Nova Minerals Limited (ASX:NVA/OTC:NVAAF/FSE:QM3) is back in the undertaking its resource development drilling programme at the Estelle Gold Camp in Alaska.
Chairman, Avi Kimelman, said the company’s objective for 2020 remains to significantly increase the current 2.5Moz resource in both size and confidence.
The maiden 2.5Moz Inferred Resource announced in September 2019 was achieved using and average drill depth of less than 100m. Induced Polarisation chargeability results show that the mineralisation is present to at least 300m below surface and remains open. Historical deep drilling results confirms continuous mineralisation beyond 400m depth.
The current programme will test down to 500m level or five times the current depth of the Resource area.
Project Highlights:
- Drilling underway at Block B (Starter Pit) with the goal of substantially increasing the size and upgrading the Resource to Measured & Indicated status to expedite project feasibility studies. (ASX Announcement: 9 December 2019)
- Second diamond drill rig currently being mobilised to the project.
- RC infill and scout drilling to also commence at Korbel in the near
term.
- Phase one Resource Upgrade scheduled for release mid-year.
- Established 2.5Moz inferred gold resource at Korbel Blocks A and B (one of 15 known occurrences) open in all directions
- Exceptional gold leach recoveries averaging 76% at the Korbel
Deposit (ASX Announcement: 30 December 2019)
- Permanent expansion camp construction ongoing, completion expected in coming weeks for year-round drilling.
The diamond drill campaign is targeted at adding significant mineral resources at Blocks A and B. The Induced Polarisation (IP) chargeability modelled to 300m shows mineralisation remains open at depth. Drill hole SE11-001 which intersected 0.40 g/t Au over 460 metres (ASX Announcement: 16 July 2019) goes beyond the lower iso-surface boundary demonstrating that the mineralisation extends to 400 metres depth and beyond.
“To the credit of our CEO Chris Gerteisen and the field crew, we have got off to a great start with our 2020 exploration program with all things considered at these very difficult and testing times. We have now safely and efficiently mobilised our field crews and have boots on the ground with the drill bit turning,” Mr Kimelman said.
“I again take this opportunity to thank our entire team including contractors,
consultants and stakeholders working vigorously to rapidly progress our district scale
Estelle Gold Camp.
“We have had to adapt quickly in this current COVID-19
environment and are pleased to have the team that can make this happen both
technically and safely with multiple plans in place to give us flexibility in our efforts.
“We have never been more excited in relation to the Estelle Gold Camp and the scope we see at the project to significantly increase the resource and confidence level to measured and indicated categories.
“We remain committed to demonstrating that the Estelle Gold Camp is of global significance on par with Donlin Creek in terms of size and Fort Knox in terms of geology.
“Like I have said many times in the past not all that many opportunities come around to drill a system this large such as what we have at Estelle, with an established 2.5Moz inferred gold resource on a small area, open significantly in all directions and this is one of 15 known targets. “Our exploration efforts to date have produced results at an extremely low cost per discovered ounce and we intend to maintain this run rate.
Our project development efforts in 2020 are centred to significantly increasing the current 2.5Moz resource in both size and confidence. Most importantly our 2.5Moz Inferred Resource was achieved using and average drill depth of less than 100m. Induced Polarisation chargeability results show that the mineralization is present at 300m below surface.
“This programme is now planned to test down to 500m level or 5 times the current depth of the current Resource area. Additional to that, we anticipate moving the Korbel starter pit to development stage during the course of 2020 on the path to production.
“The company looks forward to this program and is confident with our prioritised systematic exploration strategy, the team’s local experience and commitment, we are now well on track and confident to solidify the Estelle Project as the next emerging major global gold camp.”
The resource development drilling programme will initially target the “Starter Pit” at Korbel Block B on Pads 3 and 4 . The location of Pad 3 is within the vicinity of a high-grade intercept of 27.6 g/t Au over 1.5 metres returned from hole OX-RC-16 drilled in the summer of 2019.
