Nova Minerals (ASX:NVA) soars 9% as the Company declares excellent drilling result


  • The ongoing infill drilling on the Korbel Main prospect has further confirmed continuity of mineralisation.
  • Nova shares jumped 9% to AU$0.120 post the announcement.
  • The latest assay results include an average grade of 0.5g/t Au over 216m from 36m in hole KBDH-075 and 0.4g/t Au from 219m from 6m in hole KBDH-077.
  • On Korbel Main, mineralisation remains open along NW & SW along a 3km long strike length.
  • Nova is undertaking the PFS metallurgical test work on Korbel Main with an objective of global resource update planned for the last quarter of 2021.
  • The drilling operations on RPM remain on schedule for a maiden resource announcement by the end of 2021.

In an upbeat update, Nova Minerals Limited (ASX:NVA| OTCQB:NVAAF| FSE:QM3) has reported strong infill drilling results, which confirm robust resource at the Korbel Deposit. Driven by excellent results, Nova shares surged 9% to AU$0.120 on the ASX.

Nova intends to turn the Estelle Gold Project into a bankable project by 2023. The Company is running a multi-pronged drilling campaign on the Alaskan project, in an effort to upgrade the 4.7Moz Inferred Resource of Korbel Main into Indicated status and at the same time, target maiden resource update for the RPM prospect by the end of 2021.

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Nova is engaged in the exploration and development of the Estelle Gold Project, which is located in the prospective Tintina gold province of Alaska. The Company commenced its field operation back in 2018, and within no time, has delineated a mineral resource of 4.7Moz from the project, all of it from the Korbel Main prospect.

The current resource is from a small part of the tenement package and Nova has planned extensive exploration operations to unlock the gold potential of the project. In its endeavour to de-risk and grow resources at Korbel Main, NVA has launched an infill drilling program.

Nova is targeting to grow the global resource inventory by the Q4 of 2021 on Korbel Main. Once the resource is converted into Indicated status, NVA will be in a position to announce reserve ounce value.

Korbel Main drilling plan (Image source: Company update, 1 September 2021)

Related read: Gold market dynamics serve up a golden opportunity for Nova Minerals’ Estelle project

Infill drilling at Korbel Main

The ongoing infill drilling on the prospect has confirmed the continuity of mineralisation. The assay results demonstrates that Korbel Main deposit holds significant high-grade “blow out” zones within the continuous mineralisation.

The assay results also establish that the mineralisation remains open along the Northwest and Southeast of the strike with over 3km of continuous mineralisation.

Nova has shared the assay results of two holes- KBDH-075 and KBDH-077.

These results, along with upcoming ones, will form part of a global resource update, which is scheduled for the fourth quarter of the current calendar year. The current infill drilling is focusing on a high-grade Southeast feeder zone, with an aim to further increase the 4.7Moz resource.

Krobel Main long section (Image source: Company update, 1 September 2021)

Related read: June quarter sees Nova Minerals (ASX:NVA) make serious strides at Estelle gold project

Mr Christopher Gerteisen, CEO of Nova Minerals, said, “Nova’s multi-pronged drilling strategy is designed to advance the Korbel Main deposit towards being bankable project by 2023.

We aim to grow the global resource inventory and advance the Korbel project in parallel. This approach will maximise our ability to more rapidly monetize our world-class asset, bringing forward the production start time along with cashflow, and allow us to ramp up future operations in short order across the Korbel Valley and the wider Estelle Gold District.”

Six holes drilled on RPM

The RPM prospect is next in line after Korbel Main for development. The Company commenced drilling at the prospect in the June quarter and has drilled up to six holes. The prospect holds significant mineralisation and is anticipated to beef up the resource inventory of the Estelle Project.

Nova is planning a maiden resource update for RPM by the end of 2021. Assay results for the first two holes are in the final stages and will be shared with the market as soon as received from the lab.

“This is very positive as we open up a second resource deposit at RPM which has the potential to add significant ounces to the Estelle Gold Project’s global resource inventory. Assays for first holes, RPM-001 and RPM-002 are in the final stages of analysis and will be announced soon, with results of the remaining holes to follow”, Mr Gerteisen commented on development on RPM.

Also read: Nova Minerals’ (ASX:NVA) investee Snow Lake inches closer to IPO listing in the U.S.

Regional exploration

The field teams have completed their recon activities and will soon share their findings. The Company is exploring the uncharted territory to increase the overall resource base of the project and identify targets for further exploration.

Assay results for over 10,000m are still pending from the lab. Nova is using its on-site sample prep-lab facility for a faster turnaround of assay results.   

Way forward

  • An additional diamond drilling rig has been ordered and will be mobilised soon to ramp up the drilling campaign further.
  • Assay results from Korbel Main and RPM are expected to continue flowing throughout the remaining part of the year.
  • Nova plans to wrap up the PFS metallurgical test work on Korbel Main.
  • Identification of regional targets for further exploration.

Related read: Nova Minerals gets on the fast track with commissioning of sample lab at Estelle Gold Project





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