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Nova Minerals' Estelle Gold Trend continues to deliver with RPM North average of 193 metres at 3.9 g/t gold

Stock Markets Oct 04, 2022 16:00
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© Reuters. Nova Minerals' Estelle Gold Trend continues to deliver with RPM North average of 193 metres at 3.9 g/t gold
 
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Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) has struck more broad zones of gold mineralisation at RPM North prospect of the flagship Estelle Gold Trend Project in Alaska, continuing to build the size and confidence of the project’s mineral endowment.

“I am pleased to report more shallow high-grade broad mineralisation from our drilling at RPM,” Nova Minerals CEO Christopher Gerteisen said.

“This program is part of a targeted program designed to allow for further increases to potential measured and indicated resources in the next mineral resource estimate (MRE) on the high-grade RPM deposit.”

Three mineralised zones of gold emerged during drilling at RPM North, with particularly high-grade, broad intersections originating in the ‘main zone’:

  • RPM-022: 67 metres at 10.4 g/t gold from 112 metres, including 55 metres at 12.5 g/t from 115 metres, 43 metres at 15.8 g/t from 118 metres and 34 metres at 19.4 g/t from 118 metres; and,
  • RPM-025: 62 metres at 6.0 g/t gold from 43 metres, including 30 metres at 11.2 g/t from 56 metres and 15 metres at 19.2 g/t from 72 metres.
Overall average grades for these two drill holes include 3.9 g/t over 193 metres for 753-gram metres for RPM-022 and 2.1 g/t over 198 metres for 416-gram metres in RPM-025.

RPM-025 intersected two other distinct mineralised zones beneath the main RPM North zone, expanding the resource target area with the following results:

  • Middle zone: 31 metres at 0.7 g/t gold from 288 metres including 66 metres at 0.8 g/t from 289 metres, and 6 metres at 4.5 g/t from 349 metres; and
  • Lower zone: 76 metres at 1.2 g/t from 440 metres, including 43 metres at 1.5 g/t from 474 metres and 30 metres at 1.7 g/t from 486 metres.
Potential for more targets along trend

“As we continue with our aggressive 2022 diamond drilling program, we are excited with the drilling completed to date and how it is all coming together,” Gerteisen continued.

“We are also particularly excited with the geological crew potentially unlocking new RPM and Korbel style targets along the Estelle Gold Trend corridor.”

Nova Minerals recently completed a round of exploration activities at Estelle. A large number of results are pending from both the RPM North and South zones, expected to be reported as they become available.

“We remain mindful of the extensive delays currently being experienced in the laboratory assay turnaround times, and look forward to delivering the Phase 2 Scoping Study as soon as the global MRE is complete and optimised pit models can be finalised,” Gerteisen said.

“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, pre-feasibility study (PFS) level trade-off studies have now commenced in tandem, which aim to optimise the project with a view to increasing the gold production schedule and net present value (NPV) significantly across the Estelle Gold Trend.

“We are only getting started as we continue on our path to increase resource size, confidence and towards commercial production.”

Nova’s infill drilling at the Cathedral and Korbel prospects continues, with all results from the company's recent efforts to be included in a global mineral resource estimate for the project.

Read more on Proactive Investors AU

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Nova Minerals' Estelle Gold Trend continues to deliver with RPM North average of 193 metres at 3.9 g/t gold
 

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