The September quarter marked a significant period of progress for Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) with exploration activity stepping up across its flagship Estelle Gold Project in Alaska’s prolific Tintina Gold Belt.
During the quarter, Nova completed a 7,500 metres drill program at the RPM and Train areas, well under budget, and with assay results pending from RPM North, RPM Valley and Train to determine the next steps.
The district scale Estelle Gold Project deposits and targets.
Nova is confident that the 2023 program met the 4 main objectives, with less meters required than proposed, being:
- RPM South: Prove up the resource to the higher confidence indicated category within the proposed RPM starter pit area and target mineralization which lies outside of the scoping study open pit shell
- RPM North: Prove up more of the resource to the higher confidence indicated category and potentially extend the resource up and down dip from the high-grade core. Visible gold was observed in the core of hole RPM-043. Read: Nova Minerals discovers visible gold at Estelle Gold Project’s RPM Deposit in Alaska
- RPM Valley: Follow up and confirm the mineralized intrusive intersected in the lower part of holes RPM-037 and RPM-025 and prove it up to the higher confidence indicated category
- Train: Drill test the prospective Train area with a maiden drill program to follow up the high-grade rock chip samples and geological observations made within the area
Read: Nova Minerals hits more large, near surface gold intervals at Estelle’s RPM South deposit
Nova CEO Christopher Gerteisen said: “The September quarter marked a significant period of progress for Nova with exploration activity stepping up across Estelle. Drilling was completed at RPM, including within the high grade second intrusive in the valley area, and maiden holes at Train, with many assay results still pending.
“An extensive surface sampling and mapping program was also undertaken by Hans which resulted in the discovery of the highly strategic and critical element antimony which is coincident with gold targets across the Estelle district. Antimony has the potential to add significant by-product credits to the project and is designated a critical mineral by the US government.
“In addition, as part of the ongoing PFS studies, we have conducted a review and will commence test work on the viability of heap leach agglomeration for the lower grade material, which under the current mine plan is going to waste, as well geotechnical studies coupled with blasting methods to determine if pit slopes angles can be increased. These as well as other test work and studies in the current PFS program could potentially add significantly to the bottom line by increasing gold production over the life of mine.”
Next steps
- Results from the review to determine if antimony is also coincident within any of the other current high priority gold prospects
- Updates on potential critical minerals grant and funding options from the US Department of Defense and US Department of Energy
- Update on potential US listing options
- Material PFS test work results and trade-off studies as they become available, with a fast track production strategy being the priority
- Assay results at RPM North and RPM Valley
- Assay results at the Train area
- Updated global MRE following the assay results return (Improvements on mill feed grade being the focus)
- Further results and potential new discoveries from the ongoing surface exploration mapping and sampling program
- Metallurgical test work ongoing
- Environmental test work ongoing
- West Susitna Access Road updates
Read more on Proactive Investors AU
