Maiden Gold Resource of 1.5 Million Ounces at RPM North
Melbourne, Oct 27, 2021 AEST (ABN Newswire) - Nova Minerals Limited (
ASX:NVA) (QM3:FRA) (NVAAF:OTCMKTS) is pleased to announce its Maiden Inferred Gold Resource Estimate of 1.5Moz Au for the RPM North prospect (one of fifteen major known occurrences) from the phase 1 resource drill program at the Company's Estelle Gold Project ('the Project').
- Independent Maiden Inferred JORC Resource 23.1 Mt @ 2.0g/t Au delineates 1.5 million ounces (Moz) of gold at RPM North, on top of the 4.7Moz Inferred Resource at Korbel Main, which represent only two of fifteen known occurrences at Nova Mineral's Estelle Gold Project
- Total Global Resource for the Estelle Gold District now stands at 541Mt @ 0.4 g/t Au for 6.2 Moz Gold and growing
- RPM North Resource starts at surface and remains open in all directions and to depth (ASX announcement: 9 September 2021) with the much larger footprint RPM South Zone yet to be drill tested
- Multiple diamond rigs to be mobilized to RPM as soon as possible in 2022 to expand and prove up the maiden resource at RPM North plus further drilling to test RPM South
- Aggressive Infill and Extension drilling is ongoing at Korbel Main, focused on the higher grade SE feeder zone with the goal of substantially increasing the 4.7Moz Resource (ASX 7 April 2021) and upgrading the resource in size and confidence to expedite Project Feasibility Studies
- Korbel Main Resource remains on track for update before EOY 2021
- Assay results pending for over 10,000m of drilling at Korbel Main
- Snow Lake Resources (majority owned lithium company) status update due shortly
NVA CEO, Mr. Christopher Gerteisen commented: "RPM North is an exceptional new gold discovery within the Estelle Gold district which highlights the massive upside potential of this project. This has really changed the future for Nova and our shareholders.
Nova's management, with much credit to our team on the ground, has taken Estelle Gold Project from discovery to a multi deposit Tier 1 scale 6.2 Moz gold district in a short timeframe and on relatively limited funding. Five drill rigs are currently focused on growing Korbel and RPM with more rigs to follow. In addition, we will be testing numerous targets within the large Estelle Gold District as rigs and time permit, including the recent discoveries at the Train-Shoeshine IRGS Au prospects and at the Stoney Polymetallic Stacked Au-Ag-Cu Vein System. I have no doubt we will be drilling and growing our total global resource inventory for many years to come. We now look forward to a Resource Upgrade for Korbel Main, incorporating the high-grade feeder zones, in Q4.
This is a transformational period for Nova. We are truly just getting started at Nova and are excited with what lies ahead for our shareholders."
An Independent Maiden inferred JORC Resource ('the Resource') of 1.5 million ounces of gold has been estimated at the Project. The RPM North, which is only one of fifteen known occurrences, remains open at depth and along strike and further upside at the RPM South.
The Resource starts from less than two metres from the surface and is on less than 0.5% of the total project area. With a focused approach and gaining more knowledge of the project this discovery rate is set to continue or improve with a prioritised systematic exploration approach in place.
Nova Minerals' plans include multiple diamond rigs drilling on site operating 24 hours 7 days a week, with a focus on both increasing the drill density of the maiden resource, plus extensional drilling to further grow the global resource. Further drilling to test RPM is now being planned.
Mineral Resource Estimate
This Mineral Resource estimate has been prepared for RPM gold deposit one of several gold targets on the Estelle Property. The Mineral Resources were estimated using drill hole data. The Mineral Resource estimate is summarized in JORC Table 1*, Sections 1 to 3.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/UHY6U3TQ
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.
| ||
|
