Nova Minerals Ltd: Operational and Company Update

Melbourne, Australia - Minerals explorer and developer Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:QTRPF) is pleased to Provide a market update across its project portfolio and planned work schedule.

Highlights:

- Estelle Gold Project upcoming drill planning and development

- Thompson Brothers Lithium Project development

- Officer Hill Gold JV Project with Newmont Goldcorp update

Estelle Gold Project

The Company is now advancing approvals for establishing a permanent camp. Furthermore we have commenced studies on Oxide South, Oxide North, RPM and Shoeshine in preparation for next round of exploration work on the District Scale Estelle Gold Project.

Nova's next phase of resource development work will focus on proving-up and expanding the 2.5Moz Gold Inferred Resource at the Oxide Korbel prospect area.

This work will include up to 25,000m of RC and diamond drilling to increase the resource at Blocks A and B in both size and confidence, as well as initial drill testing of Targets C and D which show relatively larger and stronger IP chargeability anomalies that we anticipate will add significantly to the Oxide Korbel resource base. In addition, the company plans exploration drill testing of other high priority targets across the property including the RPM and Shoeshine prospects to follow up significant historical results (ASX 17 September 2019).

This drilling will commence once all permits and approvals have been received. There are some benefits in terms of mobilisation during the winter months, which the company intends to realize utilising a specifically designed track mounted RC drilling rig and mobilising fuel and equipment to site via winter trails. Table 2 in link below gives an indicative outline on the proposed critical path method we have chosen to advance as rapidly as possible.

Nova also has further exploration results pending on the Estelle Project and further ground works happening to update on in due course. Early indications show higher-grade structures are being intersected within the Oxide Korbel resource area (ASX 02 September 2019), which will be further, delineated and continuity established in the upcoming infill drilling programs.

In light of the 2.5Moz inferred JORC resource at Oxide Korbel on Blocks A and B, which remain open at length and depth (Figure 1, 2 and 3) and Blocks C and D which have not been drill tested to date are showing larger and stronger Chargeability anomalies, all of which are a small area within the Oxide prospect group, Oxide South and Oxide North show further evidence of potential growth in tonnage that the company intends to run induced polarization (IP) over and test drill in the near future.

Nova is further excited by the results on RPM (ASX 17 September 2019) and Shoeshine and plans to further follow up previous drilling and sampling test work done. Satellite image of the Estelle gold property illustrating the distribution of multiple potential large-scale gold prospects on the Estelle property, Compilation and target assessment are ongoing.

Thompson Brothers Lithium Project (Snow Lake Resources Ltd.)

Sinomine Resources Group/Tanco Mine Tour

Dale Schultz and Christopher Gerteisen conducted a field trip to Southern Manitoba Tanco mining district some 2 weeks ago. The purpose was to meet with Tanco Mining Corporation of Canada Limited. officials, and map out a future working relationship between Snow Lake Resources and Tanco Mining Corporation of Canada Limited in line with the Memorandum of Understanding (MoU) signed on 2 August 2019 (ASX 2 August 2019).

The conclusion from the meeting was that Tanco Mining Corporation of Canada Limited would take any and all spodumene material that Snow Lake could deliver to the Tanco rail siding in Molson Manitoba however a pricing mechanism has not been reached and formal off take agreements are yet to be established. This material will be used as part of the floatation testing at the Tanco plant and a fast track cash low proposition for Nova majority owned Snow Lake Resources by providing this DSO product. In addition, and as part of the field trip Christopher Gerteisen received a full tour of the Tanco mine.

Re-Logging and Re-Sampling of 2017 Drill Core

During the summer months of 2019 a re-logging and re-sampling program was conducted on the first round of drilling (TBL-001 to TBL-006) completed in 2017. The purposed was to in fill gaps in pervious core sampling and standardise the logging to the 2018-drilling program (TBL-007 to TBL-024). Samples have been shipped to Saskatchewan Research Council in Saskatoon Saskatchewan and results are expected shortly. This data will be included in a new Resource Study that will be published in December or 2019 or January of 2020.

PQ Drilling Program

Application have been submitted to Mike Armstrong, Northwest Regional Lands Manager - Sustainable Development Manitoba for a Work Permit to allow Snow Lake Resources the opportunity to drill between three to five PQ holes into the Thompson Brothers Lithium Deposit. The large diameter PQ core will but used in future metallurgical studies and rock mechanics testing.

Differential GPS Surveying

Snow Lake Resources will retain the services of CanMine Consulting to conduct a Differential GPS Surveying program at the Thompson Brothers Project. Tasks will include survey of all drill collars, delineation of the geometry of all exposed pegmatite bodies, and possible conducted drone mapping over areas of the proposed Bulk Sample. This project will be initiated in the first week of October.

Bulk Sample Planning - winter of 2020.

Application are being prepared for the Manitoba Mines Branch requesting the opportunity to be granted a Advance Exploration Permit to conducted a surface Bulk Sample on the Thompson Brother Lithium Deposit.

The project will consist of a small aggregate quarry removing between 3000 to 6000 tonnes of spodumene bearing pegmatite. Conceptually the quarry dimension will be 20 to 40 metres long, 10 meters wide, and 6 metres deep. The quarry material will be hauled from the project down an existing winter bush road and sent for testing to Tanco's testing facility in Southern Manitoba by rail.

Ore-Sorting Scoping Study

Snow Lake Resources is starting the process of investigating the potential of utilizing Ore-Sorting Technology on the spodumene bearing pegmatites at the TBL projects. Efforts are underway to identify consultants to help guide the initial scoping studies that will identify appropriate sensors and sorting algorithms. If successful Ore-Sorting has the potential to reduce capex of the project by minimize the size and scale of floatation plants, processing infrastructure, and tailings impoundments.

Capital allocation and listing update Capital allocation is an everyday discussion within the Nova Group to get best returns in the short, medium and long term for its investors. The Directors and lead management have an opportunity as outlined above, to fast track the Thompson Brothers Lithium Project to cash flow in a very short period, or focus its funds to the listing in a equity markets for listing. As outlined above, with the opportunity at hand and Lithium fundamental demand remaining strong, the advantages in allocating financial and human resources to advance the project far outweigh listing the company at this point in time. The company will look at increased valuation levels with the progression of the project to production. Snow Lake Resources Ltd passing all criteria to be listed, the company can list at any time and will seek to generate greatest return for all stakeholders with timing being key to this.

Officer Hill Gold Project Farm in and Joint Venture

Exploration Licence 23150 ("EL 23150") was granted on 29 July 2013. Pursuant to the Officer Hills Farm-in and Joint Venture Agreement dated 12 August 2005 as amended on 29 June 2016 ("Agreement") between Nova Minerals Ltd. ("Nova") and Newmont Tanami Pty Ltd (now known as Newmont Goldcorp Tanami Pty Ltd) ("Newmont"), Newmont has earned a 70% interest in EL 23150.

Avi Kimelman and Christopher Gerteisen had meetings with Newmont Goldcorp; with assay results pending Nova will separately update the market once they become available.

Nova Minerals Managing Director Mr Avi Kimelman said: "It's been an exciting few months within Nova, with the announcement of or Maiden 2.5Moz Gold JORC Inferred Resource, Christopher Gerteisen joining our board, a clear pathway to cash flow at Snow Lake and Officer Hill drill results pending. With each project progressing simultaneously at their different life cycles, we intend to keep pushing ahead to build Nova as rapidly as possible. We are currently in planning and permitting stage on the Estelle Gold project and will be drilling as soon as permits are in. All year round drilling is the plan at this point with the clear indication of great resource expansion both in size and confidence. We have established strong dialogue with some of the world leading major and mid-tier mining companies at senior level who have shown significant interest with discussions ongoing, at this point we are working towards our programs and schedules.

The Thompson Brothers Lithium project is fast advancing its clear path cash flow strategy, which we believe will add significant value to all stakeholders.

The Discussions with Newmont Goldcorp were highly encouraging and is a testament to Newmont's ability to effectively and efficiently evaluate the tenements. We have a great working relationship with Newmont Goldcorp we look forward to updating the market on these results when they become available.

To view tables and figures, please visit:
https://abnnewswire.net/lnk/82VSTWY7

About Nova Minerals Ltd:

Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) is an ASX-listed minerals explorer focused on lithium, gold and mineral exploration in Canada, Alaska and Australia.

The company plans to create shareholder value through two-pronged strategy:

- Capitalise on the growing demand for energy storage and the resulting demand for lithium, cobalt and nickel by fast-tracking exploration and development activities in our North American assets with particular focus on our flagship lithium project and prospective Chip-Loy Nickel Cobalt Sulphides project.

- Diversification by gaining exposure to base and precious metals through our farm-in JV at our district scale Estelle gold copper silver project and our Northern Australian gold exploration assets.

Source:

Nova Minerals Ltd.

Contact:

Nova Minerals Ltd. P: +61-3-9614-0600 F: +61-3-9614-0550 WWW: novaminerals.com.au