- Gold explorer Nova Minerals (NVA) has upped its interim mineral resource at the Korbel prospect
- The updated Korbel estimate, which now covers 3.3 million ounces of gold, was announced to the market this morning
- Specifically, Korbel’s latest estimate weighs in at 291 million tonnes at 0.4 grams per tonne gold for 3.3 million inferred ounces
- Based on the positive result, Nova has opted to increase the scope of its current and future drilling campaigns
- The explorer’s 2020 program has been increased from 25,000 to 40,000 metres of drilling, while its 2021 campaign will cover up to 80,000 metres
- The expanded program will support Nova as it prepares to release a global resource update next year
- Following the news, Nova shares rose five per cent to trade for 10.5 cents
Gold explorer Nova Minerals (NVA) has upped its interim mineral resource at the Korbel prospect.
Korbel is a high-interest target within Nova’s flagship Estelle Gold Project in Alaska. It’s situated along the highly prospective Tintina Gold Belt — a world-class district said to host over 220 million ounces of resource.
Nova’s landholding, also known as the Estelle Gold Camp, comprises 346 state mining claims which cover 220 square kilometres. Last year, Nova delivered a 2.5-million-ounce maiden gold estimate at Estelle, despite only completing drilling campaigns over two per cent of the project.
The updated Korbel estimate, which now covers 3.3 million ounces of gold, was announced to the market this morning.
Specifically, Korbel’s latest estimate weighs in at 291 million tonnes at 0.4 grams per tonne gold for 3.3 million inferred ounces.
Speaking to the results, Nova CEO Christopher Gerteisen said the company was encouraged in the tonnage increase as it drilled.
“We are very pleased with the results of this interim mineral resource estimate, which represents a ‘snap-shot in time’ and is based on very few of the additional drill results of the total planned drill program,” Christopher explained.
“Importantly, the thickness of mineralisation at Korbel Blocks A and B is consistent throughout, which provides an exciting opportunity to significantly grow our resources beyond this point,” he continued.
Based on the positive result, Nova has opted to increase the scope of its current and future drilling campaigns.
The explorer’s 2020 program has been increased from 25,000 to 40,000 metres of drilling, while its 2021 campaign will cover up to 80,000 metres.
The expanded program will support Nova as it prepares to release a global resource update next year.
“We are focussed on increasing our total resource inventory whilst executing our path to production with urgency,” the Nova CEO concluded.
Following the news, Nova shares rose five per cent to trade for 10.5 cents at 12:45 pm AEDT.