- Nova has reported encouraging early intercept results from its ongoing drilling campaign at the Korbel Main prospect.
- Two diamond drilling rigs are deployed at the Korbel Main prospect while one is ready to be mobilised at the RPM prospect.
- Nova is targeting to substantially upgrade its existing 4.7Moz of resources later this year.
- The Company is also looking into several processing options to get the optimised CAPEX and OPEX for the project.
- Nova has planned an extensive drilling campaign on its flagship project and will provide updates at regular intervals as the drilling program proceeds further.
ASX-listed gold explorer and developer Nova Minerals (ASX:NVA, OTCQB:NVAAF, FSE:QM3) has embarked on a massive drilling campaign in line with its commitment to explore and add mineral resources to its flagship Estelle Gold Project in the prolific Tintina Province of Alaska.
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Nova is targeting the Korbel Main and RPM prospects in the ongoing drilling campaign. The Company is expecting RPM to add significant gold resources to the project.
In its latest market update, Nova Minerals has shared the early drilling results from the holes drilled on the South-East zone of the Korbel Main prospect as a part of the infill drilling program. The drill bit continues to intersect wide zones of mineralised intrusive containing higher-grade “blow out” zones.
Nova has shared significant intercepts from two of its holes:
Gold intercept result (Copyright © 2021 Kalkine Media, Data source: Company update, 8 June 2021)
KBDH-066 returned an average grade of 314m @ 0.4g/t Au from 15m.
The key objective of the infill and extensional drilling at Korbel Main is to substantially increase the current Mineral Resource of 4.7Moz on the project. Most part of the tenement remains underexplored, and a huge upside in resource potential cannot be ruled out. The intercept result on the South-East part of Korbel Main indicates the same. Currently, two diamond drill rigs are mobilised on Korbel Main, and the third one is ready to be mobilised on the RPM prospect, which is the next in the line of development after Korbel Main.
Korbel Main plan view (Image source: Company update, 8 June 2021)
Nearly 10,000m drilling has been undertaken on Korbel Main to date, and more are planned soon. Nova is planning to expedite the feasibility studies of the project once the resource upgrade is done. The Company is assessing and considering several processing operations and the CAPEX and OPEX requirement for each option are taken into consideration. The upcoming interim scoping study is anticipated to provide good insights on project cost economics.
Mr Christopher Gerteisen, CEO of Nova Minerals, is pleased with the early results and said that the results confirm the presence of a higher-grade feeder zone within the South-East part of Korbel Main. Mr Gerteisen plans to upgrade the Mineral Resource of the project later this year and is optimistic for significant growth in resources as higher-grade “blow-out” zones are being intersected.
“In addition to the exciting things happening at Korbel, another major milestone is in the crosshairs. The third diamond drill rig will be mobilised to the RPM prospect within days, commencing a drilling program which has the potential to add significant ounces to the Estelle Project resource inventory. We have plan to release a Maiden Resource Estimate for this program later this year. These results are just the beginning of drilling related news flow for 2021. A consistent stream drilling samples are now coming through and will continue to be fed to the lab with results to follow in due course” he added further.
The encouraging drilling intercept results pushed the shares of NVA 3.3% up today. The shares of Nova are trading at AU$0.155 around 2:30 PM (AEST) with a market cap of AU$250.49 million.