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- Nova Minerals (NVA) progressed activities at its Estelle Gold Project over the March quarter which led to upgrading the global resource
- The company undertook drilling at the Alaskan project which largely focussed on the Korbel Main deposit
- As a result, Nova increased its mineral resource to 518 million tonnes at 0.3g/t for 4.7 million ounces of gold
- The company spent $523,000 on operating activities and $3.6 million on investing activities, ending the quarter with $20.2 million in cash
- Looking ahead, it’s carrying out further drilling and exploration, as well as an interim scoping study
- Company shares are up 6.9 per cent and are trading at 15.5 cents
Nova Minerals (NVA) progressed activities at its Estelle Gold Project over the March quarter which led to releasing a JORC-compliant global resource.
The company undertook drilling at the Alaskan project which largely focussed on the Korbel Main deposit.
Drilling consistently intersected broad gold mineralisation, returning results such as 287 metres at 0.4g/t gold from five metres including three metres at 1.3g/t gold from 79 metres, 521 metres at 0.3g/t gold from 30 metres including three metres at 1.1 g/t gold from 103 metres, and three metres at 5.8g/t gold from 243 metres.
This led to the Korbel Main deposit’s mineral resource increasing by about two million ounces from the maiden resource announced in 2019.
As of March 31, its mineral resource stands at 518 million tonnes at 0.3g/t for 4.7 million ounces of gold.
The company spent $523,000 on operating activities and $3.6 million on investing activities. It ended the quarter with $20.2 million in cash.
Nova Minerals is now completing an interim scoping study which includes metallurgical testing, pit optimisation and a flow sheet. Metallurgical and field work will continue in line with a pre-feasibility study which is due later this year.
Moving forward, Nova is continuing infill drilling at the deposit and plans to begin a reverse circulation drilling program in July to explore other areas.
Company shares are up 6.9 per cent and are trading at 15.5 cents at 1:12 pm AEST.
