Nova completes first round of drilling at Estelle

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Minerals explorer and developer Nova Minerals Limited (ASX: NVA FSE: QM3) has announced the completion of a preliminary resource drilling program, on time and under budget, at its District Scale Estelle Gold Project in Alaska.

The company said that the Induced Polarization has been completed and reviewed for Estelle. Nova announced that the permits and approvals are in process to expand exploration footprint.

The company also reported that it was making strong in-roads towards Maiden JORC Resource Gold Estimate on Oxide Korbel prospect, which is one of 15 major Gold occurrences.

Estelle project

The Estelle Copper Gold Project is located approximately 110 miles northwest of Anchorage and approximately 112 miles southeast of McGrath.

The project is located within the Seward Meridian and partially within the Talkeetna A-6, Tyonek D8, and Lime Hills D-1 USGS 63,360 Quadrangles, and is adjacent to the 6.3Moz Au, 28.7Moz Ag, 480kt Cu Whistler project.

The Estelle project comprises of 173 unpatented mining claims located on State of Alaska public lands. Among the known prospects within the project area, significant ones include Oxide prospect; Stoney prospect; Mount Estelle prospect; and Emerald prospect.

The company had recently discovered a large Estelle Korbel gold system, after which it had moved rapidly to better define the dimensions and controls.

Resource drilling program at Estelle

The company reported that it had commenced a preliminary resource drilling program at the Estelle copper gold project.

Nova announced that the program has now been completed on time and under budget. The company reported that all samples from drill holes have been submitted to the ALS laboratory in Fairbanks for analysis and are scheduled to be compiled due course.

Oxide Korbel prospect

To date, Nova has confirmed that the Oxide Korbel Prospect resource Block A and B spans over 1,000 metres of strike and averages up to 500m wide respectively.

Nova said that mineralization has been consistently traced to a vertical depth averaging over 150m and up to 450m and generally starts from the surface.

The company said that the Oxide Korbel Prospect mineralization remains open at strike and shares geological similarities to that of Kinross’ Fort Knox Gold and Victoria Gold’s Dublin Gulch Eagles Gold Mine systems.

Nova reported that a major drilling program is being planned to target potential extent and depth extensions at the prospect.

Nearer to JORC resource estimate

The company said that it had accelerated its Induced Polarization (IP) Geophysical survey works and drill campaign this year.

Consequently, Nova said that it has made strong in‐roads towards reporting an initial JORC Resource Estimate on Oxide Korbel in the near term. It may be noted that the Oxide Korbel is one of 15 major occurrences.

Potential for resource growth

Nova announced that in addition to Oxide Korbel prospect, the Oxide South, Oxide North, RPM, Shoeshine and Revelation prospects are the next areas of interest which are anticipated to provide additional potential significant gold resource growth.

Latest updates and upcoming plans

Nova reported that subject to permits in place, additional exploration work is being planned as soon as practical. The company said that this work will include further drilling, mapping, geochemistry, structural and geophysics work across the Company’s 30km of strike.

The Company announced that it has established a multi-year exploration horizon to build major resource ounces across the Project area.

Nova has now commenced permitting and extending areas of particular focus in line with our prioritised systematic exploration strategy across the Oxide Korbel, Oxide South, Oxide North, RPM, Shoeshine and Revelation prospects.

The Company said that it is also aiming to establish a fixed camp to keep exploration and discovery costs as minimal as possible

Management comments

Nova Minerals Managing Director Avi Kimelman said: “We are pleased – and credit to our team on the ground – that drilling has now been completed on time and under budget. We have now commenced the initial JORC resource estimation report.

The speed of IP completion, drilling and our commencement of the resource estimation report shows the commitment by all involved to unlock the potential at the under-explored highly prospective Estelle gold project which we believe to be the next globally significant gold camp.

We are now in an enviable position at the district scale Estelle gold project with our Oxide Korbel deposit (one of fifteen known occurrences) sharing geological similarities to that of Kinross’ Fort Knox Gold and Victoria Gold’s Dublin Gulch Eagles Gold Mine systems.

We look forward to advancing this deposit to a major maiden Inferred JORC Resource in the near term and believe we have the right team in place all dedicated to executing our vision.Additionally, we look forward to updating the market on our Officer Hill Gold project in joint venture with Newmont Goldcorp and further exciting news on our majority-owned Snow Lake Resources Thompson Brothers lithium project.”