Nova Minerals unveils strong gold results from Korbel Main ahead of scoping study

Nova Minerals Ltd’s (ASX:NVA) (OTCMKTS:NVAAF) (FRA:QM3) latest gold results point to further high-grade upside at the Estelle Gold Project’s Korbel Main deposit in Alaska.

Fresh assays from infill and step-out drilling across the extensive prospect’s South East portion have uncovered up to 11.7 g/t gold.

One hole returned an overall average grade of 0.7 g/t over 308 metres from surface within the Korbel mineralised intrusive and this contained multiple high-grade zones.

Ultimately, the latest results form part of a broader exploration campaign targeting gold across Estelle’s Korbel Main and RPM prospects, aiming to substantially increase the prolific Tintina Gold Belt project’s 4.7-million-ounce gold resource.

Promisingly, engineers believe the new data has “huge material upside implications” for the economics of Nova’s upcoming scoping study.

Although the study is 80% complete, engineers have requested an extension so they can include all drilling results until after Korbel Main’s scheduled resource upgrade.

In the meantime, drilling at Korbel continues, where wide zones of mineralised intrusive — containing internal higher-grade “blow out” zones — are still being intersected.

Likely “very material” to scoping study

Speaking to the fresh assays, Nova Minerals CEO Christopher Gerteisen said: “Resource development infill and step-out drilling continues to intersect strong mineralisation with very encouraging gold grades over wide intervals.

“This drilling is being conducted to support the updated resource estimate due for delivery later this year. The significance of these results obtained in the ongoing infill program will no doubt have a major impact on our pit optimizations and project economics moving forward.

“In light of this, we need to consider how these new results are going to be incorporated into our scoping study. Critically, this data is centred directly within the guts of the early-stage pits as defined by our ongoing study work, which will drive the design and economics of the study.

“Our lead engineers have strongly advised that these drilling results are likely very material and should ideally be included in our scoping study before release. As such they have requested an extension to the delivery of the study, which I have taken to the board for deliberation and approval.

“I believe this to be the best course of action for the company; we are obliged to present an accurate study to our shareholders, one that reflects the true value of the project upon release.”

All eyes on Korbel Main

Essentially, the latest round drilling results have confirmed there’s more high-grade upside at Korbel, particularly within the deposit’s South East zone.

Hole KBDH-072 returned an overall average grade of 0.7 g/t gold over 308 metres from surface within the Korbel mineralized intrusive containing multiple high-grade zones, including:

• 113 metres at 1.0 g/t gold;
• 49 metres at 1.5 g/t;
• 30 metres at 1.9 g/t;
• 21 metres at 2.5 g/t;
• 3 metres at 11.7 g/t;
• 70 metres at 1.0 g/t;
• 24 metres at 1.5 g/t;
• 9 metres at 2.0 g/t;
• 3 metres at 3.4 g/t;
• 3 metres at 4.5 g/t and;
• 3 metres at 5.4 g/t.

Included within the 323 metres at 0.4 g/t from 5 metres in hole KBDH-080 were:

• 110 metres at 0.5 g/t gold;
• 21 metres at 1.2 g/t;
• 6 metres at 2.3 g/t;
• 3 metres at 2.8 g/t and;
• 3 metres at 3.7 g/t.

A resource upgrade at Korbel Main is anticipated next quarter.

Meanwhile, test-work for the Korbel Main pre-feasibility study is underway, while field reconnaissance is poised to commence shortly in a bid to unlock further targets across the Estelle Gold district.

Commenting on the assays’ impact on the upcoming scoping study, Gerteisen continued: “At this stage, the technical framework of the scoping study is already complete, including the metallurgical test-work, flowsheet and process design.

“… it will be a matter of taking that template and inputting an updated resource model and optimisation, which would hone in on these higher grade feeder zones for a much quicker payback, among other positive key economic outcomes.

“Our orebody knowledge is increasing as we start to get a clearer understanding of the structure of the deposit. This bodes well for our move into PFS after this scoping study is completed.

Nova expects a fifth drill rig to arrive on-site in the coming weeks to expedite the exploration campaign and ramp up drilling at Korbel and the RPM prospect.

Drilling underway at RPM

Promisingly, there are early indications that drilling at Estelle’s RPM prospect is intersecting wide zones of mineralisation.

Currently, assays are pending for more than 10,000 metres of drilling across both the Korbel Main and RPM targets.

Concluding his statement in today’s ASX release, Gerteisen commented: “In addition to the exciting drilling at Korbel, another major milestone is in the crosshairs. Drilling at the RPM prospect is now in full swing, with three holes completed for about 1500 metres.

“These holes have intersected the target, and wide zones of mineralisation are being observed in the drill core.

“This is all very positive and encouraging as we open up a second resource deposit at RPM which has the potential to add significant ounces to the Estelle Gold Project’s global resource inventory.

“Based on this drilling, we plan to release a maiden resource estimate for RPM later this year.

“Drilling related news and results will continue to flow throughout 2021 and beyond.”

Story by ProactiveInvestors