Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) continues to grow the golden potential of the Estelle Project in Alaska’s prolific Tintina Gold Belt with more “exciting” results from the RPM North deposit, including more than 10 broad intersections of better than 5 g/t gold.
Holes RPM-056 and RPM-057 were standouts with the former, returning 27 metres at 10.4 g/t gold from 107 metres with an overall average grade of 2.3 g/t over 152 metres from 3 metres at a 0.1 g/t cut-off.
The latter produced 120 metres at 5.0 g/t gold from 93 metres, including 79 metres at 7.4 g/t from 128 metres and 63 metres at 9.0 g/t from 143 metres. This hole returned an overall average grade of 3.2 g/t over 211 metres from 3 metres at a 0.1 g/t cut-off.
Continuity confirmed; potential extensions
These latest results from 2023 drilling designed to strategically infill and step out in all directions around the existing resource shell have further proved up areas of thick intervals of high-grade gold within the existing RPM North resource area.
The results confirm the continuity of the high-grade bonanza core zone and also point to the potential for significant extensions to the existing resource.
Nova CEO Christopher Gerteisen said: “These latest drilling results at RPM North confirm the consistency of mineralization and also clearly indicate the potential for resource growth, both in terms of size and confidence.
“Outside existing resource”
“Several drill holes intersected mineralization outside of the existing resource area which is very exciting. This includes up-dip right up to the surface which should add volume to the resource of relatively easy-to-access material in any future mining scenario and will potentially have a significant impact on future economic studies.
“Also, in the middle of the orebody inside our scoping study pit shells we are seeing mineralization extend further into the intrusive unit and it really seems to be bulking out in previously untested areas.
“And perhaps most exciting is the down-dip extension to the bonanza zone which these results now confirm, which may represent a significant ore shoot that continues at depth.
Broad, high-grade results
Other strong new results from RPM North include:
RPM-061 - 74 metres at 2.5 g/t gold from 83 metres including:
- 13 metres at 6.2 g/t from 140 metres; and
- 6 metres at 11.5 g/t from 147 metres.
RPM-064 - 138 metres at 1.0 g/t gold from 11 metres including:
- 22 metres at 3.0 g/t from 78 metres; and
- 20 metres at 3.4 g/t from 80 metres.
RPM-065 - 231 metres at 2.4 g/t gold from 39 metres including:
- 118 metres at 3.9 g/t from 152 metres;
- 87 metres at 4.6 g/t from 171 metres; and
- 63 metres at 5.6 g/t from 195 metres.
Updated resource coming
“It is clear from these results that the RPM deposit remains wide open with no shortage of targets to capture further resource upside in upcoming drill programs,” Gerteisen said.
"With numerous individual core assays returning >10 g/t gold, final results took longer than expected, as these high grades require additional overlimit assay determination.
“The new results will be incorporated into an updated resource estimate for the PFS scheduled for completion in 2024.”
Results from 16 holes for 3,180 metres from the 2023 resource infill and step-out drilling program at RPM North have been received with the deposit remaining open to the south, east and at depth.
Assays are still pending for the RPM Valley holes drilled during 2023. The primary purpose of these holes was to follow-up initial intercepts from previous drilling, confirm and prove up resources in this newly discovered zone which if successful should provide further upside to the RPM deposit.
Further results from the extensive soil and rock chip samples taken from across the project area in 2023 will be reported by area once received and processed.
"The in-depth formal strategic review process across the Estelle Gold Project is now well underway with optimization work ongoing, which aims to lower capex and set a faster path to commercial production to minimize dilution,” Gerteisen added.
“While key objectives of the strategic review remain a work-in-progress, we will keep our shareholders updated as relevant studies are completed to unlock further value from the Estelle gold district.”
Here is a 3D Vrify video commentary on the 2023 RPM North drill results, with CEO Christopher Gerteisen.
Shares have been as much as 11.15% higher in ASX trading this morning to A$0.34.
Upcoming work
Upcoming work program and news flow:
- Assay results from the second intrusive at RPM Valley;
- Further results and potential new discoveries from the ongoing surface exploration mapping and sampling program;
- Update on the potential US listing;
- Material PFS test work results and trade-off studies as they become available, with a fast-track production strategy being the priority;
- Updated global MRE following the return of all assay results with higher indicated resources and improvements on the mill feed grade being the focus;
- Metallurgical test work ongoing;
- Environmental test work ongoing; and
- West Susitna access road updates.