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Nova Minerals (ASX:NVA) eyes massive resource update at Estelle Gold Project

Summary

  • Nova Minerals hits high-grade gold intersects while drilling at the Korbel Main prospect.
  • The drilling program aims to substantially increase the Mineral Resource of the prospect as well as the project.
  • Infill and extensional drilling have resulted in impressive results of up to 3m @ 11.7g/t Au on Korbel Main.
  • The prefeasibility study metallurgical test work at Korbel Main has commenced.
  • Drilling at the RPM prospect is underway in full swing with three holes already drilled with positive outcomes.
  • Nova is set to commence field reconnaissance program to delineate further targets at the project tenement package.

Nova Minerals (ASX:NVA) has embarked on an aggressive drilling campaign to upgrade the Mineral Resource Estimate (MRE) at its flagship Estelle Gold Project located in Alaska. The drilling operation is being carried out on the Korbel Main and RPM prospects, simultaneously. Korbel Main has an established MRE of 4.7 Moz, which in turn is also the current MRE of the Estelle Gold Project.

Infill and extensional drilling on Korbel Main continue to deliver strong mineralisation with significantly high gold grades. The results from the ongoing campaign will be incorporated in the scoping study as the outcome will have a major impact on pit optimisation and project economics.

Read here: Nova Minerals eyeing mineral resource outside the Korbel Main 4.7Moz at the RPM prospect with drilling kick-started

Significant drilling results include:

Data source: Company update, 19 July 2021

The overall average grade received from hole KBDH-072 is 0.7g/t Au over 308m, and hole KBDH-080 returned an average grade of 0.4g/t Au over 323m.

Cross-section of hole KBDH-072 (Image source: Company update, 19 July 2021)

Cross-section of hole KBDH-080 (Image source: Company update, 19 July 2021)

Good read: Nova Minerals (ASX:NVA) Makes Steady Progress at Estelle Gold Project

Nova is targeting the southeast part of Korbel Main, which is a high-grade feeder zone and still remains open. The ongoing drilling operations not only indicate upside in resources on the project, but also potentially extend the strike on the prospect by an additional 1,000m.

Drill hole layout on Korbel Main (Image source: Company update, 19 July 2021)

Drilling on RPM

The drilling campaign is going full throttle on the RPM prospect at the Estelle Project. RPM has shown significant potential for gold mineralisation, and Nova is planning to release its maiden MRE for RPM later this year.

Also read: Eye on maiden MRE, Nova Minerals scores robust early drilling results at Estelle

The drilling team has drilled and completed three holes with a combined depth of 1,500m on the prospect. The designated targets were intersected, and wide zones of mineralisation were observed in the drill core. The results are highly encouraging, and it is estimated that RPM will add considerable ounces to the overall global resource inventory of the Estelle Gold Project.

Scoping Study

The work on Scoping Study is nearly 80% complete at this stage. The technical framework, including the metallurgical test work, flowsheet and process design are complete. Feeding the datasets into the template and getting an updated resource model and optimisation details are pending.  

Since the latest results are located within the optimised Stage One Starter Pit area, the engineers have advised including the data into the ongoing study as the data has huge material upside implications to the Scoping Study’s economics. Further, the engineers have requested an extension of time to include all drilling until after the scheduled resource upgrade for Korbel Main later in the year with minimal additional cost.

As the Scoping Study is 80% complete, the Board will consider the engineers’ request as it is also in the best interest of shareholders. The Korbel Main resource upgrade is scheduled to be completed in Q4 2021.

Next steps

  • Reconnaissance programs are being planned, and teams are being mobilised to unlock other targets at the project.
  • An additional diamond drilling rig will be mobilised to the project to accelerate the operation.
  • Efforts are going on in full swing to commission on-site prep-lab.

Recent update: Nova Minerals’ (ASX:NVA) shares tick up as its subsidiary Snow Lake upgrades MRE for lithium project

Shares of NVA were trading at AU$0.125 at around 12:30 PM (AEST). The Company has a market cap of AU$210.11 million as of 19 July 2021.

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