Half Yearly Report and Accounts
Melbourne, Mar 4, 2021 AEST (ABN Newswire) - Since the release of the Annual Report, Nova Minerals Limited (
ASX:NVA) (QM3:FRA) (NVAAF:OTCMKTS) has continued its fast-track exploration strategy at the district scale Estelle Gold Project in Alaska, releasing an interim JORC compliant 3.3Moz inferred resource at its Korbel prospect (Table 1*) in the September quarter (ASX 5 October 2021).
In July, Nova appointed Colin Belshaw FIMMM to the Board as a Non-Executive Director. Colin is a highly experienced mining executive, having worked with Kinross Gold Corporation, Banro Corporation and Navan Mining. Until recently, he was a Non- Executive Director of Highland Gold Mining Ltd.
On 1 September 2020, the Company announced that ~486.8 million quoted options exercisable at $0.0325 (ASX NVAO) (Options) had been exercised since January 2020, before the Options expired on 31 August 2020. Total funds raised from the exercise of the Options amounted to ~$15.8m. The remaining 3,296,099 Options that were not exercised, were cancelled on 3 September 2020.
Nova raised AUD $21 Million to accelerate drilling at Estelle (ASX 25 November 2020). The Placement was offered to sophisticated and institutional investors in Australia and offshore.
Drilling continued throughout the half year, resulting in substantial mineralization being identified within Blocks A and B, potentially converging the areas into Korbel Main (ASX 16 October 2020) (Figure 3*).
Further drill results have shown extensive mineralisation in the area South-East of Korbel Main, potentially increasing Korbel's footprint by 30% or more (Figure 2*).
Field operations are ahead of schedule and on budget. The unforeseen bottleneck has been slow returns from the assay laboratory, it having to operate under severe COVID protocols and restrictions. In mitigation, a second assay laboratory was engaged. As a result, Nova is expecting improved rates of release of assay results.
Nova has commenced economic and environmental assessment work, as part of an interim scoping study.
The Company has engaged Forte Dynamics (US) and MPH Minerals Consultants (UK) to assist with the engineering and metallurgical test work required.
The Company has also engaged Jade North LLC, a consulting firm specialising in Alaskan mining, to provide permitting guidance for the Estelle Gold project.
The Company expects to announce an updated resource estimate in April 2021.
*To view the full half year report, please visit:
https://abnnewswire.net/lnk/PTNGN4YC
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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