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

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

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 Nova Minerals eyeing mineral resource outside the Korbel Main 4.7Moz at the RPM prospect with drilling kick-started
Image source: Company update, 16 June 2021

Summary

  • Drilling campaign commences on RPM prospect as drilling rig is mobilised to the first hole location.
  • RPM prospect had returned high-grade gold results up to 291g/t in reconnaissance rock-chip samples.
  • Drilling continues on the Korbel Main prospect with approximately 5,000m drilled and assay results will be shared soon with market.
  • Interim scoping study is nearing completion on Korbel Main.

The innovative gold explorer and developer Nova Minerals Limited (ASX:NVA, OTCQB:NVAAF, FSE:QM3) moves ahead on its Alaskan Gold Project. The Company has mobilised one drilling rig to uncover the gold potential of RPM prospect on the Estelle Project. Nova is determined to enhance its gold resource on the project.

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

Korbel Main on the path to production

Nova Minerals operates Estelle Project in Tintina Gold Belt of Alaska. The Company commenced its exploration activities back in 2018 and within a short span of time, delineated 4.7Moz of gold resources on the project. The Estelle tenure package consists of several prospects with significant gold potential. The Company began its exploration on the Korbel Main prospect, which holds the current mineral resource of the project.

Korbel Main remains wide open to the North-West and South-East. Nova planned a drilling operation to test these areas on the prospect and enhance the resource base of the project. The Company is working in the right direction to bring the prospect into commercial production and all preparations are on the fast-track mode. Metallurgical tests, ore sorting, interim scoping study and other vital operations are being done.

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

RPM: Next in the line of development after Korbel Main

The reconnaissance rock chip sampling program of 2020 on the RPM prospect returned high-grade results- 291g/t, 103g/t, 13.1g/t, 9.3g/t, 9g/t, 8.8g/t and 5g/t. The field team collected a total of 37 rock samples from the outcrop, subcrop, and locally derived float. Arsenopyrite was found in the rock samples and there is established correlation between gold mineralisation and aresenopyrite in the district.

Drilling rig on the first hole location on RPM (Image source: Company update, 16 June 2021)

The sampling program also established that the RPM prospect is extended beyond the previously known prospect boundary. Also, the historical (2012) drill hole SE12-008 returned encouraging results during re-sampling-

  • 178m @ 0.8g/t Au including 120m @ 1.0g/t Au
  • 50m @ 1.8g/t Au

The results boost the confidence on the RPM and the Company decided to advance to the next exploration stage- drilling. Nova is expecting to delineate shallow gold resources and add it to its resource inventory. The drilling rig is positioned on the hole and marks the commencement of the drilling operation on RPM.

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

The results from the ongoing drilling operations will start coming soon. As extensive drilling operation is planned, the Company expects the results to come all around the year.

To save cost and time on evolution of drill cores and rocks chips, Nova decided to establish an on-site sample prep-lab. The construction of the lab is complete now and dialing of the crushers is underway. The on-site prep lab will save time and money, which is lost in transportation of the sample from the project site to the labs, which sometimes have their plate full with samples coming through other projects or companies.

Prep lab facility (Image source: Company update, 16 June 2021)

Mr Christopher Gerteisen, CEO of Nova Minerals, expressed his views on the drilling program on RPM and stated that the operations on the project were moving in line with the plans to unlock the multiple and large-scale gold deposits of the project.   

“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 District. 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, one that is fuelled by much larger ambitions”, Mr Gerteisen added further.

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

Share price

The shares of Nova closed the day at AU$0.15 with a market cap of AU$249.44 million as of 16 June 2021. In the last one year, NVA has given an impressive return of 145% to its shareholders.

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