Nova Minerals Limited (ASX: NVA, OTC: NVAAF) has re-started drilling at the company’s Estelle Gold Trend, located in the prolific Tintina gold belt in Alaska.
With the timely capital management strategy announced in early April 2022, which has now capitalised the company with circa A$28,000,000 in cash and further liquid investments underpinning continuous work on the PFS, drilling operations have now recommenced, with the various mine and process optimisation, material haulage and environmental studies still ongoing.
Additional drill crews are currently being mobilized to the project site as the company continues to ramp up the drilling programme significantly over the coming weeks, with four diamond drill rigs and the RC scout drill to be used this year, and the possibility of further rigs being added later, dependant on assay result confirmations.
The drill programme planned for this year will be the most important and transformational for the Company to date, with the aim being to increase the size and confidence of both the Korbel and RPM deposits for inclusion in the Phase 2 Scoping Study, due out later this year, and the PFS in 2023.
Highlights
• The drill programme commences in the Korbel Valley with the initial goal of infill drilling the saddle area within the proposed conceptual Korbel Main pit zone to convert additional Inferred resources from the 8.1 Moz total gold resource (3.0 Moz Indicated | 5.1 Moz Inferred – into the higher indicated category
• Maiden drill testing the exciting Cathedral target within the greater Korbel Valley, which has reconnaissance rock chip samples of up to 114 g/t, and which geophysics show could potentially be the source of the Korbel Valley mineralised system
• Additional near-term opportunity to increase resource tonnages, outside the current 8.1 Moz Resource at Korbel Main (Blocks A and B), at Korbel Blocks C, D, Isabella and You Beauty
• RPM drill crews to assemble at site while pad building crews build pads over the coming weeks to follow up on the RPM-005 132m @ 10.1g/t intercept. Drill rigs are in final preparation of being mobilized to RPM, subject to weather conditions and pads being completed
• Field exploration work to commence in coming months to advance the pipeline of additional high priority prospects across the Estelle Gold Trend, with a focus on the RPM surrounds and Muddy Creek
• Continue the various mine and process optimisation, material haulage and environmental studies for the Phase 2 Scoping Study, which data will also be incorporated into the PFS, and which will include the Korbel and RPM deposits.
“This is another transformational year for Nova and we are excited to be recommencing drilling to further unlock the Estelle Gold Trend, with the view to adding additional tonnage to the already large resource, particularly in the higher Indicated category from both the RPM and Korbel Main deposits, for inclusion in the very important upcoming Phase 2 Scoping Study,” CEO, Christopher “Gerteisen, said.
The Phase 1 Scoping Study announced in February, while showing that Korbel Main was a viable project in its own right, was constrained by the amount of Indicated resources available from a single ore source. However, as the sensitivity analysis demonstrated, a small increase in the resource grade will substantially increase both the NPV and IRR of the project.
“We anticipate the inclusion of the high-grade RPM feed ore through the proposed Korbel Central Processing Plant, with minimal additional capital expenditure required as the current proposed plant has the flexibility to receive feed from ore sorter grade control and multiple ore sources, will result in significantly higher economic metrics being proved for the project in the Phase 2 Scoping Study due later this year.
“Like I have said in the past, not all that many opportunities come around to drill systems this large and of such high grade as we have at the Estelle Gold Trend, with an established 9.6 Moz total gold resource on a small area with both deposits remaining wide open and many other prospects yet to be explored as we continue to unlock the wider district.
“Our exploration efforts to date have produced results at an extremely low cost per discovered ounce and we intend to maintain this run rate with additional drill rigs and the on-site prep lab allowing economies of scale.
“With the team’s experience, commitment, vision, and passion, we look forward to keeping the market updated as we advance the Company through this truly exciting and transformational period as we continue to progress on our plans of unlocking a large gold trend containing multiple bulk tonnage gold deposits with the ultimate goal of becoming a world-class, tier-one, global gold producer.”
For further information please visit: https://novaminerals.com.au/
