Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) has received further significant gold intersections from diamond drilling at Cathedral within the Korbel Mining Complex which appear set to enhance resource updates being compiled for RPM and the Korbel Valley of the Estelle Gold Project in Alaska.
The company is looking to increase the current resource from 9.6 million ounces of gold, via an additional 30,000 metres of drilling at RPM North, RPM South, Korbel Main and Cathedral that will be added to the Phase 2 Scoping Study.
Nova would be buoyed by the fact that the highest priority target within Korbel is yet to be drilled. It will therefore undertake future infill drilling to target closer to the surface where values of up to 114 g/t gold were returned from rock chip samples in 2020, as well as five other results grading higher than 10 g/t gold including 98.3 g/t, 37.1 g/t, 24.5 g/t, 19.6 g/t and 11.05 g/t.
Broad results
These results from the maiden resource definition drilling at Cathedral identified another broad zone of gold mineralisation within the Korbel Mining Complex, approximately 1.5 kilometres south of the proposed processing plant.
The results are significant in the context of the resource upgrade, with initial results at 0.1 g/t cut-off including:
CTDD-001
- 354 metres at 0.3 g/t gold from 104 metres, including 11 metres at 1.1 g/t from 123 metres.
- 269 metres at 0.4 g/t gold from 168 metres, including 70 metres at 0.6 g/t from 335 metres and 3 metres at 2.7 g/t from 393 metres.
Cathedral sectional view, showing the high-priority target area.
Importantly, mineralisation remains open from surface in all directions, with more than 500 metres of strike length and up to 350 metres in width.
Initial results show Cathedral has significant opportunity for higher grade 'blow ou' zones within the core of the mineralisation above the current drill results.
The company has received final assays from the resource definition drilling at the Korbel Main Deposit, including the saddle area within the proposed conceptual Korbel Main pit zone meaning more results are likely to be delivered to market shortly.
Further to this, Nova is exploring four more prospects - You Beauty, Isabella, Blocks C&D and Sweet Jenny - within the wider Korbel Valley. All prospects are within close proximity to the proposed processing plant site for the complex.
Extensive zone
“I am pleased to report that the maiden resource drilling program at the Cathedral prospect has confirmed another very broad and extensive mineralised gold zone, with over 500 metres in strike length, 350 metres in width and remains open in all directions,” Nova CEO Christopher Gerteisen said.
“The initial wide-spaced drill program was targeted to test below the previously discovered high-grade surface rock chip samples.
"While the initial drilling intersected the mineralised zone at a depth of ~200 metres below where the high-grade surface rock chips samples were taken, as we infill and target closer to the surface in the next round of follow-up drilling, there remains further potential to intersect more shallow gold, as well as higher grade blow out zones within the identified mineralised zone at Cathedral.
“In the meantime, it is very encouraging to have discovered another large gold system. This discovery ranks Cathedral as the best future follow-up drill target to realise further resource upside within the wider Korbel Mining Complex.”
Cathedral drilling results
Nova has now completed enough drilling at Cathedral to complete its maiden resource estimate (MRE).
The results are significant and looking further at them also include:
CTDD-005
- 350 metres at 0.3 g/t gold from 90 metres, including 93 metres at 0.5 g/t from 202 metres.
- 360 metres at 0.3 g/t gold from 55 metres, including 3 metres at 3.1 g/t from 202 metres.
Nova notes that an updated MRE and oriented core structural studies are pending, following the receipt of final assays from the resource definition drilling at the Korbel Main Deposit.
Map showing the proximity of the Korbel Main Deposit and Cathedral Prospect to the proposed Korbel processing plant site.
The latest results continue to prove up and increase the size of the bulk tonnage gold mineralisation within the Korbel area which includes previous drill results of:
- KBDH-012 429 metres at 0.6 g/t, including 101 metres at 1.3 g/t;
- KDBH-024 549 metres at 0.3 g/t, including 15 metres at 2.3 g/t; and
- KBDH-081 277 metres at 0.5 g/t, including 94 metres at 1.0 g/t.
It also 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.
These geological and interpretative insights are invaluable in developing further targets for the systematic exploration programs within the Korbel area, as well as across the greater Estelle Gold Project.
Gold Project. To be investigated as part of the PFS trade-off studies currently under way.
“Despite the very encouraging initial results at Cathedral, it is important to note at this time the company is focusing its efforts primarily in the southern area of the Estelle Gold Project in and around the envisioned RPM Mining Complex,” Gerteisen said.
“With resources at RPM now being proved up through further drilling, and additional resource targets identified in the Train area, the high-grade nature of the deposits, provides opportunity for potentially developing an additional mining centre in the south, which will be tested as part of our PFS trade-off studies, upon the completion of the Phase 2 Scoping Study.
“With long-term opportunity and the prospect of multiple mining complexes and processing plants across the single project, we continue on our path to becoming a world-class, global gold producer.”
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