Quarterly Activities Report
Melbourne, Oct 26, 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 subsequent "Snap shot in time" release of a JORC compliant 3.3Moz maiden inferred interim resource at its Korbel Main prospect in the September quarter (ASX 05 October 2020).
HIGHLIGHTS
- 3.3 Million Ounce Maiden Gold Resource at Estelle
- 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
- Convergence of Blocks A and B into one zone- Korbel Main
- Strong indications for Blocks C, D, Connex and Isabella to converge into the Korbel Main deposit
- Additional results are forthcoming in current quarter with a further 38 holes now nearing completion, on-route to lab and awaiting assay
- Pad 6 south-east extension high-grade feeder system now being drilled (figure 3)
- Diamond and RC drilling to continue unabated with plans to increase from the initial 25,000m to 40,000m for 2020 and up to 80,000m for 2021
- Ore Sorting test work ongoing with commencement of Preliminary Economic Assessment (PEA) study
- Investment in Torian Resources Ltd (ASX:TNR) holding includes 12.94% interest in TNR and 49.9 million listed options @ 2c expiring 7 Feb 2022 (ASX:TNRO).
- NVA maintains a 73.8% holding in Snow Lake Resources Ltd (Thompson Brothers Lithium project)
SUBSEQUENT EVENTS
- Increase to 3.3Moz Stage 1 Interim Mineral Resource Estimate
- All drill holes intersected thick zones of significant gold mineralisation above the nominal cut-off grade at Korbel Main
- Encouraging Mineralisation opens up a new area at Block D within the Korbel Prospect (Assays Pending)
- Drilling at Block D has commenced and is encountering Arsenopyrite-Quartz veining
- Hole KBDH-022 from Pad 2 demonstrates the continuity of mineralisation from Block B into Block A
- On 1 October 2020, the Prepayment Funding Facility (Notes) were converted to Ordinary Shares in accordance with the terms of the Issue.
To view the Quarterly Report, please visit:
https://abnnewswire.net/lnk/A16X3NM2
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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