- Nova Minerals (NVA) encounters wide zones of continuous mineralisation at the RPM deposit within its Estelle gold project in Alaska
- Two drillholes at RPM North returned “encouraging” geological results, with one hitting a 300-metre zone and the other intersecting 130 metres of strong to moderate mineralisation
- CEO Christopher Gerteisen says the company expects to receive positive assays which show the potential for down dip continuity at RPM North
- Two rigs are on site for step-out and resource drilling at RPM North, while a third rig has begun drilling at RPM South to support a scoping study and mineral resource estimate
- Nova shares are up 13.9 per cent to trade at 65.5 cents at 3:05 am AEST
Nova Minerals (NVA) has observed wide zones of continuous mineralisation at the RPM deposit, within the Estelle gold project in Alaska.
The company has been undertaking resource drilling at the RPM deposit, with two rigs positioned at RPM North and one at RPM South.
Holes RPM-007 and 008 were completed at RPM North to infill and test the dip continuity around RPM-005, which previously intersected 132 metres at 10.1 grams per tonne (g/t) gold.
Both drillholes returned encouraging geological results, with 007 confirming the continuity of a 300-metre mineralised zone which remains open, and 008 intersecting a 130-metre zone of strong-to-moderate mineralisation.
Along with typical veining and mineralogy associated with high-grade gold at RPM, there was visible gold in drill core from RPM-008.
“We are very encouraged by initial geological observations and are now anticipating positive assay results to be returned which will show the potential for down dip continuity of the mineralization which starts at surface to a depth of over 300 metres,” Nova CEO Christopher Gerteisen said.
“We are also now drilling at pad two to step out from the existing resource area which is aimed at expanding the resource along strike to the west of the existing resource centered around RPM-005.”
Drilling has also commenced at RPM South on pad six, which reportedly hosts potential to open up a new gold zone of similar size and tenor to RPM North.
According to Nova, the early indications “bode well” for expanding the RPM mineral resource estimate (MRE) which will be included in a phase two scoping study.
Nova shares were up 13.9 per cent to trade at 65.5 cents at 3:05 pm AEST.