Significant Trends Defined at The Estelle Gold Project
Melbourne, July 5, 2019 AEST (ABN Newswire) - The directors of Nova Minerals Limited (Nova or Company) (
ASX:NVA) (QM3:FRA) are pleased to announce the completion of the Induced Polarisation (IP) geophysical survey at the Oxide prospect on the Estelle Gold Project and drilling ongoing.
HIGHLIGHTS
- Strong Evidence of two large Intrusion-Related Gold Systems at Estelle Gold within Oxide occurrence
- Estelle resource drilling ongoing
- IP survey complete
- Drilling aimed at large gold target on Block A and B with Oxide occurrence
- Initial drill results sent to prep lab in Fairbanks
- First results shipped to laboratory
The results of the survey demonstrate that the mineralisation is confined to two trends having significant size in length (1000 to 2000 m), width (500 to 850 m) and depth (300 m plus). The two trends are also cut by a large-scale structure that runs east west within the project area. The north trend is designated as Zone 1 with the south trend divided into two sections, Zone 2 and Zone 3. Within the mineralised trends two resource blocks have been designates 1) Resource Block A and 2) Resource Block B (Figure 1, 2 and 3 in link below). Resource drilling is ongoing within Block A with additional drilling scheduled to commence within Block B in the coming week. Over 500 metres of R/C drilling has now been completed with the initial focus on near surface, low strip ratio orebodies with the samples on route to the ALS prep facility in Fairbanks Alaska. Both these targets will form part of the company's maiden JORC resource. First batch of results are expected in early August, with drilling ongoing.
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. These geological observations are consistent with observations in the published research (Goldfarb et al., 2007) for gold mineralization that. 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.
NVA Managing Director, Mr. Avi Kimelman said: "Nova's team is working diligently across many fronts to progress our advanced Estelle Gold project, and finding these two potentially globally significant near surface zones demonstrate the magnitude of the project, most in particularly with the team only focussed on one of 15 known large targets on the project area. We aim to make great strides in demonstrating the potential large size and viability of these unique deposits. This is going to be a very exciting year for the Company as we continue to understand the prospectivity of these large near surface gold systems and advance them to our maiden Inferred JORC Resource."
"We are in an enviable position as the Estelle project area has a multiple of alterations, structures and known targets on the large tenure with the two Blocks at Oxide fit the Intrusive-Related Gold Systems (IRGS) genetic model, sharing geological similarities to that of Kinross' Fort Knox Gold and Victoria Gold's Dublin Gulch Eagles Gold Mine."
Mineralised trends in the IP survey are defined by very broad zone of moderate chargeability at or above 8 mV/V (YELLOW bars). Lower grade mineralisation in Millrock Hole 1 (MR-01 or SE12-001) of 0.38 g/t Au over 450.68 m corresponds to the moderate IP chargeability (Figure 2). Stronger chargeability of greater than 12 mV/V (RED bars) correspond to higher grade mineralisation seen in Millrock Hole 4 (MR-04 or SE12-004) of 1.41 g/t Au over 41.1 metre or 0.8 g/t Au over 99.0 metres (Figure 3 in link below).
Internal 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 (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/490NE362
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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