Newmont Elects to Proceed with Officer Hill Joint Venture
Melbourne, July 30, 2018 AEST (ABN Newswire) - The directors of Nova Minerals Limited (Nova or Company) (
ASX:NVA) (QM3:FRA) are pleased to advise that Newmont Tanami Pty Ltd (Newmont) (a wholly owned subsidiary of Newmont Mining Corporation) has elected to proceed with the joint venture on the Officer Hill Gold Project.
NVA's Officer Hill Project, is highly prospective for gold. The prospect is thought to host steeply plunging shoots, such as those at the Tanami Gold Mine and the apparent fold closure to the east offers the possibility of the discovery of Callie-style mineralisation at depth. The total area covered by the lease is 206.08km2. The Callie gold mine, which is, located 34km northeast of Officer Hill had, at the end of 2015, 5.6 million ounces of gold resource and produces 419,000 ounces gold per year.
Newmont has successfully completed its sole funding commitments pursuant to the terms of the Officer Hills Joint Venture Agreement. Nova retains a 30% working interest whilst Newmont to retain a 70% interest. Nova and Newmont will now form an operating committee to progress the project. The project is managed by Newmont Tanami Pty Ltd.
NVA Managing Director, Mr. Avi Kimelman said:
"The decision by Newmont to proceed with the Joint venture agreement is a ringing endorsement of the quality of the Officer Hill Gold Project and its exploration upside in the Tanami region of Northern Territory, particularly with the projects close proximity to the 400Koz per year Tanami Gold Mine and located within the ~13 million ounce Tanami endowment."
"Newmont's commitment to the joint venture brings valuable technical expertise and insights to the Project."
Nova will separately release the proposed 2018/19 Exploration programme for the Officer Hill Gold Project in due course.
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.
| ||
|
