- Nova Minerals (NVA) had a busy December quarter, including boosting the total gold estimate at its flagship Estelle Project in Alaska
- Just before Christmas, the company increased Estelle’s resource estimate by nearly 55 per cent to 9.6 million ounces of gold
- Nova is currently awaiting assay results from over 8000 metres of drilling at Korbel while multiple diamond rigs are soon to be mobilised at the RPM deposit
- Snow Lake Resources, in which Nova owns 57.52 per cent, recently successfully listed on the NASDAQ under the code LITM.
- On the market today, Nova was down 2.68 per cent and is trading at $1.09 per share
Nova Minerals (NVA) had a busy December quarter, including boosting the total gold estimate at its flagship Estelle Project in Alaska.
Nova is aiming to develop “North America’s next gold trend,” and is focused on exploration in Alaska’s prolific Tintina Gold Belt.
Just before Christmas, the company increased Estelle’s resource estimate by nearly 55 per cent to 9.6 million ounces of gold.
Estelle is hosted at the company’s primary Korbel and RPM deposits, two of the 15 major prospects over a now 450 square kilometre exploration tenement.
This upgrade supports the company’s high confidence in the Estelle Project, which shares geological characteristics analogous to other major Alaskan gold mines, such as Victoria Gold’s Eagle Mine.
Korbel only represents a small area of the extensive local mineralised system but, according to Nova, is already one of the largest and fastest-growing resources in the world.
Nova is currently awaiting assay results from over 8000 metres of drilling at Korbel while multiple diamond rigs are soon to be mobilised at the RPM deposit ahead of the company’s next mineral resource update planned for 2022.
Snow Lake Resources, in which Nova owns 57.52 per cent, was listed on the NASDAQ under the code LITM during the quarter.
The initial public offering (IPO) raised US$24 million (A$33.3 million) after issuing 3.2 million shares at US$7.50 (A$10.43) per share.
Additionally, over the quarter, Nova made a strategic loan to Rotor X Aircraft Manufacturing, a cash-generating US-based aviation company.
RotorX, 9.9 per cent owned by Nova, continues to sell helicopter kits and parts for the Phoenix A600 Turbo, an advanced two-seat helicopter.
At the end of the period, Nova had over $41 million in cash and cash equivalents.
On the market today, Nova was down 2.68 per cent and is trading at $1.09 per share at 12:35 pm AEDT.