Nova Minerals Limited (ASX:NVA) (OTCMKTS:NVAAF) is pleased to report its current infill drilling program, to de-risk and grow its Korbel Main deposit, within the Company's flagship Estelle Gold Project, located in the prolific Tintina Gold Belt. Infill drilling is a key focus with the aim of upgrading the majority of the Inferred Resource to the Indicated Category. This will significantly de-risk the project, enabling Nova to advance funding options.
Infill drilling designed to prove-up Inferred resource to Indicated and extend strike length of resource for the upcoming MRE update later this year.
Infill drilling further confirms continuity of mineralisation within the 4.7Moz Korbel Main Resource, latest results include:
o 311m @ 0.5 g/t Au
o 9m @ 1.0 g/t Au
o 9m @ 1.1 g/t Au
o 34m @ 1.1 g/t Au
o 12m @ 1.3 g/t Au
o 3m @ 2.1 g/t Au
(KBDH-082 returned an overall average grade of 0.4 g/t Au over 324m from surface within the Korbel mineralized intrusive containing multiple high-grade zones)
o 128m @ 0.5 g/t Au
o 18m @ 1.0 g/t Au
o 15m @ 1.0 g/t Au
o 3m @ 3.9 g/t Au
(KBDH-076 returned an overall average grade of 0.3 g/t Au over 349m from surface within the Korbel mineralized intrusive containing multiple high-grade zones)
o 85m @ 0.5 g/t Au
o 12m @ 1.0 g/t Au
(KBDH-073 returned an overall average grade of 0.3 g/t Au over 211m from surface within the Korbel mineralized intrusive containing multiple high-grade zones)
- These results continue to show that the Korbel Main deposit has significant scale with high-grade "blow out" zones within the continuous mineralisation.
- Strong infill drilling results continues confirm robust resource at the Korbel Deposit
- The mineralisation remains open along strike to the Northwest and Southeast with a predicted strike length of over 3km of continuous gold mineralisation.
- Assay results pending for over 10,000m of drilling from both Korbel Main and RPM
- Aggressive infill and extension (step out) drilling is ongoing at Korbel Main, currently focused on the high-grade SE feeder zone with the goal of substantially increasing the 4.7Moz Resource (ASX 7 April 2021) and upgrading the resource in size and confidence to expedite Project Feasibility Studies.
- RPM remains on track for a Maiden Resource by late 2021 with initial results now in fire assay stage at the lab
Snow Lake Resources (majority owned lithium company) status update due shortly and expected to add significant value to Nova Minerals in the near term.
NVA CEO, Mr. Christopher Gerteisen commented:
"The infill diamond drilling at Korbel is showing strong support and confidence in the consistency and continuity of gold mineralisation in the Korbel's large mineralised system. The significant intercepts we continue to intersect within the high-grade feeder zone are very encouraging indeed. We have almost 30 holes in the lab awaiting assays and with drilling ongoing at a fierce pace more results will continue to stream in every week. The Nova believes that recent results, which include higher-grade material, will reflect an upgrade in the next MRE later this year. As these results are also located in the starter zone, there may also be a potentially positive impact on the early-stage mine schedule. This will be confirmed and outlined in the scoping study to be released post the Korbel Resource update in Q4 2021. Nova's multi-pronged drilling strategy is designed to advance the Korbel Main deposit towards being a bankable project by 2023. We are focusing on proving up the resource to Indicated status, which can then translate into reserve ounces for our planned starter operation. At the same time, we are pushing forward the resource development program at the RPM prospect and unlocking the wider Estelle Gold District, with additional prospects rapidly coming on line. We aim to grow the global resource inventory and advance the Korbel project in parallel. This approach will maximise our ability to more rapidly monetize this world-class asset and bring forward the production schedule along with cashflow, allowing us to ramp up future operations in short order across the Korbel Valley and the wider Estelle Gold District.
Drilling related news and results will continue to flow throughout 2021 and beyond, as we unlock the Estelle Gold District."
Korbel Drilling is ongoing with further results to follow in the near term. The Company is currently using the on-site sample prep-lab facility which will result in reduced cost per assay and faster turnaround.
To view tables and figures, please visit:
Nova Minerals Ltd P: +61-3-9614-0600 F: +61-3-9614-0550 WWW: novaminerals.com.au
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