Nova Minerals (ASX:NVA) - CEO, Christopher Gerteisen
CEO, Christopher Gerteisen
Source: Mining Investment
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  • Fresh drill results from Nova Minerals’ flagship Estelle Gold Project in Alaska have confirmed a substantial extension to its known mineralised envelope
  • The Korbel deposit now stretches over 2000 metres from the Isabella target in the northwest to the new zone in the southeast
  • The company will continue diamond drilling to probe the extension, with over 15,000 metres of samples already awaiting assay
  • If the next batch compare favourably to the most recent samples, there will likely be a significant upgrade to Korbel’s 3.3 million-ounce resource estimate
  • Nova Minerals is hovering around the grey line, trading for 20.5 cents

Fresh drill results from Nova Minerals’ flagship Estelle Gold Project in Alaska have confirmed a substantial extension to its known mineralised envelope.

Big plus

The Korbel Main deposit already carries a 3.3-million-ounce resource estimate, with plans for open-pit operations once the scale of the deposit is fully mapped out.

The latest drill results have cast Korbel in an even better light, with the new extension adding more than 30 per cent to the mineralised footprint.

Korbel now stretches over 2000 metres from the Isabella target in the northwest to the new zone in the southeast and down to depths of around 500 metres.

The new zone will be targeted with further diamond drilling to get a better idea of its true shape and extent.

Results from the most recent drilling indicate 586 metres of continuous mineralisation at 0.3 grams per tonne (g/t) gold including a 128-metre stretch grading 0.5g/t.

A three-metre sample from the end of the hole graded 1.2g/t, indicating there may be even higher-grade zones within the extension at depth.

Nova CEO Christopher Gerteisen says the company is eyeing an upgrade to the current resource estimate.

“The rocks we are seeing from the Pad 6 drillhole’s intersection within this southeast extension feeder zone are some of the most spectacular we have seen to date,” Christopher began.

It is very encouraging to see such strong and wide gold intersections extending beyond the current 3.3 million ounce resource block,” he said.

“This further enhances the possibility of adding greatly to the resource inventory at Korbel Main at the time of the next resource upgrade in 2021,” the CEO added.

Next steps

The company will continue diamond drilling to probe the southeast extension from the new drill pad 6.

As it stands, there are already 15,000 metres of samples awaiting assay from the new zone.

If the next batch of assays compare favourably to the most recent samples, there will likely be a significant upgrade to Korbel’s 3.3-million-ounce resource estimate.

Nova Minerals is hovering around the grey line, trading for 20.5 cents at 10:52 am AEDT.

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