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Nova Minerals (ASX:NVA) going great guns, adds 1 Moz of mineral resource every 6 months

Summary

  • Nova Minerals moving aggressively on exploration and development of its flagship, the Estelle Gold Project in Alaska.
  • Estelle Project currently has Mineral Resource of 4.7 Moz of gold, hosted by the Korbel Main prospect, and mineralisaton remains wide open.
  • Korbel Main represents only 2% of the total tenure area. Major upside in resource potential is expected through infill drilling programs.
  • The Company is adding 1 million ounces of resource every six months on the project.
  • Extensive drilling campaign approximately 50,000m is planned for 2021 to unlock the values of the Estelle Project.

Mr Christopher Gerteisen, CEO & Executive Director of Nova Minerals, discussed at length the growth prospect and near- to mid-term operational plan for Nova’s flagship, Estelle Gold Project. He was the guest at Youtube’s Channel – Crux Investor. Mr Gerteisen answered all sorts of fiery questions asked on the famous OTT talk show.

Good read: Nova Minerals (ASX:NVA) CEO Discusses Estelle Project at Virtual Gold Conference

Nova Minerals (ASX:NVA, OTCQB:NVAAF, FSE:QM3 is a dynamic gold explorer and developer, engaged in the Estelle Gold Project in Alaska. The project is in the renowned gold province Tintina, which holds the reputation of hosting multi-million gold projects.

Mr Gerteisen highlighted that the Estelle Project had currently 4.7 Moz of Inferred Mineral Resource. The Company has added 2 Moz of resources in the last 18 months, a feat considered as a significant achievement in the region. Nova has embarked on an extensive infill drilling campaign to unlock the value of its Korbel Main prospect and inched closer towards Indicated Mineral Resource declaration though infill drilling.

Korbel Main prospect (Image source: Company update, 07 April 2021)

Nova has identified and marked 15 prospects on the project tenure area spread across 324 km2. Interestingly, 4.7 Moz of mineral resource is from just 2% of the area on the project and remains wide open. The Company has mobilised three drilling rigs on the project area to uncover the potential of the project. One of the rigs will be dedicated for infill drilling on Korbel Main, while the other will be set out for step-out drilling on the Isabella Block of Korbel Main.

Read here: Nova Minerals’ latest results paint a golden picture for Korbel Main

The third diamond rig will be mobilised to RPM prospect, next in the line for development after Korbel Main. The rock chip sampling program yielded 9-10 g/t of Au. Nova is planning 5,000-10,000m drilling on RPM in Phase 1 drilling program in the current calendar year and hopes to announce maiden mineral resource on the prospect.

Nova targets 10Moz on Estelle Project

Mr Gerteisen very fondly mentioned that Nova and its exploration team is adding 1 Moz of mineral resource every six months and in the last 18 months, a total of 2 Moz have been added to the inferred mineral resource.

Inferred Mineral Resource growth over the years (Image source: Company source, 29 April 2021)

The CEO highlighted that the deposit remained open, and major upside in resource estimates could be seen as the drilling results started coming in. A comprehensive drilling plan to cover the Korbel valley area and other prospective prospects on the tenement could take the mineral resource up to 10 Moz on the project, which is quite normal for the projects in the Tintina Province, Mr Gerteisen stated.

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

Nova aspires to be a low-cost gold developer in the region

Nova has managed to keep the discovery cost well below $5 per ounces in the region. This is significant as cost below $10 per ounces is considered phenomenal in the industry. Mr Gerteisen further stated that the Company had made early commitment to its contractors for year-round operations to save on costs. As a result, Nova is incurring $230/m of drilling cost, lowest in a tough terrain like Alaska. Drilling in warm and friendly environment of Kalgoorlie region costs around $190/m.

Nova had set up permanent camps on the project location and the setting of in-situ labs is currently in progress. This will further save time and cost on the project.

Click here to watch the complete interview of Mr Christopher Gerteisen with Crux Investor.

All financial information pertains to Australian Dollar unless stated otherwise.

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