Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA) has hit more high-grade gold mineralisation at the RPM deposit, the proposed site of a starter scalable, low-capex/high-margin operation to expand the wider district-scale Estelle Gold Project in Alaska through early cashflow.
The company unearthed intersections of up to 39 metres at 5.4 g/t gold from surface in a reverse circulation drilling program focused on high-grade, near-surface mineralisation above the current resource boundary.
Results from these drill holes – which all ended in gold mineralisation, indicating untapped potential – will inform the ongoing pre-feasibility study (PFS) for the RPM starter mine as well as an updated economic study for the wider Estelle Project.
RPM continues to deliver
“We continue to hit broad intercepts of high-grade mineralisation which bodes well for the upcoming resource update and PFS which will be focused on RPM as a scalable low-capex/high-margin project with future expansion plans into the larger project achieved through cashflow,” Nova Minerals CEO Christopher Gerteisen said.
“More 2024 drill results are pending and once all are received, we will begin work on the resource update.
“We look forward to updating all stakeholders on these fronts as we continue to progress on our path towards production and early cashflow at RPM within the greater Estelle gold and critical minerals district.”
Results of note from this round of assays include:
RPMRC-24016
- 39 metres at 5.4 g/t gold from surface including 25 metres at 8.2 g/t from surface, 20 metres at 10.2 g/t from 5 metres, 12 metres at 15.3 g/t from 12 metres and 11 metres at 16.4 g/t from 12 metres.
RPMRC-24015
- 26 metres at 3.7 g/t gold from surface including 18 metres at 4.8 g/t from 8 metres and 5 metres at 14.0 g/t from 19 metres.
RPMRC-24009
- 46 metres at 1.9 g/t gold from 1 metre including 39 metres at 2.1 g/t from 1 metre, 24 metres at 2.8 g/t from 1 metre and 2 metres at 14.4 g/t from 7 metres.
RPMRC-24012
- 38 metres at 1.9 g/t gold from 3 metres including 33 metres at 2.1 g/t from 3 metres, 17 metres at 2.7 g/t from 11 metres and 5 metres at 5.8 g/t from 22 metres.
More results to come
The Estelle Project already hosts a 9.9-million-ounce gold resource across four deposits – the RPM deposit is estimated to hold 1.24 million ounces of gold alone.
Nova expects to receive the remaining six assay results from the 2024 RPM drilling program shortly.
The company is also awaiting more than 500 soil and 225 rock chip samples from surface exploration across Estelle, investigating the gold, antimony and other critical mineral potential at the Stibium, Wombat, West Wing, Stoney, Muddy Creek, RPM and Styx prospects, as well as claims added in 2023.
Read: Nova Minerals begins bulk testing at Estelle Antimony District in Alaska
NVA expects to provide a steady stream of news over the coming months, as results become available and the company completes various studies and updates, including:
- A mineral resource update including both 2023 and 2024 drilling results.
- The RPM starter mine PFS.
- An updated economic study for the greater Estelle Project.
- Various project optimisation, metallurgical and engineering design work undertaken by Whittle Consulting, METS Engineering and Roughstock Mining on Nova’s behalf.