Desktop Studies Significantly Increases the Korbel Prospect
Melbourne, Feb 19, 2020 AEST (ABN Newswire) - The directors of Nova Minerals Limited (
ASX:NVA) (QM3:FRA) (QTRPF:OTCMKTS) are pleased to provide an update on desktop works uncovering a much larger area of interest at Korbel at the district scale Estelle Gold Project.
During January of 2020 Nova Minerals Geological Team under took an analysis of all available data collected during the last two field seasons (2018 and 2019). This data was plotted in plan view and domains of highly prospected areas were outline defining strong As anomalies coincident with gold and high chargeability anomalies. It has been established by previous fieldwork in the camp that there is a near 1 to 1 relationship with gold mineralization and high As values.
Also these high As values are spatially associated with strong IP chargeability anomalies (see Figure 1*). Based on this analysis the naming and categorization of the mineralized blocks in Korbel have been refined. Block C and D shows a strong resemblance to Block A and B which contains the 2.5 Moz gold Resource. Block C also contains rock samples that returned high As number making this a very high propriety exploration drill target. In addition, to the south of the Resource Blocks A and B, there are two other high priority drill targets that are now defined as "Cathedral" and "You Beauty".
These two new blocks contain very high As (< 1,000 ppm) values with gold numbers of up to 2.58 g/t (See Photo 1 and 2*) (ASX 06 December 2018). To the North and West two additional Block have been defined. 1) "Isabella" characterized by IP chargeability containing anomalous gold (up to 1.04 g/t) (ASX 06 December 2018) with high As values, and 2) the second block "Sweet Jenny" characterized by anomalous As values alone. Follow up prospecting, RC Drilling and additional IP surveys lines will be required to better define these anomalies. These field programs will be conducted in the summer of 2020.
NVA Managing Director, Mr. Avi Kimelman said:
"These additional targets and planned works puts Nova in a strong position to significantly increase resources and gives our shareholders more exposure to significant exploration upside throughout 2020 and beyond across the Korbel project alone with a clear objective to push Block B "Starter Pit" towards a feasibility study in 2021 (ASX announcement: 02 September 2019 and 9 December, 2019) on the path to production.
With an established 2.5Moz inferred gold resource on a small area and open significantly in all directions with the drilling program now underway, our exploration efforts to date have produced results at an extremely low cost per discovered ounce and we intend to maintain this run rate by continually opening up new targets within the Korbel prospect as well as the Estelle Gold District. Furthermore, we anticipate to ramp up the company owned RC drill rig to test these new zones and along strike of the current resource area within Korbel in the near term.
In addition to the drilling, we anticipate to aggressively explore the property with new work programs to also consist of mapping, IP surveys and drilling across the project area with a particular initial focus on RPM and Shoeshine.
We are particularly excited with the potential opportunity to uncover another giant deposit in Alaska which gives our shareholders great upside potential. The project sits amongst some of the largest gold deposits and mines on the planet within the Tintina Gold Belt with very large and exciting known prospects within the 220km2 Estelle Gold Camp, and Nova is ready to meet the challenge of exploring each of them."
Furthermore, after Nova successfully confirming its maiden resource at the Estelle Project in southern Alaska, the Company plans to fast track exploration at the Project, with a view to progressively expanding the resource base from the current 2.5Moz inferred resource. The Company's funds will be invested in a series of ongoing exploration campaigns - including targeting, mapping, drilling programs and further value add initiatives throughout 2020 - across the district-scale Estelle Project. The Company will update the market on its exploration progress and results, and will also seek to fast track preliminary economic evaluation on the Korbel resource area.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/10ZPV53Q
About Nova Minerals Limited
Nova Minerals Limited (ASX:NVA) (FRA:QM3) is a Gold, Antimony and Critical Minerals exploration and development company focused on advancing the Estelle Project, comprised of 514 km2 of State of Alaska mining claims, which contains multiple mining complexes across a 35 km long mineralized corridor of over 20 advanced Gold and Antimony prospects, including two already defined multi-million ounce resources, and several drill ready Antimony prospects with massive outcropping stibnite vein systems observed at surface. The 85% owned project is located 150 km northwest of Anchorage, Alaska, USA, in the prolific Tintina Gold Belt, a province which hosts a >220 million ounce (Moz) documented gold endowment and some of the world's largest gold mines and discoveries including, Barrick's Donlin Creek Gold Project and Kinross Gold Corporation's Fort Knox Gold Mine. The belt also hosts significant Antimony deposits and was a historical North American Antimony producer.
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