- Nova Minerals (NVA) has completed a share placement to advance exploration and development at the Estelle Gold project in Alaska
- The placement raised $4.3 million before costs through the issue of approximately 91.5 million shares
- Specifically, the funds will progress works at the Korbel deposit for future low strip, bulk and heap leach mining
- A priority is increasing the current 2.5 Moz inferred gold resource at Korbel which remains open in all directions
- Shares in Nova Minerals are trading steadily today for 4.7 cents apiece
Nova Minerals (NVA) has completed share placement to advance exploration and development at the Estelle Gold project in Alaska.
The placement, which closed on Friday January 10, raised $4.3 million before costs through the issue 91,489,377 ordinary shares at an issue price of $0.047 per share.
This was with 45,744,692 free attaching quoted options exercisable A$0.0325 and expiring 31 August 2020.
The funds will be used to continue work at the Korbel deposit for future low strip, bulk and heap leach mining as well as for working capital.
Novo's first priority is to complete a resource upgrade at the Oxide Korbel Blocks A and B where targets have already been identified.
Additional drilling is also planned for Oxide Korbel Blocks C and D and the RPM prospect.
Nova Minerals Managing Director Avi Kimelman said the works will built upon the existing inferred gold resource within blocks A and B.
“These funds now allow the company to move forward as quickly as possible with the projected increase of the current 2.5Moz Gold Resource which remains open in all directions at Korbel, one of fifteen known targets in addition to defining new targets and driving exciting new blue-sky opportunities at the Estelle Gold District."
"We have two other immediate large targets at RPM and Shoeshine to also follow up. We proved up 2.5Moz in 2019 rapidly, we look forward to amplifying this in 2020 and keeping our shareholders updated,” he said.
Furthermore, in a statement today the company said a drill contract will be awarded later this week.
Shares in Nova Minerals are trading steadily today for 4.7 cents apiece.