Full Year Statutory Accounts
Melbourne, Sep 25, 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 Korbel prospect in the September quarter to outline the size and scope of the project area.
Two diamond drills rig are now turning on Pad 3, aka Block 2 "Starter Pit* area of the Korbel Deposit (Figure 2 and 4*). The objective for 2020 is unchanged and remains to significantly increase the current 2.5Moz resource in both size and confidence.
Most importantly, the 2.5Moz Inferred Resource was achieved using an 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 date, all holes have returned Continuous Gold Mineralisation from Surface above the Company's expectation. These results continue to support the potential for a massive, bulk-tonnage, heap leachable resource.
The resource development drilling program will initially target the "Starter Pit" at Korbel Block B's Pads 3 and 4 (Figure 4*). The location of Pad 3 is within the vicinity of a high grade intercept of 27.6 g / t Au over 1.5 metres returned from hole OX-RC-16 drilled in the summer of 2019. In addition, re-sampling of hole SE12-004, also in the vicinity of Pad 3, returned a broad intercept of 1.20 g/t Au over 70.1m. Drilling from Pad 3 will continue to expand the Resource laterally and at depth by targeting mineralisation down to 500m. The additional data density from drilling Pad 3 and 4 will also increase confidence of the Resource and shift tonnes from Inferred into the Measured & indicated categories. The global objective is to push the "Starter Pit" towards a feasibility study in 2021 on the path to production.
*To view the Annual Report, please visit:
https://abnnewswire.net/lnk/1PTLG2T3
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.
| ||
|
