Melbourne, Australia, April 14, 2020 - (ABN Newswire) - The directors of Nova Minerals Limited (ASX:NVA.AX - News) (HAM:QM3.F - News) (OTCMKTS:NVAAF) provide an update on the current efforts of advancing the resource development programs at the company's district scale Estelle Gold Project.
With the diamond drill rig now ready to turn on Pad 3, aka Block 2 "starter pit" area of the Korbel Deposit (Figure 1*), the company is pleased to announce our intention to re-commence the drilling program in the very near term. The objective for 2020 is unchanged and remains to significantly increasing the current 2.5Moz resource in both size and confidence. Most importantly our 2.5Moz Inferred Resource was achieved using and average drill depth of less than 100m. Induced Polarisation chargeability results show that the mineralization is present to at least 300m below surface and remains open. The current program will test down to 500m level or 5 times the current depth of the existing Resource area.
- Drill program to begin on Block B (Starter Pit) with the goal of substantially increasing the size and upgrading the Resource to Measured & Indicated status to expedite project feasibility studies (ASX 9 December 2019);
- RC infill and scout drilling to also commence at Korbel in the near term;
- Established 2.5Moz inferred gold resource at Korbel Blocks A and B (one of fifteen known occurrences) wide open in all directions;
- Exceptional gold leach recoveries averaging 76% at the Korbel Deposit (ASX 30 December 2019); amd
- Camp construction ongoing concurrent to drilling.
Due to the COVID-19 situation, tier one drilling contractor Ruen Drilling Inc., has experienced a brief hiatus in operations, but is now in the process of re-mobilising to continue the 2020 resource development drilling and exploration campaign at the Estelle Gold Project to a very high standard of safety. The diamond drill campaign is designed to attempt to add significant mineral resources at Blocks A and B. The IP chargeability modelled to 300m shows mineralization remains open at depth. Drill hole SE11-001 which intersected 0.40 g/t Au over 460 metres (ASX Announcement: 16 July 2019) goes beyond the lower iso-surface boundary demonstrating that the mineralization extends to 400 metres depth and beyond as outlined in (Figure 1*).
Nova is taking pre-emptive precautions with regard to managing COVID-19 to protect our employees, contractors, consultants, their families and their communities. The Company has enacted protocols in accordance with the guidance by the CDC (USA) and other relevant health organizations and will enact on these protocols whilst site works are underway. As announced on 9 December 2019, the resource development drilling program will initially target the "Starter Pit" at Korbel Block B on Pads 3 and 4 (Figure 1*). The location of Pad 3 is within the vicinity of a high grade intercept of 27.6 g/t Au over 1.5 metres returned from hole OX-RC-16 drilled in the summer of 2019. In addition, re-sampling of hole SE12-004, also in the vicinity of Pad 3, returned a broad intercept of 1.20 g/t Au over 70.1m (ASX 02 September 2019). Drilling from Pad 3 will continue to expand the Resource laterally and at depth by targeting mineralisation down to the 500m level. The additional data density from drilling Pad 3 and 4 will also increase confidence of the Resource and shift tonnes from Inferred into the Measured & Indicated categories. The global objective is to push the "Starter Pit" towards a feasibility study in 2021 (ASX announcement: 02 September 2019 and 9 December, 2019) on the path to production.
NOVA Chairman, Mr. Avi Kimelman said: "After events that have been out of all our control, we are pleased to be recommencing the 2020 drill program and look forward to an exciting growth period for Nova in 2020 with the view of significantly increasing the resource. I take this opportunity to thank our entire team working vigorously to rapidly progress our district scale Estelle Gold Camp in light of these extraordinary times. We have to adapt and are pleased to have the team that can make this happen both technically and safely with multiple plans in place to give us flexibility in our efforts. We have never been more excited in relation to the project and scope we see out there to significantly increase the resource and confidence level and remain committed to the Estelle Gold Camp being of global significance on par with a Donlin creek in terms of size and Fort Knox in terms of geology. We now together with the team including consultants, contractors and service providers are committed and will find efficiencies to make up hindered timelines. We will do everything in our power to progress and fast track the project and bring it back to the timelines outlined in the table 2 below. Nova is committed to operational safety and the safety of our employees. We are aligning our activities with recommendations from the WHO, the CDC, and local Alaskan state authorities and will work with strict protocols in place. Business must go on, our crew as a whole is a tough bunch that believe in the project and are eager to progress the project into the next world significant Gold Camp. We are a family at Nova; we take care of each other first and foremost and will make this happen.
Like I have said many times in the past 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, open significantly in all directions and this is one of 15 known targets. Our exploration efforts to date have produced results at an extremely low cost per discovered ounce and we intend to maintain this run rate.
This is now an exciting period for Nova as we are committed to amplifying our exploration with new targets being uncovered on top of the 15 previously stated. Our project development efforts in 2020 are centred to significantly increasing the current 2.5Moz resource in both size and confidence. Most importantly our 2.5Moz Inferred Resource was achieved using and average drill depth of less than 100m. Induced Polarisation chargeability results show that the mineralization is present at 300m below surface. This program is now planned to test down to 500m level or 5 times the current depth of the current Resource area. Additional to that, we anticipate moving the Korbel starter pit to development stage during the course of 2020 on the path to production.
The Company looks forward to this program and is confident with our prioritised systematic exploration strategy, the team's experience and commitment, we are now well on track and confident to solidify the Estelle Project as the next emerging major gold camp."
*To view tables and figures, please visit:
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
Nova Minerals Ltd
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