Nova Minerals Limited (ASX: NVA) has unveiled an independent global JORC Resource estimate of 9.9Moz of gold at the Estelle Gold Project in Alaska.
The Resource, which is based on the assay results from ~ 85,000m of RC and high quality oriented diamond core drilling completed up to 9 March 2023, starts from surface, and is on less than 3% of the total project area.
“Unlocking the Estelle gold district and discovering new opportunities in one of the most favourable mining jurisdictions in the world was a key milestone Nova achieved in 2022,” CEO, Christopher Gerteisen, said.
“With full credit to our field crew and team, we are actively building a pipeline of deposits to continue to increase the life of mine, with more potential discoveries on the horizon.
“The RPM deposit continues to be the jewel in the crown with 340koz @2.3g/t Au Measured and Indicated resources (including a super high-grade Measured component of 180koz @4.1g/t Au) now defined at RPM North, which remains open in several directions. This broad and continuous high-grade zone at surface will be the initial focus of any future mining scenario, potentially generating value for the company through project return and a reduced payback period.
“As is, this zone already constitutes one of the largest high-grade undeveloped open pit gold deposits from surface. However, with the geological observations to date and the 2023 drilling programme to commence shortly, real potential exists for the starter pit at RPM to yield a much higher gold resource.
“While the current MRE interpretation has taken a very conservative approach, in terms of model parameters and resource classification by a new independent geologist, which conforms with the Reasonable Prospects for Eventual Economic Extraction (RPEEE) principles, the global MRE update nonetheless provides an improved platform for the upcoming Phase 2 Scoping Study which aims to improve the overall economic metrics, annual gold production rate, and mine life across the Estelle Gold Project relative to the February 2022 Phase 1 Scoping Study of 1.9Moz over 15 years.
“PFS level trade-off studies have also continued in parallel, and these studies, along with further potential increases in Measured and Indicated resources from the planned 2023 drill campaign at RPM and in the highly prospective Train area, which will also be incorporated in to the PFS, are expected to provide a strong basis for project development and financing.
“With long-term opportunity and the prospect of multiple mining complexes across the single project, we continue on our path to becoming a world class, tier 1 global gold producer.”
Diamond drilling over the last 12 months has delivered on four key aspects:
• Extending the open pit mining potential at RPM and Korbel
• Identifying a sizable high-grade M&I core at surface at RPM North suitable for early mining
• Infill drilling to convert further Inferred to Indicated and Measured Resources
• Geotechnical, metallurgical, and hydrology drilling to enable the PFS economic and environmental studies to advance
All deposits remain open with significant potential upside and with almost 24 hours of daylight in Alaska in the coming months Nova plans to operate multiple diamond rigs drilling on site 24 hours seven days a week, with PFS stage drilling focusing on both increasing the drill density of the resource, plus extensional drilling to further grow the resource.
While the exploration focus over the next 12 months will pivot to resource growth at the RPM Mining Complex along strike and at down dip extensions at RPM, and the high priority untested targets within the Train area prospects, it is however important to also note that a high-grade mineralized zone also sits within the Korbel resource.
For further information please visit: https://novaminerals.com.au/
