Nova Minerals Limited (ASX: NVA) announced its forthcoming exploration program at the company’s district-scale Estelle Gold Project. For the proposed Exploration Campaign at the Estelle Gold Camp in 2019, planning is entirely underway, and contractor procurement is in its advanced stages.
After the final allocation of contracts, the company’s focus will be on deploying the Induced Polarization survey (IP) crew on the site with potential diamond drill deployment to follow thirty days later. The 112 square kilometer Estelle landholding sits adjacent to the 9.5 Mn oz AuEq Whistler project (which is held by Gold Mining Inc.) and in the same assemblage of rocks that hosts the Pebble Partnership currently owned by Northern Dynasty Minerals’ giant Pebble deposit (105 million ounces of gold). A direct association in vein density and gold grade is similarly reported at the Dublin Gulch (+ 6 million ounces) and Fort Knox (+ 4 million ounces) and RIRGS deposits (at Hart, 2007).
Study results suggested that, first, there is an association of gold with Bi-Te; second, there is an association of gold with sheeted veins holds arsenopyrite; and third, the restriction of alteration to narrow selvages adjacent to veins at the Estelle Property are consistent with the genetic deposit model for RIRGS deposits.
Nova Minerals’ Managing Director, Mr. Avi Kimelman stated that the management is excited about the high-quality prospects within the claim group and the large scale of the Estelle Gold Project with clear leverage to the gold price. The company is fully determined in developing and exploring the property with new work programs, which consist of mapping, potential diamond drilling, and Induced Polarization. It is expected to provide a tremendous opportunity to uncover large scale resource blocks within previous years’ focus area outside at RPM & Shoeshine occurrences.
As per the announcement on February 14, 2019, the company’s Estelle Project exploration, as well as logistics efforts, will be led by Dale Schultz and Brian Youngs. They have more than 60 yrs of project managing experience for large exploration campaigns as well as projects, which include time spent at the Kori Kollo Mine Bolivia, Hemlo Camp N. Ontario, and Lupin Mine NWT along with the Condor Project in Ecuador. They have done outstanding work-to-date in pre-planning for streamlining the project and entering into the next stage of development and exploration.
Mr. Kimelman further stated that with the early positive signs, the management is excited for the potential opportunity to discover other large deposits in Alaska. The project is demonstrated as amongst some of the largest gold deposits on the planet with tremendous and exciting prospects.
As per the timeline:
- Pre-Planning phase in March’19 till May’19
- Phase 1: Oxide North in April/May 2019 till June 2019
- Phase 2: Oxide North extension in June 2019 till Mid-August 2019
- Phase 3: Oxide South in Mid-June 2019 till September 2019
- First pass geological mapping in June 2019 till July 2019
At the market close (on March 29, 2019), the stock price of Nova Minerals was noted at $0.014, with the market capitalization of $10.84 million. Its 52 weeks high was at $0.042 and 52 weeks low at $0.013 with an average volume of 807,250. Its absolute returns for the five years, one year, and six months are 15.38%, -60.53%, and -42.31%, respectively.
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