Nova Minerals Infill Drilling Paves Way For Upgrade At Korbel

Updated Korbel MRE Scheduled For Later This Year

Nova Minerals Limited (ASX: NVA) (OTC: NVAAF) has reported promising results from its current infill drilling programme to de-risk and grow its Korbel Main project, within the company’s flagship Estelle Gold Project located in the prolific Tintina Gold Belt in Alaska.

CEO, Christopher Gerteisen, said infill drilling is a key focus with the aim of upgrading the majority of the Inferred Resource to the Indicated Category. This will significantly de-risk the project, enabling Nova to advance funding options.

“Nova’s multi-pronged drilling strategy is designed to advance the Korbel Main deposit towards being bankable project by 2023,” Mr Gerteisen said.

“A focus on proving up the resource to Indicated status, which can then translate into reserve ounces for our planned starter operation, while at the same time pushing forward the resource development programme at the RPM prospect and unlocking the wider Estelle Gold District with additional prospects rapidly coming on line will bring value to the company.

“We aim to grow the global resource inventory and advance the Korbel project in parallel. This approach will maximise our ability to more rapidly monetise our world-class asset, bringing forward the production start time along with cashflow, and allow us to ramp up future operations in short order across the Korbel Valley and the wider Estelle Gold District.

“In addition to the exciting drilling at Korbel, another major milestone is in the cross hairs. Drilling at the RPM prospect is now in full swing with 6 holes completed.

“This is very positive as we open up a second resource deposit at RPM which has the potential to add significant ounces to the Estelle Gold Project’s global resource inventory. Assays for first holes, RPM-001 and RPM-002 are in the final stages of analysis and will be announced soon, with results of the remaining holes to follow.

“Based on this drilling, we plan to release a Maiden Resource Estimate for RPM later this year.

“Concurrently, the regional recon exploration teams have now completed their activities with more news to follow based on their findings, as we continue to advance the other high-priority targets across the project area as part of our mission to unlock the district and develop a pipeline of deposits.

“Please note, an additional diamond drill rig has also now been ordered as we plan to ramp things up considerably. We expect this rig to be mobilised and start turning in the coming months.

“While assay lab turnaround times and supply chain disruptions continue to frustrate, the newly commissioned on-site prep-lab is already helping to alleviate some of the challenges in relation to assay turnaround. Drilling related news and results will continue to flow throughout 2021 and beyond, along with a Q4 global resource update.”