- Nova Minerals now holds 9.6Moz of gold resources at the Estelle Gold Project.
- The current mineral resource is from the Korbel Main & RPM deposits, two among the 15 major prospects over the project tenement.
- Nova plans more drilling over the RPM deposit with an aim to update the current mineral resource.
- Shares of NVA are up more than 10% on the back of the mineral resource update.
Adding to pre-Christmas cheer, Nova Minerals Limited (ASX:NVA|OTC: NVAAF|FSE: QM3) dropped an exciting update on Wednesday, which sent its shares soaring. The explorer has updated the mineral resources by nearly 55% to 9.6Moz at its flagship Estelle Gold Project in Alaska, ending 2021 on a high note.
The market welcomed the news, as NVA shares shot up 10% on the ASX to trade at AU$1.12 (as at 2:15PM AEDT). The Company has a market cap of AU$183.8 million as of 23 December 2021.
The latest mineral resource update is from the Korbel Main deposit. With this, Nova has delivered on its promise as it had been assuring of a major update in mineral resource of the project by the end of 2021.
The current mineral resource update is third in the row this year. Prior to this, NVA had updated the market with maiden mineral resource of RPM deposit in October 2021. RPM had hit bonanza grade gold and unlocked 1.5Moz of mineral resource estimate (MRE) with a cut-off grade of 0.3g/t Au.
Nova’s Journey so far on Estelle Project (Data Source: Company update, 23 December 2021)
The fact that makes the latest MRE upgrade more interesting is that the upgrade is coming from two prospects on the project tenement. The Estelle Gold Project is spread across 324m2 in Tintina Province and Nova had identified nearly 15 major prospects over the tenement area. Most of the resource definition drilling has been concentrated over the Korbel Main and RPM deposits.
Nova anticipates major upgrade in its resource potential over the project in coming days as more area is brought under exploration and drilling program.
Commenting on the mineral resource update, Nova’s CEO, Mr Christopher Gerteisen, said, “Korbel Main changes the future for Nova and our shareholders. It only represents a small area of the extensive local mineralised system.”
“Korbel Main at our Estelle Gold project is a ‘company-making’ deposit with high grades continuing to highlight the massive upside potential that remains,” he stated further.
The CEO added that latest upgrade in the MRE supports his high confidence in the project. The Estelle Gold Project shares geological characteristics analogous to other major mines located in Alaska, including the Eagle Mine and Fort Knox Gold Mine.
Long Section of the Indicated and Inferred Resource Estimate block model of the Korbel Main (Image source: Company update, 23 December 2021)
Image Description: Nova Minerals, NVA, Gold project
Mr Gerteisen took the opportunity to thank the team on the ground and said within a very short span of time, the project had moved from discovery to a multi-deposit gold district. He further stated, “the exciting point is that we’re only getting started”.
Discussing on the future operational plans, Mr Gerteisen said that multiple diamond drilling rigs will be mobilised at RPM deposit with a target to update current mineral resources in 2022. He informed that assay results for 8,000m are still pending with the lab.
Nova is undertaking Pre-Feasibility Study level studies alongside drilling campaigns.
“With this, and no shortage of further targets, including the recently discovered mineralisation at 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 unlock Estelle’s potential as a world class Trend,” Mr Gerteisen concluded.