Drilling Preparation Underway at the Estelle Gold Camp
With priority drill targets established (ASX announcement: 9 December, 2019) to both increase the current 2.5Moz resource in both size and confidence and explore additional targets the company is now moving forward with critical procurements and the logistics required to establish a permanent foothold at the project with access routes, fixed camp and operational infrastructure and equipment to enable the company to operate year-round as it moves forward on a fast track project development strategy. In addition, this infrastructure will be in place and ideally suited for the benefit of future potential mining operations.
NVA Managing Director, Mr. Avi Kimelman said:
"We are pleased to be rapidly progressing the project as outlined in our indicative timeline set out as we embark on our efforts to significantly increase our 2.5Moz Gold resource both in size and confidence while maintaining our run rate of keeping our discovery cost per ounce below a dollar per ounce.
The Snow Road to bring in the camp infrastructure, drill rigs and equipment that will serve the project for many years to come will additionally bring costs down further. We have a 10-year plus run way of exploration targets to cover and upside in resource growth across the Estelle Gold camp while moving the more advanced prospects to development stage later in 2020. The infrastructure utilised now is also planned to serve as future infrastructure for any future mining.
To reiterate, not all that many opportunities come around to drill a system this large such as what we have at Estelle, with an established 2.5Moz inferred gold resource on a small area and open significantly in all directions. We are excited to be ramping up our exploration efforts to increase the resource both in size and confidence to commence our preliminary economic studies as part of the projects natural progression to the next level of development."
Furthermore, after Nova successfully confirming its maiden resource at the Estelle Project in southern Alaska, the Company plans to fast track exploration at the Project, with a view to progressively expanding the resource base. The Company's funds will be invested in a series of ongoing exploration campaigns - including targeting, mapping and drilling programs - across the district-scale Estelle Project. Immediate priorities will include a resource upgrade at Oxide Korbel Blocks A and B as soon as practical, additional drilling at Oxide Korbel Blocks C and D and RPM (ASX announcement: 9 December, 2019), and a maiden project-wide resource statement to build on the maiden 2.5Moz inferred gold resource (ASX 11 September 2019). The Company will update the market on its exploration progress and results, and will also seek to fast track preliminary economic evaluation on the Oxide Korbel resource area.
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About Nova Minerals Ltd
The company plans to create shareholder value through two-pronged strategy:
- Capitalise on the growing demand for energy storage and the resulting demand for lithium, cobalt and nickel by fast-tracking exploration and development activities in our North American assets with particular focus on our flagship lithium project and prospective Chip-Loy Nickel Cobalt Sulphides project.
- Diversification by gaining exposure to base and precious metals through our farm-in JV at our district scale Estelle gold copper silver project and our Northern Australian gold exploration assets.
Nova Minerals Ltd