Estelle Gold Project grows by over 50% to 9.6 million ounces
The 9.6 Moz gold resource at Estelle is hosted at the company's primary Korbel and RPM deposits, two of 15 major prospects over a 324m2 exploration tenement, and was estimated in accordance with the JORC Code (2012) and classified as follows:
Korbel Main Deposit - Indicated 286Mt @ 0.3 g/t Au for 3.0Mozs (cut-off 0.15 Au g/t)
Korbel Main Deposit - Inferred 583Mt @ 0.3 g/t Au for 5.1Mozs (cut-off 0.15 Au g/t)
RPM Deposit - Inferred 23Mt @ 2.0g/t Au for 1.5Mozs (cut off 0.30 Au g/t)
The company's maiden 3.0Mozs Indicated Resource at Korbel Main follows ongoing infill and extension drilling at the site, which is located in the tenement's north. Inferred Resources at Korbel increased from 4.7Moz to 5.1 Moz. The RPM deposit in the tenement's south maintains an Inferred Resource of 1.5Mozs after Phase 1 resource drilling in October was highlighted by bonanza grades including 132m at 10.1g/t Au.
Nova Minerals chief executive, Mr Christopher Gerteisen, said the upgrade supported his high confidence in the Estelle Project, which shares geological characteristics analogous to other major Alaskan gold mines including Victoria Gold's Eagle Mine and Kinross Gold Corporation's Fort Knox Gold Mine.
"Korbel Main at our Estelle Gold project is a 'company-making' deposit with high grades continuing to highlight the massive upside potential that remains," Mr Gerteisen said.
"Korbel Main changes the future for Nova and our shareholders. It only represents a small area of the extensive local mineralised system."
"Nova's management, with much credit to our team on the ground, has taken the Estelle Gold Project from discovery to a multi-deposit gold district in a short timeframe and on relatively limited funding and the exciting point is that we're only getting started," he said.
Mr Gerteisen said assay results were still pending for over 8,000m of drilling at Korbel Main while multiple diamond rigs would be mobilised at the RPM deposit shortly ahead of the company's next mineral resource update planned for 2022.
"At Estelle, we currently have five drill rigs focused on growing the Korbel and RPM resource deposits with more rigs to follow," he said.
"At Korbel, we're targeting intrusive contact."
"With this, and no shortage of further targets, including the recently discovered mineralisation at our Train-Shoeshine and Stoney prospects, there is no doubt that our global resource inventory will continue to grow for many years to come as we continue to unlock Estelle's potential as a world class Trend," he said.
Mr Gerteisen said Pre-Feasibility Study level project studies, including metallurgy, geotechnical, mining, environmental, infrastructure and hydrogeology, were continuing in parallel with the resource development drilling.
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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