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

Highlights

  • Nova undertook an extensive drilling program at Korbel Main and RPM deposits during the quarter.
  • Infill drilling at Korbel Main is aimed at an upgrade in the resource potential.
  • During the quarter, gold mineralisation was confirmed at RPM with a Bonanza grade of 132m @ 10.1g/t Au.
  • Nova raised AU$12 million capital to fund its operations through the scoping study stage.

Nova Minerals Limited (ASX:NVA, OTC:NVAAF, FSE: QM3) announced its action-packed quarterly report for the period ending on 30 September 2021. Nova undertook an extensive drilling campaign on its flagship Estelle Gold Project located in Tintina Gold District in Alaska. Korbel Main and RPM prospects were the prime targets for the drilling operation with an aim to upgrade the Mineral Resource of the project by the end of 2021.

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

Nova Minerals, NVA, Gold project

Visualising Estelle Gold District- Unlocked (Image source: Company update, 22 October 2021)

The Estelle Gold Project currently boasts a Mineral Resource of 4.7Moz. Korbel Main deposit holds the current resource of the project and is the prime candidate for transformation of the project from exploration to production phase at the earliest.

Drilling at RPM confirmed the gold mineralisation on the prospect. The hole RPM-05 resulted in Bonanza grade gold with an intercept of 132m @ 10.1g/t Au. Other holes drilled on RPM resulted in consistently high grades.

Related read: Nova Minerals (ASX:NVA) explodes over 70% on hitting bonanza-grade gold at RPM North Including 132m @ 10.1 g/t Au

Nova Minerals, NVA, Gold project

Plan view (Image source: Company update, 22 October 2021)

Nova recently reported that the drilling at RPM is over for the current season. The rigs have been mobilised to Korbel Main to accelerate the operations. The next phase of drilling on RPM to start as soon as possible in 2022 with at least two drilling rigs. The Company has acquired enough data to estimate the maiden mineral resource of RPM by the end of 2021.

Overall average grade of gold intercepts from RPM are:

Data source: Company update, 18 October 2021

On Korbel Main, drilling continued throughout the quarter. More holes are planned on the prospect in the current quarter too. The aim of the ongoing drilling operation is to upgrade the mineral resource of Korbel Main by the end of 2021.

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

Significant average grade intercept from three wells are

Nova expects to define several new shallow gold resources on the prospect that can support the aggressively growing resource inventory as the Company continues to advance towards gold production at the project.

Nova Minerals, NVA, Gold project

Korbel Main long section (Image source: Company update, 22 October 2021)

On regional exploration program on Estelle Gold tenure, an extensive polymetallic vein system has been identified at Stoney prospect. The tenure holds several prospects with the potential of gold and polymetallic potential, and works are underway to identify the targets for follow up drilling and exploration activities.

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

Snow Lake Resources is all set to debut on the US stock market

Nova’s investee company Snow Lake Resources has filed Amendment No 2 to Form F-1 during the reporting period with the SEC. Snow Lake will soon go for the IPO listing and plans to raise US$23 million. Snow Lake Resource operates the Thompson Brothers lithium project in Canada.

Snow Lake aims to become the first fully renewable energy powered lithium miner in the world. The Company is committed to deliver traceable and conflict-free battery-grade lithium for the EV industry.

Mineral Resource of Thomson Brothers Project

Data source: Company update, 22 October 2021

Nova holds 74% interest in Snow Lake Resources.

Related read: Nova Minerals (ASX:NVA) discovers another major mineralised zone within its flagship project

Nova raised AU$12 million during the quarter

Nova Minerals raised AU$12 million from sophisticated investors during the quarter gone-by. The capital raising shows the confidence that investors have in Nova. The Company is now well funded to carry out the drilling campaigns, metallurgical and environmental test work through the completion of a scoping study for the project.

At the end of the September 2021 quarter, Nova has a cash reserve of AU$6,050,851.

Share price

As of 22 October 2021, NVA closed the day’s trade at AU$0.155 with a market cap of AU$286.40 million.

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