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Nova Minerals (ASX:NVA) hits jackpot at Estelle; unlocks 1.5Moz maiden resource at RPM

Highlights 

  • Nova Minerals announced a maiden gold resource of 23.1g/t @ 2 g/t Au for 1.5 Moz of gold at RPM North.
  • Estelle Project’s total Global Resource now stands at 6.2Moz and growing.
  • Nova plans to drill test the RPM South Zone, which has a much larger footprint.
  • The next in line for resource update is Korbel Main which currently holds 4.7Moz.

In an exciting turn of an events, Nova Minerals Limited (ASX:NVA, OTC:NVAAF, FSE: QM3) announced the maiden gold resource of 1.5Moz at its RPM North prospect on the Estelle Gold Project in Alaska.

Now, the Estelle Project holds 6.2Moz of mineral resources, which is deemed to grow further by the end of 2021. The ongoing infill and extensional drilling on Korbel Main are expected to add more gold to the project.

Nova Minerals, NVA, Gold project

Drilling on Estelle Project (Image source: Company update, 19 October 2021)

Related read: With discovery of gold on RPM, Nova (ASX:NVA) ends September quarter on high note

The market cheered the news and NVA shares closed the day’s trade at AU$0.155 with a gain of 3.3% on the ASX.

NVA CEO, Mr. Christopher Gerteisen commented: “RPM North is an exceptional new gold discovery within the Estelle Gold district which highlights the massive upside potential of this project. This has really changed the future for Nova and our shareholders.

Nova’s management, with much credit to our team on the ground, has taken Estelle Gold Project from discovery to a multi deposit Tier 1 scale 6.2 Moz gold district in a short timeframe and on relatively limited funding. Five drill rigs are currently focused on growing Korbel and RPM with more rigs to follow. In addition, we will be testing numerous targets within the large Estelle Gold District as rigs and time permit, including the recent discoveries at the Train-Shoeshine IRGS Au prospects and at the Stoney Polymetallic Stacked Au-Ag-Cu Vein System. I have no doubt we will be drilling and growing our total global resource inventory for many years to come. We now look forward to a Resource Upgrade for Korbel Main, incorporating the high-grade feeder zones, in Q4. 

This is a transformational period for Nova. We are truly just getting started at Nova and are excited with what lies ahead for our shareholders.”

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

Maiden Inferred Gold Resource on RPM North

The phase 1 resource drilling operation on the RPM North prospect resulted in an Inferred JORC Resource of 23.1g/t @ 2 g/t Au for 1.5 Moz of gold. The RPM North, which is only one of fifteen known occurrences, remains open at depth and along strike and further upside at the RPM South.

Nova Minerals, NVA, Gold project

Plan view map of the Inferred Resource Drilling area of the RPM North (Image source: Company update, 27 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 RPM North deposit, the resource starts less than 2m from the surface. RPM North represents only 0.5% of the total project area, and Nova is confident that with increasing knowledge of the project, the discovery rate is going to continue or improve with a prioritised systematic exploration approach in place.

Nova Minerals, NVA, Gold project

RPM drill plan (Image source: Company update, 19 October 2021)

RPM South which has a much larger footprint, is being prepared for drilling. Nova plans to deploy multiple diamond drill rigs on the site with an emphasis on increasing the drill density of the maiden resource. The drill rods will spin round the clock to unlock the potential of the deposit.

“This is a transformational period for Nova. We are truly just getting started at Nova and are excited with what lies ahead for our shareholders”, Nova’s CEO concluded.

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

Global Mineral Resource on Estelle Gold Project

The Estelle Gold Project had an Inferred Mineral Resource of 4.7Moz. The previous Mineral Resource was from the Korbel Main deposit only. Now, as the RPM North comes into play, the mineral resource increased to 6.2Moz, with RPM having a cut-off grade of 0.30g/t Au.

Data source: Company update, 27 October 2021

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

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