Aspiring miner Nova Minerals (ASX: NVA) increased the total resource estimate for its flagship Estelle gold project in Alaska’s prolific Tintina province by 54.9% to 9.6 million ounces.
The new resource is found in the primary deposits of Korbel and RPM, with Korbel Main containing 583 million tonnes inferred at 0.3 grams of gold per tonne for 5.1 Moz, and a young girl reported 286 Mt at 0, 3 g / t for 3 Moz (both at 0.15 g / t cutoff).
RPM hosts 23Mt at 2g / t gold for 1.5Moz (at a threshold of 0.3g / t).
Korbel Main inferred resources have increased from 4.7 Moz as a result of ongoing infill and extension drilling at the site, which is north of the project building.
RPM is located to the south where the first phase of resource drilling in October revealed exceptional grades, including 132 m at 10.1 g / t gold.
Nova Managing Director Christopher Gerteisen said the resource upgrade supports the company’s confidence in Korbel Main’s ability to become a productive field.
“The high grades at Korbel Main continue to demonstrate the enormous upside potential that remains on what is only a small area of a large local mineralized system,” he said.
“We took the Estelle project from discovery to a multi-deposit gold district in a short period of time and with relatively limited funding and the exciting part is we’re just getting started. “
The resource upgrade supports Nova’s “high confidence” in Estelle, which shares geologic characteristics with major operations in Alaska, including Victoria Gold’s Eagle mine and Kinross Gold Corporation’s Fort Knox development.
“We currently have five resource growth oriented drilling rigs at Korbel and RPM with other rigs to follow,” Mr. Gerteisen said.
“With new targets that are not lacking, [we believe] our global inventory of resources will continue to grow for many years to come as we unleash Estelle’s potential as a world class trend.
Assay results are still pending for more than 8,000m of drilling at Korbel Main, while several diamond rigs will be mobilized at RPM ahead of the next mineral resource update scheduled for the new year.
Project pre-feasibility work, including metallurgical, geotechnical, mining, environmental, infrastructure and hydrogeological studies, continues in parallel with resource development drilling.