Estelle Gold Landholding Increased and Milestones Confirmed
Melbourne, Oct 8, 2019 AEST (ABN Newswire) - Minerals explorer and developer Nova Minerals Limited (
ASX:NVA) (QM3:FRA)('Nova' or the 'Company') is pleased to announce strategic increase in the land position of the Estelle Gold Project by 86%.
Highlights:
- Additional 101.65 km2 tenement secured adjoining the current Estelle Gold Project area in Tintina Gold Belt, Alaska
- Established 2.5Moz maiden inferred gold resource on a very small area of total district-scale landholding
- New tenements contain highly prospective geology and will be explored in conjunction with ongoing exploration and resource development at the Project.
This major increase in landholding (Figure 1) remains relatively unexplored with the majority of previous exploration within the Estelle Project area being focused at the Oxide Korbel, RPM and the Shoeshine prospects. Highly prospective mineralization controlling structures and rock types, known to host the numerous other prospects and gold occurrences throughout the Project, show strong continuity into the increased landholding areas. This scenario adds significantly to the number of high priority targets the company plans to focus on in its upcoming work programs.
This brings Nova's total landholding in the region to 220km2 of high-quality prospective gold ground. The Company advises that it has commenced target generation activities, and will update the market as new priority drill targets are confirmed.
NVA Managing Director, Mr Avi Kimelman said: "The Company's maiden 2.5Moz inferred gold resource, confirmed at Blocks A and B which remains open at length and depth within the Oxide Korbel prospect last month, represents less than 1% of the Project area. Blocks C and D at Oxide Korbel host larger and stronger chargeability anomalies, and will be subject of targeted drilling together with Blocks A and B in our next phase of fieldwork - and have the potential to significantly expand the Project's resource, In addition, the expansion of the Estelle project area reinforces Nova's commitment to expand our resource ounces and fast track development across the Project area. This will allow us to enact much broader exploration and a discovery vision via the exploration of what we believe to be a regionally significant land package in the world-class Tintina Gold Belt.
We plan to fast tracking drilling with results and resource upgrades to shadow our critical path to meet these objectives across a number of prospects.
The 107Moz Au Pebble Project to the south and the 45Moz Au Donlin Creek Project to the west, provide just two examples of the large-scale gold endowment in the region, and highlights the potential upside for Nova at the Estelle Project."
Indicative exploration and development timetable for Estelle Gold Project
As outlined above, after successfully confirming its maiden resource at the Estelle Project, the Company plans to fast track exploration at the Project, with a view to progressively upgrade and expand the resource base. The Company's funds will be invested in a series of ongoing exploration campaigns - including targeting, mapping, geophysics and drilling programs - across the district-scale Estelle Project.
Immediate priorities will include a resource upgrade at Oxide Korbel Block A and B, a resource expansion to include Oxide Korbel Block C and D, and a project-wide resource statement to build on the maiden 2.5Moz inferred gold resource (ASX 11 September 2019). The Company will update the market on its exploration progress and results, and will also seek to fast track preliminary economic assessment (PEA) studies on the Oxide Korbel resource area. See Table 1, below, for an indicative timeline of key upcoming activity planned for the Estelle Gold Project.
To view tables and figures, please visit:
https://abnnewswire.net/lnk/0S6BO54C
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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