-site prep-lab to alleviate some of these challenges. Drilling related news and results will continue to flow throughout 2021 and beyond."
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About Nova Minerals Limited
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 Limited