“Nova management, with great credit to our field team, took the Estelle gold project from discovery to a multi-deposit gold district in a short period of time and with relatively limited funding and the exciting point. is that we are just getting started, explains the CEO.
Nova Minerals Ltd (ASX: NVA, OTCQB: NVAAF) increased its estimate of total gold resources by 54.9% to 9.6 million ounces for its flagship Estelle project in the prolific gold province of Tintina in Alaska.
The 9.6 million ounce resource at Estelle is hosted in the primary deposits of Korbel and RPM, two of the top 15 prospects on an exploration plot of 324 square meters, with JORC compliant resources broken down as follows:
- Korbel main deposit – Indicated 286 million tonnes at 0.3 g / t for 3.0 million ounces (cut-off threshold 0.15 g / t);
- Korbel main deposit – Inferred 583 million tonnes at 0.3 g / t for 5.1 million ounces (cut-off threshold 0.15 g / t)
- RPM deposit – Inferred 23 million tonnes at 2.0 g / t for 1.5 million ounces (cutoff 0.30 g / t).
Current infill and extension drilling has contributed to the Company’s first indicated resource of 3 million ounces for the Korbel Main deposit in the north of the concession. Inferred resources at Korbel Main decreased from 4.7 million ounces to 5.1 million ounces.
The RPM deposit in the south of the tenement maintains an inferred resource of 1.5 million ounces after drilling for Phase 1 resources in October which revealed high grades present on the deposit, including 132 meters at 10, 1 g / t.
“We’re just getting started”
Nova Minerals chief executive Christopher Gerteisen said the upgrade supports his strong confidence in the Estelle project, which shares similar geological characteristics to other major gold mines in Alaska, including the mine Eagle of Victoria Gold and Fort Knox gold mine of Kinross Gold Corporation (TSX: K).
“Korbel Main on our Estelle gold project is a ‘corporate’ deposit with high grades which continues to highlight the huge upside potential that remains,” said Gerteisen.
“Korbel Main is changing the future of Nova and our shareholders. It only represents a small area of the vast local mineralized system.
“Nova management, with great credit to our field team, took the Estelle gold project from discovery to a multi-deposit gold district in a short period of time and with relatively limited funding and the exciting point. is we’re just getting started, “he said.
Shares were up to 17.7% higher intraday at A $ 1.20 and the company’s market cap is around A $ 183.8 million.
Analysis is still pending for more than 8,000 meters of drilling at Korbel Main and several diamond drilling rigs will be mobilized on the RPM deposit ahead of the company’s next mineral resources update, scheduled for 2022.
“At Estelle, we currently have five drilling rigs focused on growing the Korbel and RPM resource deposits with other rigs to follow,” said Gerteisen.
“At Korbel, we target intrusive contacts. With this, and no shortage of other targets, including the mineralization recently discovered on 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 harness Estelle’s potential as a world-class trend, ”he said.
Project work at the pre-feasibility study level, including metallurgy, geotechnics, mining, environment, infrastructure and hydrogeology, continues in parallel with resource development drilling.
About Nova Minerals
Nova Minerals is focused on gold exploration in Alaska’s Tintina gold province.
In addition to its gold assets, Nova has established a diversified portfolio of interests in other minerals, including a stake in aspiring lithium developer Snow Lake Resources Ltd and another ASX-listed gold explorer, Torian Resources Ltd (ASX: TNR).
READ: Snow Lake Lithium, majority owned by Nova Minerals, has all drilling permits in place to proceed with the Thompson Brothers project