- Nova Minerals (NVA) increases its total gold resource estimate by 54.9 per cent at its flagship Estelle Project in Alaska
- The increased gold resource estimate of 9.6 million ounces comes from the Korbel and RPM deposits and is in line with the JORC 2012 code
- The Korbel Deposit has an indicated resource of 286 million tonnes at 0.3g/t gold and an inferred resource of 583 million tonnes at 0.3g/t gold
- Additionally, the RPM Deposit has an inferred resource of 23 million tonnes at 2g/t gold
- The company is waiting on results for over 8000 metres of drilling at Korbel Main and diamond rigs will mobilise to RPM shortly
- Shares in Nova are steady on the market and are trading at $1.02
Nova Minerals (NVA) has increased its total gold resource estimate by 54.9 per cent at its flagship Estelle Project in Alaska.
The Estelle Project lies roughly 177 kilometres northwest of Anchorage and roughly 180 kilometres southeast of McGrath in the interior of Alaska.
It is made up of 346 state mining claims and covers 220 square kilometres of mining claims on State of Alaska public land.
The increased gold resource estimate of 9.6 million ounces comes from the Korbel and RPM deposits, two of 15 major prospects over a 324sqkm exploration tenement, and is in line with the JORC 2012 code.
The Korbel Main Deposit has an indicated resource of 286 million tonnes at 0.3 grams of gold per tonne (g/t) for three million ounces and an inferred resource of 583 million tonnes at 0.3g/t gold from 5.1 million ounces.
Additionally, the RPM Deposit has an inferred resource of 23 million tonnes at 2g/t gold for 1.5 million ounces.
Nova Chief Executive Christopher Gerteisen said this upgrade supports his confidence in the Estelle Project.
“Korbel Main at our Estelle Gold Project is a ‘company-making’ deposit with high grades continuing to highlight the massive upside potential that remains,” Mr Gerteisen said.
“Korbel Main changes the future for Nova and our shareholders. It only represents a small area of the extensive local mineralised system.”
Mr Gerteisen went on to add the company is waiting on results for over 8000 metres of drilling at Korbel Main and diamond rigs will mobilise to RPM shortly.
“At Estelle, we currently have five drill rigs focused on growing the Korbel and RPM resource deposits with more rigs to follow. At Korbel, we’re targeting intrusive contact,” he added.
Mr Gerteisen said Pre-Feasibility Study level project studies, including metallurgy, geotechnical, mining, environmental, infrastructure and hydrogeology, were continuing in parallel with the resource development drilling
Shares in Nova were steady on the market and were trading at $1.02 at 10:18 am AEDT.