Nova Minerals Limited (ASX: NVA, FSE: QM3) has announced a highly encouraging update on the desktop works at Korbel prospect of Estelle Gold Project, Alaska.
The company reported that the analysis illustrated heightened resource potential at Korbel.
It may be noted that there is an established 2.5Moz inferred gold resource at Korbel Blocks A and B (one of fifteen known occurrences) open along strike and to depth.
NVA said that the drill program on Block B (Starter Pit) is expected to increase the size and potential move Resource categorized from Inferred to Measured & Indicated thereby expediting the project to feasibility studies.
The company reported that RC scout drilling will also commence at Korbel in the near term.
Exceptional gold leach recoveries averaging 76% were previously reported at the Korbel Deposit.
The Estelle Copper Gold project is located approximately 110 miles northwest of Anchorage and approximately 112 miles southeast of McGrath; within the Seward Meridian and partially within the Talkeetna A-6, Tyonek D8, and Lime Hills D-1 USGS 63,360 Quadrangles.
The Estelle Gold project is comprised of 173 unpatented mining claims located on State of Alaska public lands.
There are multiple prospects within the project area; Korbel (Korbel Ridge, Korbel Valley, Korbel North, and Korbel South); Oxide (Oxide Ridge, Oxide Valley, Oxide North, and Oxide South); Stoney (Stoney, Tomahawk, Kid, and Trundle); Mount Estelle (Mount Estelle, Shoeshine and Train); and Emerald (RPM and Revelation).
Desktop studies for Korbel prospect
During January of 2020 Nova Minerals Geological Team undertook an analysis of all available data collected during the two field seasons, 2018 and 2019.
This data was plotted in plan view and domains of highly prospected areas were outline defining strong As anomalies coincident with gold and high chargeability anomalies.
It may be noted that the previous fieldwork in the camp had established that there is a near 1 to 1 relationship with gold mineralization and high As values. Also, these high As values are spatially associated with strong IP chargeability anomalies.
The company reported that based on this analysis, the naming and categorization of the mineralized blocks in Korbel have been refined.
Significant area of interest uncovered at Korbel
The company reported that the desktop works uncovered a much larger area of interest at Korbel.
Nova said that Block C and D show a strong resemblance to Block A and B which contains the 2.5 Moz gold Resource.
Nova said that Block C also contains rock samples that returned high As number making this a very high propriety exploration drill target.
The company said that to the south of the Resource Blocks A and B, there are two other high priority drill targets that are now defined as “Cathedral” and “You Beauty”. Nova reported that these two new blocks contain very high As (< 1,000 ppm) values with gold numbers of up to 2.58 g/t.
To the North and West two additional Block have been defined. 1) “Isabella” characterized by IP chargeability containing anomalous gold (up to 1.04 g/t) with high As values, and 2) the second block “Sweet Jenny” characterized by anomalous As values alone.
Nova said that follow up prospecting, RC Drilling and additional IP surveys lines will be required to better define these anomalies. The company said that these field programs will be conducted in the summer of 2020.
Nova said that after successfully confirming its maiden resource at the Estelle Project in southern Alaska, it plans to fast track exploration at the Project, with a view to progressively expanding the resource base from the current 2.5Moz inferred resource.
The Company reported that its funds will be invested in a series of ongoing exploration campaigns – including targeting, mapping, drilling programs, and further value add initiatives throughout 2020 – across the district-scale Estelle Project.
Nova said that it will also seek to fast track preliminary economic evaluation on the Korbel resource area.
NVA Managing Director, Avi Kimelman said: “These additional targets and planned works puts Nova in a strong position to significantly increase resources and gives our shareholders more exposure to significant exploration upside throughout 2020 and beyond across the Korbel project alone with a clear objective to push Block B “Starter Pit” towards a feasibility study in 2021 (ASX announcement: 02 September 2019 and 9 December, 2019) on the path to production.
With an established 2.5Moz inferred gold resource on a small area and open significantly in all directions with the drilling program now underway, our exploration efforts to date have produced results at an extremely low cost per discovered ounce and we intend to maintain this run rate by continually opening up new targets within the Korbel prospect as well as the Estelle Gold District.
Furthermore, we anticipate to ramp up the company owned RC drill rig to test these new zones and along strike of the current resource area within Korbel in the near term.
In addition to the drilling, we anticipate to aggressively explore the property with new work programs to also consist of mapping, IP surveys and drilling across the project area with a particular initial focus on RPM and Shoeshine.
We are particularly excited with the potential opportunity to uncover another giant deposit in Alaska which gives our shareholders great upside potential.
The project sits amongst some of the largest gold deposits and mines on the planet within the Tintina Gold Belt with very large and exciting known prospects within the 220km2 Estelle Gold Camp, and Nova is ready to meet the challenge of exploring each of them.”