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Nova Minerals (ASX:NVA) unearths significant gold mineralisation at RPM

Summary

  • Nova Minerals is undertaking drilling operations on the Korbel Main and RPM prospects.
  • Re-sampling of historical drill hole SE12-008 on RPM returned an encouraging result of 177m @ 0.8g/t Au and 50m @ 1.8g/t Au.
  • Reconnaissance rock chip samples have yielded high-grade gold results of up to 291g/t.
  • The drilling operation is going on in full swing at RPM with an aim to declare maiden Mineral Resource by the end of 2021.
  • Fifth drill is expected onsite to ramp up both Korbel and RPM drilling.
  • Samples from the first three holes of RPM have been sent to the lab, and assay results are expected soon.

Nova Minerals Limited (ASX:NVA) is galloping ahead at its flagship Estelle gold project on a mission  to unlock the gold mineralisation potential and open up the district. The drill core recovered from the drilling operation are evident of the fact that the Company is headed in the right direction and hitting the holes with the right mineralization.

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

RPM drilling campaign

During the last quarter, on 16 June 2021, Nova announced that it had mobilised one drilling rig to the RPM prospect. Three drill three holes have been drilled on the prospect, and the core samples have been dispatched to the lab for further analysis. The rocks in the drill core indicate that the drilling rods are hitting the target and intersecting the mineralised zone on what’s shaping up to be a large RPM prospect.

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

The drilling operation on the first three holes has hit fine-grained disseminated pyrite and pyrrhotite. Minor amounts of chalcopyrite and arsenopyrite have also been observed throughout the hornfels. These are considered to be important indicators of gold mineralisation, to ascertain which a thorough and detailed analysis will be done by the assaying lab.

Core sample from RPM-001 hole (Image source: Company update, 21 July 2021)

Pyrite-Chalcopyrite mineralisation in hornfel from hole RPM-003 (Image source: Company update, 21 July 2021)

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

Correlation to historical drill data

The presence of minerals in the hornfels of RPM-001 is identical with the observed minerals in historical hole SE12-008. RPM-001 is a direct twin of SE12-008, with both having similarity in their veins as well. Nova redrilled and resampled SE12-008 to extend the depth of mineralisation at RPM.

Cross-section of SE12-008 and RPM-001 to 003 (Image source: Company update, 21 July 2021)

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

Re-sampling of the historical hole resulted in encouraging gold numbers which include:

  • 177m @ 0.8g/t Au including 120m @ 1.0g/t Au
  • 50m @ 1.8g/t Au

The rock chip samples at the RPM prospect returned high-grade gold results. Some significant results include 291g/t, 103g/t, 13.1g/t, 9.3g/t and 9g/t.

Commenting on the outcomes of the first three holes, Mr Christopher Gerteisen, CEO of Nova Minerals, said that the drilling team was hitting the target and intersecting the mineralised zone on RPM. Citing the correlation with the historical hole, the CEO also expressed confidence in RPM’s significant potential.

Mr Gerteisen also indicated that the ongoing drilling program would be running over the coming months.

“In time, we expect to define multiple new shallow gold resources that will further support our goal of aggressively growing the resource inventory as we continue to move towards gold production at the Estelle Gold Project. We will keep the market updated on the results of these programs as we progress. We currently have 4.7Moz at the Korbel Main deposit, which represents just the beginning of our Estelle journey,” he further added.

For more information on Nova Minerals, click here

Next steps

  • One more rig is planned to be mobilised to the project to accelerate the drilling operation on Korbel Main and RPM.
  • Geological reconnaissance team is set to commence fieldwork to identify further targets on the project area.
  • The company is looking forward to the announcement of assay results. As of now, nearly 10,000m of assay results are pending.
  • Maiden resource on the RPM prospect and upgrade of the Mineral Resources at the current 4.7Moz Korbel Main prospect all within the Estelle Gold Project by the end of 2021.

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 on 22 July 2021 (AEST 1:27 PM), up by 13.636% from the previous day close. The Company has a market cap of AU$184.90 million.

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