NVAAF - Nova Minerals Limited (NVAAF) Quarterly Activities Report
While mostly complete from a technical perspective, the Scoping Study release date has been postponed due to the need to include materially significant recent drill results from ongoing drill program. While concurrently running test work to feed into the Scoping Study for Korbel Main deposit (one of 15 known prospects across the Estelle gold district), Nova has commissioned a Prep Lab, to be run by independent contractors, increasing efficiency, and reducing expenses moving forward.
Nova's drilling at Korbel Main has revealed an extensive high-grade feeder zone in the South East portion of the deposit, which remains wide open. In addition to ongoing infill and step-out drilling in the SE of Korbel, Nova also conducted drilling in the NW portion of Korbel, and with the objective of increasing the existing 4.7Moz resource in both size and confidence.
Metallurgical results obtained in May 2021 from Bureau Veritas have demonstrated gold recoveries of up to 95.4%. Utilising XRT Sorting technology, the Company had the capacity to upgrade a 588kg coarse rock sample by up to 10 times.
In June 2021, Nova commenced drilling at RPM, following up on excellent historical results from 2012, and rock chip samples from late 2020. Results from the ongoing 2021 RPM drilling program will begin to be returned in the coming quarter.
In August 2021, Nova has commence field reconnaissance exploration across the prospects between Korbel Main and RPM. This will allow the Company to decide which area to advance next with further exploration programs.
Most recently, Nova commissioned an on-site Prep Lab at the Estelle Gold Project. This lab will enable the Company to crush and split samples before they are sent to be assayed, reducing results turnaround times, and significantly reducing expenses.
Focus for Remainder of 2021
- Drilling and Exploration on track with the goal of delineating Resources by late 2021;
o Updated Resource for Korbel Main
o Maiden Resource for RPM
- Complete planned 50,000m drill program
- Fifth drill expected onsite in coming weeks to ramp up both Korbel and RPM drilling
- Geological reconnaissance crew to commence field work to unlock further targets within the Estelle Gold District
- Assay results pending for over 10,000m of drilling from both Korbel Main and RPM
- Scoping study to outlining OPEX and Capex for the Korbel Main deposit, as part of Nova's entry into its project development phase, to included extensive process and metallurgical testing as well as pit optimisation
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About Nova Minerals Limited:
Nova Minerals Limited (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) is a dynamic explorer and developer of its flagship Estelle Gold district in the Tintina gold belt. Nova's strategy is to substantially increase the current 4.7Moz resource on the Korbel prospect. Subsequently to continue to lock in value through moving Korbel towards production whilst increasing the resource base across the pipeline of targets within the Estelle gold district. Nova Minerals also holds strategic investments in Snow Lake Resources Ltd (Thompson Brothers Lithium Project), Torian Resources Ltd (ASX:TNR) and RotorX Aircraft Manufacturing Co.
Source:
Nova Minerals Limited
Contact:
Nova Minerals Ltd
P: +61-3-9614-0600
F: +61-3-9614-0550
WWW: novaminerals.com.au