Signs Mandate on Its Windy Fork REE Project and Operational Update
Melbourne, June 3, 2019 AEST (ABN Newswire) - Nova Minerals Limited (
ASX:NVA) ("Nova Minerals" or "the Company") is pleased to update the market on a strategic review of the Windy Fork REE project, Estelle Gold project exploration and Snow Lake listing.
In the last week, Nova directors attended meetings with shareholders, advisors and investors in New York to fast track our project portfolio, Nova saw strong interest in the company's Windy Fork REE (Rear Earth Elements) Project.
The Company's Windy Fork REE project based in Alaska has strong significance under the list of 35 Minerals deemed critical to U.S. National Security and the Economy under Executive Order 13817.
Nova has mandated KPG Capital & Co to act as advisor in negotiating the potential sale or Joint Venture with interested parties to achieve maximum value from Windy Fork REE Project to enhance the company's shareholder value. The Company believes the project is not currently being reflected in its share price.
Windy Fork is a placer REE deposit reminiscent of the Ray Mountain placers in Interior Alaska.
Systematic surface sampling of the placer deposit was completed by Barker (1991) during 1988 at the Windy Fork REE Project which indicated material containing rare earths, primarily cerium; niobium; titanium; and zirconium; all of which have been deemed critical minerals by the United States Geological Survey (USGS). Originally observed the compositional similarity between the Windy Fork and Bokan Mountain plutons.
Reference Source: Barker, J.C., 1991, Investigation of rare-earth elements and zirconium in the Windy Fork peralkaline pluton, west-central Alaska: U.S. Bureau of Mines field report, 36 p.
Estelle Gold Project
The Company is pleased with the progress in its exploration field works at the Estelle Gold Project with the team mobilised and early focus on the Oxide North prospect with drilling scheduled to commence over the coming weeks. Alteration mapping program at RPM and Shoeshine prospects to also commence over the next month to keep in line with Company's prioritised systematic exploration strategy. The Company will update the market on Induced Polarisation (IP) geophysical survey results, drilling commencement and RPM and Shoeshine commencement and findings in due course.
Snow Lake Resources Ltd (Thompson Brothers Lithium Project)
As announced on 14 April 2019, Snow Lake Resource Ltd is seeking a Non-Offering Prospectus Listing on the Canadian Securities Exchange (CSE). Snow Lake has raised sufficient capital and float as announced on 14 February 2019. The CSE requires that an issuer have a public float of at least 150 public holders holding at least a board lot each of the security. The public float consists of shares held by people who are not related to the issuer. Each holder is subject to a four-month holding escrow period prior to commencement of trade. Nova anticipates commencement of trade late in July or August 2019.
Snow Lake Resources will keep its shareholders updated on operations and developments in due course.
NVA Managing Director, Mr. Avi Kimelman said:
"Nova will consider all opportunities for the Windy Fork REE Project, Our main business decision will be strictly focused on enhancing shareholders value but which will not draw its management time resources significantly away from its main projects, The Estelle Gold Project and Snow Lake Resources listing."
"Nova is in a enviable position with unlocking value in its lithium asset and furthermore the potential of unlocking a global multi-million ounce gold discovery across the Estelle Gold project area. We believe Estelle together with the greater Yentna Mining District has the potential in unlocking a major new US gold trend similar to that of the Carlin trend in Nevada."
"Our prioritisation and systematic exploration strategy for major discoveries ensures that the highest quality targets with the largest potential tonnage are advanced rapidly and cost effectively. This strategy is essential for Nova to have an advanced footprint of drill ready exploration targets well ahead of the drill rigs."
"Further news will follow across our business in what is increasingly an exciting period for the Company. Make no mistake there is plenty of work still to do, however with a fair wind and robust commodity markets the company is exceptionally well positioned."
The 112km2 Estelle landholding sits adjacent to the Whistler project (+ 9.5 Moz AuEq) held by Gold Mining Inc. and in the same assemblage of rocks that hosts Northern Dynasty's giant Pebble copper-gold-molybdenum-silver deposit (105 Moz Au). A direct correlation between gold grade and vein density is similarly reported at the Fort Knox (+ 4 Moz) and Dublin Gulch (+ 6 Moz) RIRGS deposits (Hart, 2007). Study results suggest that the 1) association of Au with Bi-Te, 2) association of Au with sheeted veins containing arsenopyrite, and 3) restriction of alteration to narrow selvages adjacent to veins at the Estelle Property are consistent with the genetic deposit model for RIRGS(see Note below).
Note: Source: Ore Characterization of the Estelle Property in the South-~Central Alaska Range, Ember Flagg, University of Nevada, Las Vegas
Prioritised Systematic Exploration Strategy
The Company's ranked and prioritised systematic exploration strategy and activities at Estelle are guided by an exploration "Project Pipeline" process to maximise the probability of multiple major discoveries (see Table 1 in link below). Each Milestone is defined by a specific deliverable and has each criteria needs to be ticked to determine which prospect must pass through before moving to the next Milestone. Economic criteria and probability of success increase as projects move along the pipeline. The methodology helps to ensure work is carried out across all stages of the process, cost are kept minimal and that focus is kept on the best quality targets and that the pipeline is kept full with early Milestone projects.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/18H5072P
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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