Quarterly Activities Report and Appendix 5B
Melbourne, April 29, 2020 AEST (ABN Newswire) - Nova Minerals Limited (
ASX:NVA) (QM3:FRA) (NVAAF:OTCMKTS) continued its fast-track exploration strategy at the district scale Estelle Gold Project in Alaska, achieving a significant milestone with the release of a JORC compliant 2.5Moz maiden inferred resource at its oxide Korbel prospect (Figure 3 and 4*) in the September quarter (ASX 11 September 2019) to outline the size and scope of the project area.
HIGHLIGHTS
- 2.5 Million Ounce Maiden Gold Resource at Estelle
- Discovery of High Grade Bulk Starter Pit at Estelle Gold
- Phase 1 Leach studies demonstrates Exceptional Gold Leach Recoveries Averaging 76% at the Korbel Deposit
- Continued Exploration Success with priority targets set on the Estelle Gold Property to increase ounces significantly
- Camp construction and resource drilling progress
- Nova expands Estelle Gold Project area by 86% and Critical path to major milestones confirmed
- Nova Earns 70% interest in the Estelle Gold Camp through stage 3 expenditure (ASX 20 November 2017) now significantly escalates Nova's position to continue fast track development to earn 85% ownership over the very near term
- Ore Sorting Consultant Engaged to Accelerate Development at the Estelle Gold District
- Investment in Torian Resources Ltd (ASX:TNR)
SUBSEQUENT EVENTS
- Drilling underway at Korbel Block B "Starter Pit"
- AIDEA approves agreement to work with Nova Minerals on the West Susitna Access Road to the Estelle Gold District (Figure 13*)
- Nova was successful with its application and was accepted to uplist to the OTCQB market in the United States and the Company's shares are now trading under the ticker symbol OTC: NVAAF.
The company successfully completing a Share Placement to raise $4.3 million, before costs. Nova remains well funded. Nova engaged Tier One drilling contractor, Ruen Drilling Inc. (Ruen). Ruen's expertise in diamond drilling will assist with the Company's progression to continue its progression of the Korbel deposit that supports a future low strip, bulk mining, heap leach mining operation and for working capital purposes.
In addition, Nova announced exceptional gold leach recoveries averaging 76% at the Korbel Gold Deposit (Table 1*). All initial metallurgical test-work results are consistent with Nova's expectation that supports a future low strip, bulk mining, heap leach mining operation. (ASX 30 December 2019)
Nova suspended the drilling program due to COVID-19 (Coronavirus) taking pre-emptive precautions to protect the Company's employees, contractors, their families and their communities. The Company has enacted protocols in accordance with the guidance by the CDC (USA) and other relevant health organizations. The Company implemented a work from home policy for its corporate office employees (for which the Company has the appropriate IT support). This decision is aligned and in the best interests of all our stakeholders. More importantly, it reflects Nova's commitment to operational safety and the safety of our employees and contractors. Nova aligned its activities with recommendations from the WHO, the CDC, and local Alaskan state authorities. More information can be found at the following internet addresses:
- http://coronavirus.alaska.gov
- https://www.cdc.gov/coronavirus/2019-ncov/community/guidance-business-response.html
In light of COVID-19 and Nova together with Ruen Drilling Inc., The Company continued to mobilise camp with strict safety precautions and social distancing in place in anticipation for a quick start of drilling to expedite efforts when drilling recommenced of advancing the resource development programs at the company's district scale Estelle Gold Project. With the diamond drill rig now ready to turn on Pad 3, aka Block 2 "starter pit" area of the Korbel Deposit (Figure 5*), the company is pleased to announce our intention to re-commence the drilling program in the very near term. The objective for 2020 is unchanged and remains to significantly increasing the current 2.5Moz resource in both size and confidence. Most importantly our 2.5Moz Inferred Resource was achieved using and average drill depth of less than 100m. Induced Polarisation chargeability results show that the mineralization is present to at least 300m below surface and remains open. The current program will test down to 500m level or 5 times the current depth of the existing Resource area.
*To view the full report, please visit:
https://abnnewswire.net/lnk/ZD77CNZM
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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