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Significant scope for resource growth at RPM, starts to build a strong case for a second smaller mining center, at the Estelle Gold Project, in the southern area

Melbourne, Dec 21, 2022 AEST (ABN Newswire) - Nova Minerals Limited (ASX:NVA) (QM3:FRA) (NVAAF:OTCMKTS) is pleased to announce further major high-grade gold Intersections at RPM and the potential for a second mining center in the southern area, of the Company's flagship Estelle Gold Trend, located in the prolific Tintina Gold Belt in Alaska.

Highlights

- Further high-grade gold assay results received from diamond drilling along the 9.6Moz Estelle Gold Trend at RPM. The results are from a combination of infill and extensional drilling and highlight the very high-grade nature of the near surface mineralization. Significant step out results include:

o RPM-033
- 107m @ 7.4 g/t Au from 41m including;
- 80m @ 9.8 g/t Au from 56m
- 40m @ 11.8 g/t Au from 56m

(RPM-033 returned an overall average grade of 3.3 g/t Au over 253m (835 gram meters) from 14m within the RPM North mineralized zone at 0.1 g/t cutoff)

- Maiden RPM South drill results replicate the early RPM North discovery diamond drill hole SE12-008, which returned results of 178m @ 0.8 g/t Au, including 120m @ 1.0 g/t Au and 50m at 1.8 g/t Au (ASX Announcement:17 September 2019). Significant initial results include:

o RPM-023
- 116m @ 0.9 g/t Au from 8m including;
- 94m @ 1.0 g/t Au from 24m
- 15m @ 2.3 g/t Au from 94m

(RPM-023 returned an overall average grade of 0.5g/t Au over 333m from 8m within the RPM South mineralized zone at 0.1 g/t cutoff)

- Geological observations indicate the RPM North and RPM South systems are genetically linked, providing the potential for significant resource upside (Figure 3 - Plan view), with the focus now on identifying and targeting highgrade blow out zones similar to those intersected at RPM North.

- Resource definition drilling improves the confidence around early production of exceptionally high-grade material at RPM, with additional tonnes now establishing a case for the possibility of two standalone mining operations along the Estelle Gold Trend, at RPM and Korbel, to be investigated as part of the PFS trade off studies.

- Recently drilled deeper holes have now also intersected a second much larger mineralized intrusive at RPM North, with structural data collected from oriented drill core confirming a genetic geological connection to RPM South.

- 30,000m of additional drilling to be added to the current 9.6Moz mineral resource estimate, which focused on resource growth and confidence, and is also to be included in the production schedule for the Phase 2 Scoping Study now well underway

- Upon completion of the resource update, and analysis of the oriented core studies and rock chip samples, the focus will be on the RPM region with a detailed drill plan to be developed aiming to improve the geological understanding further to continue to grow the current high-grade resource in the area.

Upcoming Milestones

- Continuous results from the 2022 drill program as they are received from the laboratory, for Korbel Main, Cathedral, You Beauty and Korbel

- Resource (MRE) updates for RPM North, RPM South, Korbel Main and Cathedral

- Phase 2 scoping study to be produced soon after the Global MRE is complete

- PFS test work as it becomes available

- Drill planning for 2023, focusing on the RPM and Train areas of interest

- New discoveries across the wider Estelle Gold Trend - Assays pending

Nova CEO, Mr. Christopher Gerteisen commented: "I am pleased to report more major high-grade broad intercepts from our drilling at RPM. These new results have something for everyone with further high-grade intersections confirming the continuity of the bonanza zone at RPM North, and expansion of the total resource area with RPM South and a second mineralized intrusive now defined. While the initial RPM South holes replicate the early discovery results which we saw at RPM North in hole SE12-008, which led us to the bonanza blow out zone, importantly the 2022 drilling has now also confirmed a second much thicker mineralized intrusive which connects the RPM North and RPM South zones, demonstrating a genetic link between the two areas. With over 600m of strike length between the two zones, and similar geological observations to RPM North, the deposit remains wide open, with the search now on for more super high-grade bonanza zones providing further upside resource potential as we move forward.

Excitingly, we have now also started to investigate the possibly of developing a second smaller mining center in the southern part of the Estelle Gold Trend, which will be tested as part of our PFS trade off studies, upon the completion of the Phase 2 Scoping Study.

With resource definition and extensional drilling at RPM expected to increase both the confidence level of the resource and extend the mineralization, an updated Mineral Resource Estimate (MRE) is now being completed, with the inclusion of the high-grade RPM ore in the production schedule expected to have a significant positive impact on key economic metrics in the Phase 2 Scoping Study, now well underway.

With long-term opportunity and the prospect of multiple mining centers across the single project, we continue on our path to becoming a world class, global gold producer."

To view additional results, tables and figures, please visit:
https://abnnewswire.net/lnk/QQNCV5LY

CEO, Christopher Gerteisen, says "RPM is the jewel in the crown" To watch a video commentary on the RPM results and discussion about the potential for a southern area mining center please visit:
https://www.abnnewswire.net/lnk/47O3MJC7


About Nova Minerals Limited

Nova Minerals LtdNova 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.

   


Contact

Nova Minerals Ltd
P: +61-3-9614-0600
F: +61-3-9614-0550
WWW: novaminerals.com.au



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