Nova Minerals (ASX:NVA) reports it has intersected further broad, shallow, and ‘high-grade’ gold at the RPM North Deposit, within the company’s flagship Estelle Gold Trend in the Tintina Gold Belt in Alaska.
Nova reports that infill and extensional resource drilling at RPM is currently ongoing with drill rigs at both RPM North and RPM South.
The latest results continue to not only prove up, but now also extend, the areas of ‘high-grade’ gold mineralisation (+2g/t) at the RPM North resource area.
Nova’s share price had risen 4.705% to $0.890 as of 9.45am AWST following the announcement of the results.
Drillholes RPM-015 and RPM-018 were completed as step out holes to test the continuity of ‘high-grade’ mineralisation around hole RPM-005 to prove up and extend the resource beyond the current RPM North Deposit.
Nova notes that the ongoing drilling program continues to provide ‘high quality’ geological data that is being collated and interpreted to provide greater deposit knowledge.
The nature and geometry of the intrusive units and interplay with structures are key to controls on gold mineralisation
The nature and geometry of the intrusive units and interplay with structures are key to controls on gold mineralisation. These geological and interpretative insights are invaluable in developing further targets for the ongoing exploration programs within the RPM area as well as the greater Estelle Gold Trend.
Addressing the results, Nova CEO Christopher Gerteisen commented: “I am pleased to report more shallow high‐grade broad mineralisation from our drilling at RPM. This program is part of a targeted program designed to allow for further increases to potential Measured and Indicated Resources in the next MRE on the high-grade RPM deposit.
As we continue with our aggressive 2022 diamond drilling program, we are mindful of the extensive delays currently being experienced in the laboratory assay turnaround times, and while we are still hoping to deliver the phase two Scoping Study on time, the latest results show that it is important that we include as many of the drill results from the current program as we can in the upcoming MRE.
In light of this, PFS level trade off studies will now commence in tandem which aims to optimise the project with a view to increasing the gold production schedule and NPV significantly across the Estelle Gold Trend, as we continue on our path towards commercial production.”
Nova’s vision is developing North America’s next major gold trend, Estelle, to become a world-class, tier-one, global gold producer.
The company is focused on exploration in Alaska’s ‘prolific’ Tintina Gold Belt, a province which hosts a 220-million-ounce documented gold endowment and some of the world’s largest gold mines and discoveries including Victoria Gold’s Eagle Mine and Kinross Gold Corporation’s Fort Knox Gold Mine.
The company’s Estelle Trend development is a 35km long corridor of 21 identified gold prospects bracketed by the Korbel Project in the north and the RPM Project in the south.
Currently, these two flagship projects have a combined total estimated JORC gold resource of 9.6Moz (3Moz Indicated and 6.6Moz Inferred) and are host to extensive resource development programs.
Additionally, Nova holds a substantial interest in NASDAQ-listed lithium explorer Snow Lake Resources (NASDAQ: LITM) and a holding in Asra Minerals Limited (ASX:ASR).
Images: Nova Minerals Limited
