Continued Exploration Success on the Estelle Gold Property
Melbourne, Sep 17, 2019 AEST (ABN Newswire) - Minerals explorer and developer Nova Minerals Limited (
ASX:NVA)(QM3:FRA)(QTRPF:OTCMKTS) is pleased to announce the discovery of high grade gold mineralisation at RPM through re-assaying historic drill core. The hole was drilled down to 177.39 m in 2012. The RPM Prospect is one of several potential gold deposits located on the Estelle Gold Property requiring additional drilling (Figure 2).
Nova Minerals Managing Director Mr Avi Kimelman said: "After announcing our maiden 2.5 Moz Gold JORC Inferred Resource as a starting point at Oxide Korbel just a week agowe are excited by these results from the RPM Prospect which clearly demonstrate the scale, size and robustness of our project's exploration upside. We are now looking at the possibility of delineating multiple deposits on the Estelle Property.
Oxide Korbel 2.5Moz Gold JORC Inferred Resource occurs on less than 1% of the project area and we are fortunate to have multiple gold occurrences located elsewhere on the property requiring further work, RPM being one of them.
These continued positive results provide strong encouragement to Nova and is a testament to the exploration teams ability to effectively and efficiently evaluate the tenement area in such a short period. Our simple yet highly effective prioritised systematic exploration approach is designed to delineate gold resources while minimizing costs and we will maintain this strategy throughout our exploration efforts.
The recent exploration success at RPM positions these efforts firmly on the path to our ultimate goal of creating shareholder value through further discovery and building on 2.5Moz Maiden Resource."
Table 1. Hole intercepts from recent Diamond Drilling and historic diamond drilling
SE12-008 From (m) To (m) Grade g/t WidthIntersection 4.27 180.78 0.79 177.39Includes 26.00 146.40 1.02 120.40Includes 75.19 125.36 1.76 50.17
Historical diamond drill hole SE12-008 completed in 2012 was re-sampled by Nova as part of the 2019 field program. In the 2020 field season an aggressive program of follow up drilling, prospecting, mapping, and geophysical surveys will be conducted to further define the foot print of the mineralization. If next seasons drilling confirms the SE12-008 results, and full scale Resource Drill out will be initiated on the prospect.
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). 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:
https://abnnewswire.net/lnk/F2534Q92
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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