Nova Minerals Limited (ASX: NVA, FSE: QM3) has announced an encouraging update regarding the completion of the IP geophysical survey and the ongoing drilling at the Oxide prospect on the Estelle Gold Project in the Alaska ranges of the USA.
The company reported that the IP survey indicates strong evidence of two large Intrusion-Related Gold Systems at Estelle Gold within Oxide occurrence.
The drilling was aimed at the large gold target on Block A and B with Oxide occurrence. The company said that the initial drill results have been sent to prep lab in Fairbanks while the first results have been shipped to laboratory.
The Estelle resource drilling is currently ongoing, with IP survey completed.
The Estelle Copper Gold project is located approximately 110 miles northwest of Anchorage and approximately 112 miles southeast of McGrath within the Seward Meridian. The project is comprised of 186 State of Alaska mining claims each comprising of 160 acres for 29,280 acres.
Nova owns 51% of the project and has the right to earn up to 85% of the project through the joint venture agreement.
The company had recently commenced an Induced Polarisation (IP) geophysical survey at the Oxide prospect on the Estelle Gold Project.
Encouraging IP survey results
The company reported that the results of the survey show strong evidence of two large intrusion-related gold systems at the Estelle Gold Project.
NVA said that the survey demonstrate that the mineralisation is confined to two trends having significant size in length (1000 to 2000 m), width (500 to 850 m) and depth (300 m plus). The company also noted that the two trends are also cut by a large-scale structure that runs east west within the project area.
Resource block A and B
The company reported that it has designated the north trend as Zone 1, while the south trend has been divided into two sections, Zone 2 and Zone 3.
NVA said that Zone 1 has a mineralised trend width of over 850 m with a depth in excess of 150 m. Historical drilling has indicated a depth of up to 450m, with mineralisation starting from 10m below surface.
Meanwhile, Zone 2 has a mineralised trend width of over 800 m with a depth in excess of 150 m and shows the mineralisation to depths of 300 metres in continues at depth.
Nova said that within the mineralised trends, two resource blocks have been designated as Resource Block A and Resource Block B.
Resource drilling is currently ongoing within Block A with additional drilling scheduled to commence within Block B in the coming week.
RC drilling update
The company reported that over 500 metres of R/C drilling have now been completed with the initial focus on near surface, low strip ratio orebodies.
Nova said that the samples are currently on route to the ALS prep facility in Fairbanks Alaska.
NVA announced that both these targets will form part of the company’s maiden JORC resource. The first batch of results is expected in early August, with drilling ongoing.
Nova reported that is in the process of preparing future exploration and drilling activities. The company said that additional significant areas have been reported for follow-up in this and the next drill program.
NVA Managing Director Avi Kimelman said: “Nova’s team is working diligently across many fronts to progress our advanced Estelle Gold project, and finding these two potentially globally significant near surface zones demonstrate the magnitude of the project, most in particularly with the team only focussed on one of 15 known large targets on the project area.
We aim to make great strides in demonstrating the potential large size and viability of these unique deposits. This is going to be a very exciting year for the Company as we continue to understand the prospectivity of these large near surface gold systems and advance them to our maiden Inferred JORC Resource.We are in an enviable position as the Estelle project area has a multiple of alterations, structures and known targets on the large tenure with the two Blocks at Oxide fit the Intrusive-Related Gold Systems (IRGS) genetic model, sharing geological similarities to that of Kinross’ Fort Knox Gold and Victoria Gold’s Dublin Gulch Eagles Gold Mine.”