Nova Minerals Limited (ASX: NVA, FSE: QM3) has moved to a 70% interest in the Estelle Gold Camp in southern Alaska after surpassing the stage 3 expenditure farm-in requirement.
Managing Director Avi Kimelman said the company expects to earn 85% interest in the project with current planned expenditure in the very near term with current expenditure planned
“Completing the move to 70% in a quick time considering the resource achieved open in all directions demonstrates Nova’s intent, ambition, strategy and its absolute confidence to fully explore and ultimate develop the Estelle Gold Camp,” Mr Kimelman said.
“We are committed to significantly increasing the current 2.5Moz resource and move the Korbel prospect to development stage during the course of 2020.
“Nova’s greatest accomplishment in 2019 on such small budgets was proving up 2.5Moz of gold in the Inferred Category in a very short period of time and demonstrating exceptional gold leach recoveries averaging 76% at the Korbel Gold Deposit (one of 15 known prospects).
“We look forward to amplifying our exploration and project development efforts in 2020 and are committed to keeping our shareholders constantly updated on our progress.
“The company is confident with its prioritised systematic exploration strategy and the team’s commitment is on track to solidify the Estelle Project as the next emerging major gold camp.”
Mr Kimelman said that after Nova successfully confirmed the maiden resource at the Estelle Project, the company plans to fast track exploration at the project, with a view to progressively expanding the resource base from the current 2.5Moz inferred resource.
The company’s funds will be invested in a series of ongoing exploration campaigns – including targeting, mapping and drilling programmes – across the district-scale Estelle Project.
