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Nova (ASX:NVA) reports additional high-grade broad zones at RPM

Highlights

  • Nova Minerals continues to receive impressive drilling intercept results from its RPM prospect.
  • The latest results confirm the discovery of another intrusive related gold system within the project.
  • 2021 maiden drill program completed at RPM with all rigs moved back to Korbel Main to continue drilling for the upcoming MRE update.
  • Nova will allocate two drilling rigs for the next round of the drilling at RPM to expand and prove-up RPM North and RPM South zone.
  • Infrastructure related work program is now being scheduled.

Nova Minerals Limited (ASX:NVA, OTC:NVAAF, FSE: QM3) continues its strong run at the Estelle Gold Project in Alaska. The Company released another tranche of encouraging assay results from the recently concluded drilling campaign on the RPM prospect. The results confirm the discovery of another massive Intrusive Related Gold System on the Estelle Project.

Nova Minerals, NVA, Gold project

Visualising Estelle Gold District- Unlocked (Image source: Company update, 18 October 2021)

Related read: Nova Minerals (ASX:NVA) explodes over 70% on hitting bonanza-grade gold at RPM North Including 132m @ 10.1 g/t Au

On 11 October 2021, Nova reported Bonanza Grade at RPM North with intercepts results including 132m @ 10.1 g/t Au. According to Mr Christopher Gerteisen, CEO of Nova Minerals, the high-grade broad zone seen in the assay results are just a glimpse of the geological potential of RPM.

“RPM remains wide open, and we are confident in further intersecting this high-grade zone by stepping out in a series of 200m spaced lines to the west of holes RPM-005 and 006 as a priority in the next phase of drilling”, Mr Gerteisen said.

Nova is planning on the next phase of drilling campaign on RPM in 2022. The company plans to mobilise two drilling rigs to expand and prove-up RPM North Zone and RPM South Zone, which may converge at depth.

Drilling result

Related read: Nova Minerals’ positive run at Estelle continues, drilling results in line with Company’s upcoming MRE update

The overall average grade from RPM-006 is 1.0 g/t Au over 220m, while from RPM-004 is 0.4g/t Au over 405m.

“The continuity and tenor of these drilling intersections at RPM are certainly world-class by any measure”, Mr Gerteisen further added. He also informed that now Nova has enough data set to send them to independent consultants to prepare maiden Inferred Resource for RPM North. 

Nova Minerals, NVA, Gold project

Plan view (Image source: Company update, 18 October 2021)

Drilling at Korbel to continue

Mr Gerteisen informed the market that drilling would continue at full pace on Korbel Main. The deposit currently holds the mineral resource of the Estelle Project, i.e., 4.7Moz, which the Company is aiming to upgrade by the end of 2021. With drilling concluded at RPM for the current season, both the rigs will be mobilised to Korbel Main to accelerate the drilling operations.

Related read: Nova Minerals (ASX:NVA) discovers high-grade gold zones at flagship project, shares close in green

“We expect to define multiple new shallow gold resources that will further support our goal of aggressively growing the resource Page 4 inventory as we continue to move towards gold production at the Estelle Gold Project. Remember, we are on the fast-track towards production, that is our goal”, Mr Gerteisen concluded.

What’s next?

  • Nova to fast-track drilling operation on Korbel Main, two rigs from RPM mobilised.
  • Maiden Mineral Resource from RPM.
  • Resource upgrade of Korbel Main deposit by the end of 2021.
  • Re-commence drilling campaign on RPM as soon as possible on RPM with two rigs at least.

Related read: Nova Minerals (ASX:NVA) discovers another major mineralised zone within its flagship project

Share price

As of 18 October 2021, NVA is trading at AU$0.165 at 2:00 PM (AEDT)with a market cap of AU$304.3 million.

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