IP Survey Confirms Large Gold Target at Estelle
Melbourne, June 19, 2019 AEST (ABN Newswire) - The directors of Nova Minerals Limited (Nova or Company) (
ASX:NVA) (QM3:FRA) are pleased to announce that significant progress has been accomplished with the Induced Polarisation (IP) geophysical survey at the Oxide prospect on the Estelle Gold Project with the results returned to date have indicated for a considerable larger gold system than previously envisaged. Drill crew and rig mobilised on first spotted hole location with drilling to commence in coming days. Drilling to track behind the IP crews finding across the alteration zone. Surface sampling and geologic mapping program at RPM and Shoeshine prospects to commence in early July following the completion of the IP and Magnetic geophysical surveys.
HIGHLIGHTS
- Approvals in place and on-track Estelle drilling
- IP survey - aimed at improving large Gold target resolution
- Drill crew and rig mobilised on spotted hole location, drilling to commence in coming days
- Drilling aimed at large Gold target at Oxide
- Surface sampling and mapping program to commence at RPM and Shoeshine
At the Estelle Oxide project Nova's 2018 mapping campaign conducted by Pacific Rim Geological Consulting of Fairbanks Alaska demonstrated that higher gold values are associated with bismuth telluride and arsenopyrite mineral phases and this mineralogy is hosted by sheeted quartz veins containing narrow alteration selvages (see Figure 1 in link below). These geological observations are consistent with observations in the published research (Goldfarb et al., 2007) for gold mineralization that fits the Intrusive-Related Gold Systems (IRGS) genetic model. Similar IRGS deposits in the region is the 9.2 million oz Au Fort Knox mine or the 6.0 million oz Au Dublin Gulch project both located within the Tintina Gold Province (see Figures 2 in link below).
Figure 3 and 4 (see link below) show the inversions chargeability (mV/V) for the recently completed Line 5225 N and 5420N. The IP/Resistivity survey consisted of a pole-dipole array utilizing 6 dipoles at an "a"-spacing of 50 meters. The effective depth of penetration of this survey is 150 meters. The software DCIP2D was used to plot the 2D chargeability inversion. This application was developed by the UBC-Geophysical Inversion Facility.
Line 5420 N show a moderate IP chargeability anomaly associated with the location of Millrocks SE12-001 that intercepted 387 m of 0.40 g/t Au. Additional IP lines to the north of Line 5420 are planed to help delineate the full northern extension of this mineralization. In conjunction with the IP survey this area will be the initial focus of the resource drilling campaign.
Line 5225 N contains three distinctive chargeability anomalies. The strongest is associated with the Oxide South Alteration zone defined during last years geologic mapping program. The next is a moderate chargeability anomaly associated with subordinate domains of alteration. These alteration domains are not well understood as this area has extensive sedimentary cover. Future drilling will be needed to fully understand this anomaly. The last chargeability anomaly is associated with Millrock hole SE12-004 that intercepted 1.14 g/t Au over 41.45 m. More IP lines are planned to fully delineate the southern extension of this mineralised zone. Once drilling is completed around Millrock hole SE12-001, the area around SE12-004 will be the next priority in the resource drilling campaign.
The plan view map in Figure 5 (see link below) shows LN 5420 and 5225 IP chargeability anomalies with respect to Millrock drill holes and mapped alteration zones.
NVA Managing Director, Mr. Avi Kimelman said:
"We are pleased with the spectacular progress of the Induced Polarisation (IP) geophysical survey at the Oxide prospect on the Estelle Gold Project. We are extremely exciting with the volume of prospective mineralisation that has been recognised on only two of the 15 targets areas Consequently, proving the mineralised system to be potentially even larger than we first imagined.
"The Estelle project area has a multiple alterations zones, structures and known mineral occurrences contained within a vast tenure. Many of the gold showings have a striking resemblance to that of Kinross' Fort Knox Gold or Victoria Gold's Dublin Gulch - Eagles Gold Mine. Our current IP survey will focus the drilling down to the key areas that will build tonnes for our maiden Inferred Resource"
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.
Summary and outlook
With the IP survey ongoing, Drill crew and rig mobilised on first spotted hole location with drilling to commence in coming days, and surface sampling and geologic mapping program at RPM and Shoeshine prospects to commence in early July, the Nova Minerals team looks forward to updating shareholders through this program on further IP results, ongoing drill results, sampling and mapping to expand the projects exploration footprint.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/6S2Y4IQA
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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