- Nova Minerals continues to advance its exploration and drilling operation on the flagship Estelle Gold Project.
- During the June quarter, NVA commenced a drilling campaign at the RPM prospect.
- Drilling on Korbel Main has delineated an extensive high-grade feeder zone in the South-East part of the prospect.
- Nova updated the JORC Mineral Resource of the project to 4.7Moz during the reporting quarter.
- Nova’s investee company Snow Lake Resources upgraded its resources on the lithium project ahead of US listing.
Gold explorer and developer Nova Minerals (ASX:NVA, OTCQB:NVAAF, FSE:QM3) has shared the June quarterly update, marked by significant exploration progress made at its flagship Estelle Gold Project, which is located in the Tintina Province, Alaska. Exploration activities during the quarter gone by include a drilling campaign at the Korbel Main and RPM prospects and a reconnaissance program to identify targets on the rest of the project area.
The June quarter saw Nova continue the drilling operations at Korbel Main and initiate an extensive drilling campaign plan at the RPM prospect with an aim to increase the area under exploration and to bolster the mineral potential of the project.
Estelle Project location Map (Image source: Company update, 29 July 2021)
Drilling at Korbel Main
During the first week of April, the company updated the JORC Compliant Mineral Resource to 4.7Moz on Korbel Main. A major part of the prospect remains unexplored and has a potential for an MRE upgrade. The ongoing drilling operations have delineated an extensive high-grade feeder zone in the south east portion of the prospect, and the mineralisaiton remains wide open.
Korbel Main drill hole layout (Image source: Company update, 29 July 2021)
Significant diamond drilling gold intercepts from Korbel Main include:
The metallurgical test results have yielded gold recoveries of up to 95.4% on the samples from Korbel Main.
Drilling on RPM
The re-sampling of the historical hole on RPM has resulted in encouraging gold intercept, 178m @ 0.8g/t including 120m @ 1.0g/t and 50m @ 1.8g/t. The rock-chip sampling program of 2020 also indicated significant mineralisation potential at RPM. Encouraged by these results, Nova mobilised a diamond drill rig and commenced a drilling program at RPM. The assay results from the ongoing campaign will be out in the coming quarter.
Drilling rig on first hole location on RPM (Image source: Company update, 16 June 2021)
To delineate more targets at the Estelle Project, Nova has planned a field reconnaissance program across the prospects between Korbel Main and RPM. The geological team will carry out extensive rock and soil sampling to identify potential prospects for further exploration programs.
Map showing untested area on the tenement (Image source: Company update 2021)
Post-June quarter development: Commission of on-site Prep lab
To save considerable time and money on assay results, Nova commissioned an in-house and on-site sample Prep Lab in July. The inhouse lab will be used to crush and split the samples and send them directly to the assaying lab. The labs involved in the preparation of the samples were acting as a bottleneck to the entire operation.
On-site lab facility (Image source: Company update, 26 July 2021)
The in-house lab will be operated by a private contractor who will be responsible for providing skilled and competent manpower to the lab.
Updates from investee companies
Snow Lake Resources
Snow Lake Resources operates the Thompson Brothers Lithium Project. Nova owns a 74% interest in Snow Lake Resources. The Company is all set to float an IPO in the US market to raise US$23 million. During the reporting period, Snow Lake updated its Mineral Resources on the project. The update was significant since only 5% of the area has been explored to date, thus increasing the project’s upside potential.
RotorX Aircraft Manufacturing
RotorX Aircraft is engaged in manufacturing and sale of kits and parts of Phoenix A600 Turbo helicopters. Nova holds a 9.9% interest in RotorX.
The Company is planning to enter the electric air taxi market segment and a Federal Aviation Administration (FAA) airworthiness testing is planned in 2022.
The joint RX/ATRX eTransporter (Image source: Company update 29 June 2021)
What is in store for the rest of 2021?
- Mineral Resource Upgrade for Korbel Main as well as a maiden Resource Estimate for RPM on the cards.
- Successful completion of the planned 50,000m drilling program.
- Mobilisation of the fifth drilling rig to accelerate the drilling operations at the project.
- Announcement of assay results for over 10,000m of drilling from both Korbel Main and RPM.
- Complete scoping study on Korbel Main to outline the OPEX and CAPEX for the project development purpose.
- PFS Study to commence late in 2021.
Shares of Nova Minerals were trading at AU$0.11 at 12:30 PM (AEST). The Company has a market cap of AU$193.3 million as of 29 July 2021.