- Nova Minerals continues to deliver positive results on the ongoing drilling program on Korbel Main.
- The latest drilling results confirm continuity in mineralisation on the Korbel Main prospect.
- Infill drilling resulted in an average grade of 0.4g/t of Au from recently completed four holes.
- Mineralisation remains open along the estimated strike length of 3km on the Korbel Main deposit.
- Upgradation in mineral resource on Korbel Main and maiden resource for RPM is targeted by the end of 2021.
ASX-listed gold explorer and developer Nova Minerals (ASX:NVA, OTCQB:NVAAF, FSE:QM3) yet again delivered encouraging gold values from its ongoing drilling campaign on the Korbel Main deposit. The Company has till now delineated a mineral resource of 4.7Moz from the prospect, which is also the current resource potential of the Estelle Gold Project.
The Estelle project, located in the Tintina province of Alaska, hosts several prospects with significant gold potential. Apart from Korbel Main and RPM, most of the prospects remain unexplored and holds the potential for a significant upside in the mineral resources of the project.
Nova is engaged in infill drilling on Korbel Main with the aim of upgrading Inferred Resources to the Indicated category. The action will help in de-risking the project and enabling Nova to advance funding options.
Drill plan view on Korbel Main (Image source: Company update, 7 October 2021)
Commenting on the infill drilling program on Korbel Main, Mr Christopher Gerteisen, CEO of Nova Minerals, highlighted that the intercept results were showing consistency and continuity of gold mineralisation on Korbel. The drilling team continues to intersect the high-grade feeder zone, and the intercept results are highly encouraging, boosting confidence in the prospect.
Significant intercept results are:
Mr Gerteisen informed that assay work of almost 30 holes was pending with the lab. With the drilling continuing at a fierce pace, more samples will be sent to the lab in coming weeks. With the on-site sample prep lab functional, Nova will save significant time and cost on the assay work.
He further highlighted that with the broad zone of higher grade being intersected during the current drilling operation, an upgrade in the upcoming MRE of Korbel Main is expected later this year. Since these results are from the starter zone, it will impact positively on the early stages of the mine schedule. The mine schedule will be confirmed and outlined in the scoping study, which is expected to be released post the upgradation in MRE.
“Nova’s multi-pronged drilling strategy is designed to advance the Korbel Main deposit towards being a bankable project by 2023. A focus on improving up the resource to Indicated status, which can then translate into reserve ounces for our planned starter operation, while at the same time pushing forward the resource development program at the RPM prospect and unlocking the wider Estelle
Gold District with additional discoveries now being made, will all bring value to the Company,” said Mr Christopher Gerteisen.
Nova aims to grow the global resource of the Estelle Project. To meet this objective, exploration and drilling are going full throttle on RPM. Also, exploration works on other high-priority targets are also advancing. The approach should help to monetise the project rapidly.
Current strike length at Korbel Main (Image source: Company update, 7 October 2021)
With the drilling program on Korbel Main ongoing, more results are expected to follow in coming months. Four diamond drilling rigs are operational on Korbel and RPM. Maiden resource for RPM i aimed for late 2021. Gold mineralisation is already confirmed on RPM.
The Estelle Project currently stands at 4.7Moz of mineral resource. Korbel Main holds the current resource of the project, which is slated to grow as Nova is set to upgrade the MRE by the end of 2021. Drilling on RPM will further unlock the potential of the project. Regional exploration is also gaining traction, so the project represents significant potential in the near future.
Share price movement
On 07 October 2021 shares of Nova soared 4.7% and closed the day’s trade at AU$0.11. The Company has a market cap of AU$176.49 million.