1st Quarter Activities and Cashflow Report
Melbourne, Oct 28, 2019 AEST (ABN Newswire) - Nova Minerals Limited (
ASX:NVA) (QM3:FRA) (QTRPF:OTCMKTS) continued its fast-track exploration strategy at the district scale Estelle Gold Project in Alaska, achieving a significant milestone with the release of a JORC compliant 2.5Moz maiden inferred resource at its oxide Korbel prospect in the September quarter (ASX 11 September 2019) to outline the size and scope of the project area.
HIGHLIGHTS
- 2.5 Million Ounce Maiden Gold Resource at Estelle
- Discovery of High Grade Bulk Starter Pit at Estelle Gold
- Continued Exploration Success on the Estelle Gold Property
- Snow Lake Signs Major MOU to Fast Track Lithium Development
- Logistics Assessment for majority-owned lithium project
- Nova Strengthens Board with Key Appointment
- Share Purchase Plan Closes 200% Oversubscribed
- Cash on hand at the end of the quarter of $2.631m
In addition, Nova is Planning/permitting/application approval for a much broader exploration area and camp infrastructure with the Company is progressing works and establishing budgets to prepare the next round of drilling to commence as soon as practical to increase size and confidence of resource and test new targets.
Furthermore, Dale Schultz and Christopher Gerteisen recently conducted a field trip to Southern Manitoba Tanco mining district. The purpose was to meet with Tanco Mine officials, and map out a future working relationship between Snow Lake Resources and Tanco Mining Corporation of Canada Limited in line with the Memorandum of Understanding (MoU) signed on 2 August 2019 (ASX 2 August 2019), whereby Snow Lake Resources will deliver lithium ore to the Tanco Mine.
Nova controlled entity Snow Lake Resource Ltd continued to progress its strategic Discussion, with Company executives attending strategic meetings in Manitoba together with downstream spodumene participants, to further advance interest from such strategic parties for the potential of a relatively quick to cash flow Direct Shipping Ore (DSO) operation. Furthermore, the company has engaged with the mines branch to commence to approval process, local mining contractors and ore-sorting engineering firm to fast track development.
The milestones achieved this Quarter reinforces the Company is genuinely and continues delivering on its strategy to increase ounces at Estelle Gold Project Significantly and 'fast-track' Thompson Brother lithium project's development.
The Company raised a total of ~$3 million (from a significantly oversubscribed placement and SPP). The company returned cash to shareholder through an equal scale back of 20% to avoid dilution with the medium to long-term term growth plans outlined.
Following the Company's successful progress to date at the Estelle Gold Project and Thompson Brothers Lithium Project, the Company intends to maintain this rapid progress and is in discussion with multiple parties to advance our interests for the benefit of all stakeholders.
To view the Quarterly Report, please visit:
https://abnnewswire.net/lnk/839KZ17I
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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