Nova Minerals Limited (“Nova” or the “Company”) (NASDAQ: NVA) (ASX:
NVA) (FRA: QM3) is pleased to announce further high-grade
intercepts from the first eight holes of the 21 hole reverse
circulation (RC) drilling program conducted in the RPM starter pit
area in 2024, within its over 500km2 flagship Estelle Gold Project,
located in the Tintina Gold Belt in Alaska. The shallow drilling
program was focused on near surface mineralization <50m in depth
in support of the RPM starter mine Feasibility Study (FS) currently
underway.
Highlights
- Results from shallow infill
and step-out drilling confirms continuity of near surface
high-grade mineralization at RPM North with multiple broad
intersections grading > 5 g/t Au from surface and sample
interval grades up to 39 g/t Au
- High-grade gold intersections
targeting near surface mineralization above the current high-grade
Measured and Indicated core continue at RPM North with all holes
ending in mineralization. Significant results include (Table 1 and
Figures 1 and 2):
-
-
RPMRC-24005
- 43m @ 4.4 g/t Au from 2m
including;
- 23m @ 7.3 g/t Au from 2m
- 13m @ 10.7 g/t Au from 2m
- 2m @ 39.2 g/t Au from 13m
-
RPMRC-24006
- 21m @ 3.5 g/t Au from 2m
including;
- 19m @ 3.9 g/t Au from 3m
- 6m @ 7.1 g/t Au from 5m
-
RPMRC-24007
- 14m @ 1.9 g/t Au from 2m
including;
- 12m @ 2.1 g/t Au from
4m
-
RPMRC-24008
- 45m @ 3.4 g/t Au from surface
including;
- 31m @ 4.7 g/t Au from 3m
- 8m @ 10.5 g/t Au from 22m
- Additional significant results
received from extensional drilling outside of the current resource
model shows near surface mineralization continues towards the
South-Southwest with the deposit remaining wide open. These results
include (Table 1 and Figures 1 and 3):
-
-
RPMRC-24001
-
RPMRC-24002
- 45m @ 0.6 g/t Au from 3m including;
- 20m @ 1.1 g/t Au from 25m
- 12m @ 1.5 g/t Au from 26m
-
RPMRC-24003
- 25m @ 0.5 g/t Au from 17m
-
RPMRC-24004
- All drill holes end in gold
mineralization.
- Assay results from 13 remaining
holes from the 2024 drill program at RPM to follow.
- Assay results from the over 500
soil and 225 rock samples collected as part of the extensive 2024
surface exploration and mapping program targeting gold, antimony
and other critical minerals from traverses at Stibium, Wombat, West
Wing, Muddy Creek, RPM, Styx, and the new claims added in 2023,
will be reported by area once received and processed.
- Resource update including both the
2023 and 2024 drill results to be completed once all results are
received.
- RPM starter mine Feasibility Study
(FS), and updated economic study of the Estelle wide project in
progress, with the aim to commence with a smaller scale, low capex,
high-margin starter mine at RPM as soon as possible, which will
provide cashflow to fund the expansion of the larger Estelle
project organically.
- Whittle Consulting engaged to
complete project optimization, METS Engineering engaged to complete
metallurgical and process design work, and Roughstock Mining
engaged for pit and engineering design.
Nova Minerals CEO, Mr Christopher
Gerteisen commented: “These results speak for themselves
and we believe will add considerable value to the upcoming resource
update and ultimately the FS which will be focused on RPM as a
scale-able low capex/high margin project with future expansion
plans achieved through cashflow as soon as possible.
With further 2024 drill results to follow in
short order, these results, along with the 2023 drilling will be
included in the upcoming 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.”
RPM Drilling Discussion
A total of 21 RC holes were drilled at RPM as
part of the 2024 drilling program, of which assay results for eight
holes have now been received and are reported in this announcement.
The drilling was focused on near surface mineralization <50m in
depth and had two main objectives.
- The first and primary objective was
to infill and prove up near surface inferred resources that define
the up dip extension of the steep to vertical dipping RPM North
high-grade core zone. A new drill pad (Pad 24-1) was located
between the two previous drill pads (Pad 1 and Pad 23-1) at RPM
North to fill this data gap and prove up this high-grade material
(Figures 1 and 2). The initial assay results from holes RPMRC-24005
to RPMRC-24008 indicate this objective was achieved.
- The secondary objective of the
shallow 2024 drill program was to extend drilling to the South and
Southwest of the current RPM North resource to begin to test a
potential link with the RPM Valley zone situated approximately 150m
to the Southwest. Highly prospective mineralized intrusive rocks
have been observed in this area in recent geological mapping and
confirmed with anomalous surface sample results. The results
returned from holes RPMRC-24001 to RPMRC -24004 indicate the RPM
North deposit remains wide open to the South-Southwest and is
potentially connected to the RPM Valley zone (Figures 1 and 3).
This warrants further follow-up diamond drilling to test the
considerable resource upside potential.
These latest results continue to prove up areas
of thick intervals of high-grade gold mineralization (+2g/t) within
the existing RPM North resource area, confirming the continuity of
the high-grade bonanza core zone, as well as indicating the
potential for significant extensions to the existing resource. A
representative cross-section (Figures 2 and 3) clearly shows the
latest drill holes intersecting up and down dip continuity to
mineralization outside of the current resource grade shell. This
has the potential to significantly grow the resource in the
upcoming MRE update.
Geological observations also indicate the
mineralized intrusive unit is a steeply dipping funnel shaped body
which flares out to have a wider footprint near the surface where
substantial up-dip potential remains.
In the central core zone where the intrusive
unit is thick and continuous the deposit remains wide open with
further significant resource upside potential, up-dip,
down-dip, and throughout the intrusive,
particularly to the South which remains largely
untested by drilling.
The majority of the holes drilled in 2024 were
collared in granodiorite intrusive rocks, the primary host of
mineralization at RPM. The granodiorite-hornfels contact was
intercepted to the north from Pad 24-1 and to the south from Pad
23-1 where gold mineralization is encountered in both the intrusive
and the hornfels. The drillhole intersections as well as observed
outcrop between these two drill pads consist entirely of
granodiorite crosscut by quartz-tourmaline-sulfide veins, with
massive quartz zones of over 1-m thick hosting samples up to 291
g/t Au.
Figure 1. RPM North plan view with all drill
holes to date
Figure 2. RPM North Section A-A’_070azi showing
continuity of mineralization
Figure 3. RPM North Section B-B’_270azi showing
continuity of mineralization
Table 1. Significant intercepts*
|
Hole_ID |
From (m) |
To (m) |
Interval (m) |
Au g/t |
|
RPMRC-24001 |
6 |
30 |
24 |
0.6 |
|
RPMRC-24002 |
3 |
48 |
45 |
0.6 |
|
including |
25 |
45 |
20 |
1.1 |
|
|
26 |
38 |
12 |
1.5 |
|
RPMRC-24003 |
17 |
42 |
25 |
0.5 |
|
RPMRC-24004 |
3 |
34 |
31 |
0.6 |
|
RPMRC-24005 |
2 |
45 |
43 |
4.4 |
|
including |
2 |
44 |
42 |
4.6 |
|
|
2 |
25 |
23 |
7.3 |
|
|
2 |
15 |
13 |
10.7 |
|
|
13 |
15 |
2 |
39.2 |
|
RPMRC-24006 |
2 |
23 |
21 |
3.5 |
|
including |
3 |
22 |
19 |
3.9 |
|
|
5 |
11 |
6 |
7.1 |
|
RPMRC-24007 |
2 |
16 |
14 |
1.9 |
|
including |
4 |
16 |
12 |
2.1 |
|
RPMRC-24008 |
0 |
45 |
45 |
3.4 |
|
including |
3 |
37 |
34 |
4.3 |
|
|
3 |
34 |
31 |
4.7 |
|
|
22 |
30 |
8 |
10.5 |
* At 0.1 g/t Au cutoff and a minimum 10m
width
Table 2. Drill hole details
|
Hole_ID |
UTM_E |
UTM_N |
ELEV(m) |
EOH(m) |
AZI |
DIP |
Assays |
|
RPMRC-24001 |
501995 |
6848795.9 |
1772 |
31 |
180 |
-45 |
Reported 9/10/24 |
|
RPMRC-24002 |
501991 |
6848802.8 |
1772 |
48 |
270 |
-60 |
Reported 9/10/24 |
|
RPMRC-24003 |
501992 |
6848801 |
1771 |
42 |
210 |
-60 |
Reported 9/10/24 |
|
RPMRC-24004 |
501993 |
6848802 |
1773 |
34 |
0 |
-90 |
Reported 9/10/24 |
|
RPMRC-24005 |
501955 |
6848871 |
1743 |
45 |
70 |
-60 |
Reported 9/10/24 |
|
RPMRC-24006 |
501955 |
6848869.6 |
1744 |
23 |
100 |
-50 |
Reported 9/10/24 |
|
RPMRC-24007 |
501954 |
6848868.4 |
1746 |
16 |
130 |
-50 |
Reported 9/10/24 |
|
RPMRC-24008 |
501954 |
6848868.7 |
1742 |
47 |
0 |
-90 |
Reported 9/10/24 |
|
RPMRC_24009 |
501954 |
6848869.5 |
1746 |
47 |
145 |
-50 |
Pending |
|
RPMRC_24010 |
501954 |
6848869.5 |
1746 |
43 |
145 |
-70 |
Pending |
|
RPMRC_24011 |
501954 |
6848870 |
1744 |
21 |
150 |
-50 |
Pending |
|
RPMRC_24012 |
501954 |
6848869 |
1743 |
40 |
160 |
-50 |
Pending |
|
RPMRC_24013 |
501953 |
6848870.1 |
1744 |
34 |
175 |
-50 |
Pending |
|
RPMRC_24014 |
501952 |
6848871 |
1745 |
24 |
190 |
-50 |
Pending |
|
RPMRC_24015 |
501953 |
6848870.2 |
1743 |
26 |
220 |
-60 |
Pending |
|
RPMRC_24016 |
501953 |
6848870.2 |
1744 |
39 |
250 |
-60 |
Pending |
|
RPMRC_24017 |
501954 |
6848869.9 |
1743 |
29 |
280 |
-70 |
Pending |
|
RPMRC_24018 |
501956 |
6848868.9 |
1745 |
16 |
130 |
-50 |
Pending |
|
RPMRC_24019 |
501955 |
6848869.8 |
1744 |
66 |
130 |
-70 |
Pending |
|
RPMRC_24020 |
501957 |
6848869.4 |
1743 |
28 |
115 |
-60 |
Pending |
|
RPMRC_24021 |
501956 |
6848870.2 |
1742 |
34 |
85 |
-70 |
Pending |
Estelle Next Steps
Estelle is a major mineralized trend, hosting
gold, antimony, silver, copper, and other critical elements and
Nova is working to begin production as early as possible with the
potential to operate for decades supplying the minerals the world
needs.
A Feasibility study has commenced for RPM with
METS Engineering engaged for metallurgical and process design,
RoughStock Mining for pit and engineering design, and Whittle
Consulting for complete project optimization, from starter
operation with the view of minimizing capex, to finding a steady
state mine plan to clear expansion plans. The studies currently
underway have the objective of:
- Getting RPM
into production as soon as possible
- Early year low
capex with high margin to fund expansion of the greater Estelle
Project
- Optimized mine
plan for highest grade with least strip material for early
years
- Pit Slope scope
and design
- Optimum flow
sheet design to increase recovery whilst decreasing reagents to
bring down operating costs
- Plant size,
design, and location
In addition, the Company is also very aware of
the value of a domestically sourced critical mineral antimony, and
in parallel with the above plans in the FS, we are also looking at
our antimony discoveries at both Stibium and Styx in particular
from many angles with multiple parties to potentially establish a
small scale, stand-alone, quick start up antimony-gold mine, with
potential US Dept. of Defense (DoD) support to fully secure the US
supply chain.
Figure 4. Estelle development
optionality
Qualified Persons
Vannu Khounphakdee, Professional Geologist
and member of Australian Institute of Geoscientists contracted by
Nova Minerals to provide geologic consulting services. Mr.
Khounphakdee holds a Master of Science in Mine Geology and
Engineering. He is a qualified person with at least 5 years
experience with this type of project. By reason of education,
affiliation with a professional association, and past relevant work
experience, Mr. Khounphakdee fulfills the requirements of Qualified
Person (QP) for the purposes of SEC Regulation SK-1300 for data
QA/QC checks relevant to this announcement.
Hans Hoffman is a State of Alaska Certified
Professional Geologist contracted by Nova Minerals to provide
geologic consulting services. Mr. Hoffman is a member of the
American Institute of Professional Geologists and holds a Bachelor
of Science degree in Geological Engineering with a double major in
Geology and Geophysics. He is a qualified person with at least 5
years of experience with these types of projects. By reason of
education, affiliation with a professional association, and past
relevant work experience, Mr. Hoffman fulfills the requirements of
Qualified Person (QP) for the purposes of SEC Regulation SK-1300
for the technical information presented in this announcement.
Christopher Gerteisen, Chief Executive Officer
of Nova Minerals, is a Professional Geologist and member of
Australian Institute of Geoscientists, and has supervised the
preparation of this news release and has reviewed and approved the
scientific and technical information contained herein. Mr.
Gerteisen is a "qualified person" for the purposes of SEC
Regulation S-K 1300.
Data Verification
For the 2024 reverse circulation drilling
program, 1.52m chip samples were riffle split (dry) to obtain 3-5
kg samples at the drill site, these samples were crushed to achieve
>90% passing a 2mm sieve and split down to 225 g to 275 g
samples at Nova’s on-site prep facility. Samples were then sent to
ALS Fairbanks for additional prep and chemical analysis. Field
duplicates (RC) for recent data were collected every 1 in 20
samples at the same time using the same method (riffle split) as
the parent sample. Blank material was inserted 1 in 40 samples.
Standard Reference Material (SRM) was inserted 1 in 20 samples.
Three different SRMs at three different grades levels were
used.
ALS is a certified commercial laboratory and is
independent of Nova Minerals. Gold analyses were completed by
Au-ICP21 which is gold by fire assay and ICP-AES. For overlimits
greater than 10 g/t Au analyses were completed by fire assay and
gravimetric finish.
About Nova Minerals Limited
Nova Minerals Limited is a Gold, Antimony
and Critical Minerals exploration and development company
focused on advancing the Estelle Project, comprised of
514 km2 of State of Alaska mining claims, which contains multiple
mining complexes across a 35 km long mineralized corridor of over
20 advanced Gold and Antimony prospects, including two already
defined multi-million ounce resources, and several drill ready
Antimony prospects with massive outcropping stibnite vein systems
observed at surface. The 85% owned project is located 150 km
northwest of Anchorage, Alaska, USA, in the prolific Tintina Gold
Belt, a province which hosts a >220 million ounce (Moz)
documented gold endowment and some of the world's largest gold
mines and discoveries including, Barrick's Donlin Creek Gold
Project and Kinross Gold Corporation's Fort Knox Gold Mine. The
belt also hosts significant Antimony deposits and was a historical
North American Antimony producer.
Further discussion and analysis of the Estelle
Gold Project is available through the interactive Vrify 3D
animations, presentations, and videos, all available on the
Company’s website. www.novaminerals.com.au
Forward Looking Statements
This press release contains “forward-looking
statements” that are subject to substantial risks and
uncertainties. All statements, other than statements of historical
fact, contained in this press release are forward-looking
statements. Forward-looking statements contained in this press
release may be identified by the use of words such as “anticipate,”
“believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,”
“seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,”
“target,” “aim,” “should,” "will” “would,” or the negative of these
words or other similar expressions, although not all
forward-looking statements contain these words. Forward-looking
statements are based on Nova Minerals Limited’s current
expectations and are subject to inherent uncertainties, risks and
assumptions that are difficult to predict. Further, certain
forward-looking statements are based on assumptions as to future
events that may not prove to be accurate. These and other risks and
uncertainties are described more fully in the section titled “Risk
Factors” in the final prospectus related to the public offering
filed with the Securities and Exchange Commission. Forward-looking
statements contained in this announcement are made as of this date,
and Nova Minerals Limited undertakes no duty to update such
information except as required under applicable law.
For Additional Information Please
Contact
Craig BentleyDirector of Finance &
Compliance & Investor RelationsE: craig@novaminerals.com.au M:
+61 414 714 196
- Figure 1
- Figure 2
- Figure 3
- Figure 4
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