- Nova Minerals (NVA) enters a trading halt while it plans a capital raise
- The company hasn’t indicated how much it will raise or how it will spend the funds but the capital raise will be in the form of a share placement
- Nova has recently made new discoveries within its Estelle Gold Project including new high-grade zones and a polymetallic vein system which will be followed up next year
- Full details on the capital raise will be released when Nova comes out of the trading halt on September 29
- Company shares last traded at 14.5 cents on September 24
Nova Minerals (NVA) has entered a trading halt while it plans a capital raise.
The company hasn’t indicated how much it will raise or how it will spend the funds but it has disclosed the capital raise will be in the form of a share placement.
Last week, Nova Minerals released two announcements regarding discoveries at the Estelle Gold Project in Alaska.
Rock chip sampling at the Train prospect led to discovering anomalous gold throughout a six-kilometre traverse and extending into the Shoeline prospect. The work also revealed grades of up to 5.4 grams of gold per tonne (g/t) and 30.4g/t gold.
Nova Minerals also discovered the Stoney vein prospect, a polymetallic vein system that spans 3.8 kilometres.
Like Train, the Stoney prospect returned high grades including 48.4g/t gold, 2720g/t silver and 2.4 per cent copper. Nova believes this further highlights the potential of Estelle.
Based on the positive findings across these new discoveries, the company is planning follow-up geophysics and drilling with work set to begin in 2022.
Nova is also preparing to deliver a maiden resource for the RPM deposit before the end of this year along with a resource upgrade for the Korbel Main deposit.
Details on the capital raise will be released when Nova comes out of the trading halt on September 29.
Company shares last traded at 14.5 cents on September 24.