Nova Minerals (ASX:NVA) has received drilling results that bode well for an upcoming resource update and Prefeasibility Study (PFS) for the RPM state pit area in Alaska.
The RPM starter mine PFS and updated economic study of the Estelle Gold Project as a whole is currently in progress, with the aim to begin with a smaller scale, low capex, high-margin starter mine as soon as possible.
Nova Minerals, which has a market capitalisation of $50.3 million, expects this to provide cash flow which will then help to fund the expansion of the larger Estelle Project organically.
The company reports gold intersections targeting near surface mineralisation above the current measured and indicated core continue at RPM North, with all holes ending in mineralisation.
Some of the latest assay results include 39m @ 5.4 grams per tonne (g/t) gold, 25m @ 8.2g/t gold, 11m @ 16.4g/t gold; and 5m @ 14g/t gold; and 2m @ 14.4g/t gold.
CEO Christopher Gerteisen says the PFS will be focusing on RPM as a scalable project.
“More 2024 drill results are pending and once all received we will begin work on the resource update,” Gerteisen says.
“We look forward to updating all stakeholders on these fronts as we continue to progress on our path towards production and early cashflow at RPM within the greater Estelle gold and critical minerals district.”
The company is awaiting assay results from six remaining holes from the drilling program.
Meanwhile, assay results from soil and rock chip samples collected as part of the extensive 2024 surface exploration and mapping program will be reported once received and processed.
Nova Minerals is a gold, antimony, and critical minerals explorer and developer focused on advancing the Estelle Project which covers 514km2 and contains multiple mining complexes across a 35km long mineralised corridor of over 20 advanced prospects.
Write to Aaliyah Rogan at Mining.com.au
Images: Nova Minerals
